It’s no secret that the cryptocurrency industry is full of scams. From resume-padding ICO founders to exit-scamming exchanges, it seems like there’s no shortage of bad actors looking to take advantage of unsuspecting investors.
But according to a recent tweet by Billy Markus, co-founder of the popular memecoin Dogecoin (DOGE), the vast majority of projects in the industry are nothing but ‘garbage’ with no real value to offer.
the reason why people think crypto is 95% scams and garbage and most crypto people are assholes is because crypto is 95% scams and garbage and most crypto people are assholes
let’s change that. it starts with you – what you support, and how you behave.
— Shibetoshi Nakamoto (@BillyM2k) May 16, 2022
It’s a harsh assessment that seems to be attributed to the recent collapse of the Terra’s UST stablecoin, but it’s one that many people in the industry would probably agree with. With so many projects failing to deliver on their promises, it’s no wonder that scams are so rampant in crypto.
In a follow-up tweet, Markus added that a large swaths of crypto investors “don’t even understand the fundamental basics of either crypto or how markets work.”
“I would guess by reading what people say,” Markus continued, that “at least 70 percent have absolutely no clue” how crypto actually works.
Knowing that his crypto remarks would be controversial, Markus also said that “the only people who are gonna react triggered and lash out to this tweet are the scammers and assholes.”
As expected, the crypto world was ablaze with controversy after Markus expressed his displeasure with the current state of the altcoin market. This, predictably, led to a heated debate among members of the crypto community, with some users coming to Markus’s defense and others accusing him of lacking self-awareness.
After all, it was Dogecoin that spurred the creation of hundreds of useless memecoins in the first place. Markus responded by arguing that Dogecoin was not created for profit purposes but as a joke to make fun of the state of the crypto market and the number of useless projects in the industry. He further stressed that he prefers quality over quantity.
Whether you agree with Markus’s opinions or not, there’s no denying that he has a valid point. With so many altcoins on the market today, it can be difficult to wade through all the noise and find coins with real potential. Hopefully, this tweet will inspire more project founders to focus on developing products with real value instead of just churning out copycat projects.
Meanwhile, Tesla CEO Elon Musk, a major proponent of Dogecoin, reacted quite differently from others to Markus’ tweet, replying with an emoji of a face crying with laughter. In the past, when Musk has tweeted about Dogecoin, the price has always gone up.
In February of last year, after Musk tweeted a photoshopped image of crypto asset’s canine mascot planting a Dogecoin flag on the moon, the price spiked. DOGE’s price saw another surge last month after Musk’s Twitter purchase confirmation- the Tesla and SpaceX chief has been working on getting his electric car company to accept DOGE as a payment method. This just goes to show that Musk’s tweets can have a big effect on Dogecoin’s price.
🤣
— Elon Musk (@elonmusk) May 16, 2022
Price Action
DOGE lost 5.32% during today’s trading and changed hands at $0.08521.
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