What happened in the last collapse of the crypto money market seems to be talked about a lot. Jackson Palmer, co-founder of Dogecoin (DOGE), the parody of Bitcoin, considered the ancestor of crypto, says that crypto is the House of Cards.
Dogecoin inventor Palmer: Some cards drop from House of Cards!
Dogecoin co-founder Jackson Palmer gave an interview to Australian television panel “The Project”. In its most recent situation, Palmer likened cryptocurrencies to a house of cards. Moreover, the Dogecoin inventor says that some cards have crashed:
Some cards below that began to fall.
So how does the latest price correction mark the end of cryptocurrencies? Jackson Palmer admits it’s “too early” to say for sure. Further, Palmer states that decentralized finance (DeFi) is actually the underlying cause of the crypto crash. As you follow on Kriptokoin.com, what happened in the DeFi protocol Celcius Network has left its mark on the last days.
According to the co-founder of Dogecoin, there are those on DeFi that offer interest rates that are too good to be true. This means gambling with users’ funds. So it is possible that these altcoin projects are blamed as the reason for the collapse of cryptocurrencies. Jackson Palmer makes the following statement:
Obviously, while doing this, all you have to do is one of those things you’re betting on to crash. Then it starts a chain reaction of all kinds.
“Cryptocurrencies have no value!”
Jackson Palmer believes that cryptocurrencies have no value proposition due to strict regulations. Last November, the total cryptocurrency market cap approached $3 trillion. However, the Dogecoin co-founder does not see any particular use cases for the coin. “It’s pretty easy to use electronic banking these days,” Palmer says.
The Australian software developer hopes the ongoing collapse will be a “wake-up” call for people. As you can remember from the news of Kriptokoin.com, Jackson Palmer has made heavy criticisms before. The DOGE inventor stated that cryptocurrencies are facilitators of scams.
Also, Jackson Palmer clinked horns with Tesla CEO Elon Musk on social media. Tesla CEO played an important role in making Dogecoin popular. In addition, he made DOGE pump a lot with his Twitter posts.
Dogecoin, which was ranked 10th in the market at press time, is trading at $0.05951, down 2.79% on a daily basis. DOGE is down 92% from its record high last May.
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