Dogecoin co-founder predicts further crypto market crash, calls world’s richest man a grifter

  • Jackson Palmer makes unpleasant predictions about the crypto market.
  • Palmer takes a swipe at Elon Musk over DOGE’s recent price surge.

Dogecoin co-founder and software engineer, Jackson Palmer, has tagged the self-acclaimed Dogefather a grifter. Palmer made the remarks after the SpaceX founder announced that SpaceX would start supporting DOGE payments for its merch the same way it does for Tesla merch.

The announcement caused a huge rise in DOGE’s price. However, Palmer isn’t bemused about the situation. He stated that Musk has shallow knowledge about coding or underlying risks associated with crypto investments. The Dogecoin co-founder further said Musk is only deceiving people by claiming he knows crypto investments.

Palmer is the only one that can make such a deep level of accusation. After all, he was one of the founders of the meme-themed crypto. He later abandoned the project, claiming it was a scam. Palmer made his revelations during the latest release of its podcast, Griftonomics.

Related: Dogecoin co-creator Jackson Palmer slams the crypto industry for capitalism

Musk’s crypto and coding knowledge is basic at best

The Dogecoin founder revealed that his discussion with the SpaceX founder shows that Musk’s knowledge of coding or crypto is low.

I message Musk on Twitter for the first time in 2020. I wanted his opinion and other crypto influencers on a new bot I had recently written. The bot is a script that automatically detects crypto scams from Twitter mentions.

“The bot also reports such scams to the Twitter team automatically. I already had an understanding with jack and his product management team to ensure that they receive the report the moment the bot sends it. After sending the script to Musk and other crypto influencers, Musk requested to have the script have a more detailed look at it.

However, it became clear from our conservations that he didn’t understand coding as much as he let others believe. He was asking ‘basic’ questions no rookie coder should be asking. He requested to know how he could run the Python script. Even though I gave him the script, I was no longer his fan from thereon. I’ll call him a ‘grifter.’ “Someone who doesn’t know how to deliver the promise of a vision but knows how to sell such vision very well.

Palmer further said, Musk knows how to pretend to know something even though he doesn’t know. One clear proof of this is the vision that Tesla cars will become full self-driving cars. Palmer stated that Musk promised several times that Tesla’s full self-driving car would be available last year. However, there is no current technology that can support this vision yet. It may never even happen.

Many Ponzi schemes disguised as crypto now exist – Palmer

Palmer also shared his insights on the current crypto market decline. He said that it is likely that crypto prices will crash further. He added that many people are investing in crypto without adequate knowledge. However, they may be investing in a Ponzi scheme in the name of crypto investment.

I won’t call it the crypto winter yet. Crypto promoters are still making more money from fools willing to invest. So, there is still a chance for more price decreases. There is a cycle to how this stuff happens. You wait for a while so that people can forget about the scammy nature of these kinds of things. Then, you strike again with another in-thing. Previously, it was ICO and DAOs.

“But now, it is NFTs and initial game offerings. Same scam, different format.” “I believe that another crash will happen; it’s about time for some burst. It might not be a heavy burst. However, it will be painful. Also, it will affect most of the people in the low end of the socioeconomic spectrum.”

Most of those who will get hurt have invested their 401Ks into those popular Matt Damon crypto commercials. The Dogecoin co-creator also thinks that Musk’s Twitter purchase is to reduce people’s trust in the social platform. Thus, his reason for reducing the takeover price. He added that Musk would be delusional to think that he could build a better’ Twitter.’

Related: Elon Musk’s Twitter purchase generates mixed reactions as Ripple exec expresses concern over free speech