Cryptocurrency is Like Taking The Worst Parts of Today’s Capitalist System

Cryptocurrency is Like Taking The Worst Parts of Today's Capitalist System

Despite his legendary status within Crypto Twitter, the creator of Dogecoin, Jackson Palmer, doesn’t tend to interact much with the community. He usually shows up, makes a statement, causes a stir, and disappears.

Today, in one of his occasional rants, Palmer decided to talk about the degeneration of the crypto community and why he has not plans to get involved with cryptocurrencies ever again.

The first reason seems to be the ethos behind the technology. Beyond the preachings of financial freedom, Palmer believes that crypto is nothing more than a right-wing tool to give more profits to the wealthy by removing the government’s regulatory powers:

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.


Dogecoin Creator Tweets What’s Wrong With Crypto (Hint: Almost Everything)

Palmer explained that decentralization per se is an illusion. Instead, the industry is controlled by a “powerful cartel of wealthy figures,” which may ultimately be destined to repeat the same current power structures but with different leaders.

Similar criticism was made by the former finance minister of Greece, Yanis Varoufakis, who pointed out that cryptocurrencies are destined to benefit very powerful minorities in their current state. This, of course, is far from the democratic ideas many people associate with crypto hodling/using.

“Money is always political. The question is whether it will be democratized or not. I am afraid that many of those who got really excited about Bitcoin because they thought you could democratize money are completely wrong.

“Given its fixed supply and given the fact that there is no democratic mechanism to determine who gets and how many Bitcoins, it creates a kind of feudalism run by the early adopters of Bitcoin.”

But Jackson Palmer is not as diplomatic as Varoufakis. For him, cryptocurrencies today represent the worst face of the capitalist system. Basically a lack of control that could lead to potential social issues

Another important point he stressed is that behind the ideas of sovereignty and responsibility in decision making associated with holding cryptocurrencies hides a sort of vision that tends to praise fraudsters and manipulators:

Finally, the creator of Dogecoin criticized the sectarian nature of the loudest voices in the crypto ecosystem. From his point of view, high-level debates with crypto enthusiasts are almost impossible and usually end up in personal attacks.

The Community Reacts

Reactions were not long in coming. Billy Markus, co-creator of Dogecoin alongside Palmer himself, acknowledged that his arguments were “generally valid” even though they tended towards a fundamentally political view.

But others like Nic Carter went for personal attacks. For the CEO of Castle Island Venture, Palmer created a token precisely to profit from investors.

It is important to note that Palmer sold all his Dogecoin a long time ago, so he did not really gain anything from it. Dogecoin gained attention as a serious project after its recent bullrun and the hype of meme coins and investments. These coins tend to exist only because of trends, and many projects have pumped and dumped thanks to the power of social media, jokes, and lack of resarch from investors.

Other opted for a more neutral stance. Some enthusiasts recognized the merit of Palmer’s arguments but also pointed out that his lack of attachment to the community could have paved the way for him to turn to the no-coiner side of the road:

Palmer’s statements were controversial, but are also good for debate, no matter how close or far he is from the truth. In the end, every coin —physical or digital— will always have two sides.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest