From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp1.osuosl.org (smtp1.osuosl.org [140.211.166.138]) by lists.linuxfoundation.org (Postfix) with ESMTP id 12A81C0035 for ; Sat, 9 Jul 2022 20:54:05 +0000 (UTC) Received: from localhost (localhost [127.0.0.1]) by smtp1.osuosl.org (Postfix) with ESMTP id E287E84182 for ; Sat, 9 Jul 2022 20:54:04 +0000 (UTC) DKIM-Filter: OpenDKIM Filter v2.11.0 smtp1.osuosl.org E287E84182 Authentication-Results: smtp1.osuosl.org; dkim=pass (2048-bit key) header.d=voskuil-org.20210112.gappssmtp.com header.i=@voskuil-org.20210112.gappssmtp.com header.a=rsa-sha256 header.s=20210112 header.b=nbFoqvtn X-Virus-Scanned: amavisd-new at osuosl.org X-Spam-Flag: NO X-Spam-Score: -1.898 X-Spam-Level: X-Spam-Status: No, score=-1.898 tagged_above=-999 required=5 tests=[BAYES_00=-1.9, DKIM_SIGNED=0.1, DKIM_VALID=-0.1, RCVD_IN_DNSWL_NONE=-0.0001, SPF_HELO_NONE=0.001, SPF_NONE=0.001] autolearn=ham autolearn_force=no Received: from smtp1.osuosl.org ([127.0.0.1]) by localhost (smtp1.osuosl.org [127.0.0.1]) (amavisd-new, port 10024) with ESMTP id LVZL_GJnLoaC for ; Sat, 9 Jul 2022 20:54:04 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.8.0 DKIM-Filter: OpenDKIM Filter v2.11.0 smtp1.osuosl.org 1933684183 Received: from mail-pj1-x102c.google.com (mail-pj1-x102c.google.com [IPv6:2607:f8b0:4864:20::102c]) by smtp1.osuosl.org (Postfix) with ESMTPS id 1933684183 for ; Sat, 9 Jul 2022 20:54:03 +0000 (UTC) Received: by mail-pj1-x102c.google.com with SMTP id s21so1796959pjq.4 for ; Sat, 09 Jul 2022 13:54:03 -0700 (PDT) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=voskuil-org.20210112.gappssmtp.com; s=20210112; h=content-transfer-encoding:from:mime-version:subject:message-id:date :cc:to; bh=zss2aRiZNuh2UJJYrCuBSDcdU3datnrCX+C7DsftCu0=; b=nbFoqvtncW/zsk+Nqk0vR6HPZwzoHdsLNRCfBDZ5sLFne0R3OXQZum56c9qDbLB68j 3aXgcquqSkZST4RRTqYJhcuBn9VdD7EybzTMhus6XiODKN7up5Bhn1Sitg6cli1jpiuG dKO9Tdfkvc9nZ0arMg02b9EyCC09vguiSh1IGtFzTcunOpt/vSjOD3qU++wV5WTVmeq/ 0VVlSqqIco/S7nYtlfztiRu5zWcRjIAVpS0WG2Am8OZNI3+kZzh1S/OF2mRdGOdqG5Gn plN7ev4RPzNZi9D+5Xmwaowl48u1s3nsexpIChgYKkDQMgBSfAFbKbcEZaS+/4uh5xfG NUZQ== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20210112; h=x-gm-message-state:content-transfer-encoding:from:mime-version :subject:message-id:date:cc:to; bh=zss2aRiZNuh2UJJYrCuBSDcdU3datnrCX+C7DsftCu0=; b=cql4bnOHS0Fw83WwmU+SGVYYVo70F1+y6IK3IoWS4v9sXyzjAfMuKVe8c8j46oFqKw p3QPv7tfxQYFpKaug1boEiUZEchOORwz50u2oIT9Xmu1w6o3WJaBWMTpGabAVtvM4FUf /j4QATCrFszl2bfAm6aS7scoYpfTz2/38K7tHCg/Mm3xmjr9+JzfuB6eoDOvH7aud1Fh X8pWr8DGt723xK/aQ86ySjBASsvDFl3zwudwEKTlHRXUGTlHrLefHd/FiLXUBkIx4liB MS9iMIkYB4y/L1OjfZcRlyk2Gn9pswCyVM0zI9pUWGjGuoai7DEqYv81wPwEG+ArcenY 3BdA== X-Gm-Message-State: AJIora+V5p602x/bJBy+2fTtBu5vf8SXlsFJJMh6Dgd+nLNyK93tcgwE GHchkppSfgRSFG2ulJys/GwQMk1aWQu8vA== X-Google-Smtp-Source: AGRyM1tYKSndj/fXieQhTaqQE5F4kpV4JQkCsqirp1olO5l8yckkiOaKas4M0jUFSA/TtY2kqX3pBw== X-Received: by 2002:a17:90a:590e:b0:1f0:1dd9:bf6c with SMTP id k14-20020a17090a590e00b001f01dd9bf6cmr3326615pji.15.1657400043194; Sat, 09 Jul 2022 13:54:03 -0700 (PDT) Received: from smtpclient.apple ([2600:380:7042:731b:b459:b441:974c:2171]) by smtp.gmail.com with ESMTPSA id