DOGE Co-Founder Says 95% Crypto Projects Are Scams

The DOGE co-founder says 95% of crypto projects are scams, sparking a heated debate on Twitter which made Elon Musk respond as well so let’s read more about it in today’s latest Dogecoin news.

Billy Markus, the DOGE co-founder says 95% of crypto projects are scams and garbage that has no real value to offer. They argued that most cryptocurrencies are worthless as they succeeded in destroying the reputation of the industry.
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According to Markus, the financial players and mainstream internet users labeled the entire digital asset landscape as garbage and a scam because of the bad players and projects in the space. Markus’ tweet came in the wake of a terrible failure of the terra project.

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

The project crash started when the UST stable con depeged from the $1 and brought LUNA down with it. All efforts by the LUNA foundation Guard defended the peg and proved futile as the project crashed at the end and left investors wondering what to do with all the losses. Knowing that his statement will be controversial, Markus added:

 “Also note that the only people who are gonna react triggered and lash out to this tweet are the scammers and assholes.”

The tweet sparked a heated debate among the members of the community and some users were ins support of his opinion while others accused him of lacking self-awareness considering that he co-founded Dogecoin which also many considered useless. Markus pointed out that DOGE was created as a joke to ridicule the state of the crypto market and said he prefers quality over quantity. Elon Musk, however, as the CEO of Tesla and the self-proclaimed DogFather, reacted differently. He is known to support DOGE for years now and he found Markus’ tweet very funny, replying with rolling on the floor laughing emoji. Musk is one of the biggest influencers for Dogecoin and even his electric car company announced to be enabling DOGE payments for merchandise.

The rapper Ice Cube known as O’Shea Jackson Sr jumped on the DOGE bandwagon with the endorsement of the incredible and historical DOGE transaction. Ice Cube backed DOGE and his entry is related to the BIG3 basketball league that he co-founded. The organization features former NBA stars in a three on their format as opposed to the five-on-five basketball games.