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Yuri Molchan

Programmer Billy Markus has shared an opinion why the crypto sphere is full of scams

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IT engineer Billy Markus who co-founded Dogecoin meme cryptocurrency with Jackson Palmer back in 2013, and has left the project since then, has tweeted to share his opinion on why the cryptocurrency sphere is “full of scams”.

Despite leaving Dogecoin dev team, Markus, who is known as “Shibetoshi Nakamoto” on Twitter, tweets actively and regularly, commenting on DOGE and crypto sphere in general.

Crypto space “gets what it deserves”

Markus claims that the reason why scam often emerge in the crypto space is that the community is unable to control the space and clear it from scammers – “it does a horrible job of policing itself”.

Rather than go at scams and hunt scammers, the crypto space “enables scammers and defends the scammers”.

This is down to the community’s “chronic behavior”, he tweeted, and so the crypto space “gets what it deserves”.

i think the reason crypto is so full of scams and trash is it does a horrible job of policing itself.

instead of getting mad at scams, the space enables scammers and defends the scammers, no matter how obvious it is, through chronic bad behavior.

it gets what it deserves.

— Shibetoshi Nakamoto (@BillyM2k) June 3, 2022

Markus started a tread about this after he complained that since the making of Dogecoin 8 years ago, he has become a target for “most horrible garbage people in the crypto space”.

Crypto is “parasitic” technology for scams: Palmer

Earlier, the other co-founder of DOGE, Jackson Palmer, stated in an interview to the Sydney Morning Herald that crypto sphere is a “parasitic” technology that enables a great amount of scams constantly, bringing up all sorts of them.

Palmer said that a load of people are attracted to crypto because it keeps promising easy gains and due to celebrity endorsements. He mentioned NFTs which have been promoted by celebrities but would have seemed laughable five years ago.

Jackson has also been attacking major Dogecoin fan centibillionaire Elon Musk recently, calling him a “grifter”.