Elon Musk’s Reaction to Doge Founder Markus’s Comment on Crypto Scams
The most significant source of risk while trading cryptocurrencies is their volatility. They are speculative and high-risk, and you should be informed of the risks before you start trading.
Cryptos are expected to be very vulnerable to fraud and scams because there are no regulatory safeguards in place. One should be aware of the volatile nature of cryptocurrencies, as well as the potential security, legal, accounting, and tax risks before investing. One of the elements that drive the bitcoin market is volatility. If you’re not familiar with the term “volatility,” it refers to unanticipated changes in market sentiment that can result in large and quick price changes.
The bitcoin market isn’t the only place where volatility exists. They exist in other financial sectors as well, but their severity and prevalence are greater in the crypto realm. The asset class’s high volatility can be linked to a variety of variables, including its relatively new structure when compared to other types of investing.
The Controversy
After DOGE co-founder Billy Markus claimed that 95% of cryptocurrency projects are scams, a new discussion has erupted. This event drew the attention of Elon Musk, the world’s richest man, who is a fan of Dogecoin and has spoken out about it. There have been a number of well-known scams that have been utilized to defraud crypto investors.
Regardless of the fact that he is no longer actively engaged with the memecoin he helped build, Markus is known for his outspoken and frequently caustic comments on Twitter. He recently claimed that DOGE’s primary competitor, Shiba Inu’s metaverse project (SHIB), is a hoax. The software developer’s criticisms have now been expanded to cover the entire bitcoin industry.
“The reason why people think crypto is 95% scams and garbage and most crypto people are assholes is that 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.
Cryptocurrencies have earned a bad rap since their inception, according to Markus’ tweet, with many people, notably traditional financial players, using derogatory words to describe the asset class. Elon Musk, Tesla’s CEO, responded to Markus’ message with a “rolling on the floor laughing” emoji, which the latter complimented as incredibly clever.
Markus went on to warn that anyone who will be triggered and rage out as a result of his speech is a “fraudster.” The remark, as expected, sparked a heated debate on Twitter among bitcoin enthusiasts. Many have accused Markus of being self-centered because he co-founded Dogecoin, which has generated a number of bogus cryptocurrencies. Others have accused Markus of being self-obsessed because he co-founded Dogecoin, which has spawned a slew of fake cryptocurrencies. Markus justified himself by stating that Dogecoin was created for the sake of “satire. Underlining that quality over quantity is important to him.
“Also, keep in mind that the only people who will respond and attack this tweet are the fraudsters and the fools,” the engineer continued, anticipating a backlash to his views. In reality, the message has received almost 1,800 responses. Many users support Markus’ point of view, while others accuse him of hypocrisy. Despite its status as a memecoin, Dogecoin has a market cap of billions of dollars. In recent years, its success has encouraged the creation of a number of copycat meme cryptocurrencies.
The engineer was quick to bring up that DOGE was created as a joke about the current condition of the cryptocurrency market in this regard. It contains a variety of worthless undertakings, according to Markus. Nonetheless. The Dogecoin team has pioneered various notable industry firsts, including the ability to execute bitcoin transactions offline.
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Elon Musk’s Reaction
Elon Musk, who is often credited with the creation of Dogecoin and, by extension, joke cryptocurrencies in general, replied with an enigmatic laugh emoji to the DOGE founder’s post. This is not the first time Tesla’s CEO has talked on social media with the creator of the cryptocurrency doge. Last week, the millionaire assured Markus that his technology might become a global payment system.
Unlike Bitcoin, Dogecoin has a one-minute block period and an unlimited supply. That is to say; there are no restrictions on how much Doge can be mined. An investor can also mine Doge on their own or as part of a mining pool. The number of bitcoins that can be mined is limited to 21 million. DOGE was trading at $0.086 at the time of publication, down 4.5 percent in the previous 24 hours. Despite this, according to CoinGecko, the asset is still the tenth most valuable cryptocurrency by market capitalization, with a market cap of $11.5 billion.
However, Doge has come under fire as a result of the crypto meltdown that began at the beginning of this month. Doge has declined by more than 35% in a month. However, the negative is over 72 percent in a year.
Markus’ remarks come amid when the bitcoin industry is riddled with scams. Many of these enterprises are claimed to have been founded by people who wanted to make a quick buck and then vanished. The Dogecoin co-founders’ words follow Terra’s LUNA token price decline, as well as that of its stablecoin brother, UST.
Terra’s Do Kwon was recently referred to as a “tech bro” by Billy Markus, forcing Kwon to block Markus on Twitter. Traders have lost a lot of money as a result of the LUNA and UST crises. Following a recent house invasion by an accused LUNA investor, Terra founder Do Kwon is now seeking police protection. Elon Musk’s other DOGECOIN co-founder, Jackson Palmer, isn’t a fan either, recently suggesting that Elon Musk is tweeting about crypto to “boost ego” with the support of individuals who think he’s “Tony Stark or something.”
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