„Cryptocurrencies Are a Scam” - Dogecoin Creator Frankly on Virtual Currencies
Dogecoin co-founder criticizes the idea of cryptocurrencies. Supporters of bitcoin and other virtual coins do not hide their surprise.
Despite the huge increase in the value of cryptocurrencies over the past decade, there are still people who consider virtual coins a scam. To the surprise of many, the list of skeptics was joined recently by software engineer Jackson Palmer, who, together with Billy Markus in 2013, created a payment system that refers to the popular doge meme.
Dogecoin is an online peer-to-peer currency based on a modified bitcoin protocol.
Dogecoin's creator had been inactive on Twitter since 2019, when he set his account to private. Yesterday, he returned with a bang, calling cryptocurrencies a way for the rich to become even richer. At the same time, he said that crypto is only slightly different from the existing centralized financial system that virtual currencies were supposedly replacing.
Palmer added that cryptocurrencies are controlled by influential "cartels" of the wealthy that prey on desperation and gullibility. While he does not claim that financial exploitation did not exist before the creation of virtual currencies, according to him, it is this invention that has made this practice much more successful.
The creator of dogecoin also announced that he will no longer answer questions about cryptocurrencies, which he is constantly inundated with. So it is very likely that this is the last opinion that Palmer gave on this topic.
