Australia’s own Jackson Palmer, co-creator of the increasingly famous meme crypto token Dogecoin, hates cryptocurrencies. The whole thing. He’s been pretty solidly against a lot of crypto for a long while now, but just recently he really went on a tear about the specifics of why he hates the industry he tried to make fun of through a joke coin that ended up becoming worth over $25 billion.
Let’s get an important caveat out of the way. Palmer and his co-creator Billy Markus did not keep a slice of the Dogecoin action for themselves when they launched the token – because they thought it was a joke and it would be pointless to maintain some kind of stake given it was intended to not become a serious thing.
With that in mind, many fans of cryptocurrencies call sour grapes on Palmer any time he points out what he sees as the serious flaws in the system that many love to believe is going to revolutionise financial independence in the 21st Century.
So, that out of the way, let’s get back into the juicy truth bombs Palmer was keen to drop in what he felt was a ‘for the last time’ effort to point out the issues with this category of tech and its proponents.
This next part is especially powerful – that decentralisation as a theory is not truly playing out in practice.
And this on the loss of safety nets that traditional, government controlled financial systems offer.
There’s loads more, just click through to the Twitter thread for the full brain dump. It’s direct and gives plenty of warnings for folks to keep in mind even if they are still keen to get in on the action.
As for his co-creator? Billy Markus retweeted the storm, with a caveat of his own.
Some Byteside outbound links may include affiliate programs to support Byteside’s operations. Our recommendations and review commentary remain independent of any potential revenue that may come through including such links.
Seamus runs Byteside. You may also have spotted his words at the Australian Financial Review, the ABC, Junkee, Gamespot, The Esports Observer, CNET, Gizmodo and a few other spots over the years. He's very happy that he gets to nerd out for a living.