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.
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.