i8-20020a17090a138800b001ecbd9aa1a7sm1651315pja.1.2022.07.09.13.54.02 (version=TLS1_3 cipher=TLS_AES_128_GCM_SHA256 bits=128/128); Sat, 09 Jul 2022 13:54:02 -0700 (PDT) Content-Type: multipart/mixed; boundary=Apple-Mail-2195C91D-9913-427F-9E33-539A176DCB3F Content-Transfer-Encoding: 7bit From: Eric Voskuil Mime-Version: 1.0 (1.0) Message-Id: Date: Sat, 9 Jul 2022 13:54:01 -0700 To: Peter Todd X-Mailer: iPhone Mail (19F77) Cc: Bitcoin Protocol Discussion 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 20:54:05 -0000 --Apple-Mail-2195C91D-9913-427F-9E33-539A176DCB3F Content-Type: text/plain; charset=utf-8 Content-Transfer-Encoding: quoted-printable =EF=BB=BFYet you posted several links which made that specific correlation, t= o which I was responding. Math cannot prove how much coin is =E2=80=9Clost=E2=80=9D, and even if it wa= s provable that the amount of coin lost converges to the amount produced, it= is of no consequence - for the reasons I=E2=80=99ve already pointed out. Th= e amount of market production has no impact on market price, just as it does= not with any other good. The reason to object to perpetual issuance is the impact on censorship resis= tance, not on price. e > On Jul 9, 2022, at 08:31, Peter Todd wrote: > =EF=BB=BFOn Sat, Jul 09, 2022 at 08:24:51AM -0700, Eric Voskuil wrote: >> To clarify, price inflation is not caused by market production. Attributi= ng the observed lack of inflation (eg fee %) to loss is an assumed relation.= >=20 > My article is a mathematical proof that has nothing to do with observation= s of > inflation. >=20 > What I did is prove that if there is tail emission/fixed supply, the coin > supply will converge towards a fixed amount because the coin supply depend= ant > rate of coin loss balances out the fixed rate of coin production. >=20 > That proof has nothing to do with market dynamics and would happen in any > system, economic or not, with similar underlying dynamics. >=20 > --=20 > https://petertodd.org 'peter'[:-1]@petertodd.org --Apple-Mail-2195C91D-9913-427F-9E33-539A176DCB3F Content-Type: application/octet-stream; name=signature.asc; x-apple-part-url=A5F7C31F-8A17-4AC6-A0E3-F4D94DEB6A2B Content-Disposition: attachment; filename=signature.asc Content-Transfer-Encoding: 7bit -----BEGIN PGP SIGNATURE----- iQIzBAEBCgAdFiEE0RcYcKRzsEwFZ3N5Lly11TVRLzcFAmLJn0sACgkQLly11TVR LzcOUBAAuugMmBphPE713PouhDPksJ33djlcPEUzLDHnexGQKaPYgKTfffW4zbuy R8AuVVu+xlnKi52LyOXxd/P1k65xMpNwTSbSRI3bCcAR0VJP1VJXdVmfVlS4mK2q +G5eIq7c+PP4p3QKHmvYvxSJ94/HCeUCYNUQ1ixxaRcqc43KCY5u3MgYCmUrDkdb yUj2wpSOQ0BUwMK/Mtx/Z43EC2D6QfqU+Hetb4j0EkXJ6J8ynqkjTX8rvDB6ddgE s0um8rtQewzl64T21S5Z4J8ehqC2bJj5wVaSVqCi/RNMiF+U3COqwRpN2yyJEOuh d2iqSx6A5z4GwDCsnL+6xyZpQZet8GIO4fFwpUMa3vTvd5pMz6PIcJfwO1nUfs// 9sW8X96eyutTskdpYIVlje0qoMA/q8YDEwOztz61DBuoJXl4xuKtzIZkHFpkDKOR ZtdI4OkVkl1nokKNlZCEb2JO0pCjrzlCZHwGIuehno9QGe2EJIZSr2DvZ6LDTcWX kEM0zlE0a15ByP2hbfXJZpFTCm7kZSEBi4XIz5FQeJF8QrpqvWbxha5Y5H7iLCXf MtOcD4v0mCgoKInzoEXnprPJgufCbId97VEkIUnzBaCNji6dLVYycdOgAkY6v9il 4KfFvD8li2CpTW/8iWApqTOLe/sddAzxISzoD1QMhJyTPTpXqtA= =hyW+ -----END PGP SIGNATURE----- --Apple-Mail-2195C91D-9913-427F-9E33-539A176DCB3F Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit --Apple-Mail-2195C91D-9913-427F-9E33-539A176DCB3F--