Dogecoin co-founder Jackson Palmer says Elon Musk is more stylish
Dogecoin’s Australian co-author Elon Musk has been described as “more elegant” who sells a vision that pretends to understand it while not even knowing how to run the underlying code.
Jackson Palmer is an Australian-born software developer who created Dogecoin, a meme-based cryptocurrency that quickly became one of the most valuable digital currencies in the world. He stopped working on cryptocurrency in 2015 and has since denounced the technology.
In a rare and extensive interview with cricket Simultaneously with the release of his new podcast about grifts, he talks about Elon Musk, the “winter” cryptocurrency and the popularization of rentier capitalism.
Palmer says he spoke with Musk via Twitter direct messages after he developed a script to automatically report crypto-related scams in user responses: “Elon reached out to me to get this script and it became clear very quickly that he didn’t understand coding as well as making it out. He asked, “How do I run this Python script?”
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Elon Musk has repeatedly promoted Dogecoin as part of his freestyle, shtick disposal, and the mention of memecoin as recently as this week has driven its value up. But Palmer is not a fan of Musk or other billionaires.
“About a year ago when Musk was saying something about cryptocurrency, I said that Elon Musk was and always will be more stylish, but the world loves assholes,” Palmer says. “They love the idea that they might become a billionaire one day, and that’s the dream that sells.”
Palmer believes that Musk’s attempt on Twitter is a ploy to either destroy the platform or at least devalue it further. He points to the billionaire’s frequent criticism – including amplifying some of the platform’s most pessimistic critics – since the takeover bid was announced, as evidence.
“His play is to either dismantle all confidence, or maybe he is delusional enough to think he can build an alternative. The other alternative is that he wants to push it into the ground at a much lower price, and I think that’s what he’s doing,” he says.
Palmer also believes that the current drop in cryptocurrency prices – the so-called “crypto winter” – has not stopped the flow of big investments. He predicts that there will be a bigger and longer bubble burst sometime in the future.
“It will be much more painful and unfortunately likely to affect minorities and those at the lower end of the socioeconomic spectrum when it happens. So, when the people who have been assimilated, the people who have been sold into the [viral cryptocurrency-promoting] Matt Damon commercial and who brought up [retirement fund] 401k in, those are unfortunately the people who are going to get hurt.”
One of the benefits of the current downturn, Palmer says, is that more people are taking notice of the flaws in cryptocurrency and the community around it: “There has been an awakening. They realize ‘OK, this is actually bullshit.’ They see cracks in the paint.”
He even sees more support for his skepticism about cryptocurrencies from people who are still involved in the community. But their newfound self-awareness does not necessarily lead them to leave the cryptocurrency scene.
“When I say it’s a Ponzi scheme, the response is ‘So what, the world’s pyramid scheme’,” Palmer says.