Dogecoin co-founder takes Shiba Inu-sized dump on crypto.
Dogecoin co-founder takes Shiba Inu-sized dump on crypto
Cryptocurrency is rotten to the core.
So argues the co-founder of Dogecoin, Jackson Palmer, in a long Twitter thread published Wednesday which is sure to spark backlash among the crypto faithful. Palmer makes the case that, contrary to utopian promises of decentralized finance and banking the unbanked, crypto as it actually exists in the world merely serves to help the rich get richer.
"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," he writes.
Palmer goes on the argue that cryptocurrency institutions have all the undesirable traits of more traditional financial markets and institutions, but with none of the safeguards.
It's the worst of both worlds, in other words.
"Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable," he continues.
Indeed, the cryptocurrency ecosystem is notoriously fraud ridden. In 2018, a study found that almost 80 percent of initial coin offerings the previous year were scams. Major exchanges steal from their customers with surprising regularity, and even the big and supposedly reputable players like Coinbase and Binance have struggled to fulfill basic promises.
And that doesn't even begin to scratch the surface of shady pump-and-dump schemes helmed by unscrupulous celebrities.
Palmer points out that even when things are working as they're supposed to, the world of cryptocurrency isn't exactly friendly to the mom and pop investor.
"Lose your savings account password? Your fault. Fall victim to a scam? Your fault. Billionaires manipulating markets? They're geniuses."
Palmer used Twitter's conversation settings feature to prevent people from replying directly to his tweets. That didn't stop people from quote-tweeting him, however, with many surprised that it took him "years" to reach what they saw as an obvious conclusion.
But hey, not everything can catch on as quickly as NFTs.
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Say that to the poor in El Salvador who now are able to receive payments and pay bills without having to physically travel hours to pay in cash. Bitcoin is banking the unbanked and leveling the playing field for all.
ReplyDeleteNot sure that’s the kind of publicity I wanted for my BTC tbh
DeleteIt's a global digital currency. There will be many forms of publicity. If you expected something else you may not get it...
DeleteShiba Inu is small, that's an Yamamotoyama size dump on crypto.
ReplyDelete#Dogecoin
ReplyDeleteIt only makes sense that someone who created a crypto as a joke to cryptocurrencies would say this. Doge was never intended to have value. I was there when it started. It was an attempt to prove how worthless cryptocurrencies are.
ReplyDeleteTime literally proves his little social experiment failed, hence the current price of doge is still insanely high for what it is.
So anyone who listens to this joker, may as well go follow Peter Schiff too.
My two best mates, Pon & Zi agree.
ReplyDeleteFunny how one way or another people always end up being populist about crypto.
ReplyDeleteThey either praise them as “the people’s currency” or they do the opposite, saying they’re only going to make the rich richer.
You’re all seriously f*cked up in the head ;D
https://media.tenor.co/images/8b821669c5d5a65907c141deff77cb19/tenor.gif
NOW a warning as Jackson Palmer, #Dogecoin’s creator, calls cryptocurrency a scam?
ReplyDeleteWhat's an example of a scam: $Doge 52 Week Range: 0.002¢ - 0.73¢, now at 0.19¢
Jackson Palmer: “cryptocurrency’s a scam and always has been.”
http://ow.ly/MaoX30rNSFy
https://giphy.com/explore/now-a-warning
It is the truth
ReplyDeleteActually, it’s not
DeleteThe dog looks scared. Might want to use a pitbull instead of whatever fluffy granny dog that is.
ReplyDeleteLmaoo at the title you guys came up with!! Much lolz
ReplyDeleteWho the f is Jackson Palmer
ReplyDeleteHave fun staying poor lefties.
ReplyDeletethen why is trump the most hardcore anti crypto politician? give me a BREAK!
ReplyDeleteSo far, crypto has been more about “Un-banking the Banked, than banking the Unbanked”. cc Vinay Gupta
DeleteIt was a great idea, and an amazing technology behind it, but its become more rubbish of unregulated capitalism. It doesnt produce anything except green house gasses and the process of mining, extracting it should be outlawed full stop. Its just become another speculators, gamblers dream.
ReplyDeleteThe new pyramid to riches or bust
DeleteI would have related more to this post if I was rich ;D ;D
ReplyDeletethat's exactly what it is
ReplyDeleteNobody cares what the founder of Doge coin has to say >;<
ReplyDeleteI mean.. he isn’t wrong.. ¯\_(ツ)_/¯
ReplyDeleteSomeone’s bitter they didn’t cash out at 75 cents >.<
ReplyDeleteIt wasn’t designed for that, but that’s what it became.
ReplyDeleteThis is what happen when you are the creator of Doge coin and sold all of your Doge to buy a honda civic and didn't hold on to it a few years ago.
ReplyDeleteShiba Inu sized? So like medium/small?
ReplyDeleteIt is o.O
ReplyDelete