Billy Markus, the IT engineer who co-founded the Dogecoin meme cryptocurrency with Jackson Palmer in 2013 and then left the project, shared his views on why the cryptocurrency industry is “ridden with scams.”
Known as “Shibetoshi Nakamoto” on Twitter, Markus, despite leaving the Dogecoin developer team, has been active and regularly tweeting, commenting on DOGE and the crypto world in general.
Markus says that the reason scams often occur in the crypto space is because the community cannot control the space and clean it of scammers. According to the Dogecoin developer, the crypto space is enabling and defending scammers rather than hunting them down.
“I think the reason why crypto is so full of scams and garbage is that it does a terrible job of self-regulation. Instead of getting angry with scammers, Alan allows scammers and defends scammers with chronic bad behavior no matter how overt it is. He gets what he deserves.”
Earlier, DOGE co-founder Jackson Palmer stated in an interview with the Sydney Morning Herald that the crypto industry is a “parasitic” technology that constantly enables massive amounts of fraud and brings all kinds of frauds to the fore.
Palmer said that a lot of people are interested in crypto because it continues to promise easy earnings and celebrity endorsements.