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❕NEWS Should a portion of dogecoin be cut or burned

AudraMiller

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One of the main concerns when it comes to any cryptocurrency is the supply of the cryptocurrency because that determines the market and respective demand. However if there is a large supply of a cryptocurrency then the value of the currency is stunted quite considerably. In order to try and increase this value it is important to limit the supply. Therefore do you believe that it would be in the best interest of the cryptocurrency community in order to reduce the current circulation of dogecoin that is available? What are your thoughts on this?
 

Henrytuedor

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Well dogecoin did not started as deflationary coin so this idea will only disrupt shortage of supply along can't do anything , interest and other factors all add up in growth
 

AudraMiller

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Well dogecoin did not started as deflationary coin so this idea will only disrupt shortage of supply along can't do anything , interest and other factors all add up in growth
What the meaning of a deflationary coin if i may ask? This is a concept that is not known and familiar to me.

The interest in the coin does cause the growth and that is the main and primary factor, however too large an interest can be worrying as well.
 

Henrytuedor

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A deflationary currency has a % of amount burnt with each transaction from 2% usually and is used to pay miners and dividends to stake holders in the process
 

leithy

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It is not just the amount of dogecoin in circulation at the moment that can hold it back it is because there is no market cap on the amount that can be issued. This means there can never be more demand than supply of the coin.
 

microunit

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I don't think so that it will have to be burned, as in the first place it is not even designed to be like that, and it was designed to be inflationary whereas there is already be an abundance of coin for everybody as it was originally used as a tipping coin
 

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I think i saw a information on a blog that dogecoin supply is unlimited ,and i think burning some of the tokens would have a positive effect on the price
 

achawaskey

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That has to be the number of dogecoin in circulation, if they feels the number is much they can reduce it by limiting the number of supply in order to maintained the market value.
 

AudraMiller

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A deflationary currency has a % of amount burnt with each transaction from 2% usually and is used to pay miners and dividends to stake holders in the process
Thank you for explaining that to me. This sounds like a very good and incredible thing that should be employed to dogecoin because with each transaction the supply will lower and this will likely increase the price quite substantially.
 

microunit

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I think i saw a information on a blog that dogecoin supply is unlimited ,and i think burning some of the tokens would have a positive effect on the price
Yeah it is designed as a inflationary token , even market trackers have put question marks for its total supply , that's why there are still people hesitant to invest in it long term
 

AudraMiller

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Even if dogecoin didn't set out to be like others, it could still be considered for burning so as to help limit its supply. I think this would give more value to the coin.
I concur with your thoughts here, and the burning of the coin will lower its supply in relation to the demand of the coin, which is already very high and this will essentially help the coin in achieving the one dollar mark which is set as the milestone currently.
 

Wisdom01

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Yeah it is designed as a inflationary token , even market trackers have put question marks for its total supply , that's why there are still people hesitant to invest in it long term
I wonder the reason they made it different from bitcoin ,and why sec haven't looked into such case ,because inflationary coins could take a negative turn
 

AudraMiller

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I wonder the reason they made it different from bitcoin ,and why sec haven't looked into such case ,because inflationary coins could take a negative turn
I think that teh SEC will probably take the time to rather build a solid case and then they can take action. If you look at what is happening with ripple, they are probably learning from this lawsuit in order to try and further it and be more confident in crypto lawsuits moving forward.
 

microunit

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I wonder the reason they made it different from bitcoin ,and why sec haven't looked into such case ,because inflationary coins could take a negative turn
Well the entire reason it was created in the first was not even to mimic bitcoin but just to have fun, that's why it is called the most fun coin or the meme coin as it is not trying to be anything but just a meme coin
 

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One of the main concerns when it comes to any cryptocurrency is the supply of the cryptocurrency because that determines the market and respective demand. However if there is a large supply of a cryptocurrency then the value of the currency is stunted quite considerably. In order to try and increase this value it is important to limit the supply. Therefore do you believe that it would be in the best interest of the cryptocurrency community in order to reduce the current circulation of dogecoin that is available? What are your thoughts on this?
That's a considerable suggestion you have here all though I don't think anything of such kind can happen in the coming times. The investors that invest huge amount get to have alot of quality and that makes them significant profits even if the price may not be that high. Also its very unlikely that they will make such a big change anytime soon.
 

leithy

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It is pointless to burn some coins as long as there is no cap on the numbers. A few months after burning and perhaps a price rise due to the burning, more coins could be issued putting the number back to where it was.
 

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Well the entire reason it was created in the first was not even to mimic bitcoin but just to have fun, that's why it is called the most fun coin or the meme coin as it is not trying to be anything but just a meme coin
If its like that and dont have the future of reaching bitcoin price , i still wonder what makes people to then hold the coin and not sell it off quickly
 

microunit

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If its like that and dont have the future of reaching bitcoin price , i still wonder what makes people to then hold the coin and not sell it off quickly
Well yeah true, that's why people just call it as a buy and dump or just a hype coin that just goes up whenever there is a hype for it, though I think dogecoin can still be use as a payment method better than bitcoin
 

Wisdom01

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Well yeah true, that's why people just call it as a buy and dump or just a hype coin that just goes up whenever there is a hype for it, though I think dogecoin can still be use as a payment method better than bitcoin
Yeah i know its better than bitcoin when it comes to transaction fee, that is why many still consider the coin despite everything
 

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