Dogecoin CREATOR Jackson Palmer: "I wish this was the end of cryptocurrencies, unfortunately it's not."
In an interview to promote his new podcast, Dogecoin founder Jackson Palmer launched a scathing attack on the cryptocurrency industry.
In a new interview with Australian publication Crikey, Dogecoin co-founder Jackson Palmer said he hoped this was the end of cryptocurrencies, but it's not. "More and more people are doing nothing and getting rich with cryptocurrencies, and it's kind of screwing up our economy," he said.
Palmer is promoting his new podcast, Griftonomics, the name of which also reflects his current criticism of cryptocurrencies.
"To be honest, I thought cryptocurrencies would implode faster and that lessons would be learned, but over the last six months, I've increasingly seen a sustained persistence," Palmer says. "You see these big names with big money coming in, which means the market is not slowing down."
He also dismissed suggestions that a cryptocurrency winter was coming: "I still see a lot of money being funneled in by cryptocurrency promoters. They are waiting for a new batch of idiots to come in, it's a cyclical transfer of wealth."
Palmer denounced ICOs, DAOs, and NFT as scams, and called Initial Game Releases (IGO) the industry's latest scam. The initial game launch is similar to an ICO: investors pre-purchase the NFT or in-game currency of a blockchain game.
Despite the influx of money, Dogecoin's creators still believe cynicism about mainstream cryptocurrencies is growing.
He recounted "cryptocurrency skeptics" around him between 2013 and 2020, but "one by one, they gradually drank the holy water of cryptocurrency."
However, he sees the current enthusiasm waning and an awakening as people lose money.
"I think there needs to be a crash, and I don't think it's a real economic boom, it's going to be a much more painful process, and unfortunately when it happens, it's likely to affect minorities and those at the lower end of the socioeconomic spectrum."
Palmer also had a few words to say about Tesla CEO Elon Musk, who is touting the Dogecoin.
"He's a con man, he's selling a vision that one day he can deliver on his promises, but he doesn't know much about cryptocurrencies. He's just very good at pretending he understands, and I feel the same way about him and all billionaires, and I don't care much about them."
Palmer and Dogecoin: A primer
Dogecoin was founded in 2013 by software programmers Jackson Palmer and Billy Markus, who intended the project to be a satire on the craze for fake coins, which had little value beyond novelty symbolism.
However, when Bitcoin began its latest bull run in late 2020, the cryptocurrency has since gained an avid fan base known colloquially as the "Doge Army."
The face of the iconic chubby Shiba Inu has risen as a meme, accompanied by cute English phrases such as "Much wow "and "Very impress".
Dogecoin has also become a small but often lucrative pop culture phenomenon via Twitter.
Celebrities such as rapper Snoop Dogg, rocker Gene Simmons and billionaire Elon Musk have all weighed in on the cryptocurrency on the platform, often driving up the price.
Last year, Palmer took to Twitter to launch a scathing attack on Doge Coin, which he left in 2015, starting with his inflammatory critique on Twitter:
"After years of research, I believe cryptocurrency is an inherently right-wing, hyper-capitalist technology primarily designed to magnify the wealth of its backers through a combination of tax avoidance, reduced regulatory oversight, and artificially imposed scarcity."
Bitcoin regains the $30,000 level as cryptocurrency markets turn green
The price of Bitcoin surged late Monday to a weekly high above $30,700 amid a recovery in the crypto market.
The main question now is whether the sector's biggest asset can maintain its momentum after the latest price moves.
According to a recent report from CoinShares, the recent collapse of the TerraUST stablecoin has investors warming to Bitcoin, with a whopping 39% of respondents saying the benchmark cryptocurrency's growth prospects are most compelling.
Hayden Hughes, CEO of social media trading platform Alpha Impact, told Bloomberg: "The market is long overdue for a relief rally, as Bitcoin has just experienced eight straight weeks in the red zone, technically reaching levels we traditionally only see at the bottom of bear markets."
Bitcoin's pull on the market
The rest of the market was also mostly in green on Monday morning.
Ethereum (ETH), the second largest cryptocurrency by market capitalization, has risen 6.6 percent over the past day and is currently trading just above $1,900, according to CoinMarketCap.
That's not enough to move ETH into the green zone on the weekly chart -- the currency is still down 7.35% over the past seven days.
Elsewhere in the top 10 cryptocurrencies, Cardano (ADA) was the day's biggest gainer, surging 11.8%, followed by Solana (SOL), up 8.3% in the past 24 hours.
Similar to Ethereum, ADA and SOL both lost money over the past week, falling 5% and 12.4%, respectively.
DraftKings, a fantasy sports company, is preparing to launch cryptocurrency betting and payment options
DraftKings is preparing to launch its first cryptocurrency betting and cryptocurrency payment options
DraftKings, a well-known sports betting and fantasy sports company, has entered the cryptocurrency market.
In recent years, companies around the world have started incorporating cryptocurrency payments into their systems. As a result, especially on a global scale, additional payment options and payment difficulties will be simplified. DraftKings is one of many institutional brands that have dabled in blockchain, cryptocurrencies and NFT.
Draftkings is a DAILY fantasy sports and sports betting company based in the United States that allows users to participate in weekly sports contests and earn monetary rewards and other bonuses for doing so, among other benefits.
DraftKings launched an NFT marketplace last July that will be exclusive to Thom Brady's NFT through its Autograph platform, the blue-chip CryptoPunk NFT being offered as the star prize in this week's Fantasy competition, among other contests on the platform.
Jason Robins, CEO of DraftKings, and Mackenzie both wore CryptoPunks shirts at the Nasdaq's opening ceremony last June. Their NFT platform offers a variety of programs and features.
Less than a year after opening the NFT marketplace, DraftKings is preparing to launch its first cryptocurrency betting and payment options. With this new option, users will be able to bet on games using cryptocurrency. They will also be able to use cryptocurrency to make payments on the platform.
Jason Robbins said in a recent interview that he was confident that "people need it." In addition, it opens a huge window of opportunity for market investors. He further determined that market conditions were in place to make this a reality, and that the company was working hard to make it happen.
It will not be plain sailing, as Jason Robbins is not dismissive of the regulatory hurdles to come. He said regulatory issues could make their job more difficult. In addition, while sports betting is regulated, legal and accepted in many jurisdictions in the United States, several of these jurisdictions do not accept cryptocurrency as a payment method.
In addition, Wyoming's legislature passed a bill allowing cryptocurrency gambling, however sports betting companies have yet to implement this option.
The CEO also pointed out other potential problems the company could encounter. For example, there will be difficulties for newcomers who are not familiar with the cryptocurrency business, and these customers will need to be progressively exposed to cryptocurrency-based sports betting.
In this case, Jason Robbins thinks there are benefits to centralization. So DraftKings will help recruit new people and teach them about bitcoin betting, which he thinks will be welcomed by the authorities. On the other hand, the boundaries of legal sports betting will be set by state rules.