Cnet
Cryptocurrency is a purpose-built profiteering system funneling cash from the poor to the rich, according to the co-founder of a popular currency. Dogecoin co-creator Jackson Palmer argues that the virtual currency market is the same old grift as the financial sector it’s supposed to replace.
Palmer returned to social media Wednesday for the first time since 2019 to explain why he no longer wants anything to do with the newfangled form of virtual money. “After years of studying it,” he tweeted, “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.”