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This week, the world of bitcoin and cryptocurrencies was rocked by an attack on crypto by the co-creator of the meme-based dogecoin, which he said he created as a “joke.” Jackson Palmer, who created the tongue-in-cheek dogecoin in 2013 only for it to grow to a value of $25 billion, called the entire crypto market “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” in a series of tweets.
Now, Coinbase’s CEO has retaliated against Palmer, claiming that “crypto is simply giving an alternative for individuals who desire greater freedom” and that bitcoin has “made so many people wealthy.”
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Billy Bambrough contributed to this article.

After dogecoin inventor Jackson Palmer’s attack on crypto pricing culture, Brian Armstrong, the CEO of major bitcoin and crypto exchange Coinbase, has retaliated… [+].
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“If you believe the government should be the solution to people’s issues, then the fiat system with its ‘controls’ has a lot to offer,” Armstrong remarked in a lengthy Twitter thread. Armstrong has courted controversy with a “no politics at work” policy at Coinbase.
“Crypto isn’t going to fix wealth disparity,” Armstrong wrote. “It’s not attempting to generate the same outcome for everyone.” “However, it promotes wealth mobility and greater equality of opportunity for all. It, at least in part, levels the playing field.”
The price of bitcoin has risen from pennies at the start of the last decade to over $30,000 per bitcoin today, resulting in a $1 trillion cryptocurrency market and making many early adopters billionaires overnight. Bitcoin was designed as a response to the 2008 global financial crisis as a mechanism to send value over the internet without relying on banks or payments platforms such as PayPal by the mysterious person or persons known only as Satoshi Nakamoto, whose true identity remains unknown.
While there had been previous attempts to build digital currencies, bitcoin’s blockchain technology solved the so-called double spend problem by allowing miners to maintain a distributed ledger in exchange for newly-minted bitcoin tokens.
Palmer claimed that the entire crypto sector is an exploitative hoax that only helps the wealthy, prompting Armstrong’s rebuttal.
“The cryptocurrency industry uses a cult-like ‘get rich quick’ funnel, 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,” Palmer wrote in a thread that quickly went viral earlier this week.
“Financial abuse existed before bitcoin, but cryptocurrency is practically purpose-built to make the profiting funnel more effective for those at the top while leaving the weak unprotected.”
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Billy Bambrough contributed to this article.
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The dogecoin price… [+] skyrocketed this year amid a massive rally in so-called meme stocks, after practically zero price movement or developer engagement since its launch. Over the previous 12 months, the price of dogecoin has considerably outperformed the price of bitcoin.
Coinbase Palmer, who co-created dogecoin with Billy Markus, has stated that he has no aspirations to pursue a career in bitcoin or cryptocurrencies.
Since the beginning of 2021, the price of dogecoin has risen by thousands of percent, with investors pouring money into the memecoin in the wake of trading limitations imposed on viral meme stock Gamestop in January.
For years, Dogecoin tokens were worth fractions of a cent until skyrocketing to an all-time high of $0.73 in April thanks to an Elon Musk-fueled pump. The price of dogecoin has now dropped below 20 cents, yet it remains in the top 10 crypto currencies by market capitalization.
Musk, the brash Tesla billionaire who appears to have adopted dogecoin as a pet project after years of joking support for the cryptocurrency, recently offered modifications to help dogecoin “defeat bitcoin hands down” and pledged to put a “literal dogecoin on the literal moon” via his firm SpaceX./nRead More

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