Sure, but I think it would be foolish to do otherwise. I was new once too, and even after I'd done my first job people were hesitant to call me back with no relevant degree and my only experience being in a small shop mostly working alone (for significantly less than the market rate, I should add). Now I managed to make my way past that gauntlet and I'm enjoying the fruits of my labors as a "senior" developer. I don't think I'm doing anything other than responding to the incentives created by the system.

Absolutely! Though would you still consider yourself a "senior" developer, if a "mid-level" or "junior" starts working with you and happens to exceed your skillset in very noticeable ways? I know I've hired some exceedingly excellent programmers that made me feel rather amateurish!

I guess what I'm trying to say titles are fairly arbitrary - and yes, the system is in need of a little shake up! Enjoy the perks the title brings, and stay humble :)

The titles are more or less arbitrary anyway. I'm not that hung up on it.

So is working for a living wage. Imagine how much room there would be for new entrants if you were paid $8 an hour! Everyone who wanted to could have a programming job.