The Co-Founder of Dogecoin Billy Markus is someone who’s known to not mince his words. On May 17th he made a tweet that stated that 70% of crypto investors don’t know the basics of how crypto and markets work. He also talked about how research and common sense go hand in hand while investing your money in the crypto space and how many investors lack these fundamentals. On the same day he also pointed out how 95% of crypto is a scam and of no real value.
Recently the Luna crashed because the Terra lost its peg to the US dollar. Basically, UST is pegged to the US dollar so one UST is supposed to have around the same value as 1 dollar. UST is kept stable by an algorithm that burns (permanently destroys) Luna tokens to mint (create) UST tokens. There has been no official statement so far as to why UST lost its peg but ultimately Luna fell in value by 99.9%. This situation, similar to hyperinflation, unexpectedly caused huge losses to crypto investors.
Markus even tweeted and said that Do Kwon, the CEO of Terraform Labs, should leave the crypto sector for good and stop trying to get more funds for the already collapsed ones and con more people. According to Markus, the whole crypto community has earned a bad reputation in recent times due to the scams. Words like ‘garbage’ and ‘fad’ have been used to describe it, especially by people who are into traditional finance. He also said that because of this, mainstream investors don’t take genuine crypto projects seriously.
All these jabs from the Doge Co-Founder prompted a response from self-proclaimed Dogefather and one of the biggest Dogecoin influencers, Tesla CEO Elon Musk. Musk replied with a “rolling on the floor laughing” emoji as he enjoyed the banter on Twitter. Do Kwon on the other hand blocked Markus on Twitter.