Co-founder of Dogecoin, Billy Marcus Cryptocurrency prices are mainly driven by stupid selling to even bigger stupid ones.
“I agree with the grand deceptive theory that drives most cryptocurrency prices, but I honestly wonder what percentage you think any cryptocurrency is bought out of utility versus The Bigger Fool Theory in my view, it’s a 99.99% larger hoax theory.. “
The big deceptive theory states that you can profit from buying an excess value asset because there is usually a bigger fool out there willing to pay a higher price. Under this theory, the cycle continues until there are no more fools left.
Is encryption a lie game?
Marcus The initial discussion began with a comment on Bitcoin’s steady performance over the weekend. This quickly spawned many leads, including statements that Bitcoin is dead, a waste of energy, and more from FUD.
But most interestingly, it was a file Suspension Cryptocurrency markets are inherently worthless and driven by the greatest deception theory. However, the fundamentals will “always win” in the end, even if they are of little importance in the short term.
“Cryptocurrency markets are a hotbed of stupid money chasing memes, and there is no noble movement in that, just a bunch of brothers who play greater phishing theory and practice technology is all that matters in the end. The fundamentals always win.”
This point of view will go some way in explaining the amazing Dogecoin operation to date. Although the most recent Crypto crash, DOGE is still + 6,000% since the start of the year. For comparison, Bitcoin is worth + 28% since the start of the year.
While several commentators have tried to explain the explosive growth of DOGE, which culminated at a $ 92 billion US market value In the past month it’s hard to reconcile this with indefinite use case and unlimited code supply.
CEO of Galaxy Digital Mike Novogratz Try to explain the growth that defies logic as an anti-establishment movement. In other words, Dogecoin’s value comes from people’s dissatisfaction with the existing, old financial system.
But is this enough to preserve Dogecoin in the long run?
Marcus cannot understand how Dogecoin developed
Markus is no longer taking an active part in Dogecoin development. But it reappeared during the climax Wallstreetbets The Dogecoin Obsession.
His first contact came in Last reddit Which details the story of the origin and the reasons for his departure. At the time of publication, DOGE’s price has been skyrocketing. Marcus expressed disbelief, wondering if Dogecoin is worth it?
“People talk about Dogecoin coming to $ 1 – and that would make ‘market value’ greater than actual companies that service millions, such as Boeing, Starbucks, American Express, and IBM. Is Dogecoin worth it? This is not something I can understand,” Not to mention the answer. “
Marcus was coming from the point of view that this project took a few hours to create and lacked utility. However, par is somehow with industry giants serving millions of real people.
With that in mind, it’s no wonder Marcus believes that most of the crypto industry is driven by a larger deception theory.