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Dogecoin founder says 95% of cryptocurrencies are ”scam and garbage”

95% of cryptocurrencies are ”scam and garbage,” says Dogecoin founder
TL;DR Breakdown
  • Bill Marcus, Dogecoin co-founder, calls 95% of all cryptocurrencies ”scam and garbage”
  • Elon Musk reacts to Bill Marcus’s tweet

Billy Marcus, a Dogecoin co-founder, has called 95% of cryptocurrency projects “scams and garbage.” He made this claim in a recent tweet where he urged people to change that.

Users blamed Marcus for his lack of attention since he was actually responsible for creating a “worthless” cryptocurrency that generated numerous fraud coins.

Marcus receive reactions amid the state of Dogecoin

In response to a tweet from Markus, Musk gave out a “rolling on the floor laughing” emoji. The DOGE co-creator called Musk’s reaction “particularly excellent.”

Many people criticized Marcus for that statement because he also created a Dogecoin, which was basically a meme cryptocurrency. In response, Marcus said that DOGE was literary made of satire, and he stressed that he is interested in quality over quantity.

Marcus’s comments come at a time when the crypto market is booming with scam projects. It is believed that many of these projects are created by people who want to make a quick buck and then disappear.

In recent news, Elon Musk, Tesla CEO said that Dogecoin would make a good currency for Mars. Musk has been a big supporter of Dogecoin and has even called it his favorite cryptocurrency.

Dogecoin is trading at $0.09008, registering a rise of 2.37% in the last 24 hours. The market capitalization of Dogecoin is $11,881,742,904.49, and it ranks at number 10 on CoinMarketCap.

DOGE 1D graph coinmarketcap
DOGE 1D graph coinmarketcap

In a 2019 Twitter poll, Forbes claimed that Elon Musk should be Dogecoin’s chairman. After seeing the humor in it, the Tesla CEO has been playing along with the joke, sending complimentary tweets claiming that Dogecoin is his favorite cryptocurrency.

Dogecoin’s security risks, compared to other major cryptocurrencies, were described by Forbes as “considerably better.” “It hasn’t had the same level of security and code analysis that Bitcoin or Ethereum has. Plus, Doge doesn’t have a particularly robust mining community, so the risk of a mining-level attack is significantly higher than Bitcoin or Ethereum.

Since there is no limit to the number of Dogecoins that may exist, and millions of new Dogecoins are issued onto the market each day, there is little incentive to keep the cryptocurrency for any length of time. Because of the system’s limit on the number of coins that can be generated

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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