Content-Type: multipart/mixed;
 boundary=Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4
Content-Transfer-Encoding: 7bit
From: Eric Voskuil <eric@voskuil.org>
Mime-Version: 1.0 (1.0)
Date: Sat, 9 Jul 2022 08:24:51 -0700
Message-Id: <D7C30506-A95D-4B43-A1BA-37F13DAD5C6F@voskuil.org>
References: <YsmbdMlt/KnvRs3U@petertodd.org>
In-Reply-To: <YsmbdMlt/KnvRs3U@petertodd.org>
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


--Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4
Content-Type: text/plain;
	charset=utf-8
Content-Transfer-Encoding: quoted-printable

To clarify, price inflation is not caused by market production. Attributing t=
he observed lack of inflation (eg fee %) to loss is an assumed relation.

Even if the amount of loss was known (which it is not), there remains an ass=
umption in the correlation of non-lost coins to price. Demand determines pri=
ce, not the amount of something in existence, hence the folly of S2F (1/mone=
tary-inflation).

e

> On Jul 9, 2022, at 08:15, Peter Todd <pete@petertodd.org> wrote:
>=20
> =EF=BB=BFOn Sat, Jul 09, 2022 at 07:26:22AM -0700, Eric Voskuil wrote:
>>> Due to lost coins, a tail emission/fixed reward actually results in a st=
able money supply. Not an (monetarily) inflationary supply.
>>=20
>> This observation is not a proof of lost coins, that is an assumption.
>=20
> To be clear, are you claiming that there is no proof that coins are lost?
>=20
> --=20
> https://petertodd.org 'peter'[:-1]@petertodd.org

--Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4
Content-Type: application/octet-stream;
	name=signature.asc;
	x-apple-part-url=BC502BBE-81AF-4231-B4F3-A1D713699278
Content-Disposition: attachment;
	filename=signature.asc
Content-Transfer-Encoding: 7bit

-----BEGIN PGP SIGNATURE-----
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=cKxN
-----END PGP SIGNATURE-----

--Apple-Mail-C24BEA21-847E-4313-9971-D48F0C8325C4--