I thought the maximum annual dilution is 8%?
The way I calculate it, it is 6.3% right now.
50 bts per block * 6 blocks/min * 60 min/hour * 24 hour/day * 365 day/year = 157,680,000 shares per year.
.15768B / 2.5B = 6.3%
The thing that troubles some investors is that they dont want the code to be changed to increase this amount. That is, they think "once you allow any dilution at all, you could allow UNLIMITED dilution".
This is the goal of the constitution, to make it very very hard for that to ever occur.
Is the new question: Should that be periodically lowered to stay below bitcoin as bitcoin is lowered via the block reward halving?
To which I say, yes.
I also say yes. I dont think our schedule needs to be the same halving per 4 years though. A smoother decline would be preferable to a disruption at a certain date.
The code is the constitution. Nothing more is needed.
I think the constitution is basically a promise to never make the code do certain things that we might not approve of (dilution), without massive community approval.
Its also a marketing document outlining the vision, so that people can understand what bitshares is trying to do.