Not too long ago, Jackson Palmer – the co-creator of the popular meme currency Dogecoin – issued a series of attacks on the cryptocurrency space, calling it inherently “right wing” and an arena that has allowed a bunch of people to build their wealth through “tax avoidance, diminished regulatory oversight and artificially enforced scarcity.” It looks like Brian Armstrong – the CEO of Coinbase, one of the largest crypto exchanges in the world – is not taking these words too kindly and has fired back.
Brian Armstrong Has Decided to Fight
Armstrong has built one of the biggest digital trading platforms known to man. The company is valued at more than $60 billion at the time of writing and even made its debut on the Nasdaq back in April, an event that ultimately caused bitcoin to hit a new all-time high of approximately $64,000. Armstrong has clearly developed a long-standing career in the digital currency arena, and he is not about to let anybody tear it down.
In response to Palmer’s words, Armstrong stated the following:
Crypto is simply providing an alternative for people who want more freedom… If you believe the government should be the solution to people’s problems, then the fiat system with its ‘controls’ has a lot to offer. Crypto is not going to solve wealth inequality. It is not trying to create the same outcome for everyone, but it does create wealth mobility and more equality of opportunity for everyone. It levels the playing field, at least to some degree.
The idea behind crypto and blockchain is that users would ultimately garner more financial freedom through the space’s offerings. Right now, much of the planet relies on standard banks and financial institutions. Fiat is the driving force behind most companies, but fiat is issued by banks, and thus regulators have a lot of control over the flow of regular money. They can typically decide who gets access to their services and tools, often which are deemed necessary for survival.
However, cryptocurrency is designed to take third parties and regulators out of the picture and place control back in the hands of users. Unfortunately, Palmer clearly feels that the crypto space has become exactly like the monetary world it was designed to overtake, and that all it has truly done is make the wealthy even richer.
The Crypto Space Has Failed
Palmer wrote:
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 naïve. Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.
Palmer has since stated that he has no plans to divulge in crypto dealings any further.
