Popular meme coin dogecoin (DOGE) states that the lack of traditional surveillance leaves crypto traders vulnerable to scams, according to its co-creator.
Co-creator with Billy Markus who developed Dogecoin as a joke in 2013 Jackson Palmer, spoke in a new interview with Australian media outlet The Project TV. According to Palmer, cryptocurrencies are speculative in nature because he stated that this technology profits and gains value from other people rather than its real benefits.
“Cryptocurrencies are essentially just a digital currency. It is valuable only because people think it is. The currently functioning market is purely speculative and obviously does not bring anything to society. You can’t pay your rent or buy food with it. It actually looks a bit like an online casino. These are somewhere ‘digital chips (meaning the chips used in casinos)’.
Palmer also stated that he continues to believe that the digital asset ecosystem is like a ‘house of cards’.
DOGE’s co-founder concludes by stating that crypto assets are not inherently a scam, but allow for abuse due to the lack of government oversight and regulation to protect ordinary consumers.
“Cryptocurrencies themselves are not a scam if you ask me, but the fact that they are outside of government control is something that is highly attractive to scammers. The transactions you make here are irreversible, which is tempting.”
Palmer was in the spotlight last year when he shared tweets criticizing digital assets and the mantras of decentralization and hard money as “fronts” and “get-rich-quick schemes” that wealthy people use to trap financially desperate individuals and avoid taxes.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.