Dogecoin Co-creator Says Crypto Is a Scam

Fazzaco learned that Jackson Palmer, the co-creator of the meme-inspired cryptocurrency dogecoin, made a rare return to Twitter on Wednesday with some harsh words about crypto in general.

"I am often asked if I will 'return to cryptocurrency' or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted 'no,'" Palmer tweeted on Wednesday.

"After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity," he tweeted out.

Palmer also criticized how crypto is shared and marketed. In another tweet, he alleged that "the cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like 'get rich quick' funnel designed to extract new money from the financially desperate and naive."

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Cryptocurrencies, generally, have had a hell of a year. Bitcoin, the most well known of the bunch, saw its price peak at over $63,000 in mid-April before crashing a month later to the mid-$30,000s. Dogecoin, meanwhile, rode the crypto boom "to the moon," as they say, jumping from about $0.06 per dogecoin to over $0.68 per coin, then similarly plunged to somewhere in the middle. The entire time, of course, the value of crypto at all remained debatable.