Amid the talk about scams in the crypto industry and why they persist, the co-founder of the popular meme token, Billy Markus, has lent his voice. The software developer, alongside Jackson Palmer, founded Dogecoin in 2013 and has posted on Twitter to share his views.
Markus stated that the crypto industry is full of scams because it is what the community failed to do to control it.
The developer remains a regular critic of the crypto space even though he has since left the development team at Dogecoin. He uses the acronym “Shibetoshi Nakamoto” on Twitter, where he regularly posts and comments on Dogecoin and other crypto issues.
The Crypto Industry Deserves What is Taking Place
The DOGE creator noted that scams are rampant in the crypto space due to the community’s lack of checks. Commenting on why scams persist, the software developer stressed that the crypto community has a poor policing structure.
Furthermore, Markus added that rather than the community going after scammers, the industry enables scams and even defends the fraudsters.
He tweeted that the community has “chronic behavior” towards scams, and it is only natural that the industry deserves what it is getting.
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Markus recalled that eight years ago, after the creation of Dogecoin, he was a target of people in the crypto space who felt uncomfortable with his criticisms. The DOGE co-founder previously slammed the activities of scammers in the cryptocurrency space.
Jackson Palmer Blasts Crypto Industry
The co-creator of the leading meme token has slammed the digital asset industry, calling it a “parasitic” technology that promotes scams. In an interview with the Sydney Morning Herald, Palmer reiterated the tremendous number of scams enabled by the crypto space.
According to Palmer, most people get attracted to digital assets due to the high gains they promise and celebrities’ influence. Moreover, the DOGE developer believes that endorsement from celebrities has brought crypto to people’s consciousness.
Meanwhile, talking about NFTs, Palmer noted that it would have been laughable for celebrities to promote NFTs some five years ago. And the current wide acceptance of non-fungible tokens (NFTs) is due to the endorsements by stars.
Jackson was recently involved in a public spat with major DOGE supporter Elon Musk. The former Dogecoin team member called the tech billionaire a “grifter.” The war of words continues with Musk aiming a dig at Palmer in return.
Musk’s DOGE Influence
The Tesla CEO is an ardent supporter of the meme cryptocurrency with his numerous posts on Twitter about the meme token. Musk is instrumental to the continued success of Dogecoin due to his influence on the crypto coin.
The billionaire has previously announced that both of his companies, Starlink and SpaceX, will soon begin to accept payment in DOGE. Moreover, his previous posts on Twitter calling on some established firms to start receiving payment in Dogecoin are one such contribution.
However, the DOGE network has the support of a strong community that more often provides support for the network’s progress.