{"id":304440,"date":"2021-07-21T13:07:00","date_gmt":"2021-07-21T10:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/no-jackson-palmer-you-are-wrong-about-crypto\/"},"modified":"2021-07-21T13:07:00","modified_gmt":"2021-07-21T10:07:00","slug":"no-jackson-palmer-you-are-wrong-about-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/no-jackson-palmer-you-are-wrong-about-crypto\/","title":{"rendered":"# No, Jackson Palmer, you are wrong about crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2e2c6aa7e17\" 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-6a2e2c6aa7e17\" 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\/no-jackson-palmer-you-are-wrong-about-crypto\/#Crypto_gives_a_voice_to_the_voiceless\" >Crypto gives a voice to the voiceless<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># No, Jackson Palmer, you are wrong about crypto <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNDE2YTU0OWMtNzU3My00ZmJkLTk5OWUtYWIyY2RmMjJjMTFiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>15 years ago, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication Twitter was launched. You might have heard of it, it\u2019s pretty big. Initially, the microblogging and social networking service was a friendly place, packed full of helpful articles and adorable videos. In a recent article, aptly\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/unherd.com\/2021\/07\/how-twitter-ruined-everything\/\">titled<\/a> \u2018How Twitter ruined everything,\u2019 the author Douglas Murray wrote, somewhat nostalgically, \u201cIt all started out so well.&#8221; Jack Dorsey\u2019s brainchild was once, believe it or not, fun. People used the platform to say wacky things, but fun wacky, not QAnon wacky. Oh, how times have changed.<\/p>\n<p>Twitter, in many ways, has gone from being a heavenly place to an utterly hellish one: A once Edenic environment has become a dystopian nightmare. Cat videos have been replaced by catty comments, with more and more people using the platform to unleash tweetstorms \u2014 a stream of consciousness in 280 characters or less.<\/p>\n<p>Jackson Palmer, the co-creator of Dogecoin (DOGE), is the latest to use Twitter for such purposes. In a tweetstorm of epic proportions, Palmer managed to capture the attention of both crypto-enthusiasts and critics, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353985406406658\">calling<\/a> cryptocurrencies \u201can inherently right-wing, hyper-capitalistic <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.\u201d The whole industry, according to the inventor, is an exploitative hustle, capitalizing on the naivety of the less well off. According to Palmer:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like \u201cget rich quick\u201d funnel designed to extract new money from the financially desperate and naive.<\/p>\n<p>\u2014 Jackson Palmer (@ummjackson) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353987503583236?ref_src=twsrc%5Etfw\">July 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> flash, Mr. Palmer: You just described the world we live in. The world&#8217;s 2,000 billionaires <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gobankingrates.com\/net-worth\/business-people\/worlds-billionaires-more-wealth-5-billion-people\/\">possess<\/a> more wealth than almost 5 billion people combined. This is one of the very reasons why Bitcoin (BTC) was launched in the first place. The world is rigged in a way that allows the super-rich to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/inequality.org\/great-divide\/updates-billionaire-pandemic\/#:~:text=Total%20U.S.%20billionaire%20wealth%20has,32.9%20percent%20over%2024%20weeks.\">profit<\/a> while the world <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnn.com\/2021\/07\/16\/us\/creek-fire-cause-undetermined\/index.html\">burns<\/a>. This might sound hyperbolic, but I assure you it&#8217;s not. <\/p>\n<p>In this inherently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/worldpopulationreview.com\/country-rankings\/most-corrupt-countries\">corrupt<\/a> world, decent cryptocurrencies \u2014 like Ether (ETH) and Bitcoin, for example \u2014 do offer the non-billionaires, all 7.8 billion of us, some degree of hope. As the barriers to entry are virtually non-existent, with basic knowledge, a willingness to educate oneself on the topic and a reasonably small amount of money, one can make decent profits from decent cryptocurrencies. Of course, like everything in life, there is always a degree of risk involved; caution must always be exercised. But to write off the whole crypto-market, as Palmer did, makes little sense. If in doubt, just ask the president of El Salvador. