From: Matthew Bagazinski <matthew.bagazinski@gmail•com>
To: Bitcoin Development Mailing List <bitcoindev@googlegroups.com>
Subject: Re: [bitcoindev] The Future of Bitcoin Testnet
Date: Tue, 30 Apr 2024 11:46:59 -0700 (PDT) [thread overview]
Message-ID: <3b1a26a9-acef-496a-8465-c32879d2a833n@googlegroups.com> (raw)
In-Reply-To: <7a67edd1-0182-4170-90f4-998d12431024n@googlegroups.com>
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Unfortunately, the current form of Testnet is doomed to have value, just
like BTC. Its scarcity makes it a valuable asset. And no reset will change
that. It will only result in repeated resets, multiple versions of testnet,
and people never learning.
I have to agree with emsit here. Never underestimate the ability for people
to ascribe value to something with provable scarcity. I like Peter Todd's
suggestion of removing the halving completely, so that plenty new coins are
always coming into circulation, but it received pushback for removing the
regular 210,000-block events. Here are a few dumb ideas to chew on to see
if we can come up with something better:
- Doubling every 210,000 blocks. This leads to the supply growing
exponentially; impossible to try to ascribe value to that.
- Adding 1 to the subsidy every 210,000 blocks. Still an infinite
supply, closer to a standard subsidy, but there is still a change happening
every 210,000 blocks.
- Subtracting 1 every 210,000 blocks. This is technically still scarce,
but a much gentler decline in admissions. Yes, it eventually drops to 0,
but after 50 events instead of the current 33 halvings.
- Change "half" to some other fraction like "nine-tenths". Still
technically scarce, gentler decline in rewards, but still retains the
property of having a geometric sequence to the subsidies.
Like I said, dumb ideas, but I think there is a decision to be made between
avoiding a future reset by mitigating reasons people add value to tBTC
(such as scarcity) and expecting/planning for more regular resets when
people start inevitably valuing tBTC.
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next prev parent reply other threads:[~2024-04-30 19:00 UTC|newest]
Thread overview: 40+ messages / expand[flat|nested] mbox.gz Atom feed top
2024-03-31 13:19 Jameson Lopp
2024-03-31 14:33 ` Luke Dashjr
2024-03-31 14:57 ` Jameson Lopp
2024-03-31 17:21 ` Eric Voskuil
2024-04-09 18:28 ` Garlo Nicon
2024-03-31 16:02 ` Peter Todd
2024-03-31 21:01 ` Nagaev Boris
2024-03-31 21:29 ` Peter Todd
2024-04-01 12:54 ` Jameson Lopp
2024-04-01 13:37 ` Pieter Wuille
2024-04-01 14:20 ` Andrew Poelstra
2024-04-01 22:01 ` 'Fabian' via Bitcoin Development Mailing List
2024-04-02 11:53 ` Jameson Lopp
2024-04-02 18:36 ` Lukáš Kráľ
2024-04-02 19:46 ` Jameson Lopp
2024-04-03 4:19 ` Anthony Towns
2024-04-03 18:18 ` emsit
2024-04-03 19:35 ` Andrew Poelstra
2024-04-30 18:46 ` Matthew Bagazinski [this message]
2024-05-01 15:30 ` Garlo Nicon
2024-05-04 17:13 ` Peter Todd
2024-04-10 6:57 ` Garlo Nicon
2024-04-22 4:33 ` Ali Sherief
2024-04-01 13:25 ` Andrew Poelstra
2024-04-01 13:32 ` 'Fabian' via Bitcoin Development Mailing List
2024-04-01 14:28 ` Warren Togami
2024-04-01 19:22 ` [bitcoindev] " emsit
2024-04-04 8:14 ` Calvin Kim
2024-04-04 12:47 ` Jameson Lopp
2024-04-05 4:30 ` Calvin Kim
2024-04-06 23:04 ` David A. Harding
2024-04-09 16:48 ` Peter Todd
2024-04-16 17:30 ` [bitcoindev] " 'Sjors Provoost' via Bitcoin Development Mailing List
2024-04-07 7:20 ` [bitcoindev] " Christian Decker
2024-04-07 8:09 ` K Calvin
2024-04-08 19:11 ` Garlo Nicon
2024-04-09 4:29 ` coinableS
2024-04-28 13:45 ` [bitcoindev] " Matt Corallo
2024-05-02 7:10 ` Ali Sherief
2024-05-04 17:08 ` Peter Todd
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