Home
News
Jackson Palmer, the co-creator of Dogecoin, has called Elon Musk a “grifter.” Palmer says the world’s richest man just sells a vision that he acts like he understands while having no idea how to run a basic
In an interview, Palmer revealed that he had a talk with Musk over Twitter direct message after he built a script to automatically report cryptocurrency scams. Palmer says that Musk reached out to him to access the script. After receiving the script, Musk asked, “How do I run this Python script?”
Palmer is not very fond of billionaires, including Musk.
Palmer further shares that a year ago, when Musk commented about crypto, he said that Musk is and always going to be a “grifter, but the world loves grifters.” They are obsessed with the idea that they can become billionaires too, one day, and that’s the dream he’s selling.”
According to Palmer, Musk’s Twitter acquisition is his conspiration to destroy the platform or pull its value further down. The Dogecoin founder supported his argument, pointing to Musk’s action on the platform’s most cynical critics since the deal was made public.
Palmer is also of the opinion that the current drop in digital asset prices, or as popularly called “crypto winter,” couldn’t contain the flood of major investment. According to him, at some point in the future, there will be a bigger, longer bubble burst.
Palmer predicts that the burst is going to be quite unfortunate, and minorities and those at the lower end of the socioeconomic spectrum when it happens are also going to face the wrath of it.
“Therefore, when people who have been suckered in, people who’ve been sold on the [viral cryptocurrency-promoting] Matt Damon commercial and who put their [retirement fund] 401k in, those are unfortunately the people who will be hurt,” he added.
Moreover, Palmer also pointed out one benefit of the current downturn. The benefit, according to him, is that more individuals are coming across the flaws in cryptocurrency and the community around it, “They’re realizing ‘well, this is actually bullshit,” he adds.
What’s interesting is that his skepticism about cryptocurrency is being supported by the people still involved in it. However, their beliefs are not strong enough to push them to leave the space.
Palmer shares, “When I say it’s a Ponzi scheme, the response is ‘so what, the world’s a pyramid scheme”.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
