Co-Creator of Dogecoin Slams Cryptocurrencies

Jackson Palmer, the co-creator of the Dogecoin cryptocurrency, has released a series of Tweets that heavily criticize cryptocurrencies. Originally envisioned as a way to create a currency that does not depend on any state or a particular issuer, cryptocurrencies have quickly become powerful investment tools controlled by a cartel of wealthy capitalists, he said. 

Dogecoin was originally established as a joke by Billy Markus and Jackson Palmer, software engineers from IBM and Adobe in late 2013. Unlike Bitcoin, Dogecoin relied on scrypt technology in its proof-of-work algorithm and required dedicated ASICs or FPGAs for mining. But even though Dogecoin was never meant to be a commercial project as big as Bitcoin, it gained widespread recognition in early 2014. In early 2021 Dogecoin got another boost because it got attention from Elon Musk, Snoop Dogg, and Gene Simmons. 

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