From: Peter Todd <pete@petertodd•org>
To: John Tromp <john.tromp@gmail•com>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
Date: Sat, 9 Jul 2022 11:13:44 -0400 [thread overview]
Message-ID: <YsmbKPrsM0wKXAYQ@petertodd.org> (raw)
In-Reply-To: <CAOU__fz8XSfEdOS9U7_H4A4jpCgtQepKxaW4jT5go91rhY-VQg@mail.gmail.com>
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On Sat, Jul 09, 2022 at 04:57:57PM +0200, John Tromp via bitcoin-dev wrote:
> > 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.
_Apparently_ inflation. True monetary inflation includes lost coins - both
intentionally and accidentally lost. It's quite possible that even with tail
emission Monero is currently a monetarily deflationary coin, as the lost coin
rate might be higher than the 0.8% apparent tail emission rate.
We just don't know. Doubly so in the case of monero where its privacy features
hide coin activity.
> > 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.
Hence why I specified an *existing* coin.
> 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.
Personally I think basing your identity on a technical point that isn't even
correct is stupid. And I suspect than when push comes to shove, if in ~10 years
or whatever Bitcoin turns out to be unstable without a reward, the market as a
whole will be happy to redefine Bitcoin to remove the 21M limit. Whether or not
it can do that fast enough to avoid Bitcoin dying first is an open question.
--
https://petertodd.org 'peter'[:-1]@petertodd.org
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next prev parent reply other threads:[~2022-07-09 15:13 UTC|newest]
Thread overview: 56+ messages / expand[flat|nested] mbox.gz Atom feed top
2022-07-09 14:57 John Tromp
2022-07-09 15:13 ` Peter Todd [this message]
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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