Dogecoin founder and co-creator says cryptocurrency is a ‘get rich quick cult’ to ‘extract money from the desperate and naive’

Finally, someone has the gut to tell it as it is: cryptocurrency is a Ponzi scheme that harnesses populist rage and convinces desperate and vulnerable people to dump money into highly manipulated and speculative assets with the promise of over 100 percent returns while the crypto-colonialists continue to enrich themselves.

In a Twitter thread posted Wednesday afternoon, Jackson Palmer, the founder and one of the creators of the meme-based digital token Dogecoin, condemned cryptocurrency in a damning thread. Palmer said that cryptocurrency is a ‘get rich quick cult’ to ‘extract money from the desperate and naive.’

Palmer is not alone in condemning cryptocurrency. On “Doge Day,” SEC Commissioner Hester Peirce is warned crypto investors and Dogecoin traders saying: “Don’t come complaining to the government if you lose money”

Meanwhile, Palmer went on with his warning saying: “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”,

https://twitter.com/ummjackson/status/1415353985406406658

“Despite claims of ‘decentralization’,” he continued, “the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

Palmer went on to say that the cryptocurrency industry uses “shady business connections, bought influencers and pay-for-play media outlets” to create a cult-like belief that one can “get rich quick” from the currency. This allows the industry to “extract new money from the financially desperate and naive,” he added.