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Dogecoin’s Aussie co-creator blasts crypto; gaming tokens soar some more
Coinhead
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Dogecoin’s Aussie co-founder, Jackson Palmer, has returned to social media to blast cryptocurrency as an “inherently right-wing, hyper-capitalistic technology” that is controlled by a “powerful cartel of wealthy figures”.
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.
— Jackson Palmer (@ummjackson) July 14, 2021
The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive.
— Jackson Palmer (@ummjackson) July 14, 2021
Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.
— Jackson Palmer (@ummjackson) July 14, 2021
But these days even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who they’ve sold the false promise of one day being a fellow billionaire. Good-faith debate is near impossible.
— Jackson Palmer (@ummjackson) July 14, 2021
Palmer, who now lives in San Francisco and works for Adobe, wrote that even modest critiques of cryptocurrency draw smears and that good-faith debate on the subject was near impossible, so he doesn’t even try to engage.
He locked his tweetstorm so no one could reply to it, but most in the Crypto Twitter space were dismissive, with some accusing Palmer of being “butthurt” and adopting a “coping” mentality after missing out on the chance of gaining an immense fortune from his co-creation. Dogecoins were trading today at US19.8c, for a total market cap 0f US$25.8 billion, making it the No. 8 crypto.
hard to conceive of anything more despicable than creating a meritless clone of bitcoin with no use case other than ripping off clueless investors then using that notoriety to attack & undermine the technology that made you relevant
mayb just me tho!
— nic (as a bitcoiner) (@nic__carter) July 14, 2021
Nobody;
Absolutely nobody:@ummjackson: “I left crypto and I never really understood it so I’m not coming back and here’s a bunch of faulty populist logic which should get lots of engagement.” pic.twitter.com/YF7YDU410O
— Bryce “No FOMO” Weiner (@BryceWeiner) July 14, 2021
Are people just now realising that Jackson Palmer is a clueless, radical left-wing cuck?
— Rory (@roryhighside) July 14, 2021
Gaming tokens gain
Meanwhile the crypto sphere was bouncing back from yesterday’s modest losses, with gaming tokens seeing explosive action.
The three best-performing tokens in the top 100 were all game-related, and three more tokens by ASX-listed blockchain gaming company Animoca Brands (outside the top 100) were all up by around 45 per cent to multi-month highs.
Enjin Coin was up 22.4 per cent to US$1.45; Decentraland up 20.8 per cent to US75c; and Axie Infinity up 20.8 per cent to US$24.89.
The Axie Infinity token hit an all-time high of US$25.29 earlier this morning and is up 61.6 per cent this week, overtaking Enjin and Decentraland to become the No. 57 crypto by market cap.
The Small Love Potion, which is given out in the Axie Infinity game as a reward, hit an all-time high of US39.9c yesterday and is currently the No. 184 coin by market cap.
Meanwhile, Animoca Brands’ SAND token was up 48.8 per cent to US67.4c, its highest level since early May; its Tower token up 49.4 per cent to US2.5c; and REVV token up 44.9 per cent to 16.6 per cent.
The ERC-20 tokens are used to power Animoca’s games The Sandbox, Crazy Defense Heroes and F1 Delta Time.
The biggest is the SAND token, which has a market cap of US$472 million, making it the No. 117 crypto.
Overall the crypto market was up 2.3 per cent, with Bitcoin gaining 0.8 per cent to US$32,860.
Ethereum was changing hands for around US$2,000, up 4.2 per cent.
Decred was the worst-performing top 100 coin, down 6.2 per cent.
