Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

github.com

Post reply on HN
Print view View original

161–170 of 216 posts

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#161

Post by oafitupa »

maaku wrote: post #103
doodyhead wrote: post #30

This is the one feature that will uniquely distinguish Dogecoin from other cryptocurrencies: - 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 t…

"uniquely distinguish"? Know your history. This is the founding principle of Freicoin: http://freico.in/

Dogecoiners will try to stay afloat with whatever "feature" they can come up with, even if it's the result of a bug.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#162

Post by oafitupa »

Nursie wrote: post #74

This is actually starting to sound like a far better currency than bitcoin could ever be. You know, a liquid medium of exchange rather than a deflationary libertarian wet dream. All the best ideas are jokes.

What do you mean "liquid"? I hear this a lot from Americans, who don't understand the concept of decimals and units based on powers of ten.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#163

Post by bhickey »

ye wrote: post #71
skylan_q wrote: post #49

Earlier quoted context omitted.

You must be speaking strictly in terms of monetary deflation. I could see dogecoin being deflationary as well, but in a "price deflation" sense. Dogecoin could also become deflationary. If 6 billion dogecoins worth of value is created in a year and only 5 billion coins to match that increase in value, the economic value of goods created surpases that of the coins created. As a result, you have more goods chasing (rel…

Your explanation doesn't make sense. If you actually do look at what happened with the inflationary dollar since the "late 19th century", it lost 96-97% of its purchasing power due to the monetary inflation. Which means that if your grandma stored her wealth in dollars and wanted to pass it onto you, you can only enjoy 3-4% of what's left. http://4.bp.blogspot.com/-YTyPGaEsBcw/T0Kd1nS9zJI/AAAAAAAABQ...

Your explanation makes no sense.

Since 1928, the S&P has risen 5506%[1]. Over the same period, the dollar has lost 93% of its purchasing power. If you put a dollar on the market in 1928, it would be worth $808 (1928 dollars). A dollar under the mattress is instead worth $0.07 (1928 dollars). Investing had a return 11500-fold greater than hoarding cash.

[1]http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/...

[2]http://www.usinflationcalculator.com/

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#164

Post by oafitupa »

dgacmu wrote: post #129

This entire debate is a great example of how people don't understand math or the idea of inflation. A constant rate of new coins trickling into the currency creates a rate of inflation that decreases over time until it reaches equilibrium with the coins exiting the system. The devs have, intentionally or unintentionally, created a coin whose quantity will become roughly fixed (at a number they can't predict exactly),…

Unintentionally. It was a bug, but now dogecoiners are claiming it was designed that way by geniuses, like they always do.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#165

Post by officemonkey »

oafitupa wrote: post #157
girvo wrote: post #36

Earlier quoted context omitted.

Who cares! That's the point ;) Also, "to the moon" is a dogecoin reddit joke, it doesn't mean anything in particular

A dogecoin joke? Are you serious? Bitcoiners have been screaming to the moon for years. But now it's doge's joke? Is there anything else you want to copy without improvement?

Such wow. So animosity. Doge let Bitcoin have moon too. Many room.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#166

Post by monochr »

natrius wrote: post #107
Glyptodon wrote: post #52

I'm surprised that there isn't a cryptocurrency that uses much more complex rules to determine the number of coins mined in each subsequent block. It seems like the blockchain could be used to evaluate the health of currency's ecosystem in a way similar to taking a look at the system monitor or result or cat/proc/loadavg on your desktop. Heck, the blockchain could even be used to store 'extra' system state informatio…

In a world with competing currencies, people will choose currencies they can understand. A dynamic currency fails this test.

Thank you for warning me about this. I am now going to sell my dollars for gold and potatoes to avoid using something I don't understand.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#167

Post by afterburner »

fbags wrote: post #141
drewblaisdell wrote: post #70

Earlier quoted context omitted.

> discourage hoarding Is there compelling evidence that inflation discourages hoarding? I don't think anyone would agree that USD-centric societies discourage hoarding, unless you think something like investing in mutual funds doesn't fit the term.

Mutual funds are an investment. Hoarding is savings. One is productive, one isn't. That's the key difference. The difference is even more glaringly obvious if you think about the difference between equity in a productive company, loans to productive organizations, and simply doing nothing.

Savings accounts have interest rates. The money in savings accounts is used by banks to leverage and invest. It's not really hoarding like holding on to bitcoins is.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#168

Post by wmf »

aninhumer wrote: post #149
Glyptodon wrote: post #52

I'm surprised that there isn't a cryptocurrency that uses much more complex rules to determine the number of coins mined in each subsequent block. It seems like the blockchain could be used to evaluate the health of currency's ecosystem in a way similar to taking a look at the system monitor or result or cat/proc/loadavg on your desktop. Heck, the blockchain could even be used to store 'extra' system state informatio…

I've been thinking a lot about this, but the problem you run up against is that it's difficult to distinguish real economic activity from one person shuffling money around, and similarly, it's easy to hide activity by keeping a private ledger. That said, it's possible the inertia of the real market would stop anyone manipulating inflation in this way. I'd really like to see an experiment on these lines.

One thing that cannot be hidden is the current difficulty.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#169

Post by afterburner »

natrius wrote: post #159
mpyne wrote: post #155

Earlier quoted context omitted.

> Even if you think Bitcoin will triple in price tomorrow, it still makes sense to spend Bitcoin today because you can easily replace it with Bitcoin purchased at the current price. No, it doesn't make any sense, because you'd have to pay 3x as much to replace that Bitcoin. That's the whole point. That's also why you should spend your dollars first. Even if Bitcoin value doesn't change a bit the dollar becomes worth…

"No, it doesn't make any sense, because you'd have to pay 3x as much to replace that Bitcoin." No I wouldn't. I walk up to the merchant. "Oh, you'll accept my $20 payment in Bitcoin? Ok, I'll pay with that." As I walk away, I tap four times on my phone to convert $20 worth of USD to Bitcoin. My loss is the 1% charge to convert, plus the bid-ask spread, not the 200% gain from tomorrow. I still get that. I consider 1%…

Well then effectively what you are doing is spending dollars, and paying 1% to bitcoin exchanges.

Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever

#170

Post by kzrdude »

ceejayoz wrote: post #85
ck2 wrote: post #2

"ummjackson" has appeared on HN before so perhaps they will comment here as to how dogecoin could ever exceed 1000 satoshi with this decision. That is several new coins for every active person on the internet, every year. Also, the blockchain might require terabytes after a decade. ps. if you do show up, please clarify if it is going to be a zero to 10k reward which is a different situation, or actually 10k fixed per…

> Also, the blockchain might require terabytes after a decade. Imagine saying "the blockchain might require gigabytes after a decade" in 2004. Here in 2014, you can get 64 GB on something the size of your smallest fingernail for $30-$40. Terabytes after a decade won't matter a bit.

You need a corresponding growth in bandwidth, too, otherwise transfer, sync, backup, restore, etc times will only grow.
Post reply on HN