“If Dogecoin is a security, Bitcoin is a security,” says DOGE Creator
Elon Musk kicks off another DOGE rally, but Bitcoin maximalists aren’t happy.
Dogecoin (DOGE) has moved into the spotlight again thanks to another of Elon Musk’s Twitter attacks. In an unexpected stunt, the Twitter boss briefly swapped Twitter’s blue bird mascot for the famous Shiba Inu logo of the DOGE cryptocurrency. That caused the memecoin to rise as high as 35% in a few hours.
However, not everyone was thrilled with the billionaire’s actions. Reacting to the stunt, Bitcoin Magazine host Alex McShane took a shot at Musk, slamming DOGE as an unregistered security and a shitcoin.
Pump centralized unregistered securities again @elonmusk ?
Bitcoin > shitcoin. pic.twitter.com/gumDFYzjx8
— McShane (@mcshane_writes) 3 April 2023
McShane’s comments sparked a lot of flak from the DOGE community, including from the memecoin’s co-creator.
Billy Markus answers
As highlighted above, Dogecoin co-creator Billy Markus, popularly known as Shibetoshi Nakamoto on Twitter, was on hand to respond to McShane’s claims yesterday. Refuting the statements of the Bitcoin maximalist, the programmer pointed out that DOGE shares the same code base with Bitcoin. Furthermore, he highlighted that there was no token pre-mining and that it was created as a Bitcoin parody, which implies no expectation of profit.
Accordingly, Markus added, “if dogecoin is a security, bitcoin is a security.”
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The Dogecoin co-creator encouraged McShane to focus his attacks elsewhere, such as on US Senator Elizabeth Warren, who recently hinged her political campaign on anti-crypto rhetoric.
dogecoin is almost 100% bitcoin code, with a dog on it. fairly released, no premine, made as a literal joke.
if dogecoin is a security, bitcoin is a security.
if you don’t want to own yourself, maybe don’t attack doge and attack elizabeth warren.
— Shibetoshi Nakamoto (@BillyM2k) April 4, 2023
Meanwhile, McShane isn’t the only one claiming that DOGE is a security.
The multi-billion dollar DOGE briefcase
It should be mentioned that Musk is currently involved in a $258 billion lawsuit in which the plaintiff claims that DOGE is a security. A claim that the billionaire’s legal team has refuted.
The investor is seeking damages after claiming to have lost money investing in the doggy-themed memecoin due to Musk’s tweets. As reported by Reuters yesterday, the defendant’s lawyers asked a Manhattan judge to dismiss the case, arguing that the billionaire’s tweets are not financial advice.
Musk’s love affair with Dogecoin is nothing new, and the billionaire appears undeterred by legal concerns surrounding his cryptocurrency campaign. Recall that his takeover of Twitter had sparked similar excitement in the DOGE community as holders envisioned an integration of the cryptocurrency for payments on the microblogging platform. While the Twitter boss has fanned the flames of these speculations, there is no indication that such an integration is coming anytime soon.
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