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Date: Sat, 9 Jul 2022 11:13:44 -0400
From: Peter Todd <pete@petertodd.org>
To: John Tromp <john.tromp@gmail.com>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Message-ID: <YsmbKPrsM0wKXAYQ@petertodd.org>
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Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
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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
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