From the main thread:
Excellent coin with an amazing developer but with one single major flaw.
Too many coins.
I will get a lot of hate and post might get deleted but sometimes tough love is what's needed.
most of our coins have already been produced.. we're only making something like 9 million coins a day now.
it's not made to get everyone rich right away, it's a privacy tool/currency, designed to be open to anyone.
I respect your opinion since with a lower quantity it may appear to be more scarce, therefore more valuable, but I do not believe that Verge has "too many" coins.
A bigger issue could be if there were "too few" coins, which would necessitate the need to go into the decimals to use them, which would work of course, but be less convenient.
If something costs 15 XVG, 150 XVG, 1500 XVG, or 15000 XVG, it doesn't seem that big a deal, where .00015 XVG may be.
Long term, having more coins may be a benefit when Verge's distribution increases.
It may even be psychologically advantageous since it feels kind of good to have a bunch of something, even though a lower quantity could have the same value.
I'd be in favor of removing some decimal amounts. What you say about psychological advantage is really true. 8 decimal places makes Bitcoin so unfriendly and "techy". Ending at .01 would be much easier IMHO. I'd love an update doing this.
There will be no
update that would 'magically' remove coins from the available supply. The standing supply cap was created such that there would be a possibility of wide spread distribution. They only remotely conceivable way to reduce coin supply would be to, as a community, agree to take coins off the market and send them off the a burn address, which frankly a vast majority of us who've been here longer then 4 days would not be interested in doing.
Personally i have no problems with the standing supply.
Take into consideration that -- DOGE -- Has 104,234,666,300 coins in circulation right now and their current standing average sat level is between 48-57 sats.
While i do understand the 'psychological' aspect of what a large number can do to someone's mind i also understand that you cannot just post an update that would swipe an undisclosed amount of coins from people(s) wallets in an effort to reduce the overall coin supply such that current standing bag holders would then get 'rich'(loosely used term); people would immediately bail.
Not to mention the fact that -- Lets say in an extremely hypothetical situation the coin supply did get reduced; there would still have to be a standing demand for the currency in the first place. You could reduce, burn, destroy, eliminate coins in what ever fashion you want but if there is no standing demand then the price remains the same.
This is an investment which means you should have already come to the understanding and acknowledged all of the facts and benefits of being an investor of this currency. This includes accepting the overall coin supply, the technology that is backing the currency, the purpose/goals and any other aspects of the coin there for if you do not like an aspect that cannot be changed you should have not invested in the first place.
Changing the coin supply is never going to happen.
Cheers-
Rekt
