Dogecoin co-founder Jackson Palmer created the digital currency in 2013 as a meme-inspired joke. Five years later, its market value soared to billions, and he began to write when cryptocurrencies attracted “shark-like scammers and opportunists.”
But laughter now seems to be in millions of ordinary investors, Australian entrepreneurs suggested in a series of blisters this week Tweet It accuses Bitcoin, Ethereum, and other cryptocurrencies as being similar to a large-scale Ponzi scheme for “withdrawing new money from the economically desperate and naive.”
“After years of studying it, cryptocurrencies are essentially right-wing supercapitalist technologies, favored primarily through a combination of tax avoidance, reduced regulatory oversight, and artificially enforced rarity. I believe it was built to amplify one’s wealth, “writes Palmer.
In May, Dogecoin’s price reached a record high of about 72 cents, with…