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

From: Eric Voskuil <[email-masked]>
Date: Sat, 9 Jul 2022 08:24:51 -0700

To clarify, price inflation is not caused by market production. Attributing the observed lack of inflation (eg fee %) to loss is an assumed relation.

Even if the amount of loss was known (which it is not), there remains an assumption in the correlation of non-lost coins to price. Demand determines price, not the amount of something in existence, hence the folly of S2F (1/monetary-inflation).

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> On Jul 9, 2022, at 08:15, Peter Todd <[email-masked]> wrote:
> 
> On Sat, Jul 09, 2022 at 07:26:22AM -0700, Eric Voskuil wrote:
>>> Due to lost coins, a tail emission/fixed reward actually results in a stable money supply. Not an (monetarily) inflationary supply.
>> 
>> This observation is not a proof of lost coins, that is an assumption.
> 
> To be clear, are you claiming that there is no proof that coins are lost?
> 
> -- 
> https://petertodd.org 'peter'[:-1]@petertodd.org