Dogecoin DOGE/USD co-creator Billy Markus has applauded a Reddit poster for his comments that the “infinite inflation” arguments made against the meme cryptocurrency may be overblown.
What Happened: Markus took to Twitter to express his appreciation for the post on the Reddit forum “r/CryptoCurrency,” praising the Reddit user for his “research and math.”
See Also: How To Buy Dogecoin (DOGE)
It amuses me that, in order to fit in with the circle-jerk and give actual information and not be downvoted to oblivion, the author is forced to caveat everything with negative comments about DOGE whether or not they really believe them.
How to break into an echo chamber 101.
— Shibetoshi Nakamoto (@BillyM2k) August 27, 2021
The Reddit post by the user with the handle “u/JustDownInTheMines” noted that the percentage rate of Dogecoin created over the next few years will continuously decline since only a fixed number of 10,000 coins will always be added every minute.
Dogecoin will eventually drop to around 3% inflation in eight years and fall further, he added.
The user, u/JustDownInTheMines, said he wasn't "not a fan" of Dogecoin and didn't "recommend" it to people but that it's important to "get every side of an argument."
The Reddit user posed the question of whether the wider cryptocurrency community over-hypes the "infinite inflation argument" and whether Dogecoin's token economics works for its use-case as a day-to-day transactions-enabler that competes with fiat currencies, rather than act as a store of wealth.
Why It Matters: Dogecoin often gets flake from within the cryptocurrency community over it being a high-inflation cryptocurrency, compared to a cryptocurrency like Bitcoin BTC/USD, which is deflationary in nature.
However, Dogecoin’s supporters like Markus, Dallas Mavericks owner Mark Cuban and Tesla Inc. TSLA CEO Elon Musk have defended Dogecoin’s infinite supply, saying it gives the cryptocurrency an advantage over Bitcoin and Ethereum ETH/USD. They have also called for Dogecoin’s increased use in retail transactions.
In fact, the Shiba Inu-themed coin’s acceptance as a payment option by companies has gained momentum this year.
Kraft Heinz Co. KHC subsidiary Oscar Mayer joined the companies capitalizing on the meme cryptocurrency’s popularity after its Dogecoin-themed hot dogs sold for $15,000 in an auction on eBay Inc. EBAY earlier this month.
Price Action: Dogecoin is down 5.2% during the last 24 hours, trading at $0.2686 at press time.
Read Next: Dogecoin 'Millionaire' Plans To Go 'All In' On This Crypto Next
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
