What's your opinion on Jack Palmer's thoughts on cryptocurrency?

[libert19]

You can read here: https://mobile.twitter.com/ummjackson (there are only those 10 tweets, nothing to scroll)

Although I preach how good crypto is to people I meet. His thoughts do make sense. What do you think?

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[mk4]

I mean, there is some truth to what he said, but correct me if I'm wrong, but isn't there anything new with what he said to anyone with decent knowledge in this space? Most cryptocurrencies being centralized, pump and dumps, manipulation, and other shady stuff and all that. In a mostly anonymous and pseudonymous industry, it's almost guaranteed to have a lot of bad actors.

[Dave1]

I mean, there is some truth to what he said, but correct me if I'm wrong, but isn't there anything new with what he said to anyone with decent knowledge in this space? Most cryptocurrencies being centralized, pump and dumps, manipulation, and other shady stuff and all that. In a mostly anonymous and pseudonymous industry, it's almost guaranteed to have a lot of bad actors.

He definitely has some point, but the thing is, this is not the first time that we have heard this argument. Maybe he is just spinning some words around, but in the end, it's about manipulation by whales, crypto influencers. We've seen and heard this before and his argument sounds like a broken record already.

But I disagree that crypto is supposed to replace fiat, it won't happen. Governments around the world are now experimenting with CBCD. But whatever, to each its own.

There is no perfect system.

[pooya87]

In a mostly anonymous and pseudonymous industry, it's almost guaranteed to have a lot of bad actors.

To be fair the pump and dump-y nature of the shitcoins that keep popping up has nothing to do with the pseudo-anonymity of the technology. It is all about the fact that creating something new (but useless) out of thin air costs nothing and it also doesn't take that much effort specially nowadays with tokens. So they keep watching a 10 minute walkthrough on how to create a new token and then sell that shittoken for millions to idiots who would buy it.

[mk4]

To be fair the pump and dump-y nature of the shitcoins that keep popping up has nothing to do with the pseudo-anonymity of the technology. It is all about the fact that creating something new (but useless) out of thin air costs nothing and it also doesn't take that much effort specially nowadays with tokens. So they keep watching a 10 minute walkthrough on how to create a new token and then sell that shittoken for millions to idiots who would buy it.

Sure, it's a combination of a lot of things including the things you've mentioned; but pseudonymity/anonymity sure is definitely a huge factor due to the fact that they can easily easily get away with their scams. Compared to making a scam in a traditional manner where the scammer is a lot more at risk of getting exposed.

[Tytanowy Janusz]

"Lose your savings account password? Your fault." - whose else? you did not protect it well enought!
"Fall victim to a scam? Your fault." - whose else? You send money to guy who claimed to send back twice as much!
"Billionaires manipulating markets? They’re geniuses." - Manipulating market is harder than trading with small wallet. Manipulating centralized shitcoins with 90% of supply in hands of 1 whale is easy but investing/trading them is rather p.2 "Fall victim to a scam" because of lack of research


"Cryptocurrency is like taking the worst parts of today's capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person."

We see the worst part of today's "capitalist" system outside of crypto. Not inside. Full of corruption, fraud. Current monetary system is the biggest scam in human history.

[TheUltraElite]

I mean he did create the Dogecoin as a meme and they did not have any ulterior motive to creating it unlike any other cryptocurrency that gets funded in today's market. A meme to bitcoin mostly at that time.

But it ended up being more than just a meme. It became a sensation and people wanted it to go up in price.

I believe if any of you would have even been in Jack's shoes you might get the idea of what I am trying to say. Your creation is the point of a huge discussion and criticism today. Almost like a father has to watch the criticism of their child but they cannot do anything about it. Possibly this has hurt them for years now and what we are seeing today is the outburst of that rage.

There is another view to this : Is it possible that Elon has paid Jack to sat this, so that people dump their bags and Musk gets a discount to fill his bags again? It would be interesting to see how these celebs follow up their posts in order to prove or disprove my statement.

[Lorence.xD]

I mean, there is some truth to what he said, but correct me if I'm wrong, but isn't there anything new with what he said to anyone with decent knowledge in this space? Most cryptocurrencies being centralized, pump and dumps, manipulation, and other shady stuff and all that. In a mostly anonymous and pseudonymous industry, it's almost guaranteed to have a lot of bad actors.

Not to mention that these bad actors is just an inkling compared to stock market where they even have companies dedicated to shorting companies and making the shorted companies on their heels because that's how they make the money.

[mk4]

Not to mention that these bad actors is just an inkling compared to stock market where they even have companies dedicated to shorting companies and making the shorted companies on their heels because that's how they make the money.

Yea, the morals and ethics of shorting a company or any asset in general can definitely be debatable, but it's totally legal (fortunately or unfortunately). George Soros' shorting of the British pound and Melvin Capital's shorting of Gamestop are perfect examples of shorts that are very questionable in a moral/ethical standpoint .

[passwordnow]

Have heard those tweets he made years ago when the market was very bearish. I guess it's again the time that we're going to read and hear the same thing as these people are starting to come back based on the actual market that we've got.
They're also watching the markets and tweets according to what they see and it's normal when we see people having those thoughts that are real and it's their opinion. He knew what the market is and he made Dogecoin. I think I saw someone say the same negative thing about the market when he has left bitcoin, the young millionaire that became trending on 2017.

[milani]

There is another view to this : Is it possible that Elon has paid Jack to sat this, so that people dump their bags and Musk gets a discount to fill his bags again? It would be interesting to see how these celebs follow up their posts in order to prove or disprove my statement.

