Bitcoin Forum

Do the whole cryptocoin community still listen to Jackson Palmer? We have seen different characters appearing in news sites saying that the bubble will now burst beyond doubt this time. Bankers, financial analysts and now a founder of one of the early scams in the cryptospace.

The article mentions that he used dogecoin to show the absurdity of wagering huge sums of money on unstable ventures. I do not believe that. He must have known that the market was ready for another cryptocoin to pump.

http://www.straitstimes.com/sites/default/files/styles/article_pictrure_780x520_/public/articles/2017/09/18/ST_20170918_DOGE18_3425972.jpg

He hoped to use Dogecoin to show the absurdity of wagering huge sums of money on unstable ventures. But investors did not get the joke and bought Dogecoin anyway, raising its market value to as high as US$400 million (S$538 million).

Along the way, the currency became a magnet for greed and attracted a group of scammers and hackers who defrauded investors, hyped fake products and left many of the currency's original backers empty-handed.

Today, Mr Palmer, 30, is one of the loudest voices warning that a similar fate might soon befall the entire cryptocurrency industry.


"What's happening to crypto now is what happened to Dogecoin," he said in a recent interview. "I'm worried that, this time, it's on a much grander scale."

Read the full article http://www.straitstimes.com/business/companies-markets/cryptocurrency-crash-is-coming-warns-dogecoin-creator

It's kinda inevitable that there will be one or several big crashes coming up. However, it's far from trivial to say when. Perhaps when the market reaches 200b, 1t or 10t - who knows?

The technology has a lot of use cases, meaning even a crash or two won't eliminate the market. But it will kill a lot of the altcoins I'd wager.

The dot-com bubble didn't result in the internet becoming worthless, just a bunch of the companies trying to profit from it (the bottom lot)

I mean... he's basically right.

Something like 10% of the money being directed at ICOs is being siphoned off through scams, cons, phishing, or outright hacks of broken multi-sig wallets.

Security and due diligence are sooooo important!

Due diligence? All the ICOs are scams. All of them (https://bitcointalk.org/index.php?topic=2145300.msg21945844#msg21945844).

Agreed - and I wonder when ETH is declared criminal, starting in China ?

You've warned us that this crash will come somewhere - it's coming .....

He is right but don't forget one thing. Noone really cares about bubbles anymore. They all wanna profit from speculative coins and ICOs, then exchange into bitcoin ether to stay rich. This is what cryptocurrency financial world became.

I beleive some project are here to stay. People who see crypto as easy money may think like that, but i see a future where it is implemeted in our everday life. If you just hold your shit and don't invest more then you can afford to lose you should not worry to much about all that.

Crypto is old now, there have been pyramid schemes, blatent robbing / none delivery of hardware and lots of other illicit activities that have occurred in the past. Now is the testing time, the strongest and most wholesome developers and delivers of tech will survive. We have certainly moved on from the shady Crypto days, and less unscrupulous companies are allowed to continue as the masses have wised up. Let's keep moving forward people, Crypto is here to stay.

He is right about one thing and wrong about the other, ICOs are definitely filled with scams, people are giving money to non existent projects hoping it would pay off on the long term, but he is also wrong about crypto crash, its not going to be soon, crypto is still young and its getting major attention from everywhere, its a disruptive technology and it has a lot of growth to do, but i do agree the current growth rate will decrease slowly.

Wow, doge alive, many respect.

Dogecoin is one of the biggest crypto coins of all time, many people in 2014 entered entered bitcoinland because of dogecoin, they had dogecoin before anything else.

We all new it was a joke, but even memes can have value.

almost everyday someone is saying that the bubble will burts, the end of cryptos and so on... we did have a big correction in the last 10 days but now we are going up again. why? people want to get in cryptos, not out. there is no bubble here.

maybe the whales aren't done yet with their games and they wanted to create another news regarding to crypto's future fate, I'm sure with those
support which is already showing right now and how fast the investors and newcomers taking some risk investing with bitcoin or other crypto
will be the deciding factors of our journey inside the crypto industry.

Here is wordspavovv prophecy.
Banks will try to crash all Decentralized coins, they bought billion dollars coins and are going to sell a lot just to crash the prices and call it as a bubble. Banksters always have their way to control everything, they will manage a big damage to the cryptowolrd, but the cryptos will rise again like Phoenix to shut down banks and bring the new economic system to live.

Yes, there is a lot of rubbish out there, but a lot of good stuff too, that meets real needs.

Bitcoin will I think supplant gold as the principal store of value. Something like ETH is needed too; blockchain smart contracts will be extremely important. Same goes for XRP, eliminating inefficiencies in international banking. And similar statements can be made down through the list... but as marketcap falls, you hit more and more coins that are either copies of other coins, have no use, or are outright worthless.

Let's hope he is wrong.

