Dogecoin co-creator Jackson Palmer has expressed strong criticism of cryptocurrency proponents, the industry and its influencers, suggesting that Dallas Mavericks owner Mark Cuban and others like him are running a “grift”.
Palmer argued that Cuban participated in an industry which was “extractive and grifty”, with the man not really sparing his two cents speaking to Business Insider.
According to Palmer, Cuban has “drunk the Kool-Aid” the cryptocurrency and NFT industry offers and was now “hooked”.
He argued that Cuban is being paid to promote the industry and he has been indoctrinated to believe in its future.
Palmer, one of the two people behind Dogecoin, which was issued to ridicule people’s belief in cryptocurrencies, has been consistent in his criticism of the industry.
His mind did not change during Dogecoin’s price climb, backed by Elon Musk and other investors who wanted to believe in the long-term success of the currency.
Billy Markus, the other co-creator of Dogecoin has been on the same page, calling Dogecoin and other cryptocurrencies simply unsustainable.
While Palmer did believe that cryptocurrencies were originally designed to fight the capitalist system, many people involved with the industry on a deeper level just became interested in creating a new exploitative model.
Markus, for example, was recently offered $14m to promote a rival project called Dogechain, which the Dogecoin team has described as a knock-off token designed purely to dupe investors out of money.
While Markus, Palmer and others have acquiesced to the renewed development, most people on the project feel confident that there is a fine line between building something of value and running a scam.
A crypto influencer scammed his followers recently to teach them a lesson and prove a point that people should not simply trust people who tell them to invest into crypto.