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26 July 2021

No, Jackson Palmer, you are wrong about crypto

No, Jackson Palmer, you are wrong about crypto

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Cat videos have been replaced by catty comments, with more and more people using the platform to unleash tweetstorms — a stream of consciousness in 280 characters or less.

In a tweetstorm of epic proportions, Palmer managed to capture the attention of both crypto-enthusiasts and critics, calling cryptocurrencies “an inherently right-wing, hyper-capitalistic technology.” The whole industry, according to the inventor, is an exploitative hustle, capitalizing on the naivety of the less well off.

The world's 2,000 billionaires possess more wealth than almost 5 billion people combined.

This is one of the very reasons why Bitcoin (BTC) was launched in the first place.

In this inherently corrupt world, decent cryptocurrencies — like Ether (ETH) and Bitcoin, for example — do offer the non-billionaires, all 7.8 billion of us, some degree of hope.

Why can't a decent cryptocurrency (or cryptocurrencies) offer people a less exploitative alternative?

In other words, some 800 million people around the world stand to benefit from an alternative to Western Union, the all-consuming, remittance goliath.

As the report states, “the money received is key in helping millions out of poverty,” as “it is often a major part of a household’s total income in the countries of origin and, as such, represents a lifeline for millions of families.” Imagine how much stronger this lifeline would be if the $25 billion in remittance fees went towards food and shelter, rather than the pockets of the exploiters.

For every Bitcoin or Ether, there are nonsensical, dog-themed meme coins; Palmer would do well to remember this before writing the whole crypto-market off

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