From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp2.osuosl.org (smtp2.osuosl.org [140.211.166.133]) by lists.linuxfoundation.org (Postfix) with ESMTP id 7B918C002D for ; Wed, 13 Jul 2022 14:06:37 +0000 (UTC) Received: from localhost (localhost [127.0.0.1]) by smtp2.osuosl.org (Postfix) with ESMTP id 418F3404DF for ; Wed, 13 Jul 2022 14:06:37 +0000 (UTC) DKIM-Filter: OpenDKIM Filter v2.11.0 smtp2.osuosl.org 418F3404DF Authentication-Results: smtp2.osuosl.org; dkim=pass (2048-bit key) header.d=protonmail.com header.i=@protonmail.com header.a=rsa-sha256 header.s=protonmail3 header.b=IPM9PUsh X-Virus-Scanned: amavisd-new at osuosl.org X-Spam-Flag: NO X-Spam-Score: -0.202 X-Spam-Level: X-Spam-Status: No, score=-0.202 tagged_above=-999 required=5 tests=[BAYES_40=-0.001, DKIM_SIGNED=0.1, DKIM_VALID=-0.1, DKIM_VALID_AU=-0.1, DKIM_VALID_EF=-0.1, FREEMAIL_FROM=0.001, SPF_HELO_PASS=-0.001, SPF_PASS=-0.001] autolearn=ham autolearn_force=no Received: from smtp2.osuosl.org ([127.0.0.1]) by localhost (smtp2.osuosl.org [127.0.0.1]) (amavisd-new, port 10024) with ESMTP id WAFPGm8c0A6W for ; Wed, 13 Jul 2022 14:06:36 +0000 (UTC) X-Greylist: domain auto-whitelisted by SQLgrey-1.8.0 DKIM-Filter: OpenDKIM Filter v2.11.0 smtp2.osuosl.org 7761A4031D Received: from mail-4319.protonmail.ch (mail-4319.protonmail.ch [185.70.43.19]) by smtp2.osuosl.org (Postfix) with ESMTPS id 7761A4031D for ; Wed, 13 Jul 2022 14:06:36 +0000 (UTC) Date: Wed, 13 Jul 2022 14:06:29 +0000 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=protonmail.com; s=protonmail3; t=1657721194; x=1657980394; bh=ntxVKUsEYnhVU79jwYs8e998cFtBDzFjTchmfc1BmRE=; h=Date:To:From:Reply-To:Subject:Message-ID:In-Reply-To:References: Feedback-ID:From:To:Cc:Date:Subject:Reply-To:Feedback-ID: Message-ID; b=IPM9PUsh4J2abFw8p8I76w5eFu74HWBLVKhj6LdBAuenPQJ0v3m5kYcs9TrjgSVQP 8k1RMTgCQ6YShv9qeo9rtBbTyysMO+LZs45Tnj7py1lGgLhdIEbSXgFJUSPxPA1xAK yC6GPnkTxPvN6TCRxBi9uwXwTZMHVKAWVg4Kw4hzfnHtU+HX3OxhX5bV5Aak4xU8ff kTrKs54o6fQLw30G/36rCZvkN9MrVcB/Y5QJxRKMOi6sZ0NMc+KpMAgsDek2+nAsKo SRoxX4rQRLGIZTzQa1Db6nnKenj3yOwhahfbDoLuFCEiCLC19etVrqzO8EMhiWbueB ocNu+aCT7YXxg== To: Bitcoin Protocol Discussion From: Alfred Hodler Reply-To: Alfred Hodler Message-ID: <9VHlQ8Fr39zTWR6tg4K3QgZpSgVSDmhsR2QUoY08wN6-yYyKrFqSQqyjYYQP6uFIMYWlphS99QXjRYVhodO7yGBttzDGtAUcAgicEp__IaU=@protonmail.com> In-Reply-To: References: Feedback-ID: 44065311:user:proton MIME-Version: 1.0 Content-Type: text/plain; charset=utf-8 Content-Transfer-Encoding: quoted-printable X-Mailman-Approved-At: Wed, 13 Jul 2022 18:01:25 +0000 Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.15 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Wed, 13 Jul 2022 14:06:37 -0000 Rather than get bogged down discussing the technical details of how such a = change could even take place, I'll go ahead and say that modifying the 21M = cap is a supremely reckless idea. Your mathematical proof aside, the idea r= ests on the unprovable premise that people will keep losing coins indefinit= ely. You could also argue that once Bitcoin is valuable or widespread enoug= h, it'll incentivize the creation of superior storage, custody and inherita= nce solutions. One could also write a bunch of "proofs" to support that, bu= t it doesn't mean much when the core idea remains purely in the hypothetica= l sphere. One of Bitcoin's value propositions is having a fixed supply cap with a pre= dictable issuance curve. People bought into Bitcoin because it promises to = NOT be fiat and because it promises NOT to do what central banks are doing.= The moment you start messing with that, it'll invite people to try to tink= er with the protocol whenever "security" concerns demand it. Once a powerfu= l enough adversary sees that Overton window moving, they'll probably throw = everything they have at this particular weakness in an attempt to subvert t= he protocol further. Alfred