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From: Eric Voskuil <eric@voskuil.org>
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Message-Id: <D50AEC8C-4EEC-4C17-8626-87C651F1AA66@voskuil.org>
Date: Sat, 9 Jul 2022 13:54:01 -0700
To: Peter Todd <pete@petertodd.org>
Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
Precedence: list


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=EF=BB=BFYet you posted several links which made that specific correlation, t=
o which I was responding.

Math cannot prove how much coin is =E2=80=9Clost=E2=80=9D, and even if it wa=
s provable that the amount of coin lost converges to the amount produced, it=
 is of no consequence - for the reasons I=E2=80=99ve already pointed out. Th=
e amount of market production has no impact on market price, just as it does=
 not with any other good.

The reason to object to perpetual issuance is the impact on censorship resis=
tance, not on price.

e

> On Jul 9, 2022, at 08:31, Peter Todd <pete@petertodd.org> wrote:
> =EF=BB=BFOn 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.=

>=20
> My article is a mathematical proof that has nothing to do with observation=
s of
> inflation.
>=20
> 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 depend=
ant
> rate of coin loss balances out the fixed rate of coin production.
>=20
> That proof has nothing to do with market dynamics and would happen in any
> system, economic or not, with similar underlying dynamics.
>=20
> --=20
> https://petertodd.org 'peter'[:-1]@petertodd.org


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