Dogecoin Founder Says DAOs Are ‘Universally Stupid And Doomed’, Here’s Why

By Bitcoinist - 7 months ago - Reading Time: 2 minutes

Dogecoin Founder Says DAOs Are ‘Universally Stupid And Doomed’, Here’s Why

Dogecoin founder, Billy Marcus has condemned DAOs, criticizing flaws in their fundamental design as a shared governance and expressing doubts about their viability over time within the crypto space. 

DOGE Founder Slams DAOs

In a recent post on X (formerly Twitter), Dogecoin creator, Billy Marcus aka Shibetoshi Nakamoto openly criticized Decentralized Autonomous Organizations (DAOs), expressing a general dislike for the organization and the idea behind it. 

“DAOs are almost universally stupid and doomed because ‘crypto communities’ are often exclusively interested in short-term profits, the hype is worth more than actual deliveries, and nobody has any incentive to build anything,” Marcus stated.

The Dogecoin founder’s assertive declarations were in response to a comment published by a popular X community member, Jason who had expressed his appreciation for DAOs and Non-fungible Tokens (NFTs). 

“NFTs were always fascinating to me. Along with DAOs, I thought they had the most potential and I still do. Highly recommend founders who believe in these keep grinding on making them easier to use,” Jason stated.

The X community member’s admiration of DAOs and NFTs comes at a time when the value of NFTs is slowly declining and DAOs are lacking proper managerial structures and governance. 

Many X users have supported Marcus’s view of DAOs, highlighting shortcomings in DAO’s unique governance structure and its tendency to produce unproductive results. 

“I used to be more optimistic about DAO but I’ve now seen many of them in DeFi devolve into squabbling chaos. Without a strong hand on the governance in some fashion, whether via a founder or investor, a beneficent dictator gridlock emerges,” one X user stated. 

Dogecoin Founder Reveals Net Worth

In a recent post on X, Billy Marcus disclosed details of his net worth after a report claimed the Dogecoin creator had an estimated net worth of $5 million. Marcus deemed the evaluation as ‘hilarious,’ stating that his net worth was well below $1 million despite the fact that he actively desired to make more money. 

Amidst these revelations, the price of Dogecoin is doing fairly well. At the time of writing, DOGE is trading at $0.081 and its daily market capitalization presently is up by 5.06% according to CoinMarketCap. Adding to the excitement, the cryptocurrency’s space mission, the DOGE-1 moon mission, is also scheduled to launch soon.

Considering Dogecoin’s recent positive performance over the past week, numerous price predictions have emerged for the token, with some suggesting a potential surge to $0.14 if it breaks certain key resistance.

Original source: Bitcoinist