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Dogecoin Co-founder Says the Crypto Market Is Doing a Terrible Job at Protecting Itself Against Scammers as Billy Marcus slams scammers again.
It is no longer news that there has been an increase in cryptocurrency scam activity in recent times. Various cryptocurrency players have widely condemned these illicit activities, including government officials globally.
Marcus Blasts Crypto Scammers
One popular cryptocurrency expert who has not failed to call out scammers is Billy Marcus, the co-creator of Dogecoin (DOGE).
Marcus has been vocal in slamming cryptocurrency scam actors and projects. One of his famous swipes at these fraudulent acts was when he said last month “95% of cryptocurrency projects are scam and garbage.”
Apparently, Marcus’ statement did not go down well with many crypto investors who felt such comments would only expose the nascent market to stringent regulation.
The Dogecoin Co-Founder Won’t Stop
Meanwhile, the Dogecoin co-founder is not done with lambasting cryptocurrency scammers as he took to Twitter to say that the nascent industry is filled with “scams and thrash,” while stating the reason why scam-related activities have persisted in the industry.
According to Marcus, crypto players are doing a terrible job at protecting unsuspecting victims from getting scammed, adding:
“Instead of getting mad at scams, the space (crypto) enables scammers and defends the scammers, no matter how obvious it is, through chronic bad behavior. It 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
A Twitter user commented on Marcus’ post saying that the rate of crypto scams has increased because many people still think cryptocurrency investment is similar to multi-level marketing (MLM).
MLM is a controversial marketing strategy, where people lure their friends and family into investing in a business as part of an effort to rescue their investment.
“Because it is MLM. İdiots getting lured into scams by other idiots who then try to recruit more idiots to rescue their own investment. Worst are those who are constantly involved in BS and then act like they are a victim,” the Twitter user said.
Responding to this comment, Marcus noted that the mentality of trying to scam others or getting other people scammed just because the person was once a victim is cancerous.
“I got scammed so I should scam others, This mentality is cancer.”
“I got scammed so I should scam others” mentality is cancer
— Shibetoshi Nakamoto (@BillyM2k) June 3, 2022
He was amazed when he discovered how scam bots have taken advantage of scam victims’ situations to still cause more damage to them.
“My goodness there are scam bots trying to scam when saying the words, ‘I got scammed,’ they need to find whoever makes these and throw them into a bottomless pit,” Marcus said.
my goodness there are scam bots trying to scam when saying the words “I got scammed”
they need to find whoever makes these and throw them into a bottomless pit
— Shibetoshi Nakamoto (@BillyM2k) June 3, 2022
Meanwhile, Elon Musk, the CEO of Tesla, has slammed the high rate of spam bots on Twitter, which he intends to get rid of when he finally acquires the microblogging platform.