What core? What you call innovation I would call corruption and derivative of the original idea. This thing is fully under the control of the same people that control every other equity.
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity”, Mr Palmer tweeted.
Rather than alleviating people from financial institutions and decreasing centralised power, one of the main benefits argued by cryptocurrency evangelists, Palmer said the industry is “controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralised financial system they supposedly set out to replace.”
The “cult” of cryptocurrency has become akin to a “‘get rich quick funnel’, he argued, and that cryptocurrency is “almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.”
This is through software that limits financial interventions such as audits, regulation, and taxation, in order to exacerbate the “worst parts of today’s capitalist system”, Mr Palmer wrote, which include “corruption, fraud, [and] inequality”.
In June 2021, Britain’s Financial Conduct Authority (FCA) stated that Binance, one of the world’s largest cryptocurrency exchanges, could not undertake any regulated activity in the UK.
In other countries, including the United States and Germany, cryptocurrency has come under scrutiny from regulators about its use in illegal and illicit activities.
The Dogecoin founder points to the fact that if users fall victim to scams, the industry regards it as the victim’s fault, but that “billionaires manipulating markets” are regarded as “geniuses”.
https://www.independent.co.uk/life-style/gadgets-and-tech/dogecoin-crypto-cult-founder-jackson-palmer-bitcoin-b1884531.html
