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 59D16C002D for ; Sat, 9 Jul 2022 15:24:58 +0000 (UTC) Received: from localhost (localhost [127.0.0.1]) by smtp1.osuosl.org (Postfix) with ESMTP id 2113084236 for ; Sat, 9 Jul 2022 15:24:58 +0000 (UTC) DKIM-Filter: OpenDKIM Filter v2.11.0 smtp1.osuosl.org 2113084236 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=kE+4ibdm 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 mEuw1SY9a3Lj for ; Sat, 9 Jul 2022 15:24:54 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.8.0 DKIM-Filter: OpenDKIM Filter v2.11.0 smtp1.osuosl.org 4E88F84234 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 4E88F84234 for ; Sat, 9 Jul 2022 15:24:54 +0000 (UTC) Received: by mail-pj1-x102c.google.com with SMTP id o3-20020a17090a744300b001ef8f7f3dddso1197261pjk.3 for ; Sat, 09 Jul 2022 08:24:54 -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:date:message-id :references:cc:in-reply-to:to; bh=hsBEFCHd70b6D4LwhRnoCIe6u4otxroEbnp4ymmbzqA=; b=kE+4ibdmyjZfG17mkfMcd60H//lxC1g8ofyzUrjrsVB08WrTJITCrfw6RtJD+PN/4w HRUIQ3CVXZrEVDTFZ7tZiIQMgi/eMG0HrSDyaSDTTKjeyk8sZoddRyaOf7nU5xuzxKOe fQTLWRA/e3sDrAe1w9/jp5yTmEY/7+wD5e4KOTZ94sLQl8qpQC5b66WXS4Mayev8tKa+ +kok7T2+EAA/rJ2hdDqcC6DXTH5GRQq32NaV9BY66ojTAvLLqlroD4+kKLW6zIFjHcgv BFiEBaei+fMqvq+IV9vEVzrjVd/53xk0q9y/qnJBBZxskhdLw00nX7lSFT74bLC5v4PP 26uQ== 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:date:message-id:references:cc:in-reply-to:to; bh=hsBEFCHd70b6D4LwhRnoCIe6u4otxroEbnp4ymmbzqA=; b=1kw4jcxcePgQv5kiVUfwawYUod2K1u4dcXT6zD3memtFmUvhWnFU0gQdL9dkUxKS8N QLce+DEynRys+1xv8xu4jASESQGI1FFyqp5BGZ0bYJNrJn1VnKwMPEtEMyY22chtG36K 7hpjscZCWFMlac+7vEbUv+vEzp4vNvq6M9qiShKH5A84Kjd4J/u0TRFoo/8yShFiRjXk rm696NjcdGlGjWtKABy1FhCxUMaBkuwAagtWjJfQnUDgEeKgMOXrsWwBxyhAue8iLZA4 UR3ZZmRcq5277rZM6RC7smJnfu+8a1De6r5pIQ9Ebv2gNF/uxhN4TFIL5skzEmE/TgXI zEvQ== X-Gm-Message-State: AJIora9JpRA18B2vfCDs5/f/x0G4UQdNMdj40MCZJIQRmqBYwa5iYoaV KHtTNm5tIuto67NbdQRWMCJQNyA0mdTZLw== X-Google-Smtp-Source: AGRyM1vbH2Oxa6k6+s2ovnZc8GYXxW06mL9fTHZR7nt4a6t7sie3TrwBqYCsg2JwNQPGfBXXrCT1KQ== X-Received: by 2002:a17:902:d4d1:b0:16b:ec24:5a22 with SMTP id o17-20020a170902d4d100b0016bec245a22mr8960506plg.138.1657380293439; Sat, 09 Jul 2022 08:24:53 -0700 (PDT) Received: from smtpclient.apple ([2603:3023:115:f000:95fc:1c06:d5e8:92d5]) by smtp.gmail.com with ESMTPSA id u16-20020a170902e81000b0015e8d4eb2e3sm1448654plg.301.2022.07.09.08.24.52 (version=TLS1_3 cipher=TLS_AES_128_GCM_SHA256 bits=128/128); Sat, 09 Jul 2022 08:24:52 -0700 (PDT) Content-Type: multipart/mixed; boundary=Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4 Content-Transfer-Encoding: 7bit From: Eric Voskuil Mime-Version: 1.0 (1.0) Date: Sat, 9 Jul 2022 08:24:51 -0700 Message-Id: References: In-Reply-To: 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 15:24:58 -0000 --Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4 Content-Type: text/plain; charset=utf-8 Content-Transfer-Encoding: quoted-printable To clarify, price inflation is not caused by market production. Attributing t= he observed lack of inflation (eg fee %) to loss is an assumed relation. Even if the amount of loss was known (which it is not), there remains an ass= umption in the correlation of non-lost coins to price. Demand determines pri= ce, not the amount of something in existence, hence the folly of S2F (1/mone= tary-inflation). e > On Jul 9, 2022, at 08:15, Peter Todd wrote: >=20 > =EF=BB=BFOn Sat, Jul 09, 2022 at 07:26:22AM -0700, Eric Voskuil wrote: >>> Due to lost coins, a tail emission/fixed reward actually results in a st= able money supply. Not an (monetarily) inflationary supply. >>=20 >> This observation is not a proof of lost coins, that is an assumption. >=20 > To be clear, are you claiming that there is no proof that coins are lost? >=20 > --=20 > https://petertodd.org 'peter'[:-1]@petertodd.org --Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4 Content-Type: application/octet-stream; name=signature.asc; x-apple-part-url=BC502BBE-81AF-4231-B4F3-A1D713699278 Content-Disposition: attachment; filename=signature.asc Content-Transfer-Encoding: 7bit -----BEGIN PGP SIGNATURE----- iQIzBAEBCgAdFiEE0RcYcKRzsEwFZ3N5Lly11TVRLzcFAmLJm3AACgkQLly11TVR LzcbOw/9FFpjZ1U85nK8M51bApxNMirOe6yJ4KbWef9HpIpoBxeiAWNKW7Ds0/Zq L+l3Lu6F1RGz0yYaUHYeckFUK+/P7Mj4bMKTQYxMinbegtGPgA2i3QRfLtxCJnET BXBbsTlMxT/I97veTg5qtghnu3dvL9liT/q1KG094CgMlKhpcI1HeC1LP89/wgWY uXT7du7rI9MAQMHf3kkLm1gXmlhF2F6YAYMdjP2WsjDAjkbHb8UV8QGkBizIFN5N EUM6W9RVr3axdVo2tgB9GrrL7YQtvICOddoPUepyNdljvrfRIvjgmMKIu8lfWzHa J2iRqwcv58eiwc+biLhpT77CEc+3y9Hgi0zyC53cSbNXFfU4YLfWaVdzwJvV26mP XWy3A0tEBPa7mu4kgLz1V8dUtPx/J+BWcwcFj+vXpTWHJNyCI+QHZPcmncuzw/ub E3rQ8aEBAVcbAdgtE4xmv4fijrOFJFoJ63hPLGczPW2uE1y7nkoZO6woJYFYMGnt wqcFBIQR/l1Syzp+lRJRstEi8IR9zgF+L+0JJLd4PaZSNaxESQoSURVxBBn5NoWd 9iJqFa5gXmsJ79lbGHHCfmDl89x4dSbUHFtGraLRhPtKtWO/djbbnvjnSuk/JTTC u7b2U4FleG68D6OyIiiKwXnKZ/GOPTo5v2EdOKAGhoirBQVXpnE= =cKxN -----END PGP SIGNATURE----- --Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4--