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Dogecoin co-creator says crypto is a shady and exploitative industry


Jackson Palmer, who co-created Dogecoin with Billy Markus in 2013, dropped what many would contemplate a fact bomb concerning the cryptocurrency house.

Contemplating his earlier experiences, significantly the shady and exploitative aspect of the enterprise, Jackson provides an affirmative no to creating a return.

Dogecoin worth evaluation

2021 has been a standout yr for Dogecoin when it comes to worth motion and mainstream publicity.

However since hitting a excessive of $0.74 on Could 9, a collection of decrease highs recommend the celebration could also be over. This challenge is exacerbated by DOGE’s main use case being “for the memes.”

Dogecoin daily chart YTD
DOGEUSDT on TradingView.com

At present, the value of DOGE is $0.1921, which is a 74% drop from the native high.

Hodlers can discover sturdy help on the $0.1641 stage, however worth motion appears to be curling down for a retest of this stage. A failure to carry might result in additional draw back.

As Dogecoin faces this “do or die” second, Palmer breaks his silence to elucidate why he won’t be making a return to cryptocurrency.

Palmer lays it down as he sees it

Markus, not like Palmer, has, of late, develop into actively concerned within the house. For instance, in releasing Dogecoin NFTs, and incessantly posting concerning the matter.

Whereas Palmer had saved a low profile even through the increase interval when Dogecoin was melting faces and turning the idea of investing on its head.

However this week, Palmer noticed match to share his ideas on the trade in a collection of tweets. In them, he paints an image of corruption and cultism, which turns him off the house.

Plamer calls cryptocurrency an “inherently right-wing, hyper capitalistic know-how,” implying that its main objective is to additional the wealth of its proponents by means of “tax avoidance, diminished regulatory oversight and artificially enforced shortage.”

Though the promise of decentralization makes for a powerful promoting level, he questions whether or not decentralization exists. Drawing reference to “highly effective cartels” which have bought out, Palmer says the crypto trade has develop into that which it was speculated to usurp.

Regardless of claims of “decentralization”, the cryptocurrency trade is managed by a strong cartel of rich figures who, with time, have advanced to include most of the similar establishments tied to the present centralized monetary system they supposedly got down to change.

With out let up, Palmer then discusses monetary exploitation, which he says is rife within the trade. All of which gears in direction of manipulating the determined and naive.

“The cryptocurrency trade leverages a community of shady enterprise connections, purchased influencers and pay-for-play media shops to perpetuate a cult-like “get wealthy fast” funnel designed to extract new cash from the financially determined and naive.”

Palmer mentioned even the slightest critique would incur extreme backlash. Thus hampering any “good-faith” dialogue on the matter.

For that purpose, he prefers to avoid cryptocurrency altogether.

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