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>What is really behind El Salvador\u2019s \u2018Bitcoin Law\u2019? Experts answer<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Crypto_gives_a_voice_to_the_voiceless\"><\/span>Crypto gives a voice to the voiceless <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When we discuss \u201cexploitative\u201d actors, it is important to discuss traditional banking services \u2014 possibly the most exploitative of them all. With financial intermediaries like Western Union charging exorbitant handling charges, migrants <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/us-global-migrants-un\/migrants-losing-25-billion-per-year-through-remittance-fees-un-idUSKCN1NP2BA\">lose<\/a> almost $25 billion each year through remittance fees. Why can&#8217;t a decent cryptocurrency (or cryptocurrencies) offer people a less exploitative alternative? An alternative, after all, is most definitely needed.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.un.org\/development\/desa\/en\/news\/population\/remittances-matter.html\">According<\/a> to a recent United Nations report, around 11% of all people globally \u201care supported by funds sent home by migrant workers.\u201d As the report explains:<\/p>\n<blockquote><p>\u201cCurrently, about one billion people in the world \u2014 or one in seven \u2014 are involved with remittances, either by sending or receiving them. Around 800 million in the world \u2014 or \u200b\u200bone in nine people \u2014 are recipients of these flows of money sent by their family members who have migrated for work.\u201d <\/p><\/blockquote>\n<p>In other words, some 800 million people around the world stand to benefit from an alternative to Western Union, the all-consuming, remittance goliath. <\/p>\n<p>Again, why not crypto? As the report states, \u201cthe money received is key in helping millions out of poverty,\u201d as \u201cit is often a major part of a household\u2019s total income in the countries of origin and, as such, represents a lifeline for millions of families.\u201d Imagine how much stronger this lifeline would be if the $25 billion in remittance fees went towards food and shelter, rather than the pockets of the exploiters.<\/p>\n<p>This is not a fantasy projection. The current system is very much broken, and a change is very much needed. According to the Pew Research Center, the wealth gap between America&#8217;s richest and poorest families has more than <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.pewresearch.org\/social-trends\/2020\/01\/09\/trends-in-income-and-wealth-inequality\/#:~:text=As%20a%20result%2C%20the%20wealth,%242.3%20million%20compared%20with%20%2420%2C300.\">doubled<\/a> in size since 1989, and that gap is only<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/socialsci.libretexts.org\/Bookshelves\/Sociology\/Introduction_to_Sociology\/Book%3A_Sociology_(Boundless)\/09%3A_Stratification_Inequality_and_Social_Class_in_the_U.S.\/9.04%3A_Social_Mobility\/9.4B%3A_Growing_Gap_Between_Rich_and_Poor\"> increasing<\/a>. While Amazon employees <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/amazon-drivers-say-pooped-in-bags-changed-pads-pee-bottles-2021-3\">defecate<\/a> in bags, their once billionaire boss, Jeff Bezos, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/jeff-bezos-richard-branson-and-where-space-really-begins-11626451830\">engages<\/a> in a pissing contest with Richard Branson&#8230;.in space. The landscape must be transformed. <\/p>\n<p>Can cryptocurrencies help? Yes. How so? By giving a voice to the voiceless; by giving the most vulnerable a greater degree of financial autonomy. Not all cryptocurrencies are created equally. For every Bitcoin or Ether, there are nonsensical, dog-themed meme coins; Palmer would do well to remember this before writing the whole crypto-market off.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>John Mac Ghlionn<\/strong> is a researcher and cultural commentator. His work has been published by the likes of Bitcoin Magazine, The New York Post, The Sydney Morning Herald and National Review.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/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>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/no-jackson-palmer-you-are-wrong-about-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# No, Jackson Palmer, you are wrong about crypto &#8221; 15 years ago, the social media application Twitter was launched. You might have heard of it, it\u2019s pretty big. Initially, the microblogging and social networking service was a friendly place, packed full of helpful articles and adorable videos. In a recent article, aptly\u00a0titled \u2018How Twitter&#8230;<\/p>\n","protected":false},"author":1,"featured_media":304441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNDE2YTU0OWMtNzU3My00ZmJkLTk5OWUtYWIyY2RmMjJjMTFiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74863,86883,74891,75238,70610,10401],"class_list":["post-304440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-cryptocurrencies","tag-dogecoin","tag-ethereum","tag-financial-services","tag-finance","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/304440","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=304440"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/304440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/304441"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=304440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=304440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=304440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}