Feedback-ID: i525146e8:Fastmail
Date: Tue, 28 Jun 2022 19:22:40 -0400
From: Peter Todd <pete@petertodd.org>
To: Alex Lee <cloudstrife79@gmail.com>,
 Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Cc: Billy Tetrud <billy.tetrud@gmail.com>
Subject: Re: [bitcoin-dev] Bitcoin covenants are inevitable
Precedence: list


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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

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