Dogecoin Co-Founder Bashes Cryptocurrency Industry, Calls It Hyper-Capitalist Technology
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Co-founder of Dogecoin (DOGE), Jordan Palmer, has expressed his absolute displeasure in the party the cryptocurrency industry currently threatens. In a barrage of tweets yesterday, the Australian programmer heavily criticized the crypto world.
Palmer noted that he has cut ties with his cryptocurrency circle because of what he believes the industry now represents. The DOGE co-founder highlighted and criticized several primary nature of what some digital currencies claim to be. Palmer noted that cryptocurrency was a “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.”
Palmer also called out the publicity and marketing network behind the crypto industry, which he alleges targets financially inadequate people and gets them to invest their savings in hopes of “making a quick buck.” Palmer noted that networks capitalize on 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.”
In conclusion, Palmer threw out the claim that cryptocurrency is decentralized, asserting that:
“Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
Key Dogecoin Levels to Watch — July 16
As the cryptocurrency market maintains a bearish outlook, DOGE continues to plunge to multi-week lows. The recent bearish bias around DOGE has sent it to the number eight spot in the top crypto rankings.
The cryptocurrency currently trades along a bearish tripwire and accelerates towards the $0.1650 support as bears dominate the market. Except a market-moving fundamental factor comes into play, DOGE would likely remain depressed.
Meanwhile, our resistance levels are $0.2500, $0.3000, and $0.3500, and our support levels are $0.2000, $0.1650, and $0.1400.
Total Market Capitalization: $1.27 trillion
Dogecoin Market Capitalization: $23.3 billion
Dogecoin Dominance: 1.83%
Market Rank: #8
You can purchase crypto coins here: Buy Tokens
