The co-creator of popular meme token Dogecoin (DOGE) says a lack of traditional oversight leaves crypto traders vulnerable to being fleeced.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, says cryptocurrencies are speculative in nature because they derive value from other people rather than their actual utility.
“Cryptocurrency at its core is just a digital currency. The only reason that it has value is because people think it does.It is very much a purely speculative market. It doesn’t really provide anything back to society. You can’t really pay your rent with it. You can’t buy your groceries with it, necessarily.It’s a little bit like an online casino.Those are kind of the 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 that says you bought it. That’s about it.Other people in the world will honor that receipt. I think it’s a little bit of a house of cards, personally.”
The DOGE co-founder concludes by stating crypto assets are not inherently a scam but enable malfeasance due to the lack of government oversight and regulation that would protect ordinary consumers.
Last year, Palmer sparked a viral tweet storm criticizing digital assets and referring to mantras of decentralization and sound money as “facades” and “get-rich-quick schemes” that wealthy people use to lure financially desperate individuals into traps and avoid taxes.More recently, he warned that a crypto winter was coming despite the massive devaluation that has already taken place across all assets in the space.
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