Dogecoin creator Jackson Palmer says cryptocurrency is a scam

Palmer:

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….

Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.

Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.

Lose your savings account password? Your fault.

Fall victim to a scam? Your fault.

Billionaires manipulating markets? They’re geniuses.

Thirteen years after bitcoin was invented, we have yet to see a single significant legitimate use for it. It’s great for money-laundering and ransomware.

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