Sounds very political, right? Yes, it is. The term “right-wing” describes people who are against social change. But how does it relate to cryptocurrencies? Well, the co-creator of Dogecoin called crypto a right-wing technology because he thinks it “is an inherently right-wing, hyper-capitalistic technology”. The idea behind it is to amplify wealth by avoiding tax, going under the radar of regulation and create artificial scarcity said, Palmer.
The controversial statements made by Dogecoin co-creator
Palmer made some statements that have made me question my own beliefs regarding crypto and decentralization. He said that wealthy individuals have a very big impact on the crypto industry. And the entire thing has evolved into the same centralized institutions they were made to defeat. This is quite a big statement, but the way markets are manipulated and the pump and dump schemes subtly orchestrated by famous personalities.
There are many cryptocurrencies that promote their tokens in such a way that people think it is the way to get rich quick. And this is how they extract money from the financially challenged and naive people who fail to understand the same. Palmer also thinks that the technology is designed to prevent regulation which is dangerous.
He also said that the powerful leaders and retailers are not even ready to listen to critiques, and hence he avoids public discussion on crypto topics. Palmer doesn’t deny the fact that crypto can make the world a better place, but with the politics associated with it, it’s difficult.
What are your thoughts on the statements made by Palmer on cryptocurrencies? And do you agree with the statement that crypto is a right-wing technology? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.