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Why does Dogecoin creator Jackson Palmer “wish it was the end of crypto”?

Why does Dogecoin creator Jackson Palmer “wish it was the end of crypto”?

Why does Dogecoin creator Jackson Palmer “wish it was the end of crypto”?
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By CNBCTV18.com May 31, 2022 7:18:09 PM IST (Published)

Dogecoin co-creator Jackson Palmer believes that the digital asset industry is like a Ponzi scheme designed to profit from uninformed investors continuously pumping funds into assets they do not fully understand.

In an interview yesterday, Dogecoin co-creator Jackson Palmer had some harsh words regarding the state of affairs within the crypto industry. Speaking with Crikey, an Australian e-magazine, Palmer said that he wishes “it was the end of crypto” and that “people are doing nothing but making money off doing nothing.” His comments were part of an interview meant to promote his new podcast Griftonomics.

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The first episode of the Griftonomics podcast was meant to go live last year, but fearing a massive backlash, Palmer released his thoughts on crypto through a Twitter thread instead. One of the tweets in the thread referred to the crypto industry as a “get rich quick funnel designed to extract new money from the financially desperate and naive.”
Nothing has changed since then. Palmer still believes that the digital asset industry is like a Ponzi scheme designed to profit from uninformed investors continuously pumping funds into assets they do not fully understand.
“I still see heaps of money being funneled in by crypto promoters. They’re waiting for a fresh batch of fools to come in. This happens in cycles,” said Palmer. “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,” he added.
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However, according to Palmer, the enthusiasm around cryptocurrencies is slowly waning. He believes that the crypto market could go bust, especially as people continue to lose money on their investments.
“I think we’re well overdue for some sort of pop,” he said. “Unfortunately, it will probably affect minorities and those
Palmer created Dogecoin in 2013 along with fellow software engineer Billy Markus. At first, the project was just meant to be a joke, a dig at the altcoin industry that was flooded with tokens that had little or no value. It’s the reason why Dogecoin is classified as a meme coin.
However, Dogecoin shot to popularity on the back of several celebrity tweets and mentions. Eminent personalities like Snoop Dogg, Gene Simmons and Elon Musk often spoke out regarding Dogecoin, causing price spikes for the meme coin.
Musk has been a huge proponent of Dogecoin. His tweets have driven several uptrends for Doge. He has also revealed that Dogecoin is part of his crypto portfolio, which only includes two other coins — Bitcoin and Ether. He has even added Dogecoin as a payment method on Twitter, Tesla, and SpaceX. He also hinted at allowing Dogecoin payments for his new satellite internet service, Starlink.
However, Palmer has a very uninterested view of the Tesla CEO and the world’s richest man. “He’s a grifter, he sells a vision in hopes that he can one day deliver what he’s promising, but he doesn’t know that. He’s just really good at pretending he knows. My opinion on him and all billionaires is that I don’t care much for them.”
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