We just at the beginning of real bubble. Cap is still tiny. Real estate bubble(finished) -> Stocks bubble (continues) -> Crypto bubble (just starting)

Actually the chart looks very nice for Dogecoin in my opinion.

After latest news about JPMorgen as big bitcoin investor (if it is not fake news) and this  statement, I am asking me, which bank wants to buy cheap dogecoins :)

CryptoCurrency and Blockchain are here to stay!! Perhaps a lot of the ICO's and Coins are going to fail at some point!

Yes blockchain is a great technology and it is here to stay.
We may be in a crypto bubble and it doesn't mean that it will burst soon. We are just getting started! New and new investors are putting their money on to the cryptos. But one thing for sure we are definitely in an ICO bubble each and every day some imaginary companies popping up to fund their scam project, 90% of them will end very bad. We definately need to be careful.

Why ? are there any threatening issues?

I totally agree with this statement. Even if a lot of coins are not scams and look promising, only a few of them will get mainstream and survive to the bubble explosion. I only invest in coins with a wide span of potential and not limited to a single use case.

He might be invested on bitcoin or alts before the we faced big dump happened recent days before. If this downfall gonna happen then why Japan invest on bitcoin mining with the 20 million USD on it.

I will that after 10 years fiats will be locked and all the government will introduce the altcoins for their own. This will be happen for sure.

I used to think a big crash was possible but now I know better.

in graphs there is 2nd shoulder in formation.

expect major dips from the next week ans a long bearish period

What you pointed out is correct that if the bitcoin and other crypto currency are fraud and scam then why Japan and other big country are implementing bitcoin and given bitcoin as currency and made it legal to use it and even setting up mining options. So this are just fud so that they can pull the market down and buy back in low before it moves to more high price.

I think you didn't understand why he call Bitcoin a scam. Look back maybe 10-14 days, JP Morgan predict that Bitcoin will fall soon at 3000$ and it happen.

Now why that happen, JP Morgan want to enter into crypto market to play little with us and make big money. He say that Bitcoin is a scam to drop a price on 3000$ which was a support price, they make research for sure and then wait that Chinese make that announcement that will close all exchange. People was think that will go even more down.

At that moment it was Friday they start to buy big amount of Bitcoin and price jump from 3000$ to 3600$ i think in 24h or even sooner.

Ok, that's past. They have big amount of Bitcoin, what will they do or use them fore? to manipulate market, to make big profit ?

First China bans ICOs. We're in a reprieve or deadcat bounce until the SEC, the UK (https://bitcointalk.org/index.php?topic=2183804.msg21943715#msg21943715) or some other major country (Japan, Singapore, Hong Kong, Russia or South Korea (https://bitcointalk.org/index.php?topic=2145300.msg21521472#msg21521472)?) bans or threatens enforcement against ICOs.

It's either coming or nations will have abandoned their regulatory power (https://bitcointalk.org/index.php?topic=2145300.msg21885531#msg21885531) over fundraising...

I don't have any opinion on whether BTC is still going to exceed $5000 before the coming doom. Perhaps China will come out with regulations for ICOs making them legal but forcing them to trade only on regulated exchanges, and that might rocket up the market again. And then the market could get knocked down again if/when another major country adds regulation enforcement for ICOs. I lean towards eventually regulation is going to be enforced against ICOs in several major nations (if not all of the G20), which will make the ICO issued tokens illegal to trade, spend, and use (except on regulated exchanges for tokens registered with the authorities in each of those nations). This is why I'm contemplating another way to do fundraising (https://bitcointalk.org/index.php?topic=2145300.msg21945844#msg21945844) that doesn't encumber the tokens with this future regulatory risk.

P.S. I don't think China's ban of BTC-fiat exchanges is permanent. I believe they will just tighten capital controls such that it's impossible to move fiat on to the exchange, buy BTC, and take the BTC out of the exchange over some threshold per individual per period of time. But even that is sort of pointless, as they would need to also regulate mining to prevent people from buying BTC with fiat. W.r.t to tokens which were not ICO issued, China mainly needs to control capital flight.

Is he banking on a downfall of crypto due to China's regulations etc.
Or is he saying this because doge has been dumped a lot lately?  ::)

Crypto may see a set back but with all the hype and word of mouth around the world there is no way that people won't continue to invest.

I read this the other day, and I agree with his viewpoint for the most part.
In addition to the above scammy behaviors, the crypto market just appears to me
to be way over inflated, and these days I think the 'common man' is finding his way
into the market...and you know when that happens, it's game over.  It may be a
few months until the bubble finally pops, but it's going to.  It's just a matter of time.

Yup so a guy who made a funny meme CC said something is gonna happen and thats news? He didn't even know how to run a coin, it eventually had to be linked to LTC to survive.



