Jackson Palmer, the co-creator of the cryptocurrency Dogecoin, has again used his social networks to express his opinion on virtual currencies. What he has said is far from encouraging investors in this market of hyper-capitalist technology that makes the rich richer.
To be more specific, he referred to cryptocurrencies as an extreme hyper-capitalist technology that is built in order to amplify the revenue and wealth of its components with the help of a combination of tax evasions, artificially imposed scarcity, and decreased regulatory oversight.
This particular opinion went onto generating controversy among his followers and non-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.
This opinion that the co-creator made was because of the ever famous meme on cryptocurrency that began on his social networks through which he agreed with many who, in the financial world, still do not bet on cryptocurrencies, considering them an insecure and volatile investment.
Palmer spoke of cryptocurrency as the ideal way to make money from the newbie’s and the financial desperate who aspire to earn big in no time. He also reiterated that decentralization has been impossible because the business is controlled by a “powerful cartel” of wealthy figures. Figures that he accused of evolving, including the same existing centralized financial system that they proposed to replace, with which he hints hypocrisy in the system.
Palmer said that before the use of cryptocurrencies, the financial system was already exploitative, yet crypto has made the “speculative funnel” more efficient. Despite his criticism and outspoken opinion that disadvantages the cryptocurrency market, Jackson Palmer knows that he entered into a difficult discussion to win, as the power of the figures that control the industry and the ire of retail investors who firmly believe that they will be millionaires one day.
For the co-creator of Dogecoin, people are not yet ready for this discussion as they do not believe in a debate in good faith, much less in a conversation based on good arguments. In this way, he concluded his thread of tweets that began by qualifying cryptocurrencies as a “matter to make the rich richer,” applauding all those who continue to ask themselves questions and being skeptical when it comes to trusting their investment in this type of technology.
Palmer believes that “social consequences” should not be unrelated to 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. He stands out among them, Mark Zuckerberg and even the billionaire Mark Cuban who says that investing in cryptocurrencies is like playing with the lottery.