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 14163C002B for ; Sat, 4 Feb 2023 13:06:41 +0000 (UTC) Received: from localhost (localhost [127.0.0.1]) by smtp4.osuosl.org (Postfix) with ESMTP id CE88A415D7 for ; Sat, 4 Feb 2023 13:06:40 +0000 (UTC) DKIM-Filter: OpenDKIM Filter v2.11.0 smtp4.osuosl.org CE88A415D7 Authentication-Results: smtp4.osuosl.org; dkim=pass (2048-bit key, unprotected) header.d=messagingengine.com header.i=@messagingengine.com header.a=rsa-sha256 header.s=fm3 header.b=C16Hf0x3 X-Virus-Scanned: amavisd-new at osuosl.org X-Spam-Flag: NO X-Spam-Score: -2.603 X-Spam-Level: X-Spam-Status: No, score=-2.603 tagged_above=-999 required=5 tests=[BAYES_00=-1.9, DKIM_SIGNED=0.1, DKIM_VALID=-0.1, RCVD_IN_DNSWL_LOW=-0.7, RCVD_IN_MSPIKE_H2=-0.001, SPF_HELO_PASS=-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 2roLjYUl0bKm for ; Sat, 4 Feb 2023 13:06:39 +0000 (UTC) X-Greylist: domain auto-whitelisted by SQLgrey-1.8.0 DKIM-Filter: OpenDKIM Filter v2.11.0 smtp4.osuosl.org DD6874109B Received: from wout1-smtp.messagingengine.com (wout1-smtp.messagingengine.com [64.147.123.24]) by smtp4.osuosl.org (Postfix) with ESMTPS id DD6874109B for ; Sat, 4 Feb 2023 13:06:38 +0000 (UTC) Received: from compute1.internal (compute1.nyi.internal [10.202.2.41]) by mailout.west.internal (Postfix) with ESMTP id 54411320039A; Sat, 4 Feb 2023 08:06:37 -0500 (EST) Received: from mailfrontend1 ([10.202.2.162]) by compute1.internal (MEProxy); Sat, 04 Feb 2023 08:06:37 -0500 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d= messagingengine.com; h=cc:cc:content-type:date:date:feedback-id :feedback-id:from:from:in-reply-to:in-reply-to:message-id :mime-version:references:reply-to:sender:subject:subject:to:to :x-me-proxy:x-me-proxy:x-me-sender:x-me-sender:x-sasl-enc; s= fm3; t=1675515996; x=1675602396; bh=rUZB15qXenQGfPY6TET9muVmVaBW 86HiSTzLWwtOvC8=; b=C16Hf0x32XlYJu7DiOdoizYZqjXU5b6fPUbCOxsSOcUe FXXduPblnwjK+15FP3uyFsVEcGqeYMuicMNNPa2miVLnIoU0NzOo2/Dr6Yn5x35O 83BAodNvoZRGV9RAP7fBZ+QQHsnXewJuh/qp8667hoQOj3UQIsPHpfow8e/UgteI EuL5z/X+kMNUeS/9dkdlZcQqN54MKTJEhpMXPaMA6BRfN3oyAW+VXn64gMLZp7dd jp6LBDhHxzeybuEV8dOOnlFtKP1kFjEk0UTh0JNvslEwli8I5neydFm8JK58j1uD vAptqiONMxGKoUT9Uoq+7TCbnJutmXpIqn63PfYyXg== X-ME-Sender: X-ME-Received: X-ME-Proxy-Cause: gggruggvucftvghtrhhoucdtuddrgedvhedrudegvddggeekucetufdoteggodetrfdotf fvucfrrhhofhhilhgvmecuhfgrshhtofgrihhlpdfqfgfvpdfurfetoffkrfgpnffqhgen uceurghilhhouhhtmecufedttdenucesvcftvggtihhpihgvnhhtshculddquddttddmne cujfgurhepfffhvfevuffkfhggtggujgesghdtreertddtvdenucfhrhhomheprfgvthgv rhcuvfhougguuceophgvthgvsehpvghtvghrthhouggurdhorhhgqeenucggtffrrghtth gvrhhnpeelvdellefftddukeduffejgfefjeeuheeileeftdfgteduteeggeevueethfej tdenucffohhmrghinhepphgvthgvrhhtohguugdrohhrghenucevlhhushhtvghrufhiii gvpedtnecurfgrrhgrmhepmhgrihhlfhhrohhmpehpvghtvgesphgvthgvrhhtohguugdr ohhrgh X-ME-Proxy: