Dogecoin Creator Billy Markus Criticizes Crypto Market, Calls It ‘Rigged Casino’: Here’s Why
On June 2, Billy Markus, the co-founder of Dogecoin, strongly criticized the cryptocurrency industry. He described the market as a “rigged casino” full of dumb people, reflecting his disillusionment with the industry.
In a post on X, Billy Markus tagged the crypto market as a place where most people pretend to be smarter than they really are.
it is a rigged casino with mostly dumb people larping as smart people
— Shibetoshi Nakamoto (@BillyM2k) June 2, 2024
The Dogecoin creator’s statement was in response to a post by Nate Alex, a prominent NFT collector and creator who criticized the current state of the crypto market.
Alex compared the crypto market to a rigged casino, suggesting that the aim is often to lure in clueless retail investors so that insiders can dump scam cryptocurrencies.
finding it hard to gaf about crypto
feels like a rigged casino
99% of the focus appears to be "onboarding retail" so insiders can dump scamcoins on them
— natealex (@natealexnft) June 2, 2024
Markus’ criticism points out the manipulation and exploitation in the crypto industry. This matches the recent wave of “meme coins” like Pepe (PEPE) and BONK rising in popularity despite having little utility. Some of these new meme coins have been used to target retail investors in multiple scams, including rug pulls.
Notably, Crypto News recently reported that scammers target crypto influencers’ X accounts to promote meme coins. Some of the victims of the hack were popular celebrities, including rapper Rich the Kid and media personality Caitlyn Jenner.
Rich the Kid’s account promoted a new token called $RICH, which generated a $90,000 market cap within the first two minutes of its launch. The value is down 87% at press time. Similarly, Caitlyn Jenner’s
Read more on cryptonews.com
