Dogecoin (DOGE) Creator Says Crypto Bottom Is Collapsing

Dogecoin DOGE/USD co-creator Jackson Palmer compared cryptocurrencies to gambling at the roulette table and said their bottom had “started to crumble”, in another critical take on digital coins.

What happened: On a recent Australian TV show, Palmer said the latest cryptocurrency downturn isn’t over yet, but many people are realizing the “systemic risks” it presents.

“If you think of [Crypto] like a house of cards, some of the cards at the bottom of it started falling apart,” Palmer said on the show.

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Why is this important: Palmer attributed the latest cryptocurrency crash to decentralized finance (DeFi) and its high-interest lending.

Regarding industry regulation, Palmer said that “some people view cryptocurrency as a more convenient way to do traditional finance.”

He said regulation of cryptocurrencies would erode their value proposition as it is quite easy to do the same with electronic banking.

Calling the crash a “wake-up call” for average investors, Palmer said cryptocurrencies were no different from playing at a “roulette table”.

In a recent tweet, Palmer swept Marc Andreessenthe co-founder of Andreessen Horowitzfor his comments on the benefits of Web 3.

Palmer, who created DOGE with Billy Marcus in 2013, a parody called cryptocurrencies “parasitics”.

He also attacked major cryptocurrency backers such as Tesla Inc. TSLA CEO Elon Musk and Dallas Mavericks owner Marc Cuban.

Price action: At press time, on a 24-hour basis, Dogecoin was trading down 0.1% at $0.06, according to data from Benzinga Pro.

Read more : Bill Gates denounces crypto, NFTs: shams based on the “biggest fool theory”

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