In essence, cryptocurrencies are a right-wing, hypercapitalist technology designed primarily to multiply the wealth of its supporters through a combination of tax evasion, weak regulatory oversight, and artificial scarcity. The opinion is of Jackson Palmer, an engineer at Adobe, who created Dogecoin in 2013 together with his IBM colleague Billy Marcus. The two give life to meme-inspired cryptocurrency as a joke.
Today, Palmer believes that the crypto world has fallen into the grip of the ultra-rich. “Despite allegations of decentralization, the crypto industry is controlled by a powerful cartel of wealthy people who, over time, have managed to incorporate many of the institutions associated with the existing centralized financial system that cryptocurrencies had to eliminate,” he said.
“The crypto industry uses a network of shady business connections, bought influencers and media,” Palmer said. The goal is to trumpet this “rapid enrichment scheme” to attract fresh money from the naive and financially desperate.
Palmer also commented that cryptocurrencies have taken on the worst features of today’s capitalist system – corruption, fraud and inequality – by using software to limit potential intervention, such as audits and regulation.
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