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[Disclaimer: I’m from Argentina, where a 5% annual inflation would be really nice.]
I think this is good news overall.
Earlier quoted context omitted.
It will encourage tipping (giving it away in large numbers), not real trading. As mentioned elsewhere, why sell goods for it if the value will keep dropping?
why sell goods for it if the value will keep dropping? You know the USD is inflationary, right? I don't see people having had a problem selling goods in the US since 1970. You don't sell goods to get money to hold on to for the rest of your life. You sell goods so you can, with the profit, immediately purchase other goods that you need (either to live or to invest in).
FIVE percent. Think about that.
I am hoping it is a zero to 10k block reward which would change all this. But looking at the code I think it is 10k fixed.
And I get it. That sucks. Personally, I think it's a great thing for Doge. It'll keep up the current "tipping culture", discourage hoarding, and encourage us doge to trade and share, til we get to the moon. Such wow. Amaze. :D
The hilarious thing to note here is that -- over the short term -- this is barely different than Bitcoin's inflation rate. Bitcoin halves its inflation rate every 4 years, but 4 years is a long time in internet time. Here, let's lay them out side by side:
INFLATION RATE BY YEAR
YEAR BITCOIN DOGECOIN
1 inf% inf%
2 100% 100%
3 50% 50%
4 33.3% 33.3%
5 12.5% 25%
6 11.1% 20%
7 10% 16.6%
8 9.1% 14.3%
One of major complain about bitcoin is the fact of limited supply of coins. I.e. deflationary currency. But as you can see now - this is nothing more then just an agreement between people using bitcoin (or dogecoin)
If majority of dogecoin owners will not like it - they will fork it. Otherwise we will have nice example of inflationary currency.
Oh god, they really are master trolls. The hilarious thing to note here is that -- over the short term -- this is barely different than Bitcoin's inflation rate. Bitcoin halves its inflation rate every 4 years, but 4 years is a long time in internet time. Here, let's lay them out side by side: INFLATION RATE BY YEAR YEAR BITCOIN DOGECOIN 1 inf% inf% 2 100% 100% 3 50% 50% 4 33.3% 33.3% 5 12.5% 25% 6 11.1% 20% 7 10% 16…
Dogecoin reward halves every other month until mid 2015
- It makes the currency much more democratic -- missed the first few months of mining? jump in any time you like and still reap the benefits!
- It neatly circumvents the issue of lost coins -- Bitcoins will keep dwindling over time and there will be no way to keep a consistent number of coins in circulation
- Inflation puts to bed one of the major concerns raised by many traditional economists about Dogecoin; deflation does seem to encourage hoarding
- As a corollary, inflation encourages spending, the growth engine of every modern economy. Like it or not, it works.
I'm mining as much Dogecoin as a I can and will keep doing so. I think this is great news! To the moon!!