Cryptocurrencies were attacked on Thursday. Yesterday on Twitter, Jackson Palmer, co-creator of Dogecoin, launched a formal attack on cryptocurrencies in general, calling the entire industry “right-wing hypercapitalist technology”Which“ is controlled by a powerful cartel of wealthy people ”.
This morning, prices for several of the biggest names in cryptocurrency are dropping:
- Bitcoin is down 3.2%;
- Ethereum is down 4.4%; and
- Dogecoin is the hardest hit, dropping 4.6%.
So what ?
And that was just the tip of the iceberg. In a 10-part tweet, Jackson Palmer laid out his thoughts on why he really hates crypto. Here are some excerpts:
- The main objective of cryptocurrency (he says) “is to amplify the wealth of its supporters through a combination of tax avoidance, reduced regulatory oversight and artificially imposed scarcity“.
- Far from being decentralized (a central selling point), crypto-currencies are today “linked to the existing centralized financial system that [leurs partisans] are supposed to want to replace“.
- The prices of Bitcoin, Ethereum, Dogecoin and others are not set fairly by the market forces of supply and demand, but manipulated by “influencers bought and media paid to play“.
And in general, the whole company is downright “ladle”And reflects“the worst aspects of the current capitalist system (eg corruption, fraud, inequality).”Here – read the whole text for yourself:
I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…
— Jackson Palmer (@ummjackson) July 14, 2021
Is Jackson Palmer right or wrong about crypto corruption? Maybe Wall Street insiders know this. Jackson Palmer’s rant has just given powerful ammunition to the forces working to impose new cryptocurrency regulations.
Case in point: Later Wednesday evening, after the publication of Palmer’s tweet, CNBC reported that the IRS is “determined to crack down on tax evaders”And determined to obtain“part of the action”By taking a larger share of the profits of cryptocurrency investors.
“New data analysis tools”Are deployed and letters are sent to taxpayers suspected of making profits with cryptocurrencies and not reporting them. And if that doesn’t work, efforts are underway to “assign centralized cryptocurrency exchanges to obtain information on non-compliant U.S. taxpayers.The IRS could even ask companies to report directly to it any cryptocurrency transaction valued over $ 10,000.
IRS Warns Cryptocurrency Investors To Take It All “very seriously when reviewing their tax returns.“The drop in Bitcoin, Ethereum and Dogecoin prices today suggests that they are taking this advice very seriously.