DogeCoin Founders Palmer & Billy Markus Denounce Cryptos, ‘Controlled by a powerful cartel of wealthy figures’ & A Scam

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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.

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But the coin has recently taken off, and dogecoin is currently one of the top 10 cryptocurrencies by market value. Earlier this year, it hit an all-time high of nearly 74 cents. Despite its recent surge in popularity, Markus and Palmer haven’t profited, as they both sold out before dogecoin’s meteoric rise.

In his Twitter thread, Palmer criticized those in power in the cryptocurrency space, saying that it is “controlled by a powerful cartel of wealthy figures” who “have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

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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“There’s a lot of terrible people who are involved in the crypto space, and I completely understand why he would feel negative about it,” Markus wrote. “I understand his perspective and we both saw mostly the negative side of all this,” he said in another tweet.

Markus has been much more active on social media, despite not currently being involved with dogecoin’s development.

“The crypto community can be pretty elitist and not very inclusive, and we wanted to make a community that was more fun, lighthearted and inclusive,” Markus previously told CNBC Make It about creating dogecoin. “It worked, and is why the dogecoin community consistently maintains a presence.”

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"Power doesn't corrupt people. People corrupt power"

Translation: "Boo hoo I sold my crypto at the lows and now I'm flaming it and calling it a scam".

What a pathetic creature.

Zelimx said:

is dogecoin over/close now or what?pls elaborate more

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It's available to buy, so how can it be closed?

They made it as a joke for bitcoin, in the end joke is on them for not holding their coins. Also their statementS won’t make much difference

Well that's it boys, I'm out

So, its a confirmed exit signal for Dogecoin.

News sites even did not mention this. So we know how important this is.

Dogecoin is FAR FROM OVER

Elon Musk just announced how transactions can be done faster than Visa

might keep running actually

Coins like Dogecoin distract from real-life valuable coins such as Bitcoin which could mean so much for the world. Crypto as a whole has a lot to evolve, and I'm betting that it will head in the right direction.

I can understand why they are taking the position they're taking today.

When they started Dogecoin, it was anybody’s guess where the market will end up—it was a wide open game at that point in time.

But, as things panned out, it quickly developed into somewhat approximating a typical financial market.

To say that the crypto market is controlled by a powerful cartel is quite a bit of a stretch because, if you think about it, any kind of human activity will always have a rough 80-20 distribution.

This is called the 80-20 rule or Pareto principle.

What does this mean?

Well, if you have any group of people, 20% will account for 80% of the results, the wealth, the assets—what have you!

That's how it works out when you're talking about human beings, so why should the crypto market be any different?

I mean, I hate to say it, but some people are just smarter than others.

Others invest a lot of time in their personal networks; others invest time and energy in their skills.

All of these investments will produce results down the road.

Is it really all that surprising that 20% of NBA teams account for around 80% of the championships?

How about 20% of the players in any typical NBA team accounting for 80% of the points?

I could go on and on!

So while I can understand that the founders of Dogecoin sound bitter because they sold out early, at the end of the day, this is just the kind of noise you expect when a technology matures.

Keep in mind that whatever concentration there may be in the crypto market today isn't guaranteed.

Things can change quickly as the market evolves.

saying that it is “controlled by a powerful cartel of wealthy figures” who “have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

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fully correct all major coins are controlled by major players for over a decade.
He is also correct that crypto is working because of peoples greed for quick profit