Dogecoin co-founder, Billy Marcus, Said crypto prices are mainly driven by fools selling even more fools.
“I agree with the big fool theory that drives most crypto prices, but I’m honestly wondering what percentage of you think that a crypto is bought from a utility versus a more foolish theory. From my point of view it’s about 99.99% more foolish theory. “
The Greater Full Theory states that you can benefit from buying a property that is overpriced because usually a big fool would be willing to pay an even higher price. Under this principle, the cycle continues until there are no big fools left.
Is crypto a silly game?
Marcus Started the initial discussion by commenting on Bitcoin’s flat weekend performance. This soon led to a number of sources, including the statement that bitcoin is dead, a waste of energy, and other such FUDs.
But the more interesting thing was that Comment That crypto markets are inherently useless and driven by the more foolish theory. However, the basic principles will eventually “always win”, even if they are very short in the short term.
“Crypto market is a cesspool of dumb money chasing memes, there is no great movement, only a bunch of bros playing more stupid theory and playing technology matters in the end. Fundamentals always win “
This approach would help somewhat in explaining Dogecoin’s incredible YTD run. despite the recent Crypto crash, DOGE is still up +6,000% since the beginning of the year. For comparison, bitcoin is + 28% YTD.
While many commentators have tried to account for DOGE’s phenomenal growth, a . is at its peak $ 92 billion market cap Last month, it was hard to reconcile it with mis-defined use cases and unlimited token supply.
Galaxy Digital CEO Mike novogratz Tried to explain irrational development as an anti-establishment movement. In other words, the value of Dogecoin comes from people’s unhappiness with the current legacy financial system.
But is this enough to sustain Dogecoin for a long time?
Marcus is unable to understand how Dogcoin has evolved.
Marcus no longer plays an active role in the development of Dogcoin. but he was resurrected during the height Wallstreetbets And Dogcoin Mania.
His first communication was a. came in Reddit post which detailed the origin story and the reasons for his departure. At the time of posting, the price of DOGE was rising sharply. Marcus, expressing his disbelief, asked if Dogcoin was worth it?
“People are talking about Dogcoin going up to $ 1 – which will make the” market cap “larger than the actual companies that provide services to millions of people like Boeing, Starbucks, American Express, IBM. Is Dogcoin worth it ? It’s not something I can understand, let alone answer.”
Marcus was coming from the point of view that the project took a few hours to build and lacked usability. Yet somehow draws parity with the giants of the industry who serve millions of genuine people.
With this in mind, it is no surprise that Marcus believes that most of the crypto industry is motivated by the more foolish theory.