Billy Markus, one of the creators of Dogecoin, expressed his skeptical attitude towards Decentralized Autonomous Organizations (DAOs), which operate without traditional centralized management. DAOs are unique in that their governance is carried out through program code and the collective decision of the community, made based on voting in the blockchain. These organizations use smart contracts to ensure the transparency of their rules and procedures.
Markus spoke out on social network X, stating that DAOs are doomed to fail. He argued his point by saying that many crypto communities are predominantly focused on quick profits, valuing hype more than real utility. In his opinion, in such conditions, there is no motivation to create anything long-term and significant.
These comments by Markus were in response to a tweet from well-known venture investor Jason Calacanis, who expressed his support for DAOs and Non-Fungible Tokens (NFTs). Calacanis emphasized that his interest in these technologies remains unchanged over a long period, despite his previous statements that most cryptocurrency projects are "junk."
Earlier, Markus also criticized the cryptocurrency market as a whole, describing it as a mix of unfounded optimism and panic. He also sharply criticized cryptocurrency investors and NFT buyers, calling them people with mental disorders and "real psychos" respectively.
