From mboxrd@z Thu Jan 1 00:00:00 1970 Received: from sog-mx-4.v43.ch3.sourceforge.com ([172.29.43.194] helo=mx.sourceforge.net) by sfs-ml-2.v29.ch3.sourceforge.com with esmtp (Exim 4.76) (envelope-from ) id 1WV4rd-0006OT-AE for bitcoin-development@lists.sourceforge.net; Tue, 01 Apr 2014 20:00:53 +0000 Received-SPF: pass (sog-mx-4.v43.ch3.sourceforge.com: domain of petertodd.org designates 62.13.148.98 as permitted sender) client-ip=62.13.148.98; envelope-from=pete@petertodd.org; helo=outmail148098.authsmtp.com; Received: from outmail148098.authsmtp.com ([62.13.148.98]) by sog-mx-4.v43.ch3.sourceforge.com with esmtp (Exim 4.76) id 1WV4rb-0005Ig-Cp for bitcoin-development@lists.sourceforge.net; Tue, 01 Apr 2014 20:00:53 +0000 Received: from mail-c237.authsmtp.com (mail-c237.authsmtp.com [62.13.128.237]) by punt17.authsmtp.com (8.14.2/8.14.2/) with ESMTP id s31K0iGh027162; Tue, 1 Apr 2014 21:00:44 +0100 (BST) Received: from tilt (cust.static.84-253-54-151.cybernet.ch [84.253.54.151]) (authenticated bits=128) by mail.authsmtp.com (8.14.2/8.14.2/) with ESMTP id s31K0dJ1027378 (version=TLSv1/SSLv3 cipher=DHE-RSA-AES128-SHA bits=128 verify=NO); Tue, 1 Apr 2014 21:00:41 +0100 (BST) Date: Tue, 1 Apr 2014 22:00:39 +0200 From: Peter Todd To: Pieter Wuille Message-ID: <20140401200039.GA10403@tilt> References: MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha256; protocol="application/pgp-signature"; boundary="x+6KMIRAuhnl3hBn" Content-Disposition: inline In-Reply-To: User-Agent: Mutt/1.5.21 (2010-09-15) X-Server-Quench: 4dc3c4d7-b9d8-11e3-94fa-002590a135d3 X-AuthReport-Spam: If SPAM / abuse - report it at: http://www.authsmtp.com/abuse X-AuthRoute: OCd2Yg0TA1ZNQRgX IjsJECJaVQIpKltL GxAVKBZePFsRUQkR aAdMdgMUGUUGAgsB AmIbWVVeUF17XWI7 Yw5PbwBefE9KQQRv UVdMSlVNFUsrAh16 BkpkUxlwcAZBcDBx ZU5qXz5fCBd5JkIp RVMGHDkOeGZhPWMC WUQOJh5UcAFPdx8U a1N6AHBDAzANdhES HhM4ODE3eDlSNilR RRkIIFQOdA4lHzg9 Wx1KGDIpEFEMXTR7 NAE+MloNVEgWKA0Y MEcqXlMeWwA8 X-Authentic-SMTP: 61633532353630.1024:706 X-AuthFastPath: 0 (Was 255) X-AuthSMTP-Origin: 84.253.54.151/587 X-AuthVirus-Status: No virus detected - but ensure you scan with your own anti-virus system. X-Spam-Score: -1.5 (-) X-Spam-Report: Spam Filtering performed by mx.sourceforge.net. See http://spamassassin.org/tag/ for more details. -1.5 SPF_CHECK_PASS SPF reports sender host as permitted sender for sender-domain -0.0 SPF_PASS SPF: sender matches SPF record X-Headers-End: 1WV4rb-0005Ig-Cp Cc: Bitcoin Dev Subject: Re: [Bitcoin-development] Finite monetary supply for Bitcoin X-BeenThere: bitcoin-development@lists.sourceforge.net X-Mailman-Version: 2.1.9 Precedence: list List-Id: List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Tue, 01 Apr 2014 20:00:53 -0000 --x+6KMIRAuhnl3hBn Content-Type: text/plain; charset=us-ascii Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On Tue, Apr 01, 2014 at 09:00:07PM +0200, Pieter Wuille wrote: > Hi all, >=20 > I understand this is a controversial proposal, but bear with me please. >=20 > I believe we cannot accept the current subsidy schedule anymore, so I > wrote a small draft BIP with a proposal to turn Bitcoin into a > limited-supply currency. Dogecoin has already shown how easy such > changes are, so I consider this a worthwhile idea to be explored. >=20 > The text can be found here: https://gist.github.com/sipa/9920696 What's interesting about this bug is we could also fix the problem - the economic shock - by first implementing the OP_CHECKLOCKTIMEVERIFY opcode in a soft-fork, followed by a second soft-fork requiring miners to "pay-forward" a percentage of their coinbase outputs to the future. (remember that whomever mines a block controls what recently-made-available anyone-can-spend txouts are included in their block) We could then pick the distribution rate fairly arbitrarily; I propose the following linear distribution: Each gold mine produces 21,000,000 coins over 210,000*64 blocks, or 1.5625 BTC/block evenly distributed. Measured as an absolute against the monetary the inflation rate will converge towards zero; measured against the actual economic monetary supply the value will converge towards some low value of inflation. In the short run we get an immediate reduction in inflation, which can help our currently sluggish price. Either outcome should be acceptable to any reasonable goldbug - fortunately our community is almost entirely made up of such calm and reasonable people. Meanwhile maintaining a miner reward has significant advantages in terms of the long-term sustainability of the system - everyone needs PoW security regardless of whether or not you do transactions, thus we should all pay into it. As for your example of Python, I'm sure they'll accept a pull-req changing the behavior in the language. --=20 'peter'[:-1]@petertodd.org 0000000000000000f4f5ba334791a4102917e4d3f22f6ad7f2c4f15d97307fe2 --x+6KMIRAuhnl3hBn Content-Type: application/pgp-signature; name="signature.asc" Content-Description: Digital signature -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.12 (GNU/Linux) iQGcBAEBCAAGBQJTOxrjAAoJEGJeboN5AaHKAPgL/AjXYs1fPLhj7iYWaxCpmlpa K6j3I9M8o2RHKcTwtOU4VdrsO0a+nCFJSChd/uQeA8o+t3Tlup72uiHt1G5l7vAw 2OVI/ECYa2c7uATNHmRh0s8xsxYvXmut64Gv2LArsSM91rU1ui76WJEyRbKnogDR g1HJs8DtdNxz841YzEvUPKEgQyMNN6cDsk4jVfOUkoWqy4lHdpRNSR3enhz6yghy 1Mut19F8aUelJ70YoRWg4gnpb4mUOGgMIorRdRV6whJZmxiCC2UkXcRaNhsok/7A SbV7kqD27BxJbJeeb0IsTADQypGgWtL8q9CjSyq4m1iq1mFTp828skHu+kMvsXgZ emNeN4ri3NwbUBGbN2WTgF36Dgpf/csRQLfgv+UZOZSeO8njZEQmSKWObeu5AHft 2+Kv3lJMORXbnnH9XhZn3yhfHgmRc53lnFbEy6k7Mz8vgFQOGUp/ZH/WpwLcurzz /OX2PV6Fq+PIXEjUtbc+2nJTGvUazgzDyzGxD5VSaw== =YhIO -----END PGP SIGNATURE----- --x+6KMIRAuhnl3hBn--