Bitcoin ‘Has Made So Many Wealthy’—Coinbase CEO Hits Back At Dogecoin Creator After Attack On ‘Cult-Like’ Crypto Price Culture

The world of bitcoin and cryptocurrency was transformed this week by an attack on crypto by the co-creator of. shocked the meme-based Dogecoin– something he said he did a joke.”

in the a series of tweets, Jackson Palmer, who developed the tongue-in-cheek Dogecoin for just $ 25 billion in 2013, described the entire crypto market as “an inherently right, hypercapitalist technology built primarily to draw the fortune of its proponents a combination of tax avoidance, reduced regulatory oversight and artificially enforced scarcity. “

Now the CEO of the Bitcoin and crypto exchange Coinbase Palmer has struck back, arguing that “crypto is simply an alternative for people who want more freedom” and that Bitcoin “has made so many people rich”.

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“If you think government should be the solution to people’s problems, then the Fiat system with its ‘controls’ has a lot going for it,” said Armstrong, who touted the controversy with a “no policy at work” . Politics at Coinbasesaid in a long Twitter thread.

“Crypto is not going to solve wealth inequality – it is not trying to get the same result for everyone,” wrote Armstrong. “But it creates affluent mobility and more equal opportunities for everyone. It creates, at least to a certain extent, a level playing field.”

Bitcoin price has soared from pennies at the beginning of the last decade to over $ 30,000 per bitcoin today, creating a $ 1 trillion cryptocurrency market and turning many early adopters into billionaires overnight. Bitcoin was created by the mysterious person or people known only as Satoshi Nakamoto, whose true identity remains unknown, and who developed Bitcoin in response to the global financial crisis of 2008 to send values ​​over the internet without going to banks or payment platforms to be instructed like PayPal.

While a number of attempts had previously been made to create digital currencies, Bitcoin’s blockchain technology solved the so-called double-spend problem with a distributed ledger run by miners in exchange for freshly minted Bitcoin tokens.

Armstrong’s comments were in response to Palmer’s claims that the entire crypto industry is an exploitative scam that benefits the rich.

“The cryptocurrency industry leverages a network of dubious business connections, bought influencers, and pay-for-play media to maintain an iconic ‘get-rich-quick’ funnel designed to attract new money from the financially desperate and naive,” wrote Palmer earlier this week in a thread that went viral quickly.

“Financial exploitation clearly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the profit-making funnel more efficient for the front runners and less protected for the weak.”

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Palmer, who co-developed Dogecoin with fellow developer Billy Markus, said he had no plans to delve further into the bitcoin or cryptocurrency space.

Dogecoin price has risen many thousands of percent since early 2021, with investors pouring cash into memecoin following trading restrictions on viral meme stock Gamestop in January.

Dogecoin tokens traded for fractions of a cent for years before soaring to an all-time high of $ 0.73 on the back of an Elon Musk-powered pump in April. The Dogecoin price has since plummeted to below 20 cents again, but remains in the crypto top ten by value.

Musk, the disrespectful Tesla billionaire who appears to have embraced Dogecoin as a favorite project after years of joking support for the cryptocurrency, recently proposed upgrades to help Dogecoin “beat Bitcoin by far,” promising a “literal Dogecoin on the literal.” Moon ”to place his company SpaceX.

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