No, Jackson Palmer, you are wrong about crypto
July 21, 2021. Summarized by summa-bot.
Compression ratio: 29.4%. 1 min read.
In this inherently corrupt world, cryptocurrencies, such as Bitcoin and Ether, can give a voice to the voiceless, as well as hope to the hopeless.
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 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
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?
“Currently, about one billion people in the world — or one in seven — are involved with remittances, either by sending or receiving them.
Around 800 million in the world — or one in nine people — are recipients of these flows of money sent by their family members who have migrated for work. ”
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.