Dogecoin founder insists crypto a scam

The founder of Dogecoin (DOGE) Jackson Palmer continues to hurl jabs at the cryptocurrency he helped create to mock the broader idea of a cryptocurrency in general.

A decade and several cryptocurrency market crashes later, Palmer is just as adamant about these currencies constituting a scam. He quit the market back in 2016, announcing that crypto was exploitative and created new value.

Then, in 2021, Tesla CEO Elon Musk got interested in DOGE, coinciding with a bullish run for crypto in general.

Things got out of control, and DOGE hit an all-time high, making people millionaires in the process. People who spent several hundred dollars, and often much less, woke up millionaires overnight.

Despite the recent rude awakening, many investors are holding on. Palmer, though, continues to insist that an endorsement from Musk does not a currency make.

In an interview with the Sydney Morning Herald, Palmer reminded readers that DOGE was a way to explore what he described a skeptical concept and reaffirmed that the currency itself was not meant to have any practical value

It was intended to serve as a standing mockery to the fact that any cryptocurrency can accumulate actual value. Palmer went into more detail to explain why people would fall for cryptocurrencies if they were simply scam.

He argued that people respond to crypto to alleviate their own fears about economic uncertainty or makes investors greedy as they pursue fast money.

He believes that regardless of people’s motivations, cryptocurrency exploits a basic insecurity in people to create value out of thin air. This, though, he continues is not tantamount to a currency.

Palmer offers a sobering reminder that the people who own the most cryptocurrency and sway any decision about the industry are most likely the same ilk of people who plunged the world into a financial crisis back in 2008.

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Updated: 06/03/2022 — 15:00