Billy Markus, who co-founded the renowned meme cryptocurrency Dogecoin with Jackson Palmer and debuted it in 2013, has disclosed the processes involved in the creation of DOGE a decade ago. More significantly, though, he revealed a major lie about Dogecoin that has kept it alive thus far and will keep it viable for a longer period of time.
Some people think that Dogecoin has a significant advantage over Bitcoin as a real currency substitute because of this “bug.”
Here’s how Markus and Palmer created Dogecoin
In honour of Dogecoin’s tenth “birthday” on December 6, Markus wrote a post on X that included some information about how he came up with the world’s first meme cryptocurrency.
Although Markus did not provide all of the information, it is evident from his tweet from December 6, 2013, a decade ago, that Jackson Palmer was the one who first proposed the idea for Dogecoin, and Markus answered him because he thought the concept was intriguing.
https://x.com/BillyM2k/status/1732423318412853467?s=20
In response, Markus offered Palmer his skills as a cryptocurrency developer and forwarded a link to the bitcointalk site, where Palmer could see information on a coin called “Bells” for which he had already written code.
In the end, Billy Markus invented DOGE while seated at home in just two hours, and for some reason, “a bunch of weird things happened and now the currency is worth 14 billion dollars.”
Bug left in Dogecoin
Markus was alerted to a peculiar aspect of Dogecoin by the little over 300,000-follower account @reddit_lies: “Dogecoin doesn’t have an artificial limit on the number of coins that can be mined.” With a limited quantity of 21 million, the user emphasised that Dogecoin is superior to its forerunner, Bitcoin, in that it can genuinely take the place of traditional fiat money.
Markus clarified that he was aware of this function and claimed that Palmer and he had purposefully put it there as a “bug.” Since they didn’t think people would be interested in this parody of Bitcoin and its coding for much more than a year, they didn’t think Dogecoin would last more than a year.
https://x.com/BillyM2k/status/1732426109093138635?s=20
Markus did acknowledge that the glitch “gave it a long tail,” though. “Doge woulda died many years ago,” Markus said, if they had resolved the problem.
