Monday, July 26

Dogecoin Creator Says Cryptocurrencies A Scam | Digital Trends Spanish

In 2013, IBM developer Billy Markus together with Adobe data scientist Jackson Palmer created their own cryptocurrency, dogecoin, but it seems they are not so amused now.

Palmer has revived his abandoned Twitter account to give his opinion on cryptocurrencies, and it is not exactly a good one. According to the developer, they are a scam, a hyper-capitalist technology whose purpose is only to enrich those who are already rich.

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…

& mdash; Jackson Palmer (@ummjackson) July 14, 2021

“After several years of studying them, I believe that cryptocurrencies are an inherently right-wing hypercapitalist technology built to amplify the wealth of its defenders through a combination of tax evasion, diminished regulatory oversight and an artificially imposed scarcity,” says Palmer in his Twitter thread.

He adds specifically that, in his view, the cryptocurrency industry takes advantage of a network of shady business connections made up of influencers and bribed media to perpetuate this get-rich-quick idea that is only designed “to extract new money from naive and financially desperate ”.

According to the creator of Dogecoin, most of the cryptocurrency community is controlled “by a powerful cartel of wealthy celebrities who are making decentralized finance benefit those at the top,” perhaps referring to Elon Musk. In recent months we have witnessed how the owner of Tesla made the cryptocurrency market rock almost at will by just posting related tweets on his profile.

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