{"id":6632,"date":"2021-07-14T18:11:21","date_gmt":"2021-07-14T23:11:21","guid":{"rendered":"https:\/\/www.webfxonline.com\/?p=6632"},"modified":"2021-07-14T18:11:46","modified_gmt":"2021-07-14T23:11:46","slug":"6632","status":"publish","type":"post","link":"https:\/\/www.webfxonline.com\/?p=6632","title":{"rendered":"Dogecoin Creator Says Crypto Is a Scam"},"content":{"rendered":"\n<p>Dogecoin co-creator Jackson Palmer isn\u2019t on social media much. After nuking his YouTube channel and turning his Twitter account private back in&nbsp;mid-2019, the software engineer hadn\u2019t made a peep on the platforms at all; not even when prices for his meme-y crypto reached&nbsp;record highs&nbsp;earlier this year. That blackout ended today when Palmer briefly resurfaced on Twitter with an important reminder: cryptocurrency\u2019s a scam and always has been.<img decoding=\"async\" alt=\"\" src=\"https:\/\/img-s-msn-com.akamaized.net\/tenant\/amp\/entityid\/BB1gFMKi.img?h=448&amp;w=799&amp;m=6&amp;q=60&amp;o=f&amp;l=f\">\u00a9 Photo: Dan Kitwood \/ Staff (Getty Images)<\/p>\n\n\n\n<p>\u201cAfter 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,\u201d he&nbsp;tweeted out&nbsp;on Wednesday afternoon.<\/p>\n\n\n\n<p>Palmer went on to say that while crypto\u2019s biggest fans often point to it as an equitable alternative to the Big Banks because of the currency\u2019s&nbsp;decentralized nature, the truth is that the two share the same problem: rich people. As he (rightfully) noted, the bulk of the crypto community is controlled by \u201ca powerful cartel of wealthy figures\u201d who are turning decentralized finance into system that&nbsp;largely benefits&nbsp;those at the top\u2014kind of like the&nbsp;centralized systems&nbsp;crypto claims to replace.<\/p>\n\n\n\n<p>Cryptocurrencies, generally, have had a hell of a year. Bitcoin, the most well known of the bunch, saw&nbsp;its price&nbsp;peak at over $63,000 in mid-April before crashing a month later to the mid-$30,000s. Dogecoin, meanwhile,&nbsp;rode the crypto boom&nbsp;\u201cto the moon,\u201d as they say, jumping from about $0.06 per dogecoin to over $0.68 per coin, then similarly plunged to somewhere in the middle. The entire time, of course, the value of crypto at all remained debatable.<\/p>\n\n\n\n<p>Palmer\u2019s full thread itself is well worth the read, even if you disagree with what he\u2019s saying\u2014and there are going to be plenty that do. One of the many awful traits of the crypto community that Palmer points out is that \u201ceven the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry,\u201d not to mention the ire of everyday investors terrified of&nbsp;losing it all. Just something worth remembering when those figures inevitably fart out some bad-faith tweets saying Palmer\u2019s just jealous he&nbsp;never cashed in&nbsp;when he had the chance.<\/p>\n<div class=\"pvc_clear\"><\/div><p id=\"pvc_stats_6632\" class=\"pvc_stats all  \" data-element-id=\"6632\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"far\" data-icon=\"chart-bar\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\" class=\"svg-inline--fa fa-chart-bar fa-w-16 fa-2x\"><path fill=\"currentColor\" d=\"M396.8 352h22.4c6.4 0 12.8-6.4 12.8-12.8V108.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v230.4c0 6.4 6.4 12.8 12.8 12.8zm-192 0h22.4c6.4 0 12.8-6.4 12.8-12.8V140.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v198.4c0 6.4 6.4 12.8 12.8 12.8zm96 0h22.4c6.4 0 12.8-6.4 12.8-12.8V204.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v134.4c0 6.4 6.4 12.8 12.8 12.8zM496 400H48V80c0-8.84-7.16-16-16-16H16C7.16 64 0 71.16 0 80v336c0 17.67 14.33 32 32 32h464c8.84 0 16-7.16 16-16v-16c0-8.84-7.16-16-16-16zm-387.2-48h22.4c6.4 0 12.8-6.4 12.8-12.8v-70.4c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v70.4c0 6.4 6.4 12.8 12.8 12.8z\" class=\"\"><\/path><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/www.webfxonline.com\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" border=0 \/><\/p><div class=\"pvc_clear\"><\/div>","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Dogecoin co-creator Jackson Palmer isn\u2019t on social media much. After nuking his YouTube channel and turning his Twitter account private back in&nbsp;mid-2019, the software engineer hadn\u2019t made a peep on the platforms at all; not <a class=\"mh-excerpt-more\" href=\"https:\/\/www.webfxonline.com\/?p=6632\" title=\"Dogecoin Creator Says Crypto Is a Scam\">[read more]<\/a><\/p>\n<div class=\"pvc_clear\"><\/div>\n<p id=\"pvc_stats_6632\" class=\"pvc_stats all  \" data-element-id=\"6632\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"far\" data-icon=\"chart-bar\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\" class=\"svg-inline--fa fa-chart-bar fa-w-16 fa-2x\"><path fill=\"currentColor\" d=\"M396.8 352h22.4c6.4 0 12.8-6.4 12.8-12.8V108.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v230.4c0 6.4 6.4 12.8 12.8 12.8zm-192 0h22.4c6.4 0 12.8-6.4 12.8-12.8V140.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v198.4c0 6.4 6.4 12.8 12.8 12.8zm96 0h22.4c6.4 0 12.8-6.4 12.8-12.8V204.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v134.4c0 6.4 6.4 12.8 12.8 12.8zM496 400H48V80c0-8.84-7.16-16-16-16H16C7.16 64 0 71.16 0 80v336c0 17.67 14.33 32 32 32h464c8.84 0 16-7.16 16-16v-16c0-8.84-7.16-16-16-16zm-387.2-48h22.4c6.4 0 12.8-6.4 12.8-12.8v-70.4c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v70.4c0 6.4 6.4 12.8 12.8 12.8z\" class=\"\"><\/path><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/www.webfxonline.com\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" border=0 \/><\/p>\n<div class=\"pvc_clear\"><\/div>\n<\/div>","protected":false},"author":1,"featured_media":6633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-6632","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tech"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dogecoin Creator Says Crypto Is a Scam -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.webfxonline.com\/?p=6632\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin Creator Says Crypto Is a Scam -\" \/>\n<meta property=\"og:description\" content=\"Dogecoin co-creator Jackson Palmer isn\u2019t on social media much. 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