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Current Events Dogecoin Creator Sparks Viral Tweetstorm, Says Crypto Facilitates Dangerous ‘Free for All’ Capitalism

tr1age

Admin
This article is absolutely fantastic. It's like people forget about history, Barnum Bailey, Andrew Carnegie, and the like. That is the wild west of Crypto. And those small amount of people who have enough money to lose and not care are milking those who are desperate and ill informed via "inside trading". A tweet, a second tweet. Whatever. It just seems crazy that people haven't caught on yet that they are being exploited.

The co-creator of meme cryptocurrency Dogecoin (DOGE) is calling out the entire crypto space as a social ill.

In a viral tweetstorm, Palmer, who created Dogecoin in 2013 as a joke with fellow developer Billy Markus, says he thinks the cryptoverse has evolved into something he can no longer support.

According to Palmer, the crypto culture’s mantras of decentralization and sound money are largely facades that rich gatekeepers use to lure in and dupe financially desperate participants.

“I am often asked if I will ‘return to cryptocurrency’ or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted ‘no’, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here.

After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.

Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.

The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive.”


Palmer concedes that financial exploitation has always existed but says that the crypto space almost looks to him like it was “purpose built” to efficiently funnel money from the vulnerable to those at the very top.

The developer, who now describes himself as a “product and data geek”, says that crypto has been designed from the beginning to tilt the odds in favor of billionaires at the expense of regular people.

“Lose your savings account password? Your fault.
Fall victim to a scam? Your fault.
Billionaires manipulating markets? They’re geniuses.

This is the type of dangerous ‘free for all’ capitalism cryptocurrency was unfortunately architected to facilitate since its inception.”


Palmer says that the crypto industry is incapable of taking criticism and that many tough questions are met with “smears” from powerful figures who control the space coupled with anger from retail investors who also believe they will become wealthy.

“For these reasons, I simply no longer go out of my way to engage in public discussion regarding cryptocurrency. It doesn’t align with my politics or belief system, and I don’t have the energy to try and discuss that with those unwilling to engage in a grounded conversation.”

Original Post: https://dailyhodl.com/2021/07/15/do...acilitates-dangerous-free-for-all-capitalism/



Yes I know this will be a polarizing article, as many have invested in Crypto. Just be careful and consider it Vegas, don't invest anything you can't stand to lose!
 

thesuperjman

Crafter
I do a bit of investing and trading in the US stock market and have done pretty good, but I will never, ever touch crypto. Way too volatile and unpredictable. Plus the amount of ads I get for signing up for anything crypto related just screams to me that someone wants my money and knows they can get it if I hop aboard the hype train. It has a very scammy feel to it.

That being said, I personally know some folks have done well with crypto, but their stories seem to be the outliers, not the norm.

Then there's the whole question of ethics, which I'll just kind of leave be for now, but an investor has to decide whether they think the crypto industry is ethical and whether or not to participate in it. Personally, it's not an industry I want to support by adding my cash to it.
 

tr1age

Admin
Thread Starter
Interesting, never thought of the ethical side, I mean other than the fact that Crypto was mainly used for criminal activity and transactions in the early years. Although finally it seems the "justice system" is catching up to how to prosecute it the same as normal money.
 

thesuperjman

Crafter
Yeah, it consumes a vast amount of energy, increasing our carbon footprint, and there's the issue with all of the GPUs being bought up for it, driving a shortage in the market and increasing the costs significantly.
 
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