Why Dogecoin Co-Founder Believes 95% of Crypto is Fraud

Billy Markus, the co-founder of the meme coin Dogecoin, criticized the tech startup pitches that mention Artificial Intelligence (AI) and crypto.

While AI attracted significant investor attention in 2023, crypto venture capital (VC) funding has just recovered. However, Markus believes that greed blinds everyone in the crypto world.

Dogecoin Creators Take: Mere 0.02% in Crypto World Care Beyond Profit

Criticizing the current market scenario, the Dogecoin co-founder with a pseudonymous username – “Shibetoshi Nakamoto,” wrote on X (Twitter):

“dear VCs,

let me help you out, for when you hear tech startup pitches:

– if they mention ai, it’s something chatgpt will do in a few months

– if they mention crypto, it’s retarded”

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

Not to mention that after the prolonged bear market, the VC funding has recently started to recover. The screenshot below shows that in November, crypto firms raised approximately $720 million.

Markus’ post came after the community discovered his abandoned project – BELLS, which was launched eight days before Dogecoin. The community members restarted the project and started mining the tokens.

Even mining farms joined in to mine the BELLS token. Adam McBride, who was one of the early discoverers of BELLS, wrote on X (Twitter):

“Within a few hours of the relaunch, mining farms, using high-powered ASIC miners, have dominated BELL mining. This means the odds of you winning the BELL reward on your computer are basically zero.”

Due to this, Markus pointed out that insiders and early adopters benefit far beyond everyone else in the crypto realm. He said:

“doge was only successful back then because it was released fairly, but it doesn’t matter anymore in the current crypto world, since greed blinds everyone and almost the entire space doesn’t understand the basics.”

In a separate post, Markus said that only 0.02% of the crypto space “cares about anything beyond making money.” And that the industry is “full of scams, grifts, and corruption.” Also, in 2022, BeInCrypto reported that Markus claimed 95% of cryptocurrency projects are fraudulent.

Read more: Crypto Social Media Scams: How to Stay Safe

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