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Tue, 30 Apr 2024 12:00:30 -0700 (PDT) X-Received: by 2002:a81:920b:0:b0:61b:e1f6:2098 with SMTP id j11-20020a81920b000000b0061be1f62098mr101299ywg.3.1714503630539; Tue, 30 Apr 2024 12:00:30 -0700 (PDT) Received: by 2002:a05:690c:f16:b0:61a:e84a:c592 with SMTP id 00721157ae682-61dfb44c61bms7b3; Tue, 30 Apr 2024 11:47:00 -0700 (PDT) X-Received: by 2002:a81:4f58:0:b0:61b:eb94:8162 with SMTP id d85-20020a814f58000000b0061beb948162mr83396ywb.3.1714502819487; Tue, 30 Apr 2024 11:46:59 -0700 (PDT) Date: Tue, 30 Apr 2024 11:46:59 -0700 (PDT) From: Matthew Bagazinski To: Bitcoin Development Mailing List Message-Id: <3b1a26a9-acef-496a-8465-c32879d2a833n@googlegroups.com> In-Reply-To: <7a67edd1-0182-4170-90f4-998d12431024n@googlegroups.com> References: <7a67edd1-0182-4170-90f4-998d12431024n@googlegroups.com> Subject: Re: [bitcoindev] The Future of Bitcoin Testnet MIME-Version: 1.0 Content-Type: multipart/mixed; boundary="----=_Part_436_1326819397.1714502819079" X-Original-Sender: matthew.Bagazinski@gmail.com Precedence: list Mailing-list: list bitcoindev@googlegroups.com; contact bitcoindev+owners@googlegroups.com List-ID: X-Google-Group-Id: 786775582512 List-Post: , List-Help: , List-Archive: , List-Unsubscribe: , X-Spam-Score: -0.5 (/) ------=_Part_436_1326819397.1714502819079 Content-Type: multipart/alternative; boundary="----=_Part_437_1731159776.1714502819079" ------=_Part_437_1731159776.1714502819079 Content-Type: text/plain; charset="UTF-8" Unfortunately, the current form of Testnet is doomed to have value, just like BTC. Its scarcity makes it a valuable asset. And no reset will change that. It will only result in repeated resets, multiple versions of testnet, and people never learning. I have to agree with emsit here. Never underestimate the ability for people to ascribe value to something with provable scarcity. I like Peter Todd's suggestion of removing the halving completely, so that plenty new coins are always coming into circulation, but it received pushback for removing the regular 210,000-block events. Here are a few dumb ideas to chew on to see if we can come up with something better: - Doubling every 210,000 blocks. This leads to the supply growing exponentially; impossible to try to ascribe value to that. - Adding 1 to the subsidy every 210,000 blocks. Still an infinite supply, closer to a standard subsidy, but there is still a change happening every 210,000 blocks. - Subtracting 1 every 210,000 blocks. This is technically still scarce, but a much gentler decline in admissions. Yes, it eventually drops to 0, but after 50 events instead of the current 33 halvings. - Change "half" to some other fraction like "nine-tenths". Still technically scarce, gentler decline in rewards, but still retains the property of having a geometric sequence to the subsidies. Like I said, dumb ideas, but I think there is a decision to be made between avoiding a future reset by mitigating reasons people add value to tBTC (such as scarcity) and expecting/planning for more regular resets when people start inevitably valuing tBTC. -- You received this message because you are subscribed to the Google Groups "Bitcoin Development Mailing List" group. To unsubscribe from this group and stop receiving emails from it, send an email to bitcoindev+unsubscribe@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/bitcoindev/3b1a26a9-acef-496a-8465-c32879d2a833n%40googlegroups.com. ------=_Part_437_1731159776.1714502819079 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable

Unfortunately, the current form of Testne= t is doomed to have value, just like BTC. Its scarcity makes it a valuable = asset. And no reset will change that. It will only result in repeated reset= s, multiple versions of testnet, and people never learning.

I have to agree with emsit here. Never underestimate the ability for = people to ascribe value to something with provable scarcity.=C2=A0 I like P= eter Todd's suggestion of removing the halving completely, so that plenty n= ew coins are always coming into circulation, but it received pushback for r= emoving the regular 210,000-block events. Here are a few dumb ideas to chew= on to see if we can come up with something better:
  • Doubl= ing every 210,000 blocks. This leads to the supply growing exponentially; i= mpossible to try to ascribe value to that.
  • Adding 1 to the subsidy = every 210,000 blocks. Still an infinite supply, closer to a standard subsid= y, but there is still a change happening every 210,000 blocks.
  • Subt= racting 1 every 210,000 blocks. This is technically still scarce, but a muc= h gentler decline in admissions. Yes, it eventually drops to 0, but after 5= 0 events instead of the current 33 halvings.
  • Change "half" to some = other fraction like "nine-tenths". Still technically scarce, gentler declin= e in rewards, but still retains the property of having a geometric sequence= to the subsidies.
Like I said, dumb ideas, but I think there= is a decision to be made between avoiding a future reset by mitigating rea= sons people add value to tBTC (such as scarcity) and expecting/planning for= more regular resets when people start inevitably valuing tBTC.
=

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To unsubscribe from this group and stop receiving emails from it, send an e= mail to bitcoind= ev+unsubscribe@googlegroups.com.
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