Home Cryptocurrency News Dogecoin creator says cryptocurrency is a right-wing 'funnel of profiteering' – CNET

Dogecoin creator says cryptocurrency is a right-wing 'funnel of profiteering' – CNET

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Dogecoin is only one of many cryptocurrencies, however is the cuddly picture only a facade for an old style monetary grift?


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Cryptocurrency is a purpose-built profiteering system funneling money from the poor to the wealthy, based on the co-founder of a preferred foreign money. Dogecoin co-creator Jackson Palmer argues that the digital foreign money market is similar previous grift because the monetary sector it is supposed to interchange.  

Palmer returned to social media Wednesday for the primary time since 2019 to elucidate why he not needs something to do with the newfangled type of digital cash. “After years of finding out it,” he tweeted, “I imagine that cryptocurrency is an inherently right-wing, hyper-capitalistic expertise constructed primarily to amplify the wealth of its proponents by way of a mix of tax avoidance, diminished regulatory oversight and artificially enforced shortage.” 

“Regardless of claims of ‘decentralization’, the cryptocurrency business is managed by a robust cartel of rich figures,” stated Palmer, “who, with time, have developed to include lots of the similar establishments tied to the prevailing centralized monetary system they supposedly got down to change.”

Dogecoin started as a meme-inspired joke in 2013 earlier than turning into one of the vital well-liked options to market chief Bitcoin. Often referenced by Tesla founder Elon Musk, Dogecoin hit an all-time worth in Might. However cryptocurrency stays a curler coaster: File highs in March for Bitcoin and altcoins like Dogecoin and Ethereum led to a corresponding slump in June.

Palmer argues that cryptocurrency’s independence from mainstream monetary methods additionally means it has no methods to guard the much less rich. “Fall sufferer to a rip-off? Your fault,” he stated. “Cryptocurrency is nearly goal constructed to make the funnel of profiteering extra environment friendly for these on the high and fewer safeguarded for the weak… like taking the worst elements of right now’s capitalist system (eg. corruption, fraud, inequality) and utilizing software program to technically restrict using interventions (eg. audits, regulation, taxation) which function protections or security nets for the common particular person.”

Palmer posted the thread to elucidate why he not needs to be concerned in and even talk about cryptocurrency, as he doubts the great religion of those that profit from the system.

Here is the thread:

If it’s a rip-off, crypto has some high-profile followers: the likes of Musk and Kim Kardashian West have gotten concerned, Facebook has planned its own currency, Libra, and Spike Lee simply narrated an influencer-packed advert for CloudCoin crypto ATMs.


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