Dogecoin Creator Says Cryptocurrencies Only Serve To Make The Rich Richer

What started as a joke by some young computer scientists with aspirations to be millionaires, is becoming a reality: cryptocurrencies, a digital asset that works as a currency. These virtual currencies use cryptographic encryption to guarantee their ownership and ensure the integrity of the transactions, as well as to control the creation of additional units. They are not physical currencies, they are stored in a digital wallet.

Bitcoin, the cryptocurrency with the most investors today.

KAREN BLEIER / AFP

The main problem that exists with these cryptocurrencies would come from their regulation. Cryptocurrencies are not regulated or controlled by any official institution, nor do they require intermediaries in transactions. To control these exchanges, a decentralized database of shared accounting records is used (blockchain).

There are thousands of cryptocurrencies today, among which are examples such as Bitcoin or Ether; and more recently, Dogecoin, a cryptocurrency created as a joke by software engineers Billy Markus and Jackson Palmer in 2013 whose origin is a well-known meme and which already has the support of big businessmen such as the CEO of SpaceX, Tesla Motors , Elon Musk; and the investor and owner of the NBA’s Dallas Mavericks, Mark Cuban.


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Its value has skyrocketed in the market, causing investors to rub their hands. However, these extraordinary profit increases may not be so, since this frenzy is very reminiscent of the dot-com bubble of the beginning of this century, which ended with the collapse of the shares of many technology companies linked to what were then fledgling businesses. In Internet.

Not only that, but Jackson Palmer has now wanted to warn of the dangers of cryptocurrencies, which he calls a “scam”. After retiring from social networks in mid-2019, the engineer has returned to Twitter to remind his followers in the form of a very interesting thread that hides a revealing message: cryptocurrencies are a scam and it has always been that way.

“After years of studying it, I believe that cryptocurrency is an inherently right-wing hypercapitalist technology built primarily to amplify the wealth of its defenders through a combination of tax evasion, diminished regulatory oversight, and artificially imposed scarcity,” he posted in Twitter last Wednesday, after a silence of more than two years on the social network.

Palmer goes on to say that even though cryptocurrencies could be seen by some as an equitable alternative to big banks thanks to their decentralized nature, both monetary systems share the same problem: rich people. Traditional banks are controlled by all kinds of outsiders, and Palmer notes, the same is true of most of the crypto community, controlled by a “powerful cartel of wealthy figures,” who are changing the system to benefit those with greater resources.

The cryptocurrency industry is a network of questionable businesses, paid media and influencers bought to perpetuate that ‘get rich quick’ spirit, designed to appeal to those financially desperate.



Jackson Palmer

“Financial exploitation already existed before cryptocurrencies, but it seems that the sole purpose of this system is to make it possible for the richest to obtain more benefits, and less for those most vulnerable,” says Palmer, noting that another problem is that As it is a system accessible to all and without regulation, it will cause the weakest to fall without remedy.

As Palmer points out, one of the negative features of this community is that even the most modest criticisms of the cryptocurrency system will provoke smears from the powerful figures who control the industry ”; Not to mention the anger of investors who would be threatened with losing everything. The system, Palmer insists, only serves to make the richest rich, who will end up ruining everything.

Palmer concludes by saying that he departs from everything that has to do with cryptocurrencies, just as his business partner did, Billy Markus, who is currently a teacher in an educational center after selling all his coins in 2015.

“I no longer speak of cryptocurrencies, it does not go with what I think or with what I believe, and I do not have the energy to argue with those who do not want to debate in a reasonable way,” he insists.

2021, the year of cryptocurrencies

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Dogecoin valuation

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2021 is being the year of the cryptocurrency. Last April, Dogecoin skyrocketed in value by an absurd 180%. The current value of this currency is more than 24,000 million dollars, according to CoinMarketCap.com, well over a year ago, when it was trading at $ 0.002 and was worth about $ 250 million. For its part, the group’s best-known currency, Bitcoin, continues to be unstoppable as the leader, with a current value of more than 500,000 million.

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Dogecoin Creator Says Cryptocurrencies Only Serve To Make The Rich Richer

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