Coinbase CEO Responds to Jackson Palmer’s Crypto Bash
Coinbase CEO Brian Armstrong responded to Dogecoin co-creator Jackson Palmer attack on the whole crypto industry on Twitter.
Jackson Palmer created Dogecoin together with Billy Markus in 2013 as a joke. He recently made harsh comments that cryptocurrencies are designed to primarily “amplify the wealth of its proponents.”
“Despite claims of ‘decentralization,’ the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
In response to Palmer’s tweet storm, Coinbase CEO made a point that the technology behind cryptocurrency broadens access to opportunities and facilitates wealth mobility, but is not there to solve financial inequality.
“Crypto is not going to solve wealth inequality. It’s not trying to create the same outcome for everyone. But it does create wealth mobility and more equality of opportunity for everyone. It levels the playing field, at least to some degree.”
7/ Crypto is not going to solve wealth inequality – it's not trying to create the same outcome for everyone. But it does create wealth mobility and more equality of opportunity for everyone. It levels the playing field, at least to some degree.
Armstrong also pointed out that crypto suits libertarian-minded people who prefer a free-market economic system.
“If you believe government solutions are often inefficient, overpromise/underdeliver, and come with unintended consequences, and that personal responsibility mixed with free markets will create better outcomes for everyone, then crypto is a much needed breath of fresh air.”
Bitcoin has generated wealth for a lot of people because it is not under the control of any government or regulatory authority, argues Armstrong. Government solutions, such as investor laws, are counterproductive and make it hard to obtain wealth through investments, he continued.
“Accredited investor laws are a good example. They were created with the best of intentions, to protect regular people from scams – a noble idea. But what has been the actual result? They’ve often made it illegal to get rich via investment, unless you’re already rich.
This is part of why Bitcoin has made so many people wealthy. It was not a security, so regular people could invest early on.”
Armstrong’s comments were in response to Palmer’s claims the whole crypto industry is an exploitative scam that benefits the wealthy.
