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Billy Marcus

“If Dogecoin Is A Pyramid Scheme, So Is The Entire Monetary System”- DOGE Creator

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Throwing his weight behind Dogecoin, its co-founder Billy Markus gave a befitting reply after critics compared the asset to a pyramid scheme.

“Cryptocurrency has an incredible amount of stupid stuff around it, but that’s all just related to how incredibly stupid people are. cryptocurrency itself is just a protocol and a shared database”, the tweet read.

One of the critics who works as an Investment Advisor chose to defend the allegation and said crypto has no intrinsic value. “It’s not a hedge against inflation [exactly the opposite given infinite duration], nor is it diversified”, he claimed.

Markus then responded by saying “Intrinsic value is arbitrary. What people choose to do with it is up to them.”

Last weekend, DOGE flared up briefly after Elon Musk reaffirmed his support for the token after a follower asked him if he would keep buying DOGE despite the market dip.

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"If Dogecoin Is A Pyramid Scheme, So Is The Entire Monetary System"- DOGE Creator 2

The tweet coincided with Father’s Day and proponents soon flooded memes referring to Musk as the ‘Dogefather.’

In addition to that, the memecoin’s co-creator Markus some days back said that he wanted people to “use it for something… so it has a reason to exist,” Musk replied: “Tesla and SpaceX merch, maybe more down the road.”

A week ago, the tech billionaire and his firms- Tesla, and SpaceX were sued by a US investor for $258 billion alleging the CEO of operating an ‘illegal racketeering’ network to manipulate the price of the asset.

Dogecoin Investor Moves Court Against Elon Musk For “False Promotion”

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff Keith Johnson said in the complaint.

“Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class has lost approximately $86 billion in this Crypto Pyramid Scheme,” the statement read.

Earlier this year, Musk announced that the firm’s supercharging stations will accept the cryptocurrency Dogecoin as payment.

Tesla does accept Dogecoin in its online store and there have been speculations of the automotive giant eventually including the token as a form of payment for its vehicles.

Dogecoin Creator and Influencer are at Loggerheads over Rug Pull charges

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Dogecoin founder Billy Markus and DOGE Influencer Matt Wallace are locked in a bitter fight, as the former accused Wallace of defrauding investors over the YouTuber’s newly created token. To give a better context, the feud started on March 23 March when Wallace revealed that he is planning to encourage the adoption of dogecoin payments by educating the retailers.

For his pet project, he attempted to raise funds by developing a new token dubbed Dogecoin, which Markus found suspicious. The Doge creator then sent out a tweet warning legal action against Wallace advising him to not release the token as it amounts to a trademark violation and asked him to stop talking about the coin.

But Wallace did not stop there. He along with his fellow YouTuber Myles G launched another token called AcceptCrypto on 30 March, whose inauguration was a huge flop causing its value to crash after seeing a 12,000% surge. That stirred the hornet’s nest and the dogecoin community accused Wallace and Co. of employing a pump and dump scheme which he vehemently denied.

Things went further south when the YouTuber threw auditing firm Solidity Finance under the bus claiming the latter to be responsible as they are the ones who created the actual code. Following this, the firm tweeted that even though they had created the code and audited it, they have no control whatsoever over the project and called the accusation as “disheartening.”

How did the Dogecoin founder react?

The uproar further infuriated Markus who responded via Twitter that he does not enjoy calling out scammers as it invites harassment and death threats because “Evil is Evil”. But can make an exception in this case, as he feels the reputation of the meme coin is at stake and urged the community members to take action.

Markus warned if not acted, this ‘disaster’ would have been named “accept doge”. The founder then explained to the users how one can identify a shitcoin and advised against investing in these tokens as they are rife with scams, and rug pulls. In his own words, the tweet read,

“What’s a shit token? every single BSC token ever made, if there’s an exception I don’t know about it. any “meme” token. Anything that has no use case. any token that people spam on threads. If you buy them, you’re stupid. if you make them, you’re stupid.”