This is how I see it as well. I just don't get it.

Here's the real problem and why messing around with masternode block reward is going to make zip difference other than steadily deplete Dash's quality as an investable asset (though it may still remain a technically interesting payment medium)....

You can increase the mining block reward. You can decrease it. You can do whatever the hell you want with it, but 2 aspects of Dash "economics" remain unchanged:

1. the emission schedule
2. who pays for it

The cost of the emission schedule is still 100% borne by miners, regardless of what reward they receive. That should have formed the starting point for any "economic analysis" because it's the only quantitively known factor in Dash's economics.

Similarly, it doesn't matter whether difficulty goes up, down or sideways or whether coin prices lead or follow mining cost. The relationship between reward ratio and supply to markets (in fiat value terms) is clear:

1. the generation cost of the ENTIRE supply is still borne by miners and that therefore determines the potential liquidity they supply to markets
2. that potential supply is only ADDED TO by increasing the masternode ratio

Sociological guesswork about stakeholder demographics and "who is most likely to sell" may or may not be useful, but it's no substitute for basic accounting which is unambiguous in pointing out where the price has to go to support the spraying of free money at a gated sector of the coin holding community that has to make supernormal profits at the ultimate expense of new investors.



Finally, by depleting the mining reward, we're making Dash:

 • less scarce (because, by definition, coins mined at high difficulty are more scarce than those mined at low difficulty - it's why competitive mining was invented)

 • less efficient in markets (because more fiat demand is needed to maintain the price for each coin mined)

 • less stable (because masternodes act against the natural correcting effect of difficulty adjustments by being able to continue to sell at a profit in bear markets)

What we need to do is increase the mining reward, not decrease it.