You simply forget one thing : Development can be copied in one second . Capitals can not . Dogecoin can have BitShares' feature by one click if in the future people do need features , and BitShares can't have Dogecoin's capital by one click .
I might be wrong but I don't think that this is entirely true, for example if facebook decides to implement/host bts wallets for their users we could have a huge inflow of capital, (I know my example its too far fetched but removing development and the refferal program from the equation can drop the possibility of this to happen from X% to 0%)
I can't remember the exact numbers but the merger inflation is somewhat 12% and ends in 8 months, don't you think that the end of the merger era(12% dillution) will be more than enought for the price to recover? Do we really need that bad the 6% from development too? By messing with the 6% development imo we make more harm than good.
On topic, Ethereum has huge inflation right now, but how would their price react if they(Ethereum) announced that they found a way to spent ALL this inflation to pay tens of EXTRA programers to improve ethereum? How would Bitcoin price react if they found a way to use their POW inflation (3600 Btc) to pay EXTRA programers too? Same question for LTC DOGE too.
Just my thoughts...