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Tue, 28 Jun 2022 19:22:41 -0400 (EDT) Received: by localhost (Postfix, from userid 1000) id 94B705F908; Tue, 28 Jun 2022 19:22:40 -0400 (EDT) Date: Tue, 28 Jun 2022 19:22:40 -0400 From: Peter Todd To: Alex Lee , Bitcoin Protocol Discussion Message-ID: References: MIME-Version: 1.0 Content-Type: multipart/signed; micalg=pgp-sha512; protocol="application/pgp-signature"; boundary="fvn11mazM/kTLpiD" Content-Disposition: inline In-Reply-To: Cc: Billy Tetrud Subject: Re: [bitcoin-dev] Bitcoin covenants are inevitable 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: Tue, 28 Jun 2022 23:22:45 -0000 --fvn11mazM/kTLpiD Content-Type: text/plain; charset=us-ascii Content-Disposition: inline Content-Transfer-Encoding: quoted-printable On Tue, Jun 28, 2022 at 12:23:40PM -0400, Alex Lee via bitcoin-dev wrote: > > > Those who never transact, never realize any benefit. > > > > While that's true, its not relevant and basically a red herring. You ne= ed > > to compare those who transact often and rarely hold, to those who hold a > > lot but rarely transact. Its not helpful to consider those who throw th= eir > > bitcoin into a bottomless pit and never retrieve them. > > >=20 > There are legitimate uses for burning bitcoin, speaking of bottomless pit= s. > I would avoid confusing velocity metrics with utility, as these aren't the > same thing. All the legitimate uses for burning bitcoin are _not_ done via a "bottomless pit": they're done with transactions proving that the bitcoin has actually = been burnt. And the value obtained by burning BTC in those scenarios is affecte= d by tx fees and inflation just as much as any other tx. --=20 https://petertodd.org 'peter'[:-1]@petertodd.org --fvn11mazM/kTLpiD Content-Type: application/pgp-signature; name="signature.asc" -----BEGIN PGP SIGNATURE----- iQIzBAEBCgAdFiEE0RcYcKRzsEwFZ3N5Lly11TVRLzcFAmK7jT4ACgkQLly11TVR Lze7QA/9HLy7UFTLp8Di+yIu6+epekd9eOZQl3FR+6MYm26/mhAiVbhZ/SQnSzS2 91InL3LNM9fJEU+8TzujJ+fOvY7JR2VcL5rifrLTEdJekENSIODJZESFjZzJ8aAP heisepPrsezVkx/2NBwBEebeqZdtt9bMD81lPgdsqNAf+f4bpUShq2VR7QEmU6eR YeSXKZ3yA6ytMkITbQtKtfBnLmVXQzwlgwHPpWgXBJ+2srNk0V9x5OkHDaeZQx6h nqVBS0wN/t2aq2KR1gD6WKCE1INIl4H8CN0aOlm8yQ+JaeFV7z6MXi65YPb3dFKK ASnDEfzgZJiOl3WChahASvO9beFtf5MS5mGdHZFSIqFfbbmpeOcV6v1Ez+Yj6IBy R6TWRzvxUbZxexdKOaX5/diTr1AYSQpYg/R3r3/Oz4gEiDbluE2CrxNXO82IrNe1 1sp58wRXkSc4yHCuuOPd+kVZ/WjU/D7Z9JX4/eIMbYCjdsX6suvLMIOU8nTscWsl LwwIT2FG3o/vhWFrFf1nWNqHaJAjVIBK0mCdNgDpOyZrFEkk22tWZzN6VE4Fd+ov bS6pwEt7qeKsyrmshacd0qG+cIVmqNpYFHNqawqN6Y64daSx5C7rJUUfOQMP8yGV Q5BAr5pZ7MAAWdomQ9ZrO8gea346TlJdQeyiY6YDlwgRJZa8Gxc= =h4EP -----END PGP SIGNATURE----- --fvn11mazM/kTLpiD--