{"id":18314,"date":"2022-05-30T02:35:05","date_gmt":"2022-05-30T02:35:05","guid":{"rendered":"http:\/\/egrowonline.com\/?p=18314"},"modified":"2022-05-30T02:35:05","modified_gmt":"2022-05-30T02:35:05","slug":"dogecoins-jackson-palmer-on-elon-musk-crypto-bubble-pauline-hanson","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=18314","title":{"rendered":"Dogecoin’s Jackson Palmer on Elon Musk, crypto bubble, Pauline Hanson"},"content":{"rendered":"


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Australian software developer Jackson Palmer is a co-creator of Dogecoin. It\u2019s a meme-inspired cryptocurrency that launched as a joke in 2013 but has become one of the world\u2019s most valuable, after being promoted by the likes of Elon Musk and the traders at r\/wallstreetbets. Palmer left the crypto community in 2015 and denounced the technology. Palmer gave a rare interview to coincide with the launch of his new podcast <\/a><\/em>Griftonomics<\/a>. <\/em><\/p>\n

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CRIKEY: You haven\u2019t given many interviews and don\u2019t even tweet much \u2014 although when you do, <\/strong>it often makes a splash<\/strong><\/a>. This week, you launched a new podcast Griftonomics<\/em>. Why now?\u00a0<\/strong><\/p>\n

JACKSON PALMER: <\/strong>I actually purchased the Griftonomics domain a year ago. I was going to do this before the [July 2021 tweet storm where he denounced cryptocurrency as an \u201cinherently right-wing, hyper-capitalistic technology]. I saw what was happening a year ago. It wasn\u2019t just crypto, it was like gambling on Twitch, rumblings of the metaverse. I realised it didn\u2019t really matter if you were producing any value anymore, the whole world has become this snake oil scheme.\u00a0<\/p>\n

So I bought griftonomics.com<\/a> and the first episode was going to be about crypto. I\u2019d written the introduction and that\u2019s what became that tweet thread. I was reflecting on it a lot, thinking \u201cdo I pull the trigger or not?\u201d. I had been off Twitter for a couple of years because I\u2019ve gotten burned out on crypto and was enjoying a quieter life. Instead of the podcast, I posted the Twitter thread and walked away.<\/p>\n

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All was well for a year. I honestly thought that things \u2014\u00a0and I think they\u2019re starting to now \u2014 would implode a bit more quickly and people would learn their lesson. But increasingly, in the past six months, I\u2019ve seen a continued perseverance. You see these big people with big money getting involved and that means it\u2019s not slowing down.<\/p>\n

So I bit the bullet. I think I\u2019m kind of ready in life to subject myself to nonsense. We\u2019ll see. It\u2019s perfect timing, the year is heating up, there\u2019s a lot of grifting going on, there\u2019s the Elon Musk Twitter takeover.<\/p>\n

C: I want to get to the Elon Musk takeover, but first, can we talk about the cryptocurrency \u201cwinter\u201d (as venture capital firm Andreessen Horowitz is calling it). Do you have any thoughts on it?\u00a0<\/strong><\/p>\n

JP: I<\/strong> wouldn\u2019t say that it\u2019s in a winter. I still see heaps of money being funnelled in by crypto promoters. They\u2019re waiting for a fresh batch of fools to come in. This happens in cycles. You wait for a while for the collective memory of the world to forget about how much of a scam it is. We\u2019ve had ICOs [initial coin offerings], DAOs [decentralised autonomous organisations], now it\u2019s NFT [non-fungible tokens]. Now I\u2019m seeing initial game offerings as the latest thing.\u00a0<\/p>\n

Sadly I wish it was the end of crypto, but it\u2019s not. More holistically, in this system of griftonomics, hypercapitalism, rentier capitalism, increasingly people are doing nothing but making money off doing nothing, it\u2019s kind of fucked us all up. It\u2019s given people this weird mental issue that where things that 5-10 years ago that people would have the common sense to say \u201cthat\u2019s weird\u201d, are OK. Now, even if it\u2019s fraudulent, they think \u201cdo I really care?\u201d<\/p>\n

The bigger problem is because it\u2019s so easy to grift now through crypto. Look at Drake\u2019s Instagram now. It belongs to [cryptocurrency betting company] Stake. I think people think that if they make money, it\u2019s OK. Hustle, hustle, make money. The worst part, and no offence to journalists, is that there\u2019s a ton of journalists who\u2019ve gotten on that gravy train. Ethics? Don\u2019t need that anymore.\u00a0<\/p>\n

C: One thing that I\u2019ve noticed is that there\u2019s a real incentive for journalists to cover cryptocurrency. Any story that involves cryptocurrency will get a heap of traffic.\u00a0<\/strong><\/p>\n