THELOGICALINDIAN - The CoFounder of Dogecoin Billy Markus said crypto prices are mainly apprenticed by fools affairs to alike greater fools
“I accede with the greater fool approach active best of crypto prices, but I’m candidly apprehensive what percent you anticipate any crypto is purchased from account vs greater fool approach From my angle it’s about 99.99% greater fool theory.”
The greater fool approach states you can accumulation from affairs overvalued assets because there will usually be a greater fool accommodating to pay an alike college price. Under this theory, the aeon continues until there are no greater fools left.
Is Crypto A Fool’s Game?
Markus started the antecedent altercation by commenting on Bitcoin’s collapsed weekend performance. This anon spawned several threads, including statements that Bitcoin is dead, a decay of energy, and added such FUD.
But added interestingly, was a comment that crypto markets are inherently abandoned and apprenticed by greater fool theory. However, fundamentals will eventually “always win,” alike if they calculation for little in the abbreviate term.
“crypto markets are a cesspool of impaired money block memes there is no blue-blooded movement in that, aloof a agglomeration of bros arena greater fool approach and accepting played the tech is all that affairs in the end. the fundamentals consistently win.”
This point of appearance would go some way in answer Dogecoin’s astonishing YTD run. Despite the contempo crypto crash, DOGE is still 6,000% back the alpha of the year. For comparison, Bitcoin is 28% YTD.
While abounding commentators accept approved to annual for DOGE’s astounding growth, which ailing at a $92 billion bazaar cap aftermost month, it’s difficult to accommodate this with the aside use case and absolute badge supply.
Galaxy Digital CEO Mike Novogratz approved to explain the logic-defying advance as an anti-establishment movement. In added words, Dogecoin’s amount comes from people’s dejection with the accepted bequest banking system.
But is that abundant to sustain Dogecoin in the continued term?
Markus Cannot Comprehend How Dogecoin Has Developed
Markus no best takes an alive role in the development of Dogecoin. But he resurfaced during the acme of Wallstreetbets and Dogecoin mania.
His aboriginal advice came in a Reddit post that abundant the agent adventure and his affidavit for walking away. At the time of the post, the amount of DOGE was spiking hard. Markus bidding his atheism allurement if Dogecoin deserves that?
“People are talking about Dogecoin activity to $1 – that would accomplish the “market cap” beyond than absolute companies that accommodate casework to millions, such as Boeing, Starbucks, American Express, IBM. Does Dogecoin deserve that? That is not article I can comprehend, let abandoned answer.”
Markus was advancing from the point of appearance that this activity took a few hours to actualize and lacks utility. Yet somehow draws adequation with industry titans that serve millions of absolute people.
With that in mind, it’s no admiration Markus believes best of the crypto industry is apprenticed by greater fool theory.
