The co-creator of popular meme crypto asset Dogecoin (DOGE) is reportedly issuing a warning that crypto has not yet reached the stage of hibernation despite the massive devaluation across all assets in the space.
According to a new report by Australian media outlet Crikey News, Jackson Palmer, who along with Billy Markus developed Dogecoin in 2013 as a joke, says that we’re not yet in a crypto winter as money is still flowing into the industry by promoters of digital assets.
He also hints digital assets might be a scam that people haven’t picked up on yet.
“I wouldn’t say that it’s in a winter. I still see heaps of money being funneled in by crypto promoters. They’re waiting for a fresh batch of fools to come in. This happens in cycles. You wait for a while for the collective memory of the world to forget about how much of a scam it is.
We’ve had ICOs [initial coin offerings], DAOs [decentralized autonomous organizations]. Now it’s NFT [non-fungible tokens]. Now I’m seeing initial game offerings as the latest thing.”
According to Jackson, crypto assets are a way for grifters to make money while doing nothing, which is changing the landscape of the economy for the worse.
“Sadly I wish it was the end of crypto, but it’s not. More holistically, in this system of griftonomics, hypercapitalism, rentier capitalism, increasingly people are doing nothing but making money off doing nothing, it’s kind of fucked us all up.
It’s given people this weird mental issue that things that five to 10 years ago people would have the common sense to say ‘That’s weird,’ are okay. Now, even if it’s fraudulent, they think ‘Do I really care?’”
Last year, Jackson sparked a viral tweetstorm by 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.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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