Dogecoin co-founder Jackson Palmer on Thursday explained he will not be returning to cryptocurrency, calling it “an inherently appropriate-wing, hyper-capitalistic technological know-how.”

Palmer and co-founder Billy Markus established the coin based mostly on a well known meme as a joke in 2013. In April of this yr, it observed a much more than 500% price tag surge due in component to interest from Tesla CEO Elon Musk, earning Dogecoin a domestic identify — for crypto buyers, at minimum.

“Soon after yrs of learning it, I believe that that cryptocurrency is an inherently appropriate-wing, hyper-capitalistic know-how constructed principally to amplify the wealth of its proponents via a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity,” Palmer wrote.

He reported that even with “promises” that cryptocurrency is decentralized, which means it is not controlled