The creator of Dogecoin compares the cryptocurrency industry to a scam controlled by a powerful cartel of wealthy people for their own benefit.

Jackson Palmer created Dogecoin in 2013, but today he believes that cryptocurrencies have attracted “shark-like scammers and opportunists.” This week, he published a series of messages denouncing Bitcoin, Ether and other cryptocurrencies, saying they resemble the massive Ponzi scheme for “extracting new money from desperate and naive people.”

After years of research, I believe that cryptocurrency is inherently a hypercapitalist technology designed primarily to increase the well-being of its supporters through a combination of tax evasion, relaxation of regulatory oversight, and artificially created scarcity.

Jackson Palmer

He also added that the cryptocurrency industry is using a network of dubious business connections, buying influencers and paid media to “perpetuate the iconic get-rich-quick funnel designed to extract new money from financially desperate and naive people.”

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