Dogecoin (CRYPTO: DOGE) co-creator Billy Markus joined Benzinga’s “Moon or Bust” last Friday to discuss the cryptocurrency. Among other topics, Markus spoke about Dogecoin’s underlying statistics and why he believes adding a supply cap would have a detrimental effect.
“Let’s say the coin was capped today. That means it wouldn’t give any mining rewards, that means people probably wouldn’t waste their CPU cycles mining it, which means it wouldn’t be a secure coin. And, if it’s not secure, because someone can take over the network with a large amount of hashing power, that would make the value of the coin nothing,” Markus said.
The co-creator also pointed to the importance of Dogecoin’s increasing utility as part of what makes the cryptocurrency legitimate.
“People can use Dogecoin to purchase pretty much anything at this point,” Markus said, before adding “I think it’s very, very beneficial for businesses to accept Dogecoin and for the currency to be moved around and used as a currency.”
There is definitely …