Jackson Palmer – one of Dogecoin’s founders – sees the cryptocurrency space as an ecosystem where wealthy people are getting even more prosperous on the back of tax avoidance or scammed individuals. He thinks the market’s current decline will not last long, regretting the end of crypto is not near. Palmer is a well-known crypto critic, and his latest outburst doesn’t come much as a surprise.
Even if Crypto is a Scam, People Don’t Care
In 2013 the software engineer Jackson Palmer co-created one of the most popular memecoins – Dogecoin. Years later, the asset’s market valuation soared into the billions, while he claimed cryptocurrencies have become an attractive feature for “shark-like scammers and opportunists.”
Palmer went further last summer. labeling the digital asset sector as a “right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificial enforced scarcity.”
He reiterated his anticrypto stance in a recent interview with the Australian media Crickey. Palmer argued the current collapse of the market could not classify as a “crypto winter” as promoters continue to funnel money into the industry.
“They’re waiting for a fresh batch of fools to come in. This happens in cycles. You wait for a while for the collective memory of the world to forget about how much of a scam it is.”
Dogecoin’s Co-Founder wished this was the end of crypto since the space is rammed by scammers and people who witness fraudulent activities but say: “do I really care?”
Palmer noted that there is another problem: celebrities can promote digital assets projects simply because they get paid to do it and mislead unexperienced investors.
Software engineer said that one of the good things about the space was the increasing number of skeptical people since people began losing money. Prior to that, the majority were gaining due to the bull run, and even if they were to notice a Ponzi scheme, their response was: “So what, the world’s a pyramid scheme.”
Crypto really is that bad?
Contrary to Palmer’s bashing manifest, digital assets (more specifically bitcoin) have certain benefits that make them highly beneficial to today’s world.
Bitcoin is transparent, decentralized, accessible and easily accessible. It could be used as an insurance against inflation in times of crisis, such as today. BTC is not like precious metals or property, which are subject to gatekeeping. Investors can buy small amounts of BTC (they could distribute $10, $100, whatever amount they choose).
It is worth noting that numerous experts have emphasized the asset’s merits over the past few years. It is believed to be an inflation hedge that surpasses gold by billionaires Chamath Palihapitiya and Paul Tudor Jones. One of Apple’s inventors – Steve Wozniak – sees BTC as a mathematical phenomenon, while legacy investor Bill Miller opined its unique nature resembles the luxurious sports car Ferrari.
Even the world’s richest man – Elon Musk – argued that bitcoin and the altcoins might not be perfect but are “fundamentally better” than any other financial products.