Dogecoin Co-Creator (DOGE) Calls Crypto Industry An Facilitator Of Scams That Exist Outside Government Control

The co-creator of the popular meme token Dogecoin (DOGE) says that a lack of traditional oversight leaves crypto traders vulnerable to being scammed.

In a new interview with Australian media outlet The Project TV, Jackson Palmer, who along with Billy Markus developed Dogecoin in 2013 as a joke, He says Cryptocurrencies are speculative in nature because they derive value from other people rather than their actual usefulness.

“Cryptocurrency in essence is just a digital currency. The only reason it has value is because people think it does.

It is largely a purely speculative market. It doesn’t really provide anything to society. You can’t really pay rent with that. You can’t buy your groceries with it, necessarily.

It is a bit like an online casino. Those are kind of digital chips.”

Palmer goes on to share his belief that the digital asset ecosystem is like a house of cards.

“The best way I think about it is that you’re buying a receipt essentially saying you bought it. That is all.

Other people in the world will honor that receipt. Personally, I think it’s a bit like a house of cards.”

The DOGE co-founder concludes by stating that crypto assets are not inherently a scam, but instead enable misconduct due to a lack of government oversight and regulation that would protect ordinary consumers.

“Actually, I don’t think cryptocurrency itself is a scam. What it is, it is a facilitator of scams because it is something that exists outside of government controls. Because this transaction is irreversible.

It has really provided a means for scammers to come in and do all of this without all that pesky government oversight. They can’t be caught that easily.”

Last year, Palmer sparked a viral tweet storm criticizing digital assets and referring to decentralization and sound money mantras as “fronts” and “get-rich-quick schemes” that wealthy people use to lure financially desperate people into traps. and evade taxes.

More recently, he warned that a crypto winter was coming despite the massive devaluation that has already occurred across all assets in the space.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Natalia Siiatovskaia/phasaibd

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