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

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

#201

Post by blueskin_ »

girvo wrote: post #24

Man, I really feel like those who are upset about this truly wanted it to be "their Bitcoin" -- the cryptocurrency they got on the ground floor for and were hoping would turn out like BTC has. And to be fair, it sorted started looking that way. But now, as it's been decided to be "inflationary" (like the USD currently), they feel that the party is over. And I get it. That sucks. Personally, I think it's a great thing…

I'm not bothered. I got 'in on the ground floor', and I don't care that it isn't valuable (although yes, I would have been happier if it did become valuable, of course...). I'll probably stop mining at some point soon, but I have the coins, and having a big number is a nice feeling. Plus, it's funny.

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

#202

Post by epsylon »

boyter wrote: post #147
girvo wrote: post #24

Man, I really feel like those who are upset about this truly wanted it to be "their Bitcoin" -- the cryptocurrency they got on the ground floor for and were hoping would turn out like BTC has. And to be fair, it sorted started looking that way. But now, as it's been decided to be "inflationary" (like the USD currently), they feel that the party is over. And I get it. That sucks. Personally, I think it's a great thing…

The thing is its actually less inflation then Bitcoin or Litecoin at least for the next few years anyway. See the following (taken from reddit thread) which shows the inflation amount over the next 5 year period. Dogecoin Bitcoin Litecoin 2015 5.26% 10% 33.33% 2016 5% 9.09% 12.5% 2017 4.76% 4.1% 11.11% 2018 4.54% 4% 10% 2019 4.35% 3.85% 9.09% 2020 4.2% 3.7% 4.1% People need to keep in mind that dogecoin's inflation i…

> anyone dumping it over this news is a bad speculator.

Especially considering that XDG is barely a few months old, that this decision won't impact anything before the whole 100 billion are mined (which is years from now) and that due to the open source nature of the software the decision can be trivially reversed should the community decide otherwise.

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

#203

Post by ceejayoz »

kzrdude wrote: post #170
ceejayoz wrote: post #85

Earlier quoted context omitted.

> 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.

How much bandwidth did you have in 2004? I definitely didn't have 50/5 Mbps back then...

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

#204

Post by TheCoelacanth »

ye wrote: post #119
atmosx wrote: post #117

Earlier quoted context omitted.

I'm sure you have a financially viable scheme for importing gold from other galaxies far-far away, but you're keeping it for us to figure out, right?

Because gold exists only on our planet and in other galaxies far-far away?

Even importing gold from other parts of our own solar system is a long way from financial viability.

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

#205

Post by drewblaisdell »

gone35 wrote: post #115
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.

I don't think anyone would agree that USD-centric societies discourage hoarding. No offense, but I think it would be wise to familiarize yourself with the basics of a subject before forming high-confidence blanket opinions about it like that. (The same applies to your other comment about why anyone would think an inflationary economic policy would be desirable at all.) Sorry if I sound patronizing, but as it happens…

> No offense, but I think it would be wise to familiarize yourself with the basics of a subject before forming high-confidence blanket opinions about it like that.

High-confidence blanket statement? I was asking a question. The opinion in question was poorly worded-- I understand that inflation means money either loses value or must be reinvested in the economy. I just don't think that inflation prevents a wealth incumbency (which I inappropriately referred to as "hoarding").

> (The same applies to your other comment about why anyone would think an inflationary economic policy would be desirable at all.)

I was referring to how the protocols have an identical economic policy (majority rules), not to inflation vs. deflation as economic policy (which I stated explicitly).

I was mainly curious about whether or not inflation vs. deflation matters in terms of preventing a rich-get-richer society. My admittedly poorly worded question seems to have given many HNers an opportunity to feel good about letting me know they understand a classical economic concept.

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

#206

Post by lexcorvus »

Eliezer wrote: post #59

The really amusing part is that their trolling represents better economic policy than Bitcoin.

Monetary dilutionists (i.e., basically all legitimate economists, and thus almost all armchair economists well) and hard-money advocates (i.e., basically all legitimate thinkers pre-1920 or so) each accuse the other of practicing pseudoscience, or at least pseudoeconomics. The cool thing about cryptocurrencies like Bitcoin and Dogecoin is they finally offer people a way to put their money (so to speak) where their mouth is.

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

#207

Post by sixothree »

rodgerd wrote: post #153
sixothree wrote: post #94

Earlier quoted context omitted.

Everything about DOGE seems like some bizarre social experiment.

The Jamaican bobsled team are going to the Olympics based on donations from a cryptocurrency based on a set of jokes centered around a picture of a dog from a blog. There is a reason William Gibson stopped doing straight sci-fi.

My question is who spent $30,000 to buy all those DOGEcoins?

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

#208

Post by boyter »

sixothree wrote: post #207
rodgerd wrote: post #153

Earlier quoted context omitted.

The Jamaican bobsled team are going to the Olympics based on donations from a cryptocurrency based on a set of jokes centered around a picture of a dog from a blog. There is a reason William Gibson stopped doing straight sci-fi.

My question is who spent $30,000 to buy all those DOGEcoins?

Many people. I personally threw $100 in because why not? Its a small amount of cash to lose. I am willing to bet more then 300 people have spent more then $100.

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

#209

Post by walden42 »

atmosx wrote: post #196
walden42 wrote: post #60

Earlier quoted context omitted.

The free market takes care of all your points, except the first one, which isn't a big deal, really. - Lost coins? Analysis can make good estimations of how many coins are lost. The market price will adjust. - Yes, it puts down concerns from people who believe that inflation is necessary, that is true. Whether deflation is bad is another story, and again, the market takes care of it. If value of the currency goes up…

"The free market takes care of all your points [...]" Do you have any real-world example of free market taking care of anything substantial? Because from my experience it's a fairy tail: Either you need to the state to jump in and make some decisions or you have big players killing the market whatever decision they make (market-wise good or bad).

There is always an incentive to make a product better and as cheap as possible in order to make a profit. That's how the free market works. Your experience shows you that government intervention, which is so prevalent in most markets, kills off competition and leaves the "big players" to make whatever decisions they want. These "big players" exist thanks to the state.

It's a vicious cycle: government jumps in, makes competition harder (whether with taxes or regulations) -> smaller businesses have trouble competing with large players -> larger businesses take advantage by offering worse service to cut overhead costs -> customers complain, ask for more government regulation -> makes competition even more impossible -> and so on.

You can observe this cycle in every industry, including food, ISPs, etc.

Before you bash the free market and show me example of how it doesn't work, first look and realize that what you're pointing out to me is not actually a free market.

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