Dogecoin founder Jackson Palmer, who literally hit cryptocurrencies with a flood he wrote on Twitter yesterday, received a reply from Brian Armstrong, CEO of Coinbase exchange. Stating that the fiat money system works for the rich, Armstrong said, “Crypto will not solve wealth inequality. However, it ensures that wealth does not move and equality of opportunity increases for everyone.” said.
A reaction to Jakson Palmer, one of the founders of Dogecoin, who drew the attention of the whole industry by saying “The cryptocurrency industry is controlled by a powerful and wealthy cartel” in yesterday’s Twitter flood, is the CEO of Coinbase, one of the largest cryptocurrency exchanges in the USA. It came from Brian Armstrong. While Armstrong stated that he did not agree with Palmer’s views, he stated that the current system only protects the rich.
Armstrong’s comments on the subject on his Twitter account are as follows:
‘If you want control, the fiat system is there…’
It all depends on your point of view. If you think states can create solutions to people’s problems, then the fiat system, which has its own ‘controls’, may have a lot to offer.
If you believe that government solutions are often inefficient, over-promised/under-promised, with unintended consequences, and if you believe that personal responsibility combined with the free market will lead to better outcomes for everyone, then cryptocurrencies are a much-needed fresh air for all of us.
Coinbase CEO Armstrong opposes Dogecoin CEO, saying ‘even the poor will benefit’
You have to remember that the free market is messy. Many bad projects have to be tried so that people can get hurt and find the truth. People should make their own choices. History shows that all this yields better results, including for the poorest 10 percent. Take a look at all the countries in the world and ask yourself if you want to live with more or less economic freedom.
Coinbase CEO thinks Rules are to protect the rich
Accredited investor laws are a good example of this. These laws were enacted to protect ordinary people from fraud. So what happened in the end? They prevented non-rich people from becoming rich by investing. They made it illegal.
This is the reason why Bitcoin has made so many people rich. Since there are no securities, ordinary people were able to invest early.
‘You’re equal even if it’s up to a level’
Crypto won’t solve wealth inequality. It’s not trying to create the same result for everyone. However, it ensures that wealth does not move and increases equality of opportunity for all. It makes the playing field level, at least up to one level.
As a result, everyone can choose the system that works best for them. The fiat money system that exists for people who want more ‘control’ in their life is already there… Crypto offers an alternative for people who want more freedom. Everyone can make their own choice, and that’s probably a good thing.Share this article