The Dogecoin founders Jackson Palmer and Billy Markus recently criticized crypto industry in general. They even accused the crypto world of being vulnerable to fraud and its many bad guys.
The criticism started from Jackson Palmer who made sure he would not return to cryptocurrency.
“I’m often asked if I’m going to ‘go back to cryptocurrency’ or start regularly sharing my thoughts on it. My answer is a wholehearted ‘no’,” Jackson Palmer said in a tweet, quoted from CNBC International, Thursday (15/7). /2021).
Strong Men Have Ruled the Crypto Industry
In a thread on his Twitter, Palmer criticized those in power in cryptocurrencies. According to him the world of cryptocurrencies has been ‘controlled by a powerful cartel of wealthy personalities’ who ‘evolved in combining many of the same institutions associated with a centralized financial system and they set up to replace it’.
Palmer also accused the cryptocurrency industry of buying influencers and media outlets to manipulate prices. They become a funnel to extract new money from financial despair.
Financial exploitation has existed before cryptocurrencies. But Palmer believes the crypto industry has hurt many who have joined.
Crypto Industry is Vulnerable to Fraud
Not until there, he even said the crypto industry is vulnerable to fraud.
Supporting his partner, another Dogecoin maker Billy Markus says Palmer’s points are valid. According to him there are indeed a lot of bad people in crypto and understand why Jackson Palmer felt that way.
“I understand his perspective and we both see mostly the negative side of all of this,” Markus tweeted.
Dogecoin itself was created by Palmer and Markus in 2013. The coin is based on a joke from the Doge meme that depicts the Shiba inu dog and the two never intended to take Dogecoin seriously.
But in fact, Dogecoin continues to skyrocket. Dogecoin is one of the top 10 cryptocurrencies by market value and hit a high of 74 cents earlier in the year.
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