how many dogecoins?

[silvertree]

First of i no understand how crypto works very well but long time supporter of bitcoin..

What i am stuggling getting my head round is how can the amount of coins to be mined be changed?
for example I thought there was a cap on the amount of coins written in the script, like 21million for btc and 100 billion for doge, but after some reading up on doge it appears there are going to be 5billion per year once the cap is reached? how can this be changed? does this mean crypto currencies can be mined more than origanly stated? or is it just doge, doesnt it make it kind of dodgy, who gets to say how many more can be mined? i always thought no one can control crypto currencies, or is doge just different or a scam?

[tk808]

1,000,000,000,000 (Trillion) Doge

[silvertree]

A Trillion..you shitting me right?

May be they should rename it dollar coin ,  or Bernanke coin  or some thing?

[RenegadeMind]

A Trillion..you shitting me right?

May be they should rename it dollar coin ,  or Bernanke coin  or some thing?

There is already a Bernankoin.

https://bitcointalk.org/index.php?topic=375010.0

And the supply is unlimited!

[silvertree]

  brill , i just need a printer, non of this mining nonsense..

[ZeroBarrier]

It's not 5 billion per year when cap is reached, it's 5,256,000,000 after block 600,000. Right now block reward is anywhere from 0 to 1,000,000, when we reach block 100,000 it will halve and rewards for blocks will be 0 to 500,000.

The idea is that there can never be more than 100 billion dogecoin in circulation at any given time, but you want miners to keep on mining to ensure the security of the network. Also, every transaction carries a fee that destroys coins in the process, making them unavailable for circulation allowing miners to continue mining for block rewards.

Nobody knows how it'll all work out in the end, but the idea is to have people make use the coin often enough to have a ton of transactions/fees, enough transactions/fees that destroy coins and allowing the miners to keep receiving block rewards given them enough incentive to continue to ensure the security of the network; but if this is to work the coin has to reach mainstream adoption allowing more and more people to use the coin in order to destroy enough coins through fees to keep the miners mining.

1,000,000,000,000 (Trillion) Doge

The max dogecoin is not a trillion, it's 100 billion (100,000,000,000), or was this an attempt at being witty?

[silvertree]

It's not 5 billion per year when cap is reached, it's 5,256,000,000 after block 600,000. Right now block reward is anywhere from 0 to 1,000,000, when we reach block 100,000 it will halve and rewards for blocks will be 0 to 500,000.

The idea is that there can never be more than 100 billion dogecoin in circulation at any given time, but you want miners to keep on mining to ensure the security of the network. Also, every transaction carries a fee that destroys coins in the process, making them unavailable for circulation allowing miners to continue mining for block rewards.

Nobody knows how it'll all work out in the end, but the idea is to have people make use the coin often enough to have a ton of transactions/fees, enough transactions/fees that destroy coins and allowing the miners to keep receiving block rewards given them enough incentive to continue to ensure the security of the network; but if this is to work the coin has to reach mainstream adoption allowing more and more people to use the coin in order to destroy enough coins through fees to keep the miners mining.

1,000,000,000,000 (Trillion) Doge

The max dogecoin is not a trillion, it's 100 billion (100,000,000,000), or was this an attempt at being witty?

Ok thanks makes kind of sense..But has it always been designed this way?
It cant be changed?

I was reading there was some error in the script that kind of implied there was no limit, or the amount could be changed?

[ZeroBarrier]

Ok thanks makes kind of sense..But has it always been designed this way?
It cant be changed?

I was reading there was some error in the script that kind of implied there was no limit, or the amount could be changed?

I just did a little digging on this. It seems you were right and there is not hard limit of 100 billion coins, it's more of a theoretical limited but the coin is actually coded in away that allows up to a 5% inflation in the first year after block 600,000; and the inflation tappers off every year thereafter (max amount of coins that can be mined in a year after block 600,000 is 5,256,000,000, but will most certainly be less due to the randomness of the block rewards).

There's an interesting discussion on this here: https://github.com/dogecoin/dogecoin/issues/23