Before we go any further on this article, I would like to express that we at CryptoArticles do not take a stance on whether this is a good or a bad idea, you can figure that out for yourselves.
It appears that our beloved DogeCoin might have shot itself in the foot. The DogeCoin code clearly shows that there is no hard coin cap in place.
To explain what a hard coin cap is , let’s take a look at Bitcoin. Bitcoin is finite, as there will be only ever be 21 million Bitcoin in circulation. The supply is (hard) capped at 21,000,000.
DogeCoin, on the other hand is not. Everyone thought the (hard) supply cap was 100,000,000,000 ; a large number in it’s own right.
Apparently we were all mistaken, as there is no code in place to prevent there ever being more than 100 billion DogeCoin in circulation. This means there could be 200, 500 or even a million billion DogeCoin in 10 years from now.
Having this information out in the public (it’s being heavily discussed on GitHub), can have several consequences. The one that interests us the most, of course, is whether or not this will completely devalue DogeCoin.
However, on the bright side, you can say that it will always be accessible for everyone, without necessarily having to buy them on an exchange. Even with a massive difficulty in several years, people can still mine DogeCoin like they do today.
Granted, they will receive far less DogeCoin, but it’s still a (viable) option. So what are your thoughts? WIll DogeCoin’s value crash, stagnate or flourish?
Dogecoin is going through a consolidation following recent the price spike. Yesterday’s correction has little to do with the additional 5.2bn being mined per year. Actually, I think that the inflationary aspect of dogecoin will make it a lot more attractive to large investors and financial institutions who will at some point be forced to get involved in order to survive. 5bn may sound like a lot but it’s actually very little compared to the number of people who will start buying, mining and using it over the coming years. The media attention that dogecoin has been getting will ensure that it will be the preferred altcoin of choice for newcomers as well as entrepreneurs and start-ups who are jumping onboard to create and offer services to support the coin.
I won’t let this opportunity go just because of some short term noise. I’m buying some more. To the moon!
eboard10
Suppose it’s like a rock and a hard place.
You don’t want to scare of the Miners by lowering the reward.
You don’t want to scare of people by doubling the confirmation time.
You don’t want to increase the inflationary aspect too much.
What to do? What to do?
Not sure why this has not already been mentioned.
The greatest asset to Dogecoin is it’s appeal.
It’s already been proven Dogecoin has massive marketing potential through it’s
community. One of the best free advertising opportunities was the launch of
helping the Jamaican Bobsled team to Sochi Winter Olympics. That was a masterful stroke of genius.
I believe there is also help given in raising funds for the Indian Lube Team as well.
IMO, this is the time to capitalize on what has already been achieved.
THE WINTER OLYMPICS START IN THREE DAYS TIME.
It is an opportunity for the world to see and hear about Dogecoin.
Has the Doge Community rallied to perhaps interview the Jamaican or Indian Team?
Is there going to be a Doge Presence at Sochi giving handouts?
EX: A "DOGE LOGO" on a pair of mittens would have been a crowd pleaser.
Has the community got the marketing prowess to take "Dogecoin" to the next level?
I have no affiliation with the Doge Community apart from owning some "Dogecoins" which I find cute.
definitly not going to go to moon,it will go down to hell.it is simple,people will lose their faith on dogecoin.
So how did the developers manage to hide something like this? Did no one bother to read the code? Originally that thread on bitcointalk talked about a 300 billion hard limit. To now say that there is no limit at all is very shady indeed.
"This means there could be 200, 500 or even a million billion DogeCoin in 10 years from now."
This is not true, there will be around 145 billion coins in 10 years, the rate of production is around 5.3 billion a year after the final block halving.
It will be 20 years before there are 200 billion coins, it pretty much a non issue. Cryptos including BTC will have evolved by then.
This also means it’ll help cancel out the issue where people lose some through losing their wallets and all that. If everyone on Bitcoin lost their wallets after the 21m limit’s been reached (just as an example), it would never appeal to anyone ever again.
I don’t think Dogecoin will go to the moon but I also think the decimals are pointless. It’s better to compare mega-DOGE (1,000,000 DOGE) to the US Dollar for this inflationary currency IMO.