From: "Ferdinando M. Ametrano" <ferdinando.ametrano@gmail•com>
To: Gavin Andresen <gavinandresen@gmail•com>
Cc: MANDELLI FRANCESCO <francesco.mandelli@esternibisp•com>,
MAZZOCCHI PAOLO <paolo.mazzocchi@esternibisp•com>,
Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] death by halving
Date: Tue, 28 Oct 2014 21:17:58 +0100 [thread overview]
Message-ID: <CADfmNEk40DTHDB8if_y_2i_Omoszd_BgcSxf-oS+ZcQB0tZZhg@mail.gmail.com> (raw)
In-Reply-To: <CABsx9T1RPkif1+DEsOLrFfr-sE=FCs_B5C5aZzKr6HZCHw15ag@mail.gmail.com>
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On Oct 25, 2014 9:19 PM, "Gavin Andresen" <gavinandresen@gmail•com> wrote:
> We had a halving, and it was a non-event.
> Is there some reason to believe next time will be different?
In november 2008 bitcoin was a much younger ecosystem, with less liquidity
and trading, smaller market cap, and the halving happened during a quite
stable positive price trend.
In the next months competition might easily drive down mining margins, and
the reward halving might generate unexpected disruption in mining
operations.
Moreover, halving is not strictly necessary to respect the spirit of
Nakamoto's monetary rule and its 21M limit. At the beginning of the 3rd
reward era (block 420000, in 2017) a new reward function could become
effective R(b)=k*2^(-h*b/210000) where b is the block number and R(b) is
the reward. The parameters h and k can be calibrated so that R(419999)=25
and sum_b{R}=21M
If the increased issuance speed in the third era is considered
problematic, then each era could have its own R_e(b)=k_e*2^(-h_e*b/210000)
fitted to the amount of coins to be issued in that era according to the
current supply rule, e.g. fitting k_e and h_e to R(419999)=25 and
sum_{b}_e=2,625,000.
Would such a BIP have any chance to be considered? Am I missing something?
Nando
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next prev parent reply other threads:[~2014-10-28 20:18 UTC|newest]
Thread overview: 29+ messages / expand[flat|nested] mbox.gz Atom feed top
2014-10-25 18:06 Alex Mizrahi
2014-10-25 18:12 ` Jeff Garzik
2014-10-25 18:22 ` Alex Mizrahi
2014-10-25 18:31 ` Jeff Garzik
2014-10-25 19:08 ` Alex Mizrahi
2014-10-25 19:16 ` Gavin Andresen
2014-10-25 19:53 ` Alex Mizrahi
2014-10-25 21:50 ` Melvin Carvalho
2014-10-28 20:17 ` Ferdinando M. Ametrano [this message]
[not found] ` <CAAS2fgSiz-XRVQ4V+KbrTUWG4=g=WGf8c-pF4b4fFnfyU9HOqQ@mail.gmail.com>
2014-10-28 20:36 ` [Bitcoin-development] Fwd: " Gregory Maxwell
2014-10-28 20:57 ` Alex Mizrahi
2014-10-28 21:19 ` Jérémie Dubois-Lacoste
2014-10-28 21:43 ` Gregory Maxwell
2014-10-28 22:43 ` Ferdinando M. Ametrano
2014-10-29 14:34 ` [Bitcoin-development] Death by halving (pro-active proposals) Sergio Lerner
2014-10-29 17:25 ` Jeff Garzik
2014-10-28 21:23 ` [Bitcoin-development] Fwd: death by halving Ferdinando M. Ametrano
2014-10-28 21:34 ` Neil
2014-10-28 21:44 ` Ferdinando M. Ametrano
2014-10-28 22:00 ` Thomas Zander
2014-10-28 22:38 ` Ferdinando M. Ametrano
2014-10-28 21:57 ` Christophe Biocca
2014-10-25 20:27 ` [Bitcoin-development] " Adam Back
2014-10-25 20:43 ` Thomas Zander
2014-10-25 20:28 ` Thomas Zander
2014-10-25 20:49 ` Alex Mizrahi
2014-10-25 21:51 ` Alexander Leishman
2014-10-25 22:10 ` Ross Nicoll
2014-10-25 22:42 ` Melvin Carvalho
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