Jackson Palmer laments the perceived pitfalls that drove him out of crypto and accuses Elon Musk of pretending to like Dogecoin.
- Coping and Seething?
- Elon Wants To Be Tony Stark?
Coping and Seething?
The Dogecoin co-founder hasn’t been involved in the project since 2014. Also, he claims to have never made a single buck from his creation. In this appearance on the popular H3H3 podcast, Palmer gives a scathing takedown of crypto as a whole, painting with broad strokes. Is he seething at the lost opportunity and now a mere ‘hater’, or is his view that crypto is “irredeemable” based on sober analysis? He also takes some shots and makes some accusations about Elon Musk. Palmer then breaks down how crypto went from “fight the power” to grasping at “store-of-value” straws.
Palmer has criticized his creation before, claiming he was an unwitting participant of cooking up this Frankenstein-like swarm of scammers, money-launderers, and political outcasts. Last year, he spoke out in July, writing a very poignant thread on Twitter. CRU responded respectfully with an open letter to Palmer. In this longform podcast, he touches on some of the same critiques he had then. Mainly, that crypto has cultivated a now dominant right-wing faction and that because of the unregulated nature of crypto, it has created a ‘moths-to-flame’ situation for unscrupulous actors.
In 2014, when he was active, he claims that the Occupy Wall-street type folks were the main driving force behind the ethos of crypto, so to speak. He speaks to this on H3, describing how this wholesome idea and movement morphed into something else entirely. Mainly, “right wing and libertarians who want to create their own island or something.” He then went on to say that he actually believes crypto as a whole is “irredeemable” and took on MetaMask specifically for being “completely centralized.” He said that everything is “centralized at every layer.”
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Elon Wants To Be Tony Stark?
Palmer actually insinuated that “a man who handles all of Musk’s money and investments” basically cooked up the idea to embrace Dogecoin, and start tweeting about it. Not necessarily to pump the price, but as Palmer says: “to create a digital army that thinks he’s Tony Stark.” Palmer accuses Musk of being “more concerned with ego than money” and that he used Dogecoin to inflate his “cult-of-personality” and basically hi-jack the community for his own aims. Basically, the founder of Doge really doesn’t think Elon is “in it for memes” or cares about Dogecoin at any level.
An interesting point Palmer made was how the ‘goal-post’ moving of the entire point of crypto proves that it’s not really tethered to any real world use case or purpose. While we could argue strongly against this, which we sort of did in this article regarding utility, Palmer speaks about how the crypto is directionless: “it used be about fight the power and [it] can replace banks. Then they realized it doesn’t scale, and it can’t actually be a currency. It’s digital gold, it’s the next thing they said. Then they said it’s a store-of-value, it’s an investment. Then they realized it can drop half its value overnight, unlike Gold.”
It’s true that Bitcoin is far more volatile than gold, but it’s proven itself to be a better performing asset. In addition, his argument isn’t particularly cogent, considering that valuing Bitcoin as a store of value investment is far different than recommending day or swing trading it. Thus, if you think it’s a store of value what it does or doesn’t do overnight shouldn’t be of concern to you.
Palmer does provide some interesting insights into who has come to dominate the space: “they kept having to create a new pitch about democratizing this or democratizing that. What they are really doing, though, is lining up a new batch of suckers each time.” He basically claims Wall Street and venture capital has hi-jacked the space. While we may completely disagree with what Palmer says, it is helpful to hear from someone who was an “OG” in the space but also has been un-evangelized and is a critic now. Palmer is a man of little or no faith in crypto. He sees it as a product of the people it has attracted, combined with flaws in the technology.
If anything, it is simply helpful to listen to opposing views. You can hear the whole podcast, here.
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