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Jackson Palmer, Dogecoin Co-Founder, recently slammed Cryptocurrency and called it the ‘Right-Wing, Hyper-Capitalistic Technology.’
Palmer is not usually an active person on social media. Even at the time when the price of DogeCoin touched record highs, he did not make any comment about it.
Now that the co-creator of Dogecoin calls crypto an “inherently right-wing, hyper capitalistic technology,” this can trigger an impression that this applies to DOGE as well.
He also stated that digital currencies were built to improve the wealth of its proponents by tax avoidance, diminished regulatory oversight, and scarcity which is artificially enforced. He noted that a cartel of wealthy figures controls the industry. Ultimately, it just looks like the decentralized world is going back to the old fintech world it was actually trying to replace.
The cryptocurrency industry leverages a network of shady business connections who buy influencers and pay for media outlets to perpetually create a cult-like “get rich quick” funnel to extract money from the financially desperate and naïve.
Palmer stated that Cryptocurrency is purpose-built to create a funnel of profiteering, and it works best for those at the top and that it is less safe for the vulnerable.
He also pointed to how the worse parts of capitalism like corruption, fraud, and inequality have been taken into count to build software that can limit the interventions from audits, regulation, and taxes.
For the average person, audits, regulations, and taxes are protections.
It is good to see Palmer voice out concerns irrespective of his interest in cryptos. His voice seems to speak for the vulnerable in the cryptocurrency industry. He called that the crypto world is marred by “buzzword-filled business ideas.”
Way back in In May 2021, Palmer targeted Tesla CEO Elon Musk, saying he was a “self-absorbed grifter” and labeled his Saturday Night Live (SNL) appearance as “cringe.” However, he deleted the tweet very quickly. Worthy of remembering, the price of Dogecoin went high just due to the hustle created by Elon Musk.
Is DogeCoin overvalued or undervalued? Use case determines the demand factor for a coin type. The greater the use case, the better will be the use case. Doge started as a joke coin.
Wag, on-demand dog-walking app, has announced that they will begin accepting cryptocurrency payments via BitPay. Wag donate a portion of their crypto revenue to charities.
Wag app is helpful to pet owners. Wag credits can be purchased using DOGE. These credits can be used to pay for services like dog walks, overnight stays, training, and veterinarian pointers.
BitPay has a browser extension that will allow users to purchase gift cards using Dogecoin from major brands like Amazon.
There is a need to see Doge being used in several real-time applications and transactions to recover some reasonable price for the DogeCoin.
DOGE is here to stay for as long as there are pet lovers who are willing to spend for the well-being of the dogs!
