Dogecoin creator says cryptocurrencies are a scam

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 Dogecoin creator says cryptocurrencies are a scam


Dogecoin co-creator Jackson Palmer doesn't spend much time on social media. After shutting down his YouTube channel and padlocking his Twitter account in mid-2019, this software engineer hadn't opened his mouth on any platform in years; not even when the prices of his crypto meme hit record highs earlier this year. That has been the case until a few hours ago, when Palmer briefly took to Twitter again to make an important reminder: cryptocurrencies are a scam and always have been.

Dogecoin creator says cryptocurrencies are a scam



"After spending years studying it, I believe cryptocurrencies are an inherently right-wing hypercapitalist technology that has been built primarily to amplify the wealth of its proponents through a combination of tax avoidance, little regulatory oversight, and artificially imposed scarcity," he tweeted during Wednesday afternoon.

Palmer went on to say that while cryptocurrencies' biggest fans often point to them as an equitable alternative to big banks due to the decentralized nature of the currency, the truth is that the two share the same problem: the wealthy. As he (rightly) pointed out, most of the crypto community is controlled by "a powerful cartel of wealthy individuals" who are turning decentralized finance into a system that largely benefits those at the top, a system similar to the centralized systems that cryptocurrencies are intended to replace.




Cryptocurrencies, in general, have had an incredible year. Bitcoin, the best known of them all, saw it hit record highs, surpassing $63,000 in mid-April, though it has since fallen and stalled near $30,000. Dogecoin also participated in the cryptocurrency boom, going from a value of about $0.06 per dogecoin to over $0.68 per coin.

Palmer's entire thread is worth reading, even if you don't agree with what he's saying, and there will be many who do. One of the many horrible traits of the crypto community that Palmer points out is that "even the mildest criticism of cryptocurrencies will cause the powerful people who control the industry to cast aspersions," and that's not to mention the wrath of everyday investors who are terrified of losing their entire investment.

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