From: John Tromp <john.tromp@gmail•com>
To: Bitcoin Protocol Discussion <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
Date: Sat, 9 Jul 2022 16:57:57 +0200 [thread overview]
Message-ID: <CAOU__fz8XSfEdOS9U7_H4A4jpCgtQepKxaW4jT5go91rhY-VQg@mail.gmail.com> (raw)
> New blog post:
> https://petertodd.org/2022/surprisingly-tail-emission-is-not-inflationary
A Tail Emission is best described as disinflationary; the yearly
supply inflation steadily decreases toward zero.
> Dogecoin also has a fixed reward
It started out with random rewards up to 1M doge per block, with the
maximum halving every 100K blocks, until the fixed reward of 10K doge
kicked in at height 600K.
> If an existing coin decides to implement tail emission as a means to fund security, choosing an appropriate emission rate is simple: decide on the maximum amount of inflation you are willing to have in the worst case, and set the tail emission accordingly.
Any coin without a premine starts with infinite inflation. Bitcoin in
its first 4 years had yearly inflation rates of inf, 100%, 50%, and
33%. So deciding on a maximum amount of inflation is deciding on a
premine.
While in the long term, a capped supply doesn't meaningfully differ
from un uncapped supply [1], the 21M limit is central to Bitcoin's
identity, and removing this limit results in something that can no
longer be called Bitcoin.
[1] https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a188d153
next reply other threads:[~2022-07-09 14:58 UTC|newest]
Thread overview: 56+ messages / expand[flat|nested] mbox.gz Atom feed top
2022-07-09 14:57 John Tromp [this message]
2022-07-09 15:13 ` Peter Todd
2022-07-11 18:44 ` Dave Scotese
-- strict thread matches above, loose matches on Subject: below --
2022-08-19 5:34 vjudeu
2022-08-18 20:22 jk_14
2022-08-17 13:43 jk_14
2022-08-18 15:29 ` Breno Brito
2022-08-18 15:44 ` Billy Tetrud
2022-08-18 20:49 ` Erik Aronesty
2022-08-17 8:54 jk_14
2022-08-16 16:05 Peter
2022-08-19 17:21 ` aliashraf.btc At protonmail
2022-08-20 15:30 ` Billy Tetrud
2022-08-15 21:46 jk_14
2022-08-17 11:10 ` Erik Aronesty
2022-07-26 20:01 jk_14
2022-07-19 18:36 Peter
2022-07-20 14:35 ` Eric Voskuil
2022-07-10 17:42 Eric Voskuil
[not found] <mailman.80287.1657405305.8511.bitcoin-dev@lists.linuxfoundation.org>
2022-07-10 7:44 ` John Tromp
2022-07-09 22:21 Peter
2022-07-09 20:54 Eric Voskuil
2022-07-09 21:59 ` ZmnSCPxj
2022-07-10 14:17 ` alicexbt
2022-07-10 16:38 ` alicexbt
2022-07-10 17:29 ` Peter Todd
2022-07-10 17:27 ` Peter Todd
2022-07-10 18:12 ` vjudeu
2022-07-18 11:34 ` David A. Harding
2022-07-18 19:14 ` Erik Aronesty
2022-07-18 21:48 ` Eric Voskuil
2022-07-25 15:04 ` Erik Aronesty
2022-07-26 15:44 ` jk_14
2022-07-26 17:05 ` Erik Aronesty
2022-07-09 20:53 Eric Voskuil
2022-07-09 12:46 Peter Todd
2022-07-09 14:26 ` Eric Voskuil
2022-07-09 15:15 ` Peter Todd
2022-07-09 15:24 ` Eric Voskuil
2022-07-09 15:31 ` Peter Todd
2022-07-09 17:43 ` naman naman
2022-07-09 17:48 ` Peter Todd
2022-07-10 6:54 ` naman naman
2022-07-10 2:10 ` Tobin Harding
2022-07-10 7:08 ` vjudeu
2022-07-11 18:25 ` Larry Ruane
2022-07-10 10:18 ` Jacob Eliosoff
2022-07-11 2:32 ` Anthony Towns
2022-07-11 6:15 ` Stefan Richter
2022-07-11 10:42 ` Giuseppe B
2022-07-11 12:56 ` Erik Aronesty
2022-07-11 23:57 ` Anthony Towns
2022-07-13 18:29 ` Zac Greenwood
2022-07-11 16:59 ` Peter Todd
2022-07-11 17:44 ` Bram Cohen
2022-07-13 14:06 ` Alfred Hodler
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