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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

#211
post #196

Earlier quoted context omitted.

"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…

> 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.

That could be said for Nazism, Communism, Socialism and possibly every other socio-political out there: It's not the system, it's the implementation that's wrong. But I don't buy it. I used to be liberal myself, but now I don't believe in the skilled vs the unskilled, it's more likely to be the trained who had opportunities vs the untrained who had none and most likely you and I are in the first category.

Out of curiosity though, could you answer the following questions:

* Do you believe that education, energy, water, garbage, railways, lines (as in phone-lines, the network) should be private hands?

* What happens when a player is so big that with every move disrupts the market? The state should step-in or let everything flow naturally?

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

#212
post #23

Earlier quoted context omitted.

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).

Does the USD lose 5% value each year? 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.

It's only 5% the first year. Since it's a flat amount, the % of the inflation would reduce every year.

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

#213

This effectively killed my interest in the currency completely. I've stopped mining it. I suspect this may be what they want: to keep it basically worthless so people keep using it to tip people large amounts and have fun with it, and to drive away investors and people looking to profit.

Well on the other hand, this is actually good news for mining because you will always be able to mine. It means that they don't have to worry about incentivising "mining" after all the coins are gone.

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

#214
How can dogecoin change their total supply after release? I thought the point of crypto currency was that the supply and rate of generation is declared upfront during release? The developers can change the supply whenever they want? whats to stop bitcoin from recapping its limit on supply???!!!!

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

#215
post #211

Earlier quoted context omitted.

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…

> 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. That could be said for Nazism, Communism, Socialism and possibly every other socio-political out there: It's not the system, it's the implementation that's wrong. But I don't buy it. I used to be liberal myself, but now I don't believe in the skilled v…

> That could be said for Nazism, Communism, Socialism and possibly every other socio-political out there: It's not the system, it's the implementation that's wrong.

True, those arguments can be said there, but don't apply here. Those are utopian ideas in that they require every individual, including the governing bodies, to be a saint in order to work. Not so with the free market, as a corruption in one organization leads to the ability for others to rise in their place (no "too big to fail" scenarios).

> Do you believe that education, energy, water, garbage, railways, lines (as in phone-lines, the network) should be private hands?

Yes. A lot of this work is already contracted out to private companies, which do a much better job for a much lower price. There's no reason to think they wouldn't do it themselves to make a profit. Which brings me to...

> What happens when a player is so big that with every move disrupts the market? The state should step-in or let everything flow naturally?

The state IS the biggest player so big that every move disrupts the market, thus creating more "big players" =) For example the government makes contracts with the big players, in the billions of dollars. That's tax payer money that's going to corporations instead of local smaller businesses, and the other guys can't compete. This is just one small example.

There are some good discussions on these topics here: http://www.reddit.com/r/Anarcho_Capitalism/search?q=corporat...

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

#216

Earlier quoted context omitted.

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...

I did have 10MBps and a while before that 100MBps just because of the campus network. Today in a residential area I have 22MBps down, 16 up (measured). However, that result might actually be capped by my wifi. I should have 60-100 MBps.

That said, I was thinking of it all, memory bus, disk r/w speed etc.

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