On Oct 25, 2014 9:19 PM, "Gavin Andresen" <gavinandresen@gmail.com> wrote:
> We had a halving, and it was a non-event.
> Is there some reason to believe next time will be different?

In november 2008 bitcoin was a much younger ecosystem, with less liquidity and trading, smaller market cap, and the halving happened during a quite stable positive price trend.

In the next months competition might easily drive down mining margins, and the reward halving might generate unexpected disruption in mining operations.

Moreover, halving is not strictly necessary to respect the spirit of Nakamoto's monetary rule and its 21M limit. At the beginning of the 3rd reward era (block 420000, in 2017) a new reward function could become effective R(b)=k*2^(-h*b/210000) where b is the block number and R(b) is the reward. The parameters h and k can be calibrated so that R(419999)=25 and sum_b{R}=21M

​If the increased issuance speed in the third era is considered problematic, then each era could have its own R_e(b)=k_e*2^(-h_e*b/210000) fitted to the amount of coins to be issued in that era according to the current supply rule, e.g. fitting k_e and h_e to R(419999)=25 and sum_{b}_e=2,625,000.

Would such a BIP have any chance to be considered? Am I missing something?

Nando