Dogecoin DOGE/USD co-founder Billy Markus took to Twitter on Friday to express his anguish over the mess cryptocurrencies are finding themselves in. Markus, who goes by the Twitter name Shibetoshi Nakamoto, walked his followers through the rationale behind the creation of cryptos.
He noted that cryptos were created as a “statement” against central bank control, right after the recession caused by the housing collapse in 2006. He shared a screenshot of the 2007 post by Bitcoin BTC/USD founder Satoshi Nakamoto, announcing the creation of the apex currency.
cryptocurrency was created as a statement against central bank control, right after the 2006 recession caused by predatory lending practices and other irresponsible nonsense, leading to the housing bubble bursting, rampant printing of money, bailouts, etc. pic.twitter.com/qps0FLRVfG
— Shibetoshi Nakamoto (@BillyM2k) May 14, 2022
Cryptocurrencies, however, are now used to speculate as a means of earning more fiat money, Markus said. He lamented that no one cares if something is centralized or not, as long as they get money out of it.
Markus also noted that people actively want a bailout for “failed projects.” “Satoshi would be rolling in his grave at this godawful mess,” he said.
Cryptos May Not Fix Problems: The Doge co-founder said he isn’t hopeful cryptos can fix all the problems it originally set out to resolve. The space has now evolved to become “everything it wasn’t supposed to be,” he said.
“Because regardless of what Satoshi wanted, that’s what people wanted,” Markus said. He also reminded his followers that Doge was created as a satire of how stupid the scene was becoming, and it hasn’t improved since.
Plea For Respecting Original Intent: Markus also said he would like more people to at least respect the original intent of cryptocurrency to be a “currency that is not controlled by any single entity, that is immune to attacks, and that is decentralized.” He also called upon the community to recognize when things are straying away and not support those projects.
Markus’ rantings come against the backdrop of the crash of Terra Luna LUNA/USD, the token that powers the Terra blockchain protocol that operates with the objective of increasing the overall use of stable coins.
Luna’s value fell to nearly zero and TerraUSD USDT/USD, a stable coin linked with the U.S. dollar, also went into a tailspin. This produced a domino effect, termed by many as the “Lehman moment” for cryptos.
At last check, Doge was seen sliding 5.24% to $0.08646, according to Benzinga Pro data.