One of the people who created Dogecoin is calling cryptocurrencies a scam. Jackson Palmer is one of the minds behind the meme coin and he doesn’t often post to social media. But, the creator decided to shake the table on Twitter this week and a lot of people followed a thread where he argued that cryptocurrencies aren’t that much different from any other “get rich quick” scheme. It’s been a wild year on a host of financial fronts. Millions are in dire straits due to the pandemic, AMC might have been saved from extinction by rogue day traders, and NFTs became a wildly successful bubble that eventually fizzled. (Note: More information about the negative ecologic impact of cryptocurrencies and NFTs is included at the bottom of this article.)
Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.
