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Cryptocurrency

Cryptocurrency is a Scam- Dogecoin Creator

Cryptocurrency is a Scam- Dogecoin Creator

  • The co-founder of meme coin Dogecoin, Jackson Palmer has launched an attack on the cryptocurrency sector
  • Palmer took to Twitter on Wednesday to label cryptocurrencies a scam that benefits only the wealthy
  • Palmer’s comment is coming after his creation Doge surged as high as $0.73 before crashing to $0.19 within the space of three months

The crypto space is known to be on the receiving end of a backlash often, but it is not every time that the creator of a coin slams the sector.

This was seen when the co-founder of Dogecoin Jackson Palmer labelled the cryptocurrency sector a scam.

Palmer poured out his heart on Twitter on Wednesday claiming that the technology of cryptocurrency allows the wealthy to build their wealth by avoiding tax and inducing artificial scarcity.

The tech expert further stated that a large part of the crypto market is controlled by a section of rich and powerful people.

Although Palmer has been absent from the cryptocurrency space for 4 years, the account that made the statement bore his name and is believed to be his.

Read also: Whale Moves $26 Million Worth of Bitcoin After 10 Years

Palmer was part of the creators of Dogecoin in 2013 and he is not reported not to have made any profit from the development of the coin.

Dogecoin

The software engineer’s invention Doge has fallen to $0.19 in July after trading as high as $0.73 in April.

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