First my thoughts were of such kind like you wrote - that everything you see in the Internet resources you should not believe at once. We all know that lots of in our world is bought and sold, and every statement, positive or negative may play concrete role for someone.
And according to the thoughts of Jack Palmer in his tweets about crypto, it is his opinion and that's all. Of course there are some true moments in them, but mostly we should make our own conclusions. Comparing cryptocurrency and other things, we can find even more negative things outside crypto, and more manipulations and fraud. So in my opinion cryptocurrency is not the worst for our personal needs among other things, but just on the contrary.

[adzino]

Does it matter what he thinks about crypto currencies? He co-created dogecoin. Things probably didn't go his way and now he hates all crypto currencies. I mean, you can see all the hate he has based on his "opinions". It kind of feels like he is just looking for some attention right now. Nothing else. It shows how delusional he is when he said crypto currencies are scam that are controlled by "cartels". LOL!

Is it possible that Elon has paid Jack to sat this, so that people dump their bags and Musk gets a discount to fill his bags again? It would be interesting to see how these celebs follow up their posts in order to prove or disprove my statement.

Lol, you really think this is what has happened? Please tell me you are just making a joke based on how everyone blames Elon for everything that is happening right now...

[hatshepsut93]

A lot of what he said applies to altcoins and at the same time doesn't apply to Bitcoin. Bitcoin is not a scam or a for-profit project, it's not being marketed by anyone at all and it's not controlled by a small group of people. That why talking about cryptocurrency in general is often pointless, because there's way too many differences between Bitcoin and altcoins, even though technologically they are pretty close.

I don't agree that crypto or Bitcoin is a good tool to avoid taxation or auditing, it's all public record and exchanges easily cooperate with governments.

[dothebeats]

There is some sense to be found on his statements, given that the space is, until now, plagued with a lot of people with obviously bad intentions that will only benefit themselves. Being a co-creator of Dogecoin, which is supposed to be a coin that is subtly mocking cryptocurrencies, I do get where he's coming from, though some of his remarks clearly is coming from what he believes in and no pure logical reason to back it up. I guess you can't really shake off the beliefs of a man who created something that is supposed to mock the majority, yet ended up creating something that the people will love and make money from.

[GreatArkansas]

Jackson Palmer got a point here especially when talking about "price manipulation" by the whales, I believe in it. I once read an article about the Bitcoin cartels way back around 2017-2018.


"For these reasons, I simply no longer go out of my way to engage in public discussion regarding cryptocurrency. It doesn't align with my politics or belief system, and I don't have the energy to try and discuss that with those unwilling to engage in a grounded conversation." - https://twitter.com/ummjackson/status/1415353991966248963

Jackson Palmer is just expressing his thoughts on cryptocurrency, as we all know Jackson Palmer is co-founder of Dogecoin, he has indeed had lots of experience before, OG of crypto. He got reasons why he is not active anymore in the cryptocurrency world.
Maybe Jackson Palmer's thoughts may change in the future, we don't know, it's very early to decide as cryptocurrency is still early too.

[Darker45]

You must naturally feel bitter regret when your creation which is intended to be a joke suddenly becomes something of questionable importance. When you create something you don't take seriously and expect others to treat it the same way as you do, and yet for some weird reasons it suddenly gains so much value, you'd probably also question why things are happening that way. It must be disappointing. What's worse is that you've got nothing to do with it anymore. You've already left it. And you're now seriously watching your own joke from the sidelines becoming a billion-dollar creation.

[TheUltraElite]

Lol, you really think this is what has happened? Please tell me you are just making a joke based on how everyone blames Elon for everything that is happening right now...

It is upto you how you see it. Just a statement that crossed my mind, no proof to back it and none will be seen in future either to prove or disprove my theory. I do expect the statement I made before that to be more correct.

I don't agree that crypto or Bitcoin is a good tool to avoid taxation or auditing, it's all public record and exchanges easily cooperate with governments.

If someone tries to evade taxation and use crypto as a means to do it, they will be caught, maybe not today, not tomorrow but some day for sure. Also dont think that one can remain completely anonymous, they will be traced no matter how much off the grid they try to keep themselves, even painfully.

Point is that, the statements made by Jack has been fueled by rage and rage makes people splutter things that are not having proof and neither having a logical backing but trying to piece together what they seem as correct and what fits their narrative for their hate.

[rikybrosh]

Honestly I met or see many people like him but what I know is usually they don't get anything from their criticism, usually they don't become richer. I think he don't understand the advantage of bitcoin. Beside of this technology can prevent audit, taxation, and regulations but for me it's not that important. I think the things that more important than that is the freedom from inflation and control. In my opinion sometimes being controlled by governments is good but sometimes government make a regulations which make the citizens suffer financial loss. Anyway cryptocurrency is just alternative currency which is it is just an option.

[Kong Hey Pakboy]

Not to mention that these bad actors is just an inkling compared to stock market where they even have companies dedicated to shorting companies and making the shorted companies on their heels because that's how they make the money.

I mean it's not they are bad, it's just that the system works that way and they know that they can make money out of it, I personally don't mind them shorting companies because they are basically in a dog eat dog situation, it's not like these companies that they short are not as evil as others right? I mean look at Tesla, they employ child labor to mine their cobalts in Africa and they get shorted too.

[Lorence.xD]

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I mean it's not they are bad, it's just that the system works that way and they know that they can make money out of it, I personally don't mind them shorting companies because they are basically in a dog eat dog situation, it's not like these companies that they short are not as evil as others right? I mean look at Tesla, they employ child labor to mine their cobalts in Africa and they get shorted too.

That's a strong words to say the least, I mean even if you think that they are evil corporations that are trying to undermine each, we should never forget our morals because that's what make us a human.