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Dogecoin Co-Founder Says Crypto Is House of Cards

Mon, 06/20/2022 - 18:28
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Alex Dovbnya
The Australian entrepreneur claims that some cards have already started to tumble, referring to the downfall of prominent cryptocurrency companies
Dogecoin Co-Founder Says Crypto Is House of Cards
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During his most recent appearance on Australian television panel “The Project,” Dogecoin co-founder Jackson Palmer compared cryptocurrencies to a house of cards.

“Some of the cards at the bottom of that have started to tumble,” Palmer says.   

However, he concedes that it’s “too early” to definitely state whether or not the most recent price correction has marked the end of cryptocurrencies.

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Palmer has opined that decentralized finance is actually the underlying reason behind the cryptocurrency crash. Lenders, who were gambling with users' funds to offer too-good-to-be-true interest rates, are to blame for the reason cryptocurrency crash, according to the Dogecoin co-founder. “Obviously, when you are doing that, all it takes is one of those things that you making a bet on to crash, and then it sets off the whole kind of chain reaction.”

No value proposition

Palmer is convinced that cryptocurrencies have no value proposition due to stringent regulation.

Since it is “pretty easy” to use electronic banking these days, the Dogecoin co-founder doesn’t see a specific use case for cryptocurrencies despite the fact that their cumulative value came close to $3 trillion last November.

The Australian software developer hopes that the ongoing crash is going to be a “wake-up” call for people.

As reported by U.Today, Palmer opined that cryptocurrencies are the facilitator of scams.

Prior to that, the Dogecoin co-founder locked horns with Tesla CEO Elon Musk on social media. DOGE is down a whopping 92% from its record peak that was achieved last May.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.