Cryptocurrency crash is coming, warns Dogecoin creator

[bbc.reporter]

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.



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

[monkfishy]

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)

[NoiseBoy]

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!

[Hyperme.sh]

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.

[hv_]

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.

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 .....

[sweerty1]

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.

[Justaguy2]

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.

[slate_main]

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.

[Jdope]

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.

[pedrog]

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.

[Matic]

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.

[carlisle1]

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.

[wordspavovv]

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.

[styca]

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)

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.

[Zogrd]

Let's hope he is wrong.

[TooDumbForBitcoin]

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)

[vipgelsi]

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

[Zocadas]

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

[cryptonianz]

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

[3DBrushes]

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

This is what a lot of people are getting at. The herd needs to be thinned. Blockchain is a great technology.

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.