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-0.02%Reading
Elon Musk isn’t backing down when it comes to Dogecoin.
The world’s richest man and soon-to-be U.S. government employee said on Twitter (aka X) that the joke cryptocurrency’s inflationary model is a “feature, not a bug.”
He was responding to Dogecoin co-founder Billy Markus’ tweet explaining to developers how to adjust the asset’s tokenomics.
I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug
— Elon Musk (@elonmusk) November 13, 2024
Unlike Bitcoin or Ethereum, Dogecoin—the sixth-biggest cryptocurrency with a market cap of $56 billion—has an infinite supply limit with 10,000 new coins minted every minute. That's about $3,850 worth. Because it's a fixed number of coins, the percentage it represents of the total supply gradually falls over time.
Markus was telling the Dogecoin community how to get other developers to vote on changing the coin’s tokenomics. It had clearly a point of contention, as Markus added: "You can change it right there, make a pull request [and] convince the community and miners to use the new version. Now stop fucking bothering me about it."
As Dogecoin makes a comeback off the back of Bitcoin’s surge, some may be pondering: Where did the asset come from? What’s it for? And what’s Tesla CEO Elon Musk got to do with it? The original meme coin’s boom largely has the world’s richest man to thank. Musk’s obsession with shitposting helped boost the coin to a top 10 cryptocurrency. It’s been a wacky ride over the past few years, culminating in Musk's appointment to co-lead a government agency called D.O.G.E.—yes, really. But we'll explai...
But Tesla CEO Musk replied in support of the feature as it currently exists, writing: “I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug.”
Markus responded in agreement, saying that he believed Dogecoin’s model made it “ideal for something intended as a currency.”
i agree that it is ideal for something intended as a currency
steady predictable inflation with a percentage that goes down
much much lower than the dollar pic.twitter.com/qxmKhdOlDu
— Shibetoshi Nakamoto (@BillyM2k) November 13, 2024
Dogecoin inflation has been a hot topic in the past: Billionaire entrepreneur and crypto enthusiast Mark Cuban said back in 2021 that the original meme coin was useful as a payment method precisely because of its seemingly strange tokenomics.
“This is exactly why people will buy physical products with Dogecoin and not with Bitcoin and rarely with Ethereum,” he wrote on Twitter at the time.
“It’s hard for someone with $100 to get excited about owning a fraction of Bitcoin or Ethereum,” Cuban added. “It’s easy with Dogecoin. When it appreciates, that makes those items easy [to] buy.”
Cuban is the former owner of the Dallas Mavericks, and the basketball team started accepting Dogecoin for tickets and merchandise back in 2021 under his leadership.
Elon Musk has been a fan of Dogecoin since 2018, frequently pumping the cryptocurrency on the social media platform he now owns. The asset’s developers exclusively told Decrypt in 2019 that they were working with Musk to make it a viable cryptocurrency for payments.
It’s worth noting that Musk as recently as last month said that he wasn’t actively involved in the crypto sphere, but just “kind of” likes Dogecoin because “it has dogs and memes, and I love all those things.”
Edited by Andrew Hayward
Top college football prospect Matai Tagoa’i is set to join football stars like Russell Okung, Odell Beckham Jr., and Trevor Lawrence by receiving his compensation in Bitcoin. The linebacker will be paid part of his earnings via the Strike app after signing a “name, image, and likeness” (NIL) deal with the University of Southern California (USC). The exact details of his package are not known, but some college football players, such as Shedeur Sanders, have received estimated payouts of up to $4....
The world’s largest asset manager BlackRock just debuted a new advertisement proselytizing the virtues of Bitcoin, but rather than cheer on the Bitcoin ETF issuer for its efforts, Bitcoiners aren’t happy. The video, which is housed on the iShares Bitcoin Trust (IBIT) ETF page on BlackRock’s website, spends three minutes walking viewers through the evolution of money and key fundamentals of Bitcoin. One of those fundamentals is Bitcoin’s 21 million fixed token supply. While the video explains t...
El Salvador may have reached a deal with the International Monetary Fund that will see the tiny country scale back its Bitcoin law—but it’s still going to “HODL.” And it might even step up its BTC buys. That’s according to Stacy Herbert, the head of El Salvador’s National Bitcoin Office, who wrote on X (formerly known as Twitter) Thursday that the country may even continue buying the cryptocurrency at an “accelerated pace” going forward. El Salvador in 2021 made Bitcoin legal tender along with...
