Crypto Warning From Within: Dogecoin Co-Creator Raises Scam Alarm

Jackson Palmer, a co-creator of meme coin Dogecoin, warns against many crypto projects.

in a recent interview with the Australian site crikey, Palmer is asked about the crash in the cryptocurrency market this year.

When the interviewer asked his opinion on what experts have dubbed "crypto winter," the former crypto fan is merciless.

"I wouldn’t say that it’s in a winter," Palmer said. "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, DAOs [decentralized autonomous organizations], now it’s NFT ."

He continued: "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 5 to 10 years ago people would have the common sense to say 'that’s weird' are OK

Now, even if it’s fraudulent, they think, 'do I really care?'” Palmer, a software engineer, created dogecoin with Billy Markus. The two had said that they'd decided to create a payment system as a joke.

The coin was supposed to make fun of the wild speculation in cryptocurrencies. But it has become one of the world's most valuable crypto, with a market value of $11.6 billion at last check, according to data firm CoinGecko.