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Wednesday, May 25, 2022

Dogecoin co-founder Billy Markus on the downsides of cryptocurrencies, NFTs and Elon Musk

Dogecoin co-creator Billy Marcus recently joined Benzinga’s Moon or Crash to share his story of Dogecoin’s creation, his involvement today, and what he thinks of Elon Musk.

First days

Marcus got into cryptocurrencies thanks to bitcoin, but quickly switched to other coins that are easier to mine, such as Litecoin and Litecoin clones. He said that it took a long time to mine a small amount of bitcoins per week (0.04) and it was very hot in his room.

Marcus gave himself the task over the weekend to create his own coin, which became Bell’s property. At the time, he was obsessed with the Nintendo Co game. Animal Crossing.

Marcus stumbled upon dogecoin.com, where Dogecoin co-creator Jackson Palmer has made a joke coin but has yet to create a physical coin. The site says that if you want to make a coin, contact him.

Marcus contacted Palmer and, before he even got a response, set about creating the meme coin we know today.

The project only took a couple of hours to complete, as Doge was an offshoot of Bell’s. According to Marcus, the hardest part was perfecting the Comic Sans font.

Selling Dogecoin

Markus doesn’t have much regrets about the timing of Dogecoin and how things went awry.

“I don’t think I would have done otherwise,” Marcus said. “Dogecoin became what it is because of the choices Jackson and I made.”

There is one thing that Marcus would change about Dogecoin history: “The only thing I personally would change is not to sell in 2015.”

The famous story is that Markus sold his Dogecoin and bought a Honda Civic, a myth that Markus dispelled on the show.

“I didn’t buy a Honda Civic, the quote was enough to sell all the crypto to buy a used Honda Civic.”

Marcus ended up paying the rent with his Dogecoin and cryptocurrencies, as his savings were small at the time.

Cryptocurrency today

A few years ago, Markus said that he would no longer buy cryptocurrencies, as he was watching price fluctuations for too long.

“I have Ethereum from the NFT sale and I have Dogecoin that I was told,” he said.

Marcus also owns various other coins given to him by fans. He admits he bought some Dogecoin when it dropped to $0.17 earlier this year, thinking it would likely rise again.

Marcus on Elon Musk

CEO of Tesla Inc. was one of the most pro-Dogecoin public figures and was also rumored to have negotiated with the current Dogecoin team, which no longer includes Markus.

“I know he contacted the developers,” Markus said, noting that he thought Musk was busy but not working on the project.

Tesla and Space X CEO Elon Musk in Beverly Hills, Calif., February 22, 2015. (Pascal Le Segretain/Getty Images) #

Markus is pleased that Musk finds Dogecoin fun and shares some of the ideas laid out by the Tesla CEO about what will happen to Dogecoin: “He laid out what he wants to see, wants it to be faster, cheaper to ship, easier to ship.” . use.”

Musk doesn’t seem to care that Dogecoin has no limit, leaving room for an infinite supply, Markus added.

Cons of Crypto

Markus left the Dogecoin team many years ago after a bad experience, remembering how a “sociopath” took over the community and deceived a lot of people.

Marcus was threatened with murder and legal action by people losing money on Dogecoin, which made the project unprofitable for him.

“I felt like there were so many attacks and negativity against me,” he said.

Recently, Palmer spoke about the negative in the cryptocurrency market. Marcus said that he and Palmer saw a lot of bad things and a lot of greed in people while working on the project: “I totally understand where he came from.”

Marcus and Palmer are still talking “a little”.

NFT project

Marcus had the same reaction as many newcomers to the world of non-fungible tokens: “This is stupid.”

Marcus saw some value in creating playful NFTs and was quickly able to sell them for additional income.

“Obviously there is demand for the things I do,” he said.

With NFT income, Marcus can help his mom pay for housing and still live comfortably. What upset Marcus the most was that he sold his cryptocurrency before it skyrocketed and then saw his mom struggling.

Chris Katie

© 2021 Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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