Technology

Creator of Dogecoin: All Cryptos Are A Scam

Cryptocurrencies have been on the rise in the last 10 years, although there have been occasional fluctuations. However, the people are divided into two. Some consider the cryptocurrency to be a complete scam, while others see it as the currency of the future. There is another name that surprises this list of skeptics: Jackson Palmer, co-creator of Dogecoin.

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Palmer, who created the payment system in 2013 based on the “doge” memes circulating on the internet with Billy Markus, has not been seen on Twitter since he hid his account in 2019. The software engineer, who returned with a bang yesterday, made some posts about cryptocurrencies.

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I believe cryptocurrencies are an inherently right-wing, hyper-capitalist technology built primarily to increase the wealth of its adherents through tax avoidance, low levels of regulatory oversight.

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Palmer further argued that crypto is “controlled by a powerful cartel of wealthy individuals,” exploiting the helplessness of the financially desperate and gullible.

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Financial exploitation certainly existed before crypto. But the cryptocurrency was built to make the profiteering funnel more efficient for the top and more faithless for the vulnerable.

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It seems that Palmer’s ideas have completely changed, and he speaks for the industry he had helped create earlier. In a 2017 Vice article, he wrote that “something is very wrong” when Dogecoin reached a market cap of $2 billion. However, he also said that he would end his involvement in crypto in 2015.

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Dogecoin hit an all-time high in May. But it has since lost about 72% of its value and still has a market cap of $25 billion. In other words, it is among the top 10 cryptocurrencies in terms of market capitalization. So what do you think about cryptocurrencies?

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