Brian Armstrong, co-founder and CEO of Coinbase, responds to Dogecoin co-creator Jackson Palmer’s recent attack against cryptocurrency. Palme surprise visited Twitter on Wednesday with some unpleasant remarks regarding cryptocurrency.
Dogecoin was established by Palmer and Billy Markus in 2013 as a joke inspired by the “Doge” meme, which depicts a Shiba Inu dog. Markus and Palmer had no intention of taking dogecoin seriously.
However, the coin has lately surged and is now one of the top ten cryptocurrencies in terms of market capitalization. It reached an all-time high of roughly 74 cents this year. Markus and Palmer haven’t benefitted from dogecoin’s recent spike in popularity since they both sold out before the cryptocurrency’s spectacular climb.
Palmer believes that financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.
In a Twitter thread, Palmer chastised the way cryptocurrency is circulated and sold. The cryptocurrency industry leverages a network of shady business connections, bought influencers, and pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive he said in another tweet. Billy Markus supported Palmer’s claims by stating,
Crypto trading is just moving money around, to me “bitcoin fixes this” is just an ironic joke making fun of the fact that bitcoin doesn’t fix anything, it just changes the actors who control things. it has all the same problems as everything else involving money
Crypto enthusiast Brian Armstrong, on the other hand, contradicted Palmer’s claims by highlighting the most significant advantages of cryptocurrencies, emphasizing that crypto is merely offering an option for individuals who desire greater freedom.
Related: Tennessee considering to accept Bitcoin for property tax payments
Armstrong emphasized that one’s position in the crypto sector is dependent on one’s perspective, adding that those who prefer greater regulatory oversight from financial authorities are free to use the fiat system. For those who feel that government solutions are frequently “inefficient, overpromise, or underdeliver,” crypto offers a “much-needed breath of fresh air.”
Armstrong concluded that Crypto is not going to solve wealth inequality – it’s not trying to create the same outcome for everyone, but it does create wealth mobility and more equality of opportunity for everyone.
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