Dogecoin creator likens cryptocurrencies to a scam run by "powerful cartel" to benefit the rich
CBSN
Dogecoin co-founder Jackson Palmer created the digital currency in 2013 as a meme-inspired joke. Five years later, its market value had soared into the billions, leading him to write at the time that cryptocurrencies had attracted "shark-like scammers and opportunists."
But the laugh now appears to be on millions of ordinary investors, the Australian entrepreneur suggested this week in a series of blistering tweets denouncing bitcoin, ethereum and other cryptocurrencies as a something resembling a mass Ponzi scheme to "extract new money from the financially desperate and naive." "After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity," Palmer wrote.Authorities made two gruesome discoveries Tuesday after a Missouri woman walked into a police station and told officers that she fatally shot one of her children and drowned the other, officials said. Jefferson County Sheriff Dave Marshak said at a news conference that authorities believe both children were killed Tuesday morning.
Strong storms with damaging winds and baseball-sized hail pummeled Texas on Tuesday, leaving more than one million businesses and homes without power as much of the U.S. recovered from severe weather, including tornadoes, that killed at least 24 people in seven states during the Memorial Day holiday weekend.