“The worst parts of the capitalist system”: dogecóin co-founder says cryptocurrencies are a scam and explains why

Published:

15 Jul 2021 12:03 GMT

After creating the coin in 2013, Jackson Palmer distanced himself from the project and distributed his dogecoin holdings to charities.

Jackson Palmer, one of the creators of the digital currency dogecóin, published this Wednesday on his Twitter account a hilo where he expressed why he does not want to return to the cryptocurrency market.

In particular, the Australian programmer argued that “cryptocurrency is a technology inherently right-wing hypercapitalist, built primarily to amplify the wealth of its defenders through a combination of tax evasion, diminished regulatory oversight, and artificially imposed scarcity. “He added that the market is currently controlled by “a powerful cartel of wealthy figures” and incorporates “the same institutions linked to the centralized financial system existing that they purportedly set out to replace. “

As a result, it is a system with an extremely uneven profit distribution and that draws on the resources of “naive and financially desperate” newbies, attracted by the “cult of ‘get rich quick’,” says Palmer.

“Financial exploitation undoubtedly existed before cryptocurrency, but that is built almost purpose-built to make the profit funnel more efficient for those at the top and less protected for the vulnerable, “he adds.

To show how dominant ethics in the sphere favor the rich, Palmer notes that small investors are left unprotected, while key players glorify themselves: “Lost your savings account password? Your fault. Were you the victim of a scam? Your fault. Billionaires manipulating the markets? They are geniuses“.

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“It is how to take the worst parts of the current capitalist system (e.g. corruption, fraud, inequality) and using ‘software’ to technically limit the use of interventions (eg audits, regulation, taxes) that serve as protection or safety nets for the average person, “concludes the programmer.

Along with American Billy Markus – who also came out of the project – Palmer created the dogecóin in 2013, when he was 26 years old. According counted In 2018 in an interview with The Sydney Morning Herald, he was critical of cryptocurrencies from the start and created the ‘token’ as a joke. “But then it quickly became legitimate … and at that point I thought, ‘Oh my God, now I feel responsible for this joke,'” he recalled and claimed that he had distributed all the dogecoins.

“I had a few million dogecoin, which was nothing. They were worth five or ten thousand dollars. And I gave it all to charities that we were supporting from the beginning,” he said.

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