Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary

From: Breno Brito <[email-masked]>
Date: Thu, 18 Aug 2022 12:29:01 -0300

Since we are talking about inflation and Milton Friedman, this Friedman's
interview seems relevant.
Source:
https://www.econlib.org/library/Columns/y2006/Friedmantranscript.html

Regards,
Breno Brito

On Wed, Aug 17, 2022 at 11:31 AM Jaroslaw via bitcoin-dev <
[email-masked]> wrote:

>
> On one scale you puts the Trust to the large stakeholders (why we avoid
> plenty of small stakeholders, btw),
> and on the other side I put game theory and well defined Prisoner's
> Dilemma.
>
> Again: large stakeholders WILL NOT incentivised to mine, they will have
> the hundreds excuses why not to switch-on Antminers back.
> That's how it simply works.  Bitcoin would fail miserably if Satoshi was
> based his concept mainly on existence of idealists.
>
> If we will observe lack of hashrate recovery four years after some halving
> and still unprepared like today
> - means the trust in large stakeholders was a very costly mistake.
>
>
> Superiority of Proof of Work against Proof of Stake has been discussed
> enough either
> The overall conclusion with what I fully agree  is: swapping PoW to PoS -
> would be a degradation.
> You can stop talking about degradation to proof of stake, but just:
> degradation.
>
> Degradation of Bitcoin, due to human greed.
>
> Now you mine and you have an INSTANT gratification.
> Then you will mine and it will cost you real money, but simple switch -
> and you have a DELAYED, maybe some day in the future, maybe only a tiny -
> punishment.
> And The Punishment Won't Be Tiny.
>
>
> "If the pain after hitting the hand with a hammer would appear after a
> month - people would notoriously walk with swollen fingers"
> 100% (^2)
>
> Regards
> Jaroslaw
>
>
>
> W dniu 2022-08-17 13:10:38 użytkownik Erik Aronesty <[email-masked]>
> napisał:
>
> > you can stop talking about  the "security of the system" as meaningful
> > this has been discussed enough
> > if fees are not sufficient, clearance times increase and large
> stakeholders are incentivised to mine
> > in the best case, fees are sufficient
> > in the worst case, it degrades to proof of stake
> > i'm sure you can see how that's fine either way
>
>
>
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