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[202.12.124.155]) by gmr-mx.google.com with ESMTPS id 98e67ed59e1d1-31c9f26cee0si152256a91.3.2025.07.16.13.49.49 for (version=TLS1_3 cipher=TLS_AES_256_GCM_SHA384 bits=256/256); Wed, 16 Jul 2025 13:49:49 -0700 (PDT) Received-SPF: pass (google.com: domain of pete@petertodd.org designates 202.12.124.155 as permitted sender) client-ip=202.12.124.155; Received: from phl-compute-05.internal (phl-compute-05.phl.internal [10.202.2.45]) by mailfhigh.stl.internal (Postfix) with ESMTP id B6C947A00B5; Wed, 16 Jul 2025 16:49:48 -0400 (EDT) Received: from phl-mailfrontend-01 ([10.202.2.162]) by phl-compute-05.internal (MEProxy); Wed, 16 Jul 2025 16:49:48 -0400 X-ME-Sender: X-ME-Received: X-ME-Proxy-Cause: gggruggvucftvghtrhhoucdtuddrgeeffedrtdefgdehkeejudcutefuodetggdotefrod ftvfcurfhrohhfihhlvgemucfhrghsthforghilhdpuffrtefokffrpgfnqfghnecuuegr ihhlohhuthemuceftddtnecunecujfgurhepfffhvfevuffkfhggtggujgesghdtreertd dtjeenucfhrhhomheprfgvthgvrhcuvfhougguuceophgvthgvsehpvghtvghrthhouggu rdhorhhgqeenucggtffrrghtthgvrhhnpefgledvgeevjeffgffhueegffeltedvudelud dvgfdukefgffdufeeggfefkeekjeenucffohhmrghinhepghhithhhuhgsrdgtohhmpdhp vghtvghrthhouggurdhorhhgnecuvehluhhsthgvrhfuihiivgeptdenucfrrghrrghmpe hmrghilhhfrhhomhepphgvthgvsehpvghtvghrthhouggurdhorhhgpdhnsggprhgtphht thhopedvpdhmohguvgepshhmthhpohhuthdprhgtphhtthhopegsihhttghoihhnuggvvh esghhoohhglhgvghhrohhuphhsrdgtohhmpdhrtghpthhtohepmhhurhgthhesmhhurhgt hhdrohhnvg X-ME-Proxy: Feedback-ID: i525146e8:Fastmail Received: by mail.messagingengine.com (Postfix) with ESMTPA; Wed, 16 Jul 2025 16:49:47 -0400 (EDT) Received: by localhost (Postfix, from userid 1000) id C2D059FBAE; Wed, 16 Jul 2025 20:49:44 +0000 (UTC) Date: Wed, 16 Jul 2025 20:49:44 +0000 From: Peter Todd To: Murch Cc: bitcoindev@googlegroups.com Subject: Re: [bitcoindev] [BIP Proposal] Proof-of-Activity Reclamation (PoAR) Message-ID: References: <634ea7a6-1695-46e8-a337-1fef1ac17a66@murch.one> MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha512; protocol="application/pgp-signature"; boundary="nveNaMjUTstDqdsB" Content-Disposition: inline In-Reply-To: <634ea7a6-1695-46e8-a337-1fef1ac17a66@murch.one> X-Original-Sender: pete@petertodd.org X-Original-Authentication-Results: gmr-mx.google.com; dkim=pass header.i=@messagingengine.com header.s=fm2 header.b=KaxNcxYm; spf=pass (google.com: domain of pete@petertodd.org designates 202.12.124.155 as permitted sender) smtp.mailfrom=pete@petertodd.org Precedence: list Mailing-list: list bitcoindev@googlegroups.com; contact bitcoindev+owners@googlegroups.com List-ID: X-Google-Group-Id: 786775582512 List-Post: , List-Help: , List-Archive: , List-Unsubscribe: , X-Spam-Score: -0.8 (/) --nveNaMjUTstDqdsB Content-Type: text/plain; charset="UTF-8" Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On Tue, Jul 15, 2025 at 03:02:04PM -0700, Murch wrote: > Hi Donald and all, >=20 > The idea of recycling dormant coins is one that has made the rounds sever= al > times before, including in the form of the "Bitcoin Dormant Recovery > Proposal" just a couple months ago: > https://github.com/bitcoin/bips/pull/1852 >=20 > I don=E2=80=99t have the impression that the idea has been particularly p= opular, and > as BIPs go, this one is missing crucial parts, e.g.: >=20 > =E2=80=A2 A more comprehensive motivation based on thorough analysis how > redistributing dormant coins improves the system as this constitutes a > departure of the status quo for the supply schedule Worth noting that from an economic point of view redistributing genuinely l= ost coins, and creating coins out of thin air, is essentially the same thing: either way you are introducing coins into the active economy that were previously not in economic circulation. In both cases you are diluting the value of non-lost coins by increasing the total active supply, decreasing t= heir purchasing power proportionally. If you want to argue for actually redistributing coins rather than just creating new ones out of thin air - for whatever reason - you need to justi= fy why you want to risk confiscating coins that were not in fact lost. --=20 https://petertodd.org 'peter'[:-1]@petertodd.org --=20 You received this message because you are subscribed to the Google Groups "= Bitcoin Development Mailing List" group. To unsubscribe from this group and stop receiving emails from it, send an e= mail to bitcoindev+unsubscribe@googlegroups.com. To view this discussion visit https://groups.google.com/d/msgid/bitcoindev/= aHgQaJOEe0x0b0HY%40petertodd.org. --nveNaMjUTstDqdsB Content-Type: application/pgp-signature; name="signature.asc" -----BEGIN PGP SIGNATURE----- iQIzBAEBCgAdFiEE0RcYcKRzsEwFZ3N5Lly11TVRLzcFAmh4EGcACgkQLly11TVR LzdjNRAAgPfSfABEbsD630Iy/ZORTrBtZx5DE3VtyX8P77HSOSGiFT7TjJvChptm x9dbIRVxwxZloat0xUoQ8PZ2Lmc7IfhumlFij0o/ZUfkcBMKNMC9mnfATJzl32Lu IB6uIroXlznhcICljvcGs2KpIvsDl+FjJv9q27oCfaRQL8WOFFuOuQ/ivO3MhSHZ zS7KI3/uzoQlMvugMfuDBEWXaOj7YTHvthacTc4oavJS40yWp2G658fTIlFuJPtv EaEC2PXL5NavTMeWb1JSdPhiYE30/9y16UMfE5nHvjROQYXqF/1B6Q5JYgFgcwhV 7fSHOBRO7+ofFTLM3S2mhpuwW3T1AuLdT61vcRcJgyh0CDxTXfjyFAK1uoM2q8m/ yOLt8+VuCl+WB27eLWzHo4gZDjDpd52fNwln06ZNZi+nezarI0g0G30hY0lOaRYw 7N9Mw9GzpmZVGTIoPhZXI3P/rB0RDtjlRpDOPulzyUbAl/Z2MyBIiS/Dm5uhGgaW Ux6FApsofBcOVbSxD52vJwH9okZ7w0Hztlks0aw/ADFCOIykTo5Py+zjp+yGJQAR yS8dw9UPKKNHougeOJzYtbe5odhc773Dq5miSMeXgU5SDGjHLGV0cEO7Dq0B8y1n LXExUz5fga2muZ/Ov5u1CFOPKQlCrUg4w3MjW9mM4P4rHNulbZI= =HWAK -----END PGP SIGNATURE----- --nveNaMjUTstDqdsB--