From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp4.osuosl.org (smtp4.osuosl.org [140.211.166.137]) by lists.linuxfoundation.org (Postfix) with ESMTP id AD5D1C002D for ; Sat, 9 Jul 2022 14:58:11 +0000 (UTC) Received: from localhost (localhost [127.0.0.1]) by smtp4.osuosl.org (Postfix) with ESMTP id 8FEBB415A3 for ; Sat, 9 Jul 2022 14:58:11 +0000 (UTC) DKIM-Filter: OpenDKIM Filter v2.11.0 smtp4.osuosl.org 8FEBB415A3 Authentication-Results: smtp4.osuosl.org; dkim=pass (2048-bit key) header.d=gmail.com header.i=@gmail.com header.a=rsa-sha256 header.s=20210112 header.b=Fihlv5X2 X-Virus-Scanned: amavisd-new at osuosl.org X-Spam-Flag: NO X-Spam-Score: -2.099 X-Spam-Level: X-Spam-Status: No, score=-2.099 tagged_above=-999 required=5 tests=[BAYES_00=-1.9, DKIM_SIGNED=0.1, DKIM_VALID=-0.1, DKIM_VALID_AU=-0.1, DKIM_VALID_EF=-0.1, FREEMAIL_FROM=0.001, RCVD_IN_DNSWL_NONE=-0.0001, SPF_HELO_NONE=0.001, SPF_PASS=-0.001] autolearn=ham autolearn_force=no Received: from smtp4.osuosl.org ([127.0.0.1]) by localhost (smtp4.osuosl.org [127.0.0.1]) (amavisd-new, port 10024) with ESMTP id bi_ly8D4naY2 for ; Sat, 9 Jul 2022 14:58:10 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.8.0 DKIM-Filter: OpenDKIM Filter v2.11.0 smtp4.osuosl.org 3A29B41A40 Received: from mail-lf1-x12a.google.com (mail-lf1-x12a.google.com [IPv6:2a00:1450:4864:20::12a]) by smtp4.osuosl.org (Postfix) with ESMTPS id 3A29B41A40 for ; Sat, 9 Jul 2022 14:58:10 +0000 (UTC) Received: by mail-lf1-x12a.google.com with SMTP id z25so2164089lfr.2 for ; Sat, 09 Jul 2022 07:58:10 -0700 (PDT) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20210112; h=mime-version:from:date:message-id:subject:to :content-transfer-encoding; bh=oaKRh7OK/0En8u2pc5gJbWO7+9gkx0EHJ0y218rNsFI=; b=Fihlv5X2hL0WFaF6ng0jR8f+nc59d8KDqahDhRPY0KYzMEqYbIJvtblfLLx4VjZTJX 3C59VcLq2ZKC/yHZo9gu3bBB/8tG4+wWUI1qRJ3ZFaAC4BPYSQm7mRRd6Sk3njB2Otxb zolH52mZb/b/KDgut0ODzqnk5MYNRY4zbMBWHWt66bmEQ/6ZkK92HWboJSFQPmlmVeEs 8My70saMldyn1ibUckf+Yst2L+yBiId2bPCO7vM7zYfs9ZROSOQxYkUFgSJ+DN2OUdwc R0YOKF8L5m/hGRS97PcspqPqcnsm9iAtQA+aCQgujEhyTQNj7O8QX3TBLPJxm43Gsj3C zt0A== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20210112; h=x-gm-message-state:mime-version:from:date:message-id:subject:to :content-transfer-encoding; bh=oaKRh7OK/0En8u2pc5gJbWO7+9gkx0EHJ0y218rNsFI=; b=xoh5o3l2DJ9u8/8P+dSRDAHAE2JK7VM78Cf/zW/g4Gpd31RE3Kj0B5XOg9ExYN7MBU RX3usaAfwS88AyQoSpfv/ZVleogpcSdnuT2YC4iQRCLj6wXaJDeGedpoqz6eIx+tUY6n V/SefukTOXKNMNIVN1WGWn6zwiesQF1QVfgiCURkwcrAL9uNFhCqTphRKJoylCa8hfAJ XLbgDFmTL4V5WrhjeCEvOu3BJ0o6eWb9nVxu2AJrDw+Q355YkAqWoBm052OwW4EkJt6S mxoLoykqOH/kRMHLVs2XkvYqjpvq+HteeWlK5pIsdYL/JThYQQwufB/nkcfq0mPszcOk s+cw== X-Gm-Message-State: AJIora9oetawb9EMMEPG/cKMmbkLgMxbpGtbPyq65FFWP/TYwhN/IbCE 7dDOQqX6khWWz02DYXbCh+guBFK+jD/ChCTOOGXDiceABw== X-Google-Smtp-Source: AGRyM1tUfhR2U+bf6mJGu3nYgqnVpbdO6SHq01cuxMh5JRtnlsn2GHTFczM2J4Ts/ed824sT15TVhcthuHD+O+BqkNw= X-Received: by 2002:a05:6512:304c:b0:489:d0e3:2efb with SMTP id b12-20020a056512304c00b00489d0e32efbmr684550lfb.34.1657378688087; Sat, 09 Jul 2022 07:58:08 -0700 (PDT) MIME-Version: 1.0 From: John Tromp Date: Sat, 9 Jul 2022 16:57:57 +0200 Message-ID: To: Bitcoin Protocol Discussion Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable X-Mailman-Approved-At: Sat, 09 Jul 2022 15:01:34 +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: Sat, 09 Jul 2022 14:58:11 -0000 > 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. > Dogecoin also has a fixed reward It started out with random rewards up to 1M doge per block, with the maximum halving every 100K blocks, until the fixed reward of 10K doge kicked in at height 600K. > 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 m= aximum amount of inflation you are willing to have in the worst case, and s= et 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. 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. [1] https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a1= 88d153