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The co-creator of popular meme token Dogecoin (DOGE) says a lack of traditional oversight leaves crypto traders vulnerable to being fleeced.

In a new interview with Australian media outlet The Project TV, Jackson Palmer, who along with Billy Markus developed Dogecoin in 2013 as a joke, says cryptocurrencies are speculative in nature because they derive value from other people rather than their actual utility.

Cryptocurrency at its core is just a digital currency. The only reason that it has value is because people think it does.

It is very much a purely speculative market. It doesnt really provide anything back to society. You cant really pay your rent with it. You cant buy your groceries with it, necessarily.

Its a little bit like an online casino. Those are kind of the digital chips.

Palmer goes on to share his belief that the digital asset ecosystem is like a house of cards.

The best way I think about it is that youre buying a receipt essentially that says you bought it. Thats about it.

Other people in the world will honor that receipt. I think its a little bit of a house of cards, personally.

The DOGE co-founder concludes by stating crypto assets are not inherently a scam but enable malfeasance due to the lack of government oversight and regulation that would protect ordinary consumers.

I actually dont think that cryptocurrency itself is a scam. What it is, is a facilitator of scams because it is this thing that exists outside of the controls of governments. Because it is this irreversible transaction.

It really has provided a means for scammers to come in and do all of this stuff without all that pesky government oversight. They cant get caught as easily.

Last year, Palmer sparked a viral tweetstorm criticizing digital assets and referring to mantras of decentralization and sound money as facades and get-rich-quick schemes that wealthy people use to lure financially desperate individuals into traps and avoid taxes.

More recently, he warned that a crypto winter was coming despite the massive devaluation that has already taken place across all assets in the space.

Featured Image: Shutterstock/Natalia Siiatovskaia/phasaibd

Excerpt from:
Dogecoin (DOGE) Co-Creator Calls Crypto Industry a Facilitator of Scams That Exists Outside of Government C... - The Daily Hodl