Dogecoin creator believes cryptocurrencies are scams

Jackson Palmer, the co-founder of DogeCoin, assures us on Twitter that cryptocurrencies are only used to “extract money from naive people”. In a thread published on the social network, the creator of this virtual currency exposes all of his grievances against the system and its abuses.

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Dogecoin is not really a cryptocurrency like any other. Launched in 2013, this virtual currency is actually a simple joke designed by Billy Markus and Jackson Palmer to make fun of the most popular cryptocurrencies like Bitcoin, Ethereum or LiteCoin. Only, this joke has quickly gained importance in recent months, with a growing community. As of May 2021, Dogecoin had a market value of almost $ 40 billion.

And while Billy Markus still manages Dogecoin, Jackson Palmer quickly sold his shares and left the cryptocurrency world behind. And he’s not ready to come back, as evidenced by his last thread posted on Twitter. Responding to a question from an Internet user concerning a possible return to the crypto sphere, the engineer did not go by four ways: “without hesitation, my answer is no ”.

On the social network, Jackson Palmer took the opportunity to to rise up against all the excesses of this sector, which he considers only useful “to extract money from naive people ”. “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 asserts from the outset.

The founder of Dogecoin shoots red balls on cryptocurrencies

For the co-founder of Dogecoin, the decentralized nature of cryptocurrencies is just a mirage, a trompe-l’oeil at a time when “the sector is controlled by a cartel of very well-off players who, over time, have evolved to incorporate many institutions linked to the centralized financial system which they claimed to be able to replace ”.

In addition, Jackson Palmer denounces the lack of regularization around cryptocurrencies, a position he shares with the Banque de France. According to him, creating control bodies would precisely protect the most vulnerable users from the dangers inherent in virtual currencies.

Also read: 3,800 PS4s used to mine cryptocurrency seized

Have you 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 assures. We note here a probable reference to Elon Musk, known to make the rain and the good weather concerning the prices of Bitcoin and Dogecoin in particular.

Anyway, it is true that Jackson Palmer points the finger at many abuses in the sector, such as the proliferation of Bitcoin scams, the harmful impact of this activity on many markets like these farms of mining made up of hundreds of graphics cards, or even those users deprived of their digital wallet after losing their password.

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