Dogecoin founder Billy Marcus condemned DAOs, criticized flaws in their fundamental design as shared governance, and expressed doubts about their viability over time within the crypto space.
DOGE founder criticizes DAOs
in a recent post on X (formerly Twitter), Dogecoin creator Billy Marcus, aka Shibetoshi Nakamoto, openly criticized Decentralized Autonomous Organizations (DAO)expressing a general distaste for the organization and the idea behind it.
“DAOs are almost universally stupid and doomed because ‘crypto communities’ are often interested exclusively in short-term profits, hype is worth more than actual deliveries, and no one has any incentive to build anything,” Marcus said.
The Dogecoin founder’s assertive statements were in response to a comment posted by a popular X community member, Jason who had expressed his appreciation for the DAOs and Non-fungible tokens (nft).
“NFTs have always been fascinating to me. Along with DAOs, I thought they had the most potential and I still do. I highly recommend founders who believe in these to continue working to make them more user-friendly,” Jason said.
X community members’ admiration for DAOs and NFTs comes at a time when nft value is slowly decreasing and DAOs lack adequate management and governance structures.
Many X users have supported Marcus’ vision for DAOs, highlighting the shortcomings in DAO unique governance structure and its tendency to produce unproductive results.
“I used to be more bullish about DAO, but now I’ve seen many of them in DeFi turn into a bickering mess. Without a strong hand over governance in some way, whether through a founder or an investor, beneficial dictator stagnation arises,” said one X user. fixed.
DOGE price shows high volatility | Source: DOGEUSD on Tradingview.com
Dogecoin Founder Reveals Net Worth
In a recent post on X, Billy Marcus revealed details of his net worth after a report claimed that the Dogecoin creator had an estimated net worth of $5 million. Marcus called the assessment “hilarious,” stating that his net worth was well below $1 million even though he actively wanted to make more money.
Amid these revelations, Dogecoin price is doing quite well. At the time of writing, DOGE It is trading at $0.081 and its daily market cap is currently up 5.06% according to CoinMarketCap. To add to the excitement, the cryptocurrency’s space mission, the DOGE-1 lunar missionIt is also scheduled for release soon.
Considering Dogecoin’s recent positive performance over the past week, numerous price predictions have emerged for the token, with some suggesting a potential rise to $0.14 if it breaks certain key resistance.
Featured image from The Sun, chart from Tradingview.com
