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Dogecoin Creator Explains What He Hates About Industry and Why He Created DOGE

Sun, 11/13/2022 - 11:09
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Arman Shirinyan
Creator of biggest meme in industry reminds everyone why he built it initially
Dogecoin Creator Explains What He Hates About Industry and Why He Created DOGE
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The creator of the biggest memecoin on the market has once again reminded his subscribers why he created Dogecoin and what he thinks of the whole FTX situation that caused yet another crash on the market.

Billy Markus highlighted the importance and the true purpose of Dogecoin by reminding his subscribers that the cryptocurrency was created to make situations similar to FTX. He also believes that cases like this will happen time and time again, which is why satire in the form of Dogecoin is needed.

If we look at the FTX crash from the outside, it becomes obvious that the actions of the exchange's management team were shortsighted, to say the least. Technically, FTX used their own users' funds for funding, borrowing and loaning, which is why they faced a liquidity crisis once users demanded their money back.

Is Dogecoin creator against crypto?

At first glance, it may seem like the creator of the biggest crypto meme on the market is somehow against the digital asset industry and only makes hateful or mocking comments about it. However, he clarified that "crypto is fine," and, first of all, it is a shared database and a protocol that allows users to move funds from one wallet to another without relying on a centralized entity, the only problem in all of it are people.

Binance CEO Says Why You Should Avoid Exchanges That Do This

Considering the nature of the technology, a pure decentralized payment blockchain would almost never cause a major problem for its users. Most of Bitcoin's vulnerabilities were patched before the first major bull run, and most problems with digital assets nowadays are caused by human factors rather than breaches in decentralized mechanisms.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.