Jackson Palmer, the co-creator of meme-based cryptocurrency Dogecoin DOGE/USD, believes that the crypto industry is “a hammer in search of a nail” and does not provide anything meaningful to society.
What Happened: In a recent interview with Australian publication The Age, Palmer described crypto as “a parasitic thing” that has “got its claws in every single scam that is out there.”
“Crypto acts as an enabler of many groups of scams by providing an unregulated, harder to control system for scammers to perpetuate their scams,” he said.
“Wherever there’s smoke there’s probably crypto.”
In his view, grifters use various narratives attached to crypto to sell people on the idea of it, by exploiting the average person’s fears. Every few years there’s a new narrative, said Palmer, referring to Bitcoin being touted as a replacement for banks and a store of value, initial coin offerings (ICOs), and even DeFi, which he describes as a “total sham.”
“Now we have NFTs which are simply the latest in a long string of changing narratives, so the industry can get a bunch of new suckers in,” said Palmer, who was shocked by the million-dollar value of ape JPEGs.
According to him, the problem has been amplified by celebrities and prominent industry leaders who further legitimize the industry.
“When Matt Damon gets up at the Superbowl and tells you that apes will be the future, some people then think ‘oh well, maybe I was wrong,’” he said.
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Palmer also talked about Tesla Inc TSLA CEO Elon Musk’s “big impact” on Dogecoin.
“Elon has had a big impact, especially on the Dogecoin market and making people believe that it is something, which I obviously don’t agree with.”
In another interview with Crikey earlier this week, Palmer described Musk as a grifter and said that the Tesla CEO wasn’t as familiar with coding languages as he made himself out to be.
Musk responded to Palmer’s comments on Twitter by calling him a “tool” and stating that all of his claims were entirely false.