Big Woof
Dogecoin cocreator Billy Markus apparently doesn’t think very highly of the people who invest in cryptocurrencies like, well, his.
In a tweet appearing to respond to the precipitous crash of the Terra stablecoin last week, in which the coin meant to be tied to the worth of the US Dollar lost a whopping 97 percent of its worth, Markus said it appears that large swaths of crypto investors “don’t even understand the fundamental basics of either crypto or how markets work.”
“I would guess by reading what people say,” the 39-year-0ld Dogecoin founder continued, that “at least 70 percent have absolutely no clue” how crypto actually works.
Simple Plan
In a follow-up tweet, Markus added some advice to his griping, suggesting that crypto investors do their own research — “hype YouTube videos are not research,” he cautioned — and make decisions using “common sense.”
“Have a plan,” he added. “Don’t invest emotionally.”
It’s pretty good advice. But given that Dogecoin investors — and, presumably, its creators — got rich only after Elon Musk kinda-sorta plugged their joke coin via memes, it also seems a bit hypocritical.
More on Doge: Elon Musk Explains Why He is “Pro Doge,” Not Bitcoin
More on the Terra stablecoin crash: Suicidal Posts Spike After Crypto Project Crashes