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Sat, 9 Jul 2022 11:31:30 -0400 (EDT) Received: by localhost (Postfix, from userid 1000) id EDB795F87C; Sat, 9 Jul 2022 11:31:26 -0400 (EDT) Date: Sat, 9 Jul 2022 11:31:26 -0400 From: Peter Todd To: Eric Voskuil Message-ID: References: MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha512; protocol="application/pgp-signature"; boundary="b31UZUeqON5pGaSf" Content-Disposition: inline In-Reply-To: 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 15:31:34 -0000 --b31UZUeqON5pGaSf Content-Type: text/plain; charset=us-ascii Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On 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. My article is a mathematical proof that has nothing to do with observations= of inflation. 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 dependa= nt rate of coin loss balances out the fixed rate of coin production. That proof has nothing to do with market dynamics and would happen in any system, economic or not, with similar underlying dynamics. --=20 https://petertodd.org 'peter'[:-1]@petertodd.org --b31UZUeqON5pGaSf Content-Type: application/pgp-signature; name="signature.asc" -----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----- --b31UZUeqON5pGaSf--