Jackson Palmer, the co-creator of Dogecoin has said that Crypto and its related things like DAO (Decentralized Autonomous Organization), NFTs (Non Fungible Tokens) are just means to scam people, especially the people on the lower rung of the economic strata. He said that crypto makes easy for the scamsters to swindle people.
Palmer stated in an interview with an Australian website Crickey that crypto industry is enriching the already rich class at the cost of poor people by deluding them with dreams of becoming rich someday.
He was appearing in interview to promote launch of his podcast named as Griftonomics. Earlier he has launched meme themed cryptocurrency namely Dogecoin as satire on the mania surrounding cryptocurrencies. After that he abandoned the Dogecoin not anticipating that this meme coin would emerge as one of the most valuable cryptocurrencies due to support and promotion by someone like Elon Musk, the richest man on earth as of now.
In fact, Jackson Palmer has launched Griftonomics podcast with the purpose of making people aware about risks involved in get-rich-quick schemes like Crypto coins. He said that he had hoped a year back that there would be crypto bust and people would learn their lessons. But he expressed his disappointment that instead of bust, the cryptocurrencies have kept on gaining in markets due to large sums of money being infused by rich people.
Palmer has warned people that like any pyramid scheme, the cryptocurrencies are also a big pyramid scam which will ultimately destroy the lives of last entrants of the investors who will get trapped while the rich and initial investors would have exit after earning the cream.
He also accused news media of presenting only positive and promotional news about cryptocurrencies because positive news about cryptocurrencies get most of the traffic of visitors whereas any negative news about cryptocurrencies are ignored by the media as well as readers.
Jackson Palmer said that after losing money in crypto trading, now there is some kind of awakening among people that these cryptocurrencies are nothing more than bullshit.
On Elon Musk, Palmer said, “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.” On Musk buying Twitter, Palmer said that Elon Musk probably wanted to destroy the trust earned by Twitter and that he was delusional to think that he could create an alternative.
