Jackson Palmer recently revealed in an interview that although widespread crypto operations might lead to scams, the tokens themselves are not scams.
According to Dogecoin (DOGE) co-founder Jackson Palmer, crypto is a facilitator of financial scams. Palmer said this in a recent interview where he explained that more people lose money than those who get rich.
“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,” he also offered.
Palmer spoke substantially on digital currencies and even offered what he thinks defines the value of the tokens. However, his entire session drew some contrary opinions. One Twitter user, @spudtayder, responded with mixed thoughts, explaining that he agrees with Palmer’s caution about cryptocurrency investments. However, the user feels differently about the co-founder’s suggestion that crypto has value because people say it does. His tweet shows that this suggestion might be true for assets like Dogecoin. However, he insists that its false for others that “actually serve a purpose on the network.”
In addition, another user, @md11_x6, questioned the timing of Palmer’s interview, asking why it was coming during a market slump. Furthermore, the user’s response also suggested that crypto can be an evolutionary trend for outdated software. However, he excluded meme coins DOGE from this category.
Palmer Sheds More Light on ‘Crypto Scams’ & Dogecoin Beginnings
Jackson Palmer was also quick to emphasize that although crypto facilitated scams, it was not a scam itself. However, the Dogecoin co-founder also explained that he left the DOGE project shortly after conception due to his unbelief in it. He thought Dogecoin was a joke and did not view the meme coin as something worth investing in. In addition, Palmer also said that at the time he was frustrated with the crypto community.
Despite his seemingly premature exit, Palmer suggested that he has no regrets. According to him, he is happy that he did not become rich with DOGE. This is because the meme token co-founder believes that crypto millionaires easily get caught up in their fortunes.
Palmer has frequently butted heads with Tesla (NASDAQ: TSLA) CEO and DOGE aficionado Elon Musk whom he refers to as a “grifter”. Musk recently took his DOGE-loving commitments to new heights when he flowed along with Jack Dorsey’s Web5 plans.
Dorsey’s Web5 Bitcoin Initiative
The Twitter (NYSE: TWTR) co-founder recently announced a new concept built on the Bitcoin (BTC) blockchain to be a combination of Web3 and Web 2.0. Dorsey’s Web5 looks to allow developers to focus on creating “delightful user experiences while returning ownership of data and identity to individuals.”
Following the Web5 development, some members of the crypto community on Twitter began jokingly predicting that Musk might build ‘Web69’. The running gag is that this false version would instead focus on the Tesla CEO’s beloved DOGE. Musk seemed to be a good sport on the joke and responded with a ‘fire’ emoji on Twitter when tagged by Dorsey about Web69.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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