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The co-founder of Dogecoin (CRYPTO: DOGE), Billy markus, has applauded a Reddit user for his comments that the “infinite inflation” arguments made against the cryptocurrency meme could be overstated.
What has happened
Markus took to Twitter to express his appreciation for the Reddit forum post “r / CryptoCurrency,” praising the user for his “research and math.”
“I am amused by the fact that, to fit in with the ‘circle of idiots’ and give real information and not be forgotten, the author is forced to warn about everything with negative comments about DOGE, whether they think about it or not ”.
How to break into an echo chamber 101.
– Shibetoshi Nakamoto (@ BillyM2k) August 27, 2021
User “u / JustDownInTheMines” Reddit post noted that the percentage rate of Dogecoin created over the next several years will continually decrease as only a fixed number of 10,000 coins will be added every minute.
Dogecoin will eventually drop to around 3% inflation in eight years and lower further, he added.
u / JustDownInTheMines noted that he was “not a fan” of Dogecoin and did not “recommend” it, but that it is important to “know both sides of a discussion.”
The Reddit user raised the question of whether the crypto community in general was exaggerating the “infinite inflation argument” and whether the economics of tokens Dogecoin works for your use case as a daily transaction enabler that competes with fiat currencies, rather than acting as a store of wealth.
Because it is important
Dogecoin is often criticized within the crypto community for being considered high inflation, compared to a cryptocurrency like Bitcoin (CRYPTO: BTC), which is deflationary in nature.
However, Dogecoin supporters like Markus, the owner of the Dallas Mavericks, Mark Cuban, and the CEO of Tesla Inc. (NASDAQ: TSLA) Elon Musk have defended the infinite supply of Dogecoin, saying it gives the cryptocurrency an edge over Bitcoin and Ethereum (CRYPTO: ETH). They have also called for increased use of DOGE in retail transactions.
Meanwhile, the acceptance of the Shiba Inu-themed coin as a payment option by businesses has gained momentum this year.
The subsidiary of Kraft Heinz Co. (NASDAQ: KHC), Oscar Mayer, joined the companies that capitalized on the popularity of the cryptocurrency meme after his hot dogs themed Dogecoin sold for $ 15,000 at auction in eBay Inc. (NASDAQ: EBAY) earlier this month.
The movement of prices
Dogecoin is down 5.2% in the last 24 hours and was trading at $ 0.2686 at the time of the last review.