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Jackson Palmer, the co-creator of the cryptocurrency Dogecoin has again used his social networks to express his opinion on virtual currencies. AND what you said is not encouraging to investors in this market: a hyper-capitalist technology to make the rich richer.
To be more specific, he referred to cryptocurrencies as an “inherently right-wing and hyper-capitalist technology, built primarily to amplify the wealth of its proponents through a combination of tax evasion, decreased regulatory oversight, and artificially imposed scarcity. ”
Opinion that generated controversy among his followers, and not followers as well, especially because of the personality that Jackson Palmer represents in the world of cryptocurrencies. The tweet in minutes generated at least 8 thousand “retweets”, about 2 thousand replies, and more than 30 thousand likes.
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.
– Jackson Palmer (@ummjackson) July 07, 2021
This was the discussion that the co-creator of the cryptocurrency of the meme and the puppy began on his social networks. Through which he gave the reason to many who, in the financial world, still do not bet on cryptocurrencies because they consider them an insecure and volatile investment.
Palmer spoke of “the perfect way to take new money from the newbies and the financially desperate.” He also reiterated that decentralization has been impossible because the business is controlled by a “powerful cartel” of wealthy figures . Figures that, in addition, he accused of evolving including the same existing centralized financial system that they proposed to replace. This suggests hypocrisy in the system.
Palmer says that before the use of cryptocurrencies, the financial system was already exploitative, however , cryptos have made the “speculative funnel” more efficient.
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.
– Jackson Palmer (@ummjackson) July 14, 2021
TO Despite his criticism and open opinion that disadvantages the cryptocurrency market, Jackson Palmer, knows that he is entering a discussion that is difficult to win, because the power of the figures that control the industry and the The wrath of retail investors who firmly believe they will be millionaires one day will slander you.
For the co-creator of Dogecoin people are not ready for this discussion yet , does not believe in a debate in good faith, much less in a conversation based on good arguments.
But these days even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who they’ve sold the false promise of one day being a fellow billionaire. Good-faith debate is near impossible.
– Jackson Palmer (@ummjackson) July 14, 2021
In that way, he concluded his thread of tweets that began by calling cryptocurrencies a “thing to do richer the rich ”, applauding all those who continue to ask questions and be skeptical when it comes to entrusting their investment in this type of technology. Palmer considers that “social consequences” should not be separated from new technologies.
It should be noted that Jackson Palmer is either the first wealthy man or creator of any cryptocurrency, to criticize this technology and to make comments that generate suspicion among investors. Outstanding among them, Mark Zuckerberg and even the billionaire Mark Cuban who says that investing in cryptocurrencies is like playing the lottery.