Brian Armstrong, Coinbase CEO, shared his thoughts on what Jackson Palmer, co-founder of Dogecoin, said last week on Twitter. While Palmer is currently looking at the crypto industry negatively, Armstrong is going in the opposite direction. For Armstrong, the crypto industry is struggling, but cryptocurrencies still offer an alternative for those who want more economic freedom.

Cryptocurrencies are an alternative for those who want more freedom

Capitalist, right-wing, centralized … these are some of the traits Dogecoin co-founder Jackson Palmer attributed to the entire crypto market over the past week. Palmer’s thoughts on the current state of the crypto industry have sparked violent reactions on social media. But one of the few people who responded in a structured way on Palmer’s Twitter was none other than Brian Armstrong, Coinbase’s CEO.

Armstrong said that while the cryptocurrency system as it is designed now has its problems, it offers a significantly better incentive than the traditional system. Armstrong stated:

“If you feel that government decisions are often ineffective, over-promised / unfulfilled, with unintended consequences and personal responsibility, mixed with the free market that works well for everyone, then cryptocurrency is a much-needed breath of fresh air.”

According to Armstrong, Palmer was wrong on one fundamental issue: cryptocurrencies are not designed to address income inequality. It’s about personal choices and opportunities. In this regard, Armstrong stated:

“Cryptocurrency is not going to solve wealth inequality – it is not trying to get the same result for everyone. But that creates affluent mobility and more equal opportunities for everyone. “

In conclusion, Coinbase CEO said that cryptocurrency is just another choice in the financial world, but one that gives users freedom:

“Crypto simply offers an alternative for those who want more freedom. Everyone can make their own decisions, and that’s probably a good thing. “

Armstrong’s views on the crypto market are neither new nor surprising. He was one of the first to see a future in the booming crypto market in 2012 when he founded Coinbase. Since then, Armstrong has been advocating economic freedom and (unsurprisingly) promoting Coinbase as a trustworthy company to help achieve this.

In the public letter sent when Coinbase went public last April, Armstrong said that the current system is “full of high fees, delays, unequal access and barriers to change.” New “and that” everyone deserves access to financial services, who can help ”. they create a better life for us ”.

Palmer’s view of previous cryptos

According to Palmer, the co-founder of Dogecoin, he believes that cryptocurrency is “a hypercapitalist technology inherent in the right.” This, he argues, is said to add wealth to its proponents through a combination of factors. Factors such as tax avoidance, reduced regulatory oversight and artificially enforced scarcity.

It wouldn’t be far to think that this has to do with a limited supply of bitcoins. This scarcity suggests that the world will one day run out of bitcoins. As a result, the price of the digital asset will drop as people rush to own a piece of it. Dogecoin meets this imposed scarcity by not having a cap or supply cap.

Jackson Palmer also broadened his considerations on decentralization. Decentralization has always been one of the big drivers of digital assets. A currency that is not controlled by anyone means that players cannot manipulate it as they wish to their advantage.

Palmer writes: A powerful conglomerate still controls the system. “Decentralization” is essentially becoming a smoke screen to cover up what is really going on behind the scenes.

Palmer explained in the following tweet that cryptocurrency is simply a “get rich quick” channel designed to take money from the financially naive and desperate. According to him, the crypto industry has the worst parts of capitalism. And then you use software to limit intrusion that acts as a safety net.

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