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Dogecoin co-creator blasts crypto as a scam to help the rich get richer

Dogecoin was made as a joke, however Jackson Palmer actually doesn’t suppose it’s humorous anymore.

Palmer, who co-created the mock cryptocurrency in 2013 with Billy Markus, took to Twitter on Wednesday to denounce the state of crypto in no unsure phrases:

“After years of learning it, I consider that cryptocurrency is an inherently right-wing, hyper-capitalistic expertise constructed primarily to amplify the wealth of its proponents by way of a mix of tax avoidance, diminished regulatory oversight and artificially enforced shortage.”

Removed from being a decentralized, libertarian various to conventional financial methods, crypto “is managed by a robust cartel of rich figures,” he mentioned, who’ve “developed to include lots of the similar establishments tied to the present centralized monetary system they supposedly got down to exchange.”

In the meantime the wealthy get richer and essentially the most weak buyers are uncovered to essentially the most threat, he mentioned.

“The cryptocurrency trade leverages a community of shady enterprise connections, purchased influencers and pay-for-play media shops to perpetuate a cult-like ‘get wealthy fast’ funnel designed to extract new cash from the financially determined and naive,” he continued in a 10-tweet thread. “Monetary exploitation undoubtedly existed earlier than cryptocurrency, however cryptocurrency is sort of function constructed to make the funnel of profiteering extra environment friendly for these on the high and fewer safeguarded for the weak.”

Read the full thread here:

In a tweeted response Wednesday, Palmer’s dogecoin co-creator, Markus, conceded “his factors are usually legitimate.”

This isn’t the primary time Palmer had railed towards cryptocurrencies. After dogecoin reached a market cap of $2 billion in 2017, he wrote in Vice that “one thing may be very fallacious,” and that the crypto trade had been hijacked by “scammers and opportunists.”

Issues have solely gotten crazier since then. Although it has misplaced about two-thirds of its worth since its Could peak, dogecoin
remains to be up greater than 4,100% yr up to now, with a present market cap above $28 billion.

Each Palmer and Markus stepped away from dogecoin years in the past. However whereas Markus remains to be energetic within the crypto world, Palmer is finished. Within the 2017 Vice article, Palmer mentioned he ended his involvement with dogecoin and crypto in 2015 and donated his proceeds to charity. And don’t ask him about it once more — Palmer’s tweet-thread Wednesday started: “I’m typically requested if I’ll ‘return to cryptocurrency’ or start usually sharing my ideas on the subject once more. My reply is a wholehearted ‘no.’”

Source: Market Watch

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