In cryptocurrencies, specific implicit rules apply, like accepting and promoting their character accessible to all and resistant to censorship and manipulation. Or to agree on the strength of Bitcoin in the face of the traditional economy against which it is supposed – natively – to stand up. But while being delighted to see him enter the ballroom books of the central banks and current financial structures. Sometimes contradictory theoretical achievements which are based on visions that are often (very) different from one investor to another. And whose recent development ends up leaving some of them who no longer believe in it by the wayside. In any case, this is what the historical founder of Dogecoin has just stated openly, in a bloody forum.
Is Dogecoin that useless cryptocurrency in the service of Elon Musk’s irritating megalomania? And this reservoir of amateur investors of sterile returns built on crude manipulation? Or the actual and symbolic yardstick of an ecosystem that is currently fluctuating between its native values and ever wilders speculation? Questions were raised by the recent intervention of its resigned founder Jackson Palmer. This is a thread posted on Twitter, where he answers once and for all this question of whether he “would come back to cryptocurrency “. And his answer is… without appeal!
A position that is difficult to separate from the vengeful aspect that his departure a little too quickly from this (non) “ project ” may represent. That was in 2015, as the DOGE was sailing calmly in waters whose temperature had stabilized at around $ 0.00015. All in the style of those musicians leaving a successful group. But that’s just before he sells albums by the millions. However, this allows him to keep a vision that escapes the hype that has seized Dogecoin. This last passed from a simple schoolboy joke to 8th in the ranking of the top 10 of current cryptocurrencies.
An industry controlled by a cartel of the rich
If there is one thing that cannot be removed from Dogecoin, it is its symbol status. A kind of UFO in the world of cryptocurrencies, which makes it a unique phenomenon. And which makes it possible to carry out certain measurements of its current evolution with the flair of a dog anything but a police officer . This is the field of price manipulation, the seriousness of this sector and the appetite for (too) rapid profits (non-exhaustive list).
An observation that prompts its founder to take a very critical look at the subject. And an ecosystem that he presents as ” an industry controlled by a powerful cartel of rich personalities “. The latter having, according to him, “ incorporated many of the institutions linked to the existing centralized financial system that they ( cryptocurrencies ) are supposed to replace. “
“ After years of study, I think cryptocurrency is an inherently right-wing hyper-capitalist technology designed primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight, and artificially enforced scarcity. – Jackson Palmer
A reality that can be applied to many of the innovative sectors. The latter carried by idealists whose tenacity is up to their commitment. This very often ends up opposing them to an adoption considered as a dilution of these founding principles. And which seems to place Jackson Palmer face to face with what he describes as a system whose goal is henceforth to rob “ financially desperate and naive ” individuals.
Too risky decentralization
And Jackson Palmer is not stopping there. Because it also attacks the decentralized aspect of the cryptocurrency universe . Which according to him does not end up serving only the interests of the richest. And prevent the average investor from having recourse to the ” protections ” that the traditional system allows him to obtain . A very strange way of presenting things. Because these ” risks” are only the balance necessary to claim the independence that all this offers. But with this imperative supplement of personal responsibility of each investor vis-a-vis its decisions and operations.
” The cryptocurrency is like taking the worst aspects of the current capitalist system (eg, corruption, fraud, inequality) and use software to limit the use of technical interventions (eg, audits, regulations, taxation) that serve as protections or safety nets for the average population. – Jackson Palmer
And of course, this position did not fail to react. With the main angle of attack refusing to receive lessons from the founder of the largest current shitcoin. And whose vocation has never been anything other than to clone Bitcoin. And ultimately to become the very first approved and historic pigeon trap in the cryptosphere, no offense to its current owners.
Either way, it remains clear that there are some milestones put in place when creating this ecosystem that needs to be monitored and maintained. This is in order to continue an evolution in progress, without abandoning the very essence of what carries it along the way. That is to say an economy accessible to all, resistant to censorship and decentralized. But who still has to work on its aspect of autonomy to the manipulations of billionaire leaders of electric car companies. And the departure announced in furious barking mode of the founder of Dogecoin at least allows us to remember that an awareness of this remains necessary …
The post The founder of Dogecoin violently attacks the world of Cryptocurrencies. appeared first on Cryptocurrency & Trading Blog.