The co-founder of the famous Dogecoin, Jackson Palmer, does not want to hear about cryptocurrencies anymore. He set out in a Twitter thread his grievances against the industry.
Will the Dogecoin co-founder ever return to the crypto sphere? Jackson Palmer took to the subject on Twitter without taking gloves: ” without hesitation, my answer is no “. The latter published this Wednesday, July 14 a thread to expose his grievances against cryptocurrencies.
” After studying them for years, I come to the conclusion that cryptocurrencies are inherently right-wing and hyper-capitalist technology, built to increase the wealth of its supporters through a mixture of tax evasion, weak regulations and of artificial scarcity », He says, from the intro.
I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…
– Jackson Palmer (@ummjackson) July 14, 2021
Spark easy wealth
According to Jack Palmer, the decentralized nature of cryptocurrencies – which is one of the points regularly put forward – is a decoy: “ The cryptocurrency industry is controlled by a cartel of very well-off players who, over time, have evolved to incorporate many of the centralized financial system-related institutions that they claimed to want to replace. “
The co-founder of Dogecoin severely criticizes the fallacious promises of some of the players in the sector who ” buy unscrupulous influencers and media, in order to convey the idea that cryptocurrencies allow you to get rich quickly. Their objective is to extract money from naive people who find themselves in financial situations. desperate. “
Jackson Palmer no longer wants to hear about cryptocurrencies
The fact that cryptocurrencies are not regulated removes, according to him, the controls which act as ” safety nets For the average user. ” You have lost the password for the account where your savings are stored. It’s your fault. Have you been the victim of a scam? It’s your fault. Billionaires manipulate the markets? They are geniuses. This is the kind of capitalism that this creates: the rule of every man for himself ”, he affirms vehemently.
Jackson Palmer’s position isn’t all that surprising as it looks. Even though he co-created the Dogecoin with Billy Markus, the project was originally a joke based on the dog Shiba Inu meme. Jackson Palmer quickly resold his dogecoins (he did not take advantage of the peak in their price this year) and he did not seek to continue in this sector.
His tirade lacks nuance because cryptocurrencies have certain undeniable advantages. They facilitate and speed up payments. Several central banks have also planned or are considering launching a digital version of their currency, in order to benefit from a flexibility similar to that offered by cryptocurrencies.
Help people outside the banking system
Cryptocurrencies can also open up new opportunities in countries where part of the population is not in the standard financial system. The President of El Salvador thus affirms that bitcoin will be very useful to its population, given that 70% of the citizens of the country do not have a bank account.
Blockchains like that of bitcoin also offer a good level of transparency and have shown their solidity: when China, which was home to the majority of global mining, forced miners to stop their activities, the system continued to function normally. He simply readjusted the difficulty of mining, as is expected in this type of case, in order to compensate for the shutdown of a huge number of machines.
Jackson Palmer nonetheless puts his finger on some very real problems in the crypto sector, notably the misleading messages of certain advertisements, which sometimes encourage users to invest without sufficiently warning them of the risks involved. The volatility of prices, the crazy energy consumed by certain cryptocurrencies such as bitcoin or their use to transit money linked to criminal activities are also major challenges that countries will have to tackle to better regulate cryptocurrencies.