A founder of the meme-based cryptocurrency Dogecoin has described all digital currency as a scam run by a ‘powerful cartel’
In 2013, Jackson Palmer founded Dogecoin. The cryptocurrency soared with the support of the likes of Elon Musk and while it may have slumped recently, it still increased in value significantly since its inception.
Despite millions investing in the currency, Palmer has made it clear that he does not support cryptocurrencies. In a series of tweets, the currency creator outlined the issues he has with the system as a whole.
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
The founder of Dogecoin went on to note 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.’
Palmer went on to criticise the ‘get rich quick’ philosophy that surrounds cryptocurrency. and the media that has developed a ‘cult-like’ following who he describes as the ‘financially desperate and naive.’
The expert clarified that financial exploitation existed long before cryptocurrencies, ‘but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top’ he added that it also leaves the poorer more vulnerable.
On top of outlining these issues, Palmer stated that cryptocurrency issues were reflective of the ‘worst parts of today’s capitalist system’ like ‘corruption, fraud, inequality.’ He also said that normal people don’t have financial safety nets pointing to scams and cases where people lost all their money after forgetting a password.
After noting that ‘good-faith debate is near impossible’ because of billionaire smear tactics, the founder of Dogecoin made it clear that he is withdrawing from public discussion. He said that the practice ‘doesn’t align with my politics or belief system’ and added that he doesn’t ‘have the energy to try and discuss that with those unwilling to engage in a grounded conversation.’
Given this statement and growing concerns about the continued profits to be made in the cryptocurrency market, some may reflect before they invest.
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