Although free markets can be messy, Coinbase's CEO says they can lead to better outcomes — even for the poorest.
Reaction to Jackson Palmer’s blistering attack on the crypto sector has been coming in thick and fast.
In a thread that has been retweeted more than 11,000 times, the Dogecoin co-founder had said that he would never return to the industry because it is based on “right-wing, hyper-capitalistic technology.”
Palmer went on to say that the crypto industry is controlled by a “powerful cartel of wealthy figures” — and is home to a “cult-like ‘get rich quick funnel’ designed to extract new money from the financially desperate and naïve.”
Coinbase CEO Brian Armstrong is among those who has offered a rebuttal. He explained that free markets can be messy, but added: “History shows that they lead to better outcomes for everyone, even the poorest 10%.”
He also argued that while accredited investor laws were created with the best of intentions to ensure that consumers were protected from scams, they have “often made it illegal to get rich via investment, unless you’re already rich.”
Palmer Taken to Task
The singer-songwriter Evan Greer also weighed in on Palmer’s thread. While acknowledging that “crypto bro scams and BS” can be found in the industry, she said: “Decentralization is our best bet for having a future internet that’s not based on surveillance capitalism and where people have basic rights.”
Greer also pointed out that this viewpoint is “dunking on the potential to have a Spotify owned by artists or uncensorable private Twitter with no Jack Dorsey.” She added:
“I am far from a starry-eyed cryptocurrency sycophant, but I think it's dangerous and wrong to mindlessly pile on a technology that is still in its infancy at a moment when Big Tech, Big Banks, and various governments would absolutely love to either destroy or co-opt it.”
Palmer’s critique of crypto may have had an impact on Dogecoin, which is one of the worst-performing coins among the top 10 by market cap this week.
DOGE is down 4.2% over the past 24 hours and 18% over the past week. The price has come perilously close to 90-day lows of $0.1637 as a result.