Dogecoin Cofounder Jackson Palmer says Crypto is a scam and is controlled by the Elite Class — Techno Grenade

Dogecoin co-founder Jackson Palmer has hit out at the crypto business by considering it a scam and saying that it is controlled by the most powerful and wealthy people the ‘1%’ if you will. Palmer, who is generally inactive on online media stages, took to Twitter on Wednesday and said that cryptocurrency is being utilized by the wealthy to build their fortunes by evading tax, diminishing regulatory oversight, and artificially enforcing scarcity.

He said in a tweet”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,” he tweeted out on Wednesday evening.

Palmer further hit out at lovers by saying that while there is a typical conviction that it’s anything but an impartial option compared to the Big Banks in light of the currency’s decentralized nature, the two have a similar issue that is rich people. Palmer expressed that the bulk part of the crypto community is controlled by a community of incredibly wealthy people who are transforming decentralized money into a framework that generally benefits those at the top.

Some Of Palmer’s claims make sense as cryptocurrencies are held by just a few wallets. Just a single wallet address holds 36 billion Dogecoin tokens or more than 27% of the whole circulating supply of dogecoin. More than 50% of all circulating Dogecoins are held by only 20 wallets. The crypto market saw a gigantic ascent in the first half of this current year when its cost went up a lot yet has been on a downward slope ever since.

The same goes for Bitcoin too. Bitcoin went on a record high recently and was supported by a few high-profile financial backers/investors including Tesla’s Elon Musk. In any case, Musk declared early May that Tesla won’t accept bitcoin as payment anymore because of its harmful environmental effects. After that comment, the market saw a huge crash followed by a
“Death Cross”. The market is in a pretty bad condition at the time of writing this blog. The current price of Bitcoin at the time of writing this article is $31,705

Both Bitcoin and Dogecoin have given indications of recovery from that point yet remain very unpredictable. The Crypto market is still very much dependent on social media and news which makes it easier to manipulate and exploit the crypto market.
With that being said I myself am a crypto lover who truly believes that we are in for a huge rollercoaster ride ahead. I also believe that bitcoin is the future and will reach new heights in the future. The problem is with these big whales who are always trying to push out small/retail investors like us to increase their influence further. That’s what whenever there is a big dump the whales want us to get scared and sell our crypto so that they can scoop up our crypto at low prices and they get even richer. Just hodle and buy the dips. To beat these whales you have to think like them.

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Originally published at https://technogrenade.com on July 16, 2021.