LMAO! I wrote my post before reding any posts and saw yours after I wrote mine, great minds I guess. Lol

He knew exactly what he was going when he created Doge. He is pretending he didn't know, for his legal protection. He's a very astute person who understands that crypto (so far) is only about mindless speculation, scams (https://bitcointalk.org/index.php?topic=2145300.msg21945844#msg21945844), and illegal activity. He created Doge to prove this point and laugh at all of you.

And he is giving you a prescient warning about the nature of scams, mindless speculation, and bubbles.

I warned everyone (https://bitcointalk.org/index.php?topic=2145300.msg21461383#msg21461383) about the ICO crash two days before it happened. Are he and I both idiots or prescient?

There are so many black propaganda against crypto world but still they can afford to face it and make them more stronger. Even though some altcoins are fail, but it isn't enough to crash cryptocurreny just for that issue.

Probably this guys was salty cos look at dogecoin right now it crashed way hard. His investment is going to crash more in the future.

blockchain technology is a revolutionary technology that here to stay
he can not compare his doge coin experience to the whole crypto world
doge coin is not that great

Doge is something that needs to be overhauled or it will crash anytime. That should be the one this man is trying to realized and do something about. The entire crypto thing is beyond his control and his business. He should be improving his very own invention which is stuck up somewhere.

No one know it's a bubble until it burst. But we are in need of more regulations. We are in need of better platform to launch ICO. For example, Slack is not built for ICOs, yet many ICOs use Slack as a form of communication. 

I believe he has stated in the past that he doesn't own any Doge and that he didn't make any money on it.


Is enforcement of securities regulation propaganda or reality?

You guys don't want the Koolaid greater fool punch bowl to run dry because your greed exceeds your ethics (you're stealing money from greater fools and know damn well that all of the ICOs are scams which produce nothing of merit which have any utility-of-significance other than harvesting greater fools). You're "rational actors" who defect from civilization and prefer a tragedy-of-the-commons (https://bitcointalk.org/index.php?topic=2145300.msg21945238#msg21945238). If you had any R&D of merit to fund, you'd care about the long-term legality of your development and thus do it with legal private placements or crowd equity that pay back legally issued tokens earned rather than (https://bitcointalk.org/index.php?topic=2183804.msg21943715#msg21943715) creating illegal investment securities pump & dump tokens.

All the monetary claims on labor you've accumulated will be useless if civilization collapses into tragedy-of-the-commons Dark Age. I know you do not care and it isn't your concern. That is why we call it a tragedy-of-the-commons. You're "rational". Well rational only if you presume the authorities will not come after you ex post facto (i.e. later) for trading in and promoting MLM scams in defiance of MLM laws in some major countries (https://bitcointalk.org/index.php?topic=2183804.msg21943715#msg21943715) and illegal investment securities.

The Shit Token (https://bitcointalk.org/index.php?topic=2174052.0) is the epitome of daring the regulators to act. However, afaics the Useless Ethereum Token (https://uetoken.com/) might avoid the issuance of securities if indeed the issuer isn’t being relied on by investors for any future managerial efforts (although the promise that the value won’t decline and promise to manipulate the price might be construed to be ongoing managerial efforts expectations unless most investors thought it was a joke), yet they’re still likely violating AML regulations by selling tokens instead of spending them on goods and services (http://archive.is/P1yKc#selection-287.12-287.459) and possibly enabling MLM scams as an issuer (https://bitcointalk.org/index.php?topic=2183804.msg21943715#msg21943715). If investors are expecting ongoing development efforts, the if the issuer thinks that disclaiming future profit is going to protect them from breaking the law, the economic reality would be they are still selling and promoting an illegal investment security, because speculators will speculate on greater fools speculating.

It's certainly that crash is coming. we are in the dot com bubble.

after the crash we will see born of serious projects

Their could be a crash, there will certainly be a crash. The actual price of all the crypto is only a reflect of the hype around it. It is a bright newborn market with no regulation, and a kind of new far west where anything is possible from scams to big revolutionary projects. Big bad news could effectively make the price of the cryptos fall down. Bad news = scared investor = selling = SELLING = SELLING SELLING SELLING. Nothing new here. I hold, would wait the crash to buy more and still hold for a few years. Blockhain is a revolutionary technology that I think will go mainstream. Time to invest !

They can have a crash in price, some established coin may fail, but the blockchain is already embarrassed by the world and will not only remain but innovate to fulfill a wide range of needs.

Nowadays, Palmer is one of the voices that warns about a possible overthrow in the cryptocurrency industry. "What is happening now in the crypto world is what happened to Dogecoin. I'm worried because now it's on a much larger scale, "reinforces the developer. Recently, he started doing a series of videos on Youtube with the goal of explaining to the beginners what is behind the technology and how the crypto-coins really work. In his opinion, this bubble "will burst as it did with the dot-com bubble, but on a much more epic scale."

And on that bombshell, whilst the Bitcoin waters ripple with the news, time to bug DOGE and wait for the rebound  8)