The developers of 'Dogecoin' strongly criticize crypto assets, and pros and cons arise

Jackson Palmer, one of the developers of the crypto asset 'Dogecoin ' that originated from the Internet meme, mentioned the entire crypto asset on Twitter, 'Cryptocurrency is essentially a right-wing supercapitalist technology.' I developed a strongly criticizing editorial. Kevin Sakeney , co-founder and COO of Ava Labs , which develops decentralized financial applications, responds one by one.

On Myopic Critiques of Crypto --by Kevin Sekniqi --Markov

In 2013, when Bitcoin became more popular, software developer Palmer, along with developer Billy Marcus, created 'Dogecoin' as a joke. Then in 2015, Palmer left the development of Dogecoin. Dogecoin, which was created as a parody of the Shiba Inu internet meme ' Doge ', was rarely traded for a while, but in response to Tesla's Elon Musk's remarks, around early February 2021. The price soared from. 'This is very ridiculous,' Marcus said of the rising price of the code he wrote in just a few hours.

Elon Musk mentions Shiba Inu's virtual currency 'Dogecoin' made with jokes, price rises at a stretch --GIGAZINE

And on July 15, 2021, Mr. Palmer tweeted, 'Since the question' Do you want to rework crypto assets? 'Is often asked, I will answer while explaining the reason to avoid repeating the question.' In response, decentralized finance expert Sakeny said, 'Palmer's allegations are short-sighted and overlook the essence of crypto assets, and because they are written in a decent style, falsehoods can spread.' I argued. Below are Palmer's tweets and Sakeney's opinion on them.

◆ Mr. Palmer's remark 1
After years of research, crypto assets are essentially right-wing supercapitalist technologies, primarily combining tax avoidance, deregulation and supervision, and artificially enforced 'rareness.' I think it was built to amplify the wealth of its supporters.

・ Mr. Sakeney's counterargument to remark 1
How does technology influence politically? Is the Internet a right-wing technology because it allows free movement of information? Indeed, breakthrough technology advocates usually generate wealth for themselves. And because many supporters can't distinguish between dubious traders and beginners, their wealth falls into the wrong hands. This is especially true for crypto assets.

In terms of 'tax avoidance', this is simple because I don't know anyone who lives in a jurisdiction with a strong tax system like the United States but avoids taxes through crypto assets. That's wrong. Also, in terms of 'regulation and supervision,' these usually lag behind new technologies, but they inevitably catch up and will be properly regulated in the future.

'Artificially forced shortage' is the most interesting part of Mr. Palmer's claim. Because Mr. Palmer completely overlooks the point. Is a transaction ledger of encryption assets block chain is a protocol, economic rules of encryption assets are enforced by the code. There is no 'forced rarity' in crypto assets that the diamond industry artificially increases the rarity of diamonds.

◆ Mr. Palmer's remark 2
Despite the 'decentralization' claim, the crypto industry is controlled by a powerful cartel of wealthy people. Over time, they have evolved to incorporate institutions linked to existing centralized financial systems, and are probably trying to replace them.

・ Mr. Sakeney's counterargument to remark 2
Some crypto assets are controlled by millionaires, while others are not. And which crypto asset platform is trying to embed the institution? A more appropriate expression in this claim is not 'incorporate' but 'disrupt' or 'transform'.

◆ Mr. Palmer's remark 3
In the crypto asset industry, influencers and the media are building suspicious business relationships to increase profit margins in order to prolong the life of a cult-like cult-like mechanism that raises money from beginners who know nothing about the economy.

・ Mr. Sakeney's counterargument to remark 3
To be sure, some parts of the crypto asset industry are doing exactly what Palmer says. This is an unfortunate result of the marketing world and one of my most disliked parts of crypto assets.

◆ Mr. Palmer's remark 4
Financial exploitation has undoubtedly existed before the inauguration of crypto assets, but crypto assets are built specifically to create a funnel for the top to earn more efficiently, with weak protection for the bottom.

・ Mr. Sakeney's counterargument to remark 4
Cryptocurrency assets were not created to do that. However, Dogecoin and Shiba Inu are different. Palmer said the casino and mega-church might're imagining something like. There are other things that have evolved to exploit the vulnerable, such as the tobacco industry and the American healthcare system.

◆ Mr. Palmer's remark 5
Cryptocurrency gains the worst parts of today's capitalist system, such as 'corruption,' 'fraud,' and 'inequality,' and software interventions such as 'audit,' 'regulation,' and 'taxation' that act as a safety net for the average person. It's like technically limiting with.

・ Mr. Sakeney's counterargument to remark 5
I find this claim very 'interesting' as the blockchain is fully public, transparent, highly auditable and traceable. For example, Colonial Pipeline, which was recently hit by a ransomware attack, is recovering its losses almost immediately. Blockchain is, in many ways, a dream mechanism for regulators. Palmer's claim is simply the difference between Palmer's willingness to learn how to regulate technology and banning it without understanding it.

◆ Mr. Palmer's remark 6
Forgot the password for your crypto asset account? it is your fault. Have you been scammed? it is your fault. Are billionaires manipulating the market? They are geniuses.

These are the dangers of 'free participation' capitalist crypto assets, and unfortunately crypto assets have been designed to facilitate them since their inception.

・ Mr. Sakeney's counterargument to remark 6
Indeed, the crypto asset UI is the worst. Everyone involved in crypto assets is constantly complaining. A few people make the extreme claim that if you lose the private key of a crypto asset, you can't recover the asset, it's a specification, not a bug, but most people agree with this claim. Is not ...

◆ Mr. Palmer's remark 7
Nowadays, even the most humble criticisms of crypto assets anger the millionaires who dominate the industry and the individual investors who lie to 'become a millionaire'. Sincere discussion is almost impossible.

・ Mr. Sakeney's counterargument to remark 7
Is possible. We criticize 'explicit false statements' that are not 'honest discussions'.

◆ Mr. Palmer's remark 8
For these reasons, I don't bother to participate in the discussion about crypto assets. Such things are different from my political and belief system.

We continue to ask difficult questions and applaud those who see it with a scrutiny of validity and objectivity for all technologies. New technology can make the world a better place, but not if it is separated from the inherent political and social impact of technology.

・ Mr. Sakeney's counterargument to remark 8
That's right, but I think we all benefit from having discussions about crypto assets in a more friendly way.

'Overall, Palmer sees most of the crypto industry as a'hype and greedy project', but at the same time seeks to transform the way value is preserved, communicated and expressed. There are many people, and in that sense, crypto assets are a very important technology. '

There are many pros and cons to Mr. Palmer's tweet.

in Posted by log1p_kr