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Sat, 9 Jul 2022 11:13:48 -0400 (EDT) Received: by localhost (Postfix, from userid 1000) id 014255F87C; Sat, 9 Jul 2022 11:13:44 -0400 (EDT) Date: Sat, 9 Jul 2022 11:13:44 -0400 From: Peter Todd To: John Tromp , Bitcoin Protocol Discussion Message-ID: References: MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha512; protocol="application/pgp-signature"; boundary="Byqs61TGiCmvt0dy" Content-Disposition: inline In-Reply-To: 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 15:13:56 -0000 --Byqs61TGiCmvt0dy Content-Type: text/plain; charset=us-ascii Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On Sat, Jul 09, 2022 at 04:57:57PM +0200, John Tromp via bitcoin-dev wrote: > > New blog post: > > https://petertodd.org/2022/surprisingly-tail-emission-is-not-inflationa= ry >=20 > A Tail Emission is best described as disinflationary; the yearly > supply inflation steadily decreases toward zero. _Apparently_ inflation. True monetary inflation includes lost coins - both intentionally and accidentally lost. It's quite possible that even with tail emission Monero is currently a monetarily deflationary coin, as the lost co= in rate might be higher than the 0.8% apparent tail emission rate. We just don't know. Doubly so in the case of monero where its privacy featu= res hide coin activity. > > If an existing coin decides to implement tail emission as a means to fu= nd security, choosing an appropriate emission rate is simple: decide on the= maximum amount of inflation you are willing to have in the worst case, and= set the tail emission accordingly. >=20 > 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. Hence why I specified an *existing* coin. > 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. Personally I think basing your identity on a technical point that isn't even correct is stupid. And I suspect than when push comes to shove, if in ~10 y= ears or whatever Bitcoin turns out to be unstable without a reward, the market a= s a whole will be happy to redefine Bitcoin to remove the 21M limit. Whether or= not it can do that fast enough to avoid Bitcoin dying first is an open question. --=20 https://petertodd.org 'peter'[:-1]@petertodd.org --Byqs61TGiCmvt0dy Content-Type: application/pgp-signature; name="signature.asc" -----BEGIN PGP SIGNATURE----- iQIzBAEBCgAdFiEE0RcYcKRzsEwFZ3N5Lly11TVRLzcFAmLJmyYACgkQLly11TVR LzcHmA/6ApZD/QZXmUMDCx+P09f6WjJ1Go1H5ZuYCfCSA+zkI0iEEFJMC0o+ppwN izh5lufhNMLjbjCOg/GNL3NlYiRFMjAiqmSURoD7FmO5ZyJuoRrd9FgdMALbZUR+ K6IN+U17AfdoG3EFeHc87/Tu6AKH8GlmELVkHFtQEzUwTdkAVX1nH0yMcNFv/LUr FWTVfny5vk/82wNRUnrvmwIFBdY62K9DDPG4zjihhWL+KQDt8FTRg2WyPGySSxRc oYjLR8LCe0fc3a2+/XxJP7VhLHG6ypcEfuyhyrVgp0j8+Vrblyaz3uwMHLZ61ECr drVvrOWMk7iSKQdUUeanTO7bi9tU34KE+nCkrb001/uFvlOrD6YIDxiTJKOBYvXj ewSJtslvkYoH72SgloRzWQWl3O33R/kGLaaW2ixxuEQfrpgFQN+qANJOvXytQFed GD8gXksSPRJuq2aA63Mc/nf6mzKWjgYUMLwroH4HYb2xd1fngdBsB7T4UxruF769 jmP6f0ZcWggt/opMqhPrSNKAtTSDRFR5NHKcpjcSBiIJBYQUxsGxf/qYUku35dMr 8CxWePINjQX2szqOE1sASDmbF6zNFX6j5QAhIZTZlBBwwNkxovvkbyrxwW92B8YZ 2IAZi5ixcgbtMMe36hAcH8y3jmTZzNq2QC7TavYr7Z1n3vWyqOk= =S3Xa -----END PGP SIGNATURE----- --Byqs61TGiCmvt0dy--