No, Jackson Palmer, your view of cryptocurrency is wrong

15 years ago, the social media application Twitter was launched. You may have heard of it, it is quite large. Initially, Weibo and social networking services were a friendly place, packed with useful articles and cute videos.In a recent article, appropriately Titled “How Twitter ruined everything,” the author Douglas Murray wrote with a bit of nostalgia, “Everything started well.” Believe it or not, the idea of ​​Jack Dorsey It used to be interesting. People use this platform to say weird things, but they are also weird, not QAnon weird. Oh, times have changed.

In many ways, Twitter has gone from heaven to hell: the former Eden environment has become a dystopian nightmare. Cat videos have been replaced by a large number of comments, and more and more people are using the platform to post Twitter Storm-a stream of consciousness of no more than 280 characters.

Dogecoin co-founder Jackson Palmer (Jackson Palmer)dog), is the latest version that uses Twitter for such a Epic Twitter Storm, Palmer successfully attracted the attention of crypto enthusiasts and critics, Make a call Cryptocurrency is “a technology that is essentially right-wing, hypercapitalist.” According to the inventor, the entire industry is an exploitative hustle and bustle, taking advantage of the naivety of the less wealthy. According to Palmer:

News Flash, Mr. Palmer: You just described the world we live in.2,000 billionaires in the world have Wealth exceeds the sum of nearly 5 billion people. This is why Bitcoin (Bitcoin) Is launched first.The way the world is manipulated allows the super rich profit And the world burnThis may sound a bit exaggerated, but I assure you it is not.

In this essence corruption In the world, decent cryptocurrencies-such as ether (Ethereum) And Bitcoin, for example-does provide a certain degree of hope for our 7.8 billion non-billionaires. Since barriers to entry are almost non-existent, as long as you have basic knowledge, are willing to conduct self-education on the subject and a small amount of funds, you can make considerable profits from a good cryptocurrency. Of course, like everything in life, there is always a certain degree of risk; you must always proceed with caution. But it doesn’t make sense to write off the entire crypto market like Palmer did. If in doubt, please consult the President of El Salvador.

related: What is the real reason behind the “Bitcoin Law” in El Salvador?Expert answers

Cryptocurrency lets the silent

When we discuss “exploitative” actors, it is important to discuss traditional banking services-perhaps the most exploitative of them.Financial intermediaries like Western Union charge high fees, and immigrants lose Through remittance fees, nearly 25 billion U.S. dollars per year. Why can’t decent cryptocurrency (or cryptocurrency) provide people with a less exploitative alternative? After all, there is absolutely a need for alternatives.

according to According to a recent report by the United Nations, about 11% of people worldwide “received funds sent home by migrant workers.” As the report explains:

“Currently, about 1 billion people in the world-or one in seven-participate in remittances by sending or receiving remittances. There are approximately 800 million people in the world-or one in nine people-because of their work. Recipients of these flows of funds sent by family members of immigrants.”

In other words, about 800 million people around the world will benefit from Western Union, an alternative to the costly money transfer giant.

Similarly, why not encrypt? As the report stated, “money received is the key to helping millions out of poverty” because “it is usually the main part of the total household income in the country of origin, and therefore represents the lifeline of millions of families.” Imagine, How powerful this lifeline would become if the $25 billion in remittances were spent on food and shelter, rather than the pockets of the exploiters.

This is not a fantasy projection. The current system is very broken and needs to be changed.According to the Pew Research Center, the wealth gap between the richest and poorest households in the United States exceeds Doubled The scale since 1989, and the gap is just increase. Although Amazon employees Stool In the bag, their former billionaire boss Jeff Bezos, participate In a pee game against Richard Branson…in space. The landscape must change.

Does cryptocurrency help? Yes it is. how so? By letting the silent voice speak; by giving the most vulnerable groups greater financial autonomy. Not all cryptocurrencies are created equally. For every Bitcoin or Ether, there is a meaningless dog-themed meme coin; Palmer had better remember this before logging off the entire crypto market.

This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should research on their own when making a decision.

The views, thoughts, and opinions expressed here are only those of the author, and do not necessarily reflect or represent the views and opinions of Cointelegraph.

John McGlion Is a researcher and cultural commentator. His work has been published in Bitcoin Magazine, New York Post, Sydney Morning Herald and National Review.