Dogecoin (CRYPTO: DOGE) co-creator Billy Markus Applauded a Reddit poster for comments that the “infinite inflation” arguments put forward against the meme cryptocurrency may be exaggerated.
What happened: Markus went to Twitter to express his appreciation for the contribution in the Reddit forum “r / CryptoCurrency” and to praise the Reddit user for his “research and math”.
See also: How to Buy Dogecoin (DOGE)
It amuses me that the author is forced to prevent anything with negative comments about DOGE, whether he really believes them or not, in order to fit into the circle idiot and give up-to-date information and not be forgotten.
How to Break into an Echo Chamber 101.
– Shibetoshi Nakamoto (@ BillyM2k) August 27, 2021
The user’s Reddit post with the handle “u / JustDownInTheMines “noted that the percentage of Dogecoin created over the next few years will steadily decrease as only a fixed number of 10,000 coins per minute is added at a time.
Dogecoin will eventually fall to around 3% inflation and keep falling in eight years, he added.
The user, u / JustDownInTheMines, said he is not a “Not a fan” of Dogecoin and does not “recommend” it to people, but it is important to “understand every side of an argument”.
The Reddit user asked whether the broader cryptocurrency community is exaggerating the “infinite inflation argument” and whether Dogecoin’s token economy functions as a day-to-day transaction enabler for his use case, competing with fiat currencies rather than acting as a store of wealth.
See Also: Technical Analyst Says Now Is No Time To Stick Long With Bitcoin, Would Buy Dogecoin If It Drops To That Level
Why it matters: Dogecoin is often referred to as flakes by the cryptocurrency community as it is a high inflation cryptocurrency compared to a cryptocurrency like Bitcoin (CRYPTO: BTC), which is deflationary in nature.
Dogecoin followers like Markus, owner of the Dallas Mavericks Mark Cuban and Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk have defended the endless supply of Dogecoin, saying that it gives cryptocurrency an edge over Bitcoin and ether (CRYPTO: ETH). They have also called for the increased use of Dogecoin in retail transactions.
In fact, corporate adoption of the Shiba Inu-themed coin as a payment option has gained momentum this year.
Kraft Heinz Co. (NASDAQ: KHC) Subsidiary Oscar Mayer joined companies that capitalized on the popularity of the meme cryptocurrency after their Dogecoin-themed hot dogs sold for $ 15,000 in auction eBay Inc. (NASDAQ: EBAY) earlier this month.
Price action: Dogecoin is down 5.2% in the past 24 hours and was trading at $ 0.2686 at press time.
Read on: Dogecoin ‘Millionaire’ plans to go ‘all-in’ with this crypto