Cryptocurrencies have driven the world crazy, and those who have had no experience with investing have invested heavily in online currency. However, the founder of the cryptocurrency dogecoin openly criticizes the whole business and claims that this is only one big scam, writes the portal Gizmodo.
Jackson Palmer is one of the co-founders of the cryptocurrency dogecoin, one of the most popular virtual names today. Palmer isn’t very active on social media, but when he hangs something on his profiles, it’s usually worth it and starts a big wave of discussion. He is currently commenting on the cryptocurrencies themselves and openly claiming that this is only one big scam.
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The whole market dominated by a strong cartel
On Wednesday, Palmer on his Twitter hung up a post openly criticizing the entire cryptomen market. According to him, it is only a tool for strengthening the wealth of rich people, because cryptocurrencies avoid tax obligations and also have reduced regulatory supervision.
This view is further supported by the fact that the biggest proponents of cryptocurrencies rely on the fact that these virtual currencies are decentralized and thus represent a much better alternative to traditional banks.
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.
— Jackson Palmer (@ummjackson) July 14, 2021
However, even in the cryptomen market, they are basically run by rich people in the same way as banks. Most crypto-community companies are dominated by a strong cartel of wealthy personalities who turn decentralized funding into a system that suits those at the top, he writes. CNBC.
The market is experiencing difficult times
The cryptomen market is currently experiencing turbulent times, and after a long growth trend, there has been a correction and a sharp fall in Bitcoin. In connection with the increased volatility of cryptocurrencies, FonTech.sk approached four experts from Slovakia and the Czech Republic, whom we asked what is behind the current decline, whether it is currently a good time to buy cryptocurrencies and where they see the price of Bitcoin at the end of the year. You can read all the important information on the topic in this article.
A parody of a cryptocurrency with a mascot in the form of a Shiba Inu dog
Dogecoin is an example of altcoins, i.e. alternative cryptocurrencies. These are basically digital peer-to-peer tokens that are derived from Bitcoin. The dogecoin itself was created in 2013 and its mascot was the Japanese dog Shiba Inu, coming from the famous meme of the picture. There are several ways to get to this interesting cryptocurrency. Users can buy it on online exchanges or even mine it.
Psychology is also behind the rapid growth
According to Dave Chapman, executive director of commodities and the digital department store Octagon Strategy in Hong Kong, the main reason for the parabolic increase in the prices of alternative cryptocurrencies is their initially low price.
Two of the most famous cryptocurrencies, Bitcoin and Ethereum, are considered too expensive. It’s also a bit of a psychology, as users would rather own 2,000 € 6,000 alternative cryptocene tokens than have only half of Bitcoin of the same value.
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