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Dogecoin inventor calls Elon Musk 'grifter' for propping crypto and FSD 'Ponzi' as he predicts a harder price crash

Elon Musk has often touted Dogecoin and other crypto (image: Kanchanara/Unsplash)
Elon Musk has often touted Dogecoin and other crypto (image: Kanchanara/Unsplash)
The Australian co-creator of the meme cryptocurrency Dogecoin, Jackson Palmer, has some harsh warnings about the future of crypto and doesn't mince words when it comes to Tesla's CEO Elon Musk. Musk, according to Mr. Palmer, has no idea about coding or the underlying risks associated with crypto and makes investment advices like he gives FSD Beta promises.

Soon after Elon Musk pumped Dogecoin's price by promising that SpaceX would start accepting merch payments in crypto like Tesla does, the Australian co-inventor of Dogecoin tuned in to call him a "grifter" who is bamboozling people about his knowledge of crypto investment. Charles Palmer should know this, as he started the memecoin trend by co-creating Dogecoin and subsequently denouncing his own crypto concoction as a scam.

In an interview about his new podcast Griftonomics, Mr. Palmer mentioned that his interactions with Tesla's CEO have convinced him he has little knowledge of crypto or coding in general:

The first time I messaged him on Twitter years ago, I had written a bot, a script that would automatically detect if there was a cryptocurrency scam in your Twitter mentions and would automatically report them to the platform. I worked with Jack and his product management team so that when these reports were submitted they’d get them instantly. I gave it to other crypto influencers.

Elon reached out to me to get hold of that script and it became apparent very quickly that he didn’t understand coding as well as he made out. He asked, “How do I run this Python script?” After I gave him the script, I wasn’t a fan of him. He’s a grifter, he sells a vision in hopes that he can one day deliver what he’s promising, but he doesn’t know that. He’s just really good at pretending he knows. That’s very evident with the Tesla full-self-driving promise.

By that last part Mr. Palmer alludes to Tesla's Full Self-Driving Beta mode whose Level 4 or even Level 5 autonomy has been promised numerous times by Elon Musk to arrive in the respective year, even though it may still be way off in the future, or never happen. On the general state of the current "crypto winter" pricing decline across the board, Charles Palmer sees a lot of money being funneled in many a crypto "Ponzi scheme" still and is not very optimistic there won't be another, even harder price crash.

I wouldn’t say that it’s in a winter. I still see heaps of money being funnelled in by crypto promoters. They’re 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’ve had ICOs, DAOs, now it’s NFT. Now I’m seeing initial game offerings as the latest thing...

I think there’s going to need to be a crash. I think we’re well overdue for some sort of pop, and I don’t think it’s going to be a big boom. It’s going to be a lot more painful, and unfortunately it will probably affect minorities and those lower end of the socioeconomic spectrum when it happens. So, when people who have been suckered in, people who’ve been sold on the [viral cryptocurrency-promoting] Matt Damon commercial and who put their [retirement fund] 401k in, those are unfortunately the people who are going to be hurt.

Mr. Palmer also predicts that Elon Musk is trying to buy Twitter in order to either "destroy" it by lowering the trust people have in the platform hence lowering its takeover bid price, or "he’s delusional enough to think he can build an alternative."

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Disclaimer: The information reported here should not be used as a basis for any personal investment decision. Notebookcheck does not offer cryptocurrency, NFT, or other trading, investment, or financial advice.

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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2022 05 > Dogecoin inventor calls Elon Musk 'grifter' for propping crypto and FSD 'Ponzi' as he predicts a harder price crash
Daniel Zlatev, 2022-05-30 (Update: 2022-05-30)