No, Jackson Palmer, you’re wrong about crypto

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Fifteen years ago, the Twitter social media app was launched. You might have heard of it, it’s pretty big. Initially, the microblogging and social networking service was a friendly place, filled with useful articles and adorable videos. In a recent article, aptly titled How Twitter ruined it all, author Douglas Murray wrote, with a bit of nostalgia, “It all started so well. Jack Dorsey’s idea was once, believe it or not, funny. wacky, but fun things, not wacky QAnon Oh, how times have changed.

Twitter, in many ways, has gone from a heavenly place to a totally hellish place: a once Edenic environment has turned into a dystopian nightmare. Chat videos have been replaced with obscene comments, with more and more people using the platform to trigger tweets, a stream of consciousness in 280 characters or less.

Jackson Palmer, the co-creator of Dogecoin (DOGE), is the latest to use Twitter for such purposes. In a storm of tweets of epic proportions, Palmer managed to capture the attention of crypto enthusiasts and critics alike, calling cryptocurrencies inherently right-wing hyper-capitalist technology. The whole industry, according to the inventor, is an exploitative bustle, capitalizing on the naivety of the less well off. According to Palmer:

The cryptocurrency industry relies on a network of shady business relationships, bought influencers and paid media to perpetuate a cult-like fast-paced funnel designed to extract money from financially desperate and naive people. .

– Jackson Palmer (@ummjackson) July 14, 2021

Flash Info, Mr. Palmer: You have just described the world in which we live. The world’s 2,000 billionaires have more wealth than nearly 5 billion people combined. This is one of the very reasons Bitcoin (BTC) was launched in the first place. The world is rigged in a way that allows the super rich to profit while the world is on fire. It may sound hyperbolic, but I assure you it is not.

In this inherently corrupt world, decent cryptocurrencies like Ether (ETH) and Bitcoin, for example, offer non-billionaires, all 7.8 billion of us, some degree of hope. Since barriers to entry are virtually non-existent, with basic knowledge, a willingness to educate yourself on the subject, and a reasonably low amount of money, one can make decent profits with decent cryptocurrencies. Of course, like everything in life, there is always some degree of risk involved; you always have to be careful. But delisting the entire crypto market, like Palmer did, doesn’t make sense. If in doubt, just ask the President of El Salvador.

Related: What’s Really Behind El Salvador’s Bitcoin Law? Expert response

Crypto gives voice to the voiceless

When we discuss exploitative actors, it is important to discuss traditional banking services, perhaps the most exploitative of all. With financial intermediaries like Western Union charging exorbitant processing fees, migrants lose nearly $ 25 billion each year due to transfer fees. Why can’t decent cryptocurrency (or cryptocurrencies) offer people a less exploitative alternative? An alternative, after all, is absolutely necessary.

According to a recent United Nations report, around 11% of all people in the world are supported by remittances sent home by migrant workers. As the report explains:

Currently, around one billion people around the world or one in seven people are affected by remittances, either sending or receiving them. Around 800 million worldwide, or one in nine people, receive these flows of money sent by family members who have migrated for work.

In other words, some 800 million people around the world could benefit from an alternative to Western Union, the money transfer goliath.

Again, why not crypto? As the report states, the money received is essential to help lift millions of people out of poverty, as it often represents a significant share of total household income in countries of origin and, as such, represents a lifeline for millions of families. Imagine how much stronger that lifeline would be if the $ 25 billion in transfer fees went to food and shelter, rather than the pockets of the exploiters.

This is not a fancy projection. The current system is completely broken and a change is absolutely necessary. According to the Pew Research Center, the wealth gap between America’s richest and poorest families has more than doubled since 1989, and that gap is only growing. As Amazon employees defecate into sacks, their billionaire former boss Jeff Bezos enters a pissing contest with Richard Branson … in space. The landscape must be transformed.

Can cryptocurrencies help? Yes. How? ‘Or’ What? By giving a voice to the voiceless; by giving the most vulnerable greater financial autonomy. Not all cryptocurrencies are created the same. For every Bitcoin or Ether, there are some absurd dog-themed memes; Palmer would do well to remember this before wiping out the entire crypto market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research before making a decision.

The views, thoughts and opinions expressed here are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

John Mac Ghlionn is a researcher and cultural commentator. His work has been published by Bitcoin Magazine, The New York Post, The Sydney Morning Herald, and National Review.

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