In a recent interview with The Project, Dogecoin co-founder Jackson Palmer stated that cryptocurrency are used to facilitate scams. Dogecoin was established as a joke by Jackson Palmer, who abandoned the project before it became popular. Is he remorseful? That does not appear to be the case.
- “The only reason that it has value is because people think it does.”
Jackson Palmer helped create Dogecoin as a joke, but now the Aussie co-founder has a warning for those looking to start trading in cryptocurrency, saying more people lose money than those who get rich.#TheProjectTV pic.twitter.com/b4vrI149Iy
— The Project (@theprojecttv) June 12, 2022
Because he felt it was a prank, Palmer said he didn’t keep any of the crypto. He abandoned the project shortly after its creation after becoming disenchanted with the cryptocurrency community.
Since then, the software engineer has expressed regret for not becoming wealthy with Dogecoin.
- “Because it is this thing that exists outside of the control of the government, because it is this irreversible transaction, it really has provided a means for scammers to come in and do all this stuff without that pesky.”
The co-founder of Dogecoin feels that cryptocurrency does not benefit society.
Palmer claims that customers can’t use it to pay their rent or buy groceries or other necessities. He likened cryptocurrency to an online casino, where the currencies are merely virtual chips. When someone buys bitcoin, he or she is actually buying a receipt, according to him.
- “Other people in the world will honor that receipt. I think it’s a little bit of a house of cards personally.”
He noted the fact that because cryptocurrencies are unregulated, they are used for a variety of illegal activities. He also discussed different commercials in which celebrities promote cryptocurrency and cryptocurrency apps, cautioning users that they are purely for business purposes.
Palmer responded to a question on how people make a lot of money in crypto by saying:
- “There is nothing there to stop people from being lucky. Some people happen to be at the right place at the right time.”
