{"id":299373,"date":"2021-07-15T03:59:00","date_gmt":"2021-07-15T00:59:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-dogecoin-co-creator-blasts-crypto-as-a-scam-to-help-the-rich-get-richer\/"},"modified":"2021-07-15T03:59:00","modified_gmt":"2021-07-15T00:59:00","slug":"crypto-dogecoin-co-creator-blasts-crypto-as-a-scam-to-help-the-rich-get-richer","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-dogecoin-co-creator-blasts-crypto-as-a-scam-to-help-the-rich-get-richer\/","title":{"rendered":"#Crypto: Dogecoin co-creator blasts crypto as a scam to help the rich get richer"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dbde43ae20\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dbde43ae20\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-dogecoin-co-creator-blasts-crypto-as-a-scam-to-help-the-rich-get-richer\/#In_Twitter_thread_Jackson_Palmer_says_crypto_industry_exploits_the_%E2%80%98worst_parts_of_capitalism\" >In Twitter thread, Jackson Palmer says crypto industry exploits the \u2018worst parts\u2019 of capitalism<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-dogecoin-co-creator-blasts-crypto-as-a-scam-to-help-the-rich-get-richer\/#Mike_Murphy\" >Mike Murphy<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Crypto: Dogecoin co-creator blasts crypto as a scam to help the rich get richer<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"In_Twitter_thread_Jackson_Palmer_says_crypto_industry_exploits_the_%E2%80%98worst_parts_of_capitalism\"><\/span>\n  In Twitter thread, Jackson Palmer says crypto industry exploits the \u2018worst parts\u2019 of capitalism<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000337407\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000337407\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Dogecoin was made as a joke, but Jackson Palmer really doesn\u2019t think it\u2019s funny anymore.<\/p>\n<p> Palmer, who co-created the mock cryptocurrency in 2013 with Billy Markus, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353984617914370\" class=\"icon none\">took to Twitter<\/a> on Wednesday to denounce the state of crypto in no uncertain terms:<\/p>\n<div class=\"paywall\">\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span><br \/>\n        \u201cAfter years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.\u201d<br \/>\n        <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p><\/div>\n<\/p><\/div>\n<p>       Far from being a decentralized, libertarian alternative to traditional monetary systems, crypto \u201cis controlled by a powerful cartel of wealthy figures,\u201d he said, who have \u201cevolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.\u201d<\/p>\n<p> Meanwhile the rich get richer and the most vulnerable investors are exposed to the most risk, he said.<\/p>\n<p>\u201cThe cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlets to perpetuate a cult-like \u2018get rich quick\u2019 funnel designed to extract new money from the financially desperate and naive,\u201d he continued in a 10-tweet thread. \u201cFinancial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.\u201d<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353992834535429\" class=\"icon none\">Read the full thread here<\/a>:<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetTweet\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetTweet\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<style>\n            iframe.twitter-tweet {\n                width: 100% !important;\n            }\n        <\/style>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353990208901123\"><\/a>\n            <\/p><\/blockquote>\n<p>        <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/p><\/div>\n<p>       <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BillyM2k\/status\/1415382110894891008\" class=\"icon none\">In a tweeted response Wednesday<\/a>, Palmer\u2019s dogecoin co-creator, Markus, conceded \u201chis points are <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly valid.\u201d<\/p>\n<p>This isn\u2019t the first time Palmer had railed against cryptocurrencies. After dogecoin reached a market cap of $2 billion in 2017, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.vice.com\/en\/article\/9kng57\/dogecoin-my-joke-cryptocurrency-hit-2-billion-jackson-palmer-opinion\" class=\"icon none\">he wrote in Vice<\/a> that \u201csomething is very wrong,\u201d and that the crypto industry had been hijacked by \u201cscammers and opportunists.\u201d<\/p>\n<p>Things have only gotten crazier since then. Though it has lost about two-thirds of its value since its May peak, dogecoin<br \/>\n        DOGEUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/226077044\/realtime\" class=\"positive\">+1.80%<\/bg-quote><br \/>\n       is still up more than 4,100% year to date, with a current market cap above <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/coins\/\" class=\"icon none\">$28 billion<\/a>.<\/p>\n<p>Both Palmer and Markus stepped away from dogecoin years ago. But while Markus is still active in the crypto world, Palmer is done. In the 2017 Vice article, Palmer said he ended his involvement with dogecoin and crypto in 2015 and donated his proceeds to charity. And don\u2019t ask him about it again \u2014 Palmer\u2019s tweet-thread Wednesday began: \u201cI am often asked if I will \u2018return to cryptocurrency\u2019 or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted \u2018no.&#8217;\u201d<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Mike Murphy\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Mike_Murphy\"><\/span>Mike Murphy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7525-FF8727420030%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Crypto: Dogecoin co-creator blasts crypto as a scam to help the rich get richer&#8221; In Twitter thread, Jackson Palmer says crypto industry exploits the \u2018worst parts\u2019 of capitalism Dogecoin was made as a joke, but Jackson Palmer really doesn\u2019t think it\u2019s funny anymore. Palmer, who co-created the mock cryptocurrency in 2013 with Billy Markus, took&#8230;<\/p>\n","protected":false},"author":1,"featured_media":299374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-299373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/299373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=299373"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/299373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/299374"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=299373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=299373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=299373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}