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From: Andy Parkins <andyparkins@gmail.com>
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Date: Tue, 4 Dec 2012 09:54:38 +0000
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Cc: Michael Gronager <gronager@ceptacle.com>
Subject: Re: [Bitcoin-development] Chain dust mitigation: Demurrage based
Chain Vacuuming
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On Monday 03 December 2012 11:19:37 Michael Gronager wrote:
> The aged coins are simply included in the block mining reward, creating
> another incentive for miners. Further, if we include all coins in this
> recycle scheme coins will never be lost forever.
Ignoring the cost of storing these never-spent outputs; there is absolutely no
reason we need to ensure that coins aren't lost. Nor worry about those that
are.
The total bitcoins produced is an entirely arbitrary number -- a function of
the 210,000 halving rate and the initial block reward. Satoshi could have
picked anything for them and bitcoin would work exactly the same.
Lost coins never enter the economy ever again, and so supply is slightly lower
than it would have been, making all the non-lost coins worth ever so slightly
more. Effectively: price adjustments will take care of lost coins.
Andy
--
Dr Andy Parkins
andyparkins@gmail.com
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