On Fri, Jul 13, 2018 at 1:27 AM Jakub Trnka <jakub.trnka@chainanalytics.net>
wrote:

> I think building some overlay scarcity and value on top of bitcoin
> blockchain would incentivize people to transact a lot. An equilibrium would
> emerge between paying transaction fees and mining new coins. Which would
> effectively be equivalent to selling bitcoin and buying some mergemined
> altcoin, except this would congest the bitcoin network. You can easily
> borrow scarcity from bitcoin in some sidechain.
>

Yes  what you say is correct. Therefore n could be a function of the
transaction fees of the block. I think this should be on bitcointalk and I
am going to start a discussion there.
PJ Fitzpatrick


> Jakub Trnka
>
>
> Sent with ProtonMail <https://protonmail.com> Secure Email.
>
> ‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐
> On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev <
> bitcoin-dev@lists.linuxfoundation.org> wrote:
>
> I am considering a method to derive digital scarcity from bitcoin
> transactions. Coins are created from transactions if their hash is among
> the closest n to the non zero portion of the block hash. Only a single coin
> can be created per transaction irrespective of the size of the transaction.
> Therefore n coins are created per block.
>
> The initial coin supply and addresses can be fully determined by the
> existing blockchain. Additionally coins are scarce as coins can only be
> produced by transactions.
>
> There are a number of variants such as creating computation puzzles from
> the previous block.
>
> Has anyone seen anything similar.
>
>
> PJ Fitzpatrick
>
>
>
>