Billy Markus, who co-created Dogecoin (DOGE) with Jackson Palmer in 2013 as a parody of Bitcoin, took to Twitter to share a much-quoted view of late. Here are the details…
DOGE inventor: 99 percent of cryptocurrencies will drop to zero
Almost 100 percent of 500 coins mined daily will “definitely crash” tweeted. However, he states that this is not the case for leading cryptocurrencies. It is stated that these are mentioned for Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE), which are the largest cryptocurrencies with their market value.
i mean there’s like 500 shit tokens made daily so 99.9% will definitely crash to 0 but the major ones usually only go down 90% or so 🤣
— Shibetoshi Nakamoto (@BillyM2k) May 31, 2022
Cryptokoin.com , about a week ago, Markus shared on Twitter that he mostly stopped investing in cryptocurrencies in 2013. He made this decision by saying that most people gamble when they buy crypto, citing in part that the majority of retail investors don’t understand the market well and don’t study coins, that they bet on cryptos to the extreme.
99 percent of cryptocurrencies are powered by this theory
Apart from that, Billy Markus said on Monday that the cryptocurrency market is mostly driven by the ability of investors to sell their assets to bigger idiots. , that is, an underlying principle of the “greater idiot theory,” he said. Markus commented in response to a tweet lamenting that technologically sound projects are being shunned by investors in favor of meme coins.
Investors who stick to the “bigger fool theory” ignore valuations, earnings, and data in general, which are called fundamentals in financial language. The downside to such a strategy is that they can leave the bag in their hands when there are no bigger idiots left. Markus seemed to acknowledge the trend of statements made about it on Twitter.
I agree with the greater fool theory driving most of crypto prices, but I’m honestly wondering what percent you think any crypto is purchased from utility vs greater fool theory
From my viewpoint it’s about 99.99% greater fool theory
— Shibetoshi Nakamoto (@BillyM2k) May 31, 2021
DOGE is one of the enthusiastic retail investors and Tesla CEO Elon Musk. Backed by the DOGE army of high-profile supporters, it has amassed 6,815.92 percent so far this year. Individual investors often use terms like diamond hands and paper hands on social media. Diamond hands mean holding on to their investments while prices fall, while paper hands refer to investors who sell early.
