Jackson Palmer, one of the creators of Dogecoin, has returned to Twitter to give his opinion on why you think cryptocurrencies are broadly a scam. He assures that it is a “hyper-capitalist” technology, designed to make the rich get richer.
“After years of studying it, I believe that cryptocurrency is an inherently right-wing hypercapitalist technology. built primarily to amplify the wealth of its defenders through a combination of tax evasion, diminished regulatory oversight and artificially imposed scarcity. “Palmer commented in one of his tweets.
“The cryptocurrency industry leverages a network of shady business connections, bought influencers, and pay-per-play means to perpetuate a ‘get rich quick’ cult funnel designed to extract new money from the financially desperate and naive,” he added.
The co-creator of Dogecoin also assures that it is extremely difficult to have a debate about cryptocurrencies. Even the slightest criticism about the market for crypto infuriates the most powerful people who control the industry. Also to users who have sold the false promise that they will be billionaires.
Do “wealthy figures” really control cryptocurrencies?
In another of his tweets, Palmer mentions that the cryptocurrency industry is controlled by “a powerful cartel of wealthy figures”. Could he be referring to Elon Musk?
Many users have accused the CEO of Tesla of influence the cryptocurrency market. The reason? the publication of tweets that made the prices of Bitcoin rise or fall and other crypto. In fact, when Musk tweeted about whether he should accept Dogecoin as a payment method for his trips to the moon, the price of this cryptocurrency rose to all-time highs. His rise was so high that he turned in the fourth largest digital currency on the market.
The cryptocurrency market, however, is also suffering blows from restrictions by governments such as China, which prohibited companies from making transactions, payments and mining of Bitcoin, a decision that plummeted the price of this cryptocurrency.