Feedback-ID: i525146e8:Fastmail Received: by mail.messagingengine.com (Postfix) with ESMTPA; Sat, 4 Feb 2023 08:06:36 -0500 (EST) Received: by localhost (Postfix, from userid 1000) id 0C2205F879; Sat, 4 Feb 2023 08:06:32 -0500 (EST) Date: Sat, 4 Feb 2023 08:06:32 -0500 From: Peter Todd To: Anthony Towns , Bitcoin Protocol Discussion Message-ID: References: MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha512; protocol="application/pgp-signature"; boundary="AI2vrsSQ0Hl07//g" Content-Disposition: inline In-Reply-To: Subject: Re: [bitcoin-dev] Purely off-chain coin colouring 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, 04 Feb 2023 13:06:41 -0000 --AI2vrsSQ0Hl07//g Content-Type: text/plain; charset=us-ascii Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On Sat, Feb 04, 2023 at 08:38:54PM +1000, Anthony Towns via bitcoin-dev wro= te: > I think for bitcoin's blockspace, we ideally only want the first of > these to be true. We want small blocks because that makes it cheap to > verify bitcoin, which reduces the need to trust third parties and aids in > decentralisation. But we don't want blockspace to be especially valuable, > as that makes it expensive to use bitcoin, which then limits who can > use it. We certainly do want blockspace to be valuable, as transaction fees have to both be in constant demand, and rise enough to replace the inflation subsid= y if Bitcoin is to remain secure in the future. In fact at the moment, the infla= tion subsidy pays miners about 50x more than fees do. Ordinals and other publica= tion mechanisms are of course ways that we can drive consistent demand for block space, keeping Bitcoin secure. Are you arguing that we should change the inflation subsidy phase-out, eg by introducing tail emission(1) or demurrage? 1) https://petertodd.org/2022/surprisingly-tail-emission-is-not-inflationary --=20 https://petertodd.org 'peter'[:-1]@petertodd.org --AI2vrsSQ0Hl07//g Content-Type: application/pgp-signature; name="signature.asc" -----BEGIN PGP SIGNATURE----- iQIzBAEBCgAdFiEE0RcYcKRzsEwFZ3N5Lly11TVRLzcFAmPeWFUACgkQLly11TVR LzeSehAAtNLSq2DCg/YSPqXB0myNTg9pf7fiK1gRuFfToJXEEvb6QUGz4TeeOXG6 4/rfXkmNnpJz8mHhm8zWdWWX50anAePyCMg0J34adD9xTpljPInebPPK2R8fdUWz PlJnlsxqaMtqquuoVWFIVl4dBOi/hdLCIhCwKALpKkexMGKLVTYE6dvDiqygPzZc vXjbsqxgK2aHrHOPWIvXlpLbU/rkf3PwefvCKrpUAGbt69shE5umEQGT1zkOHk01 dpOQzA9y1wi6TOuRqaTF/hKgrXmwWHwAXy8sSYewp9Vjg2J+aR9j/LgATwlkjane TgvTtSwgkb6YKtA3LYArb4J7tA6vfQmumnM1LC+wR0V1Zi1qDXyMXWvePYVkErcV Spv0sQQY1TwpT1saqaaoWTiGEnUMof/rN/StSPGcBq2G3K8NPtS1hqdaLRRIS4Rq qwhykv2pwZCpn08InS8KD2zHu/kwrfFkxzEiZnBcCIK3FaR7pS0hiNjnK/rdMh6A 4LqnuIcaBdwgBRHyru5TCnKb/O89mEW4F+rEpHsPPSWuiMiijoNrNHL0tUzwrHLb rx2WO0LFkXlxNuVR/3TJZdNNWF/M9A3uHaqddidu9e8AIt0vhgsLpBwKVG0oD/X+ g1VBhVW3jDq6Nx+oul5EIHYwSpc03nZAotRCh1oYEmuVcVCNO24= =wLd7 -----END PGP SIGNATURE----- --AI2vrsSQ0Hl07//g--