Why daily cryptocurrency creation rate (in USD) is critical in valuation

I’ve been working on some ideas around creation metrics to judge different cryptos. The first metric I want to talk about looks at how much money is created each day out of thin air.  The point is to ask yourself if the crytpocoin community can absorb that much money.

Logic is mashing up data from CoinMarketCap.com, CoinWarz.com, and BitcoinTalk.org.

The metric I’m interested in is bluntly: Daily $USD made out of thin air. It is calculated by taking the block time (bitcoin is 10 minutes, although if you look here you’ll see it runs way faster: https://bitcoinwisdom.com/bitcoin/difficulty) times the average reward for 24 hours times the price.

For example, Here are the calculations for Dogecoin (as of 3/17/2014)

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Current reward per block. 250,000 DOGE

Blocks created per day. 1440 (60 second block time)

Dogecoin created per day: 360,000,000 DOGE created everyday!!!

Price per Dogecoin:  $0.0008088 (price in USD at cryptsy per DOGE)

Amount of Dogecoin value created in USD each day: ~$291,000 USD of currency created everyday out of thin air

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Again, my point is ask yourself if the Dogecoin community can absorb $291,000 USD of new money created each day.  More specifically, what are the 50 largest miners of Dogecoin doing, are they holding and praying or just dumping the whole way.  Time will tell but ultimately I see the Daily coin creation rate in USD as a big way to see how much money the system has to absorb to keep the price the same.