summaryrefslogtreecommitdiff
path: root/4f/f5040a0d7122451c5d592e370a20c4ba772dca
blob: cb4b725dead20c361a03a430d1bf3317d0d7b026 (plain)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
Return-Path: <me@tobin.cc>
Received: from smtp3.osuosl.org (smtp3.osuosl.org [140.211.166.136])
 by lists.linuxfoundation.org (Postfix) with ESMTP id 2B6F3C002D
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Sun, 10 Jul 2022 02:20:50 +0000 (UTC)
Received: from localhost (localhost [127.0.0.1])
 by smtp3.osuosl.org (Postfix) with ESMTP id B229760ABD
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Sun, 10 Jul 2022 02:20:49 +0000 (UTC)
DKIM-Filter: OpenDKIM Filter v2.11.0 smtp3.osuosl.org B229760ABD
Authentication-Results: smtp3.osuosl.org;
 dkim=pass (2048-bit key, unprotected) header.d=tobin.cc header.i=@tobin.cc
 header.a=rsa-sha256 header.s=fm2 header.b=qdvfWvN+; 
 dkim=pass (2048-bit key,
 unprotected) header.d=messagingengine.com header.i=@messagingengine.com
 header.a=rsa-sha256 header.s=fm3 header.b=zLDmuIMP
X-Virus-Scanned: amavisd-new at osuosl.org
X-Spam-Flag: NO
X-Spam-Score: -2.8
X-Spam-Level: 
X-Spam-Status: No, score=-2.8 tagged_above=-999 required=5
 tests=[BAYES_00=-1.9, DKIM_SIGNED=0.1, DKIM_VALID=-0.1,
 DKIM_VALID_AU=-0.1, DKIM_VALID_EF=-0.1, RCVD_IN_DNSWL_LOW=-0.7,
 RCVD_IN_MSPIKE_H3=0.001, RCVD_IN_MSPIKE_WL=0.001,
 SPF_HELO_PASS=-0.001, SPF_PASS=-0.001]
 autolearn=ham autolearn_force=no
Received: from smtp3.osuosl.org ([127.0.0.1])
 by localhost (smtp3.osuosl.org [127.0.0.1]) (amavisd-new, port 10024)
 with ESMTP id g5w4wzwHRRwc
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Sun, 10 Jul 2022 02:20:49 +0000 (UTC)
X-Greylist: delayed 00:10:01 by SQLgrey-1.8.0
DKIM-Filter: OpenDKIM Filter v2.11.0 smtp3.osuosl.org 94C4E60AAF
Received: from out1-smtp.messagingengine.com (out1-smtp.messagingengine.com
 [66.111.4.25])
 by smtp3.osuosl.org (Postfix) with ESMTPS id 94C4E60AAF
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Sun, 10 Jul 2022 02:20:48 +0000 (UTC)
Received: from compute3.internal (compute3.nyi.internal [10.202.2.43])
 by mailout.nyi.internal (Postfix) with ESMTP id 5956C5C00A9;
 Sat,  9 Jul 2022 22:10:46 -0400 (EDT)
Received: from mailfrontend1 ([10.202.2.162])
 by compute3.internal (MEProxy); Sat, 09 Jul 2022 22:10:46 -0400
DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=tobin.cc; h=cc
 :cc:content-type:date:date:from:from:in-reply-to:in-reply-to
 :message-id:mime-version:references:reply-to:sender:subject
 :subject:to:to; s=fm2; t=1657419046; x=1657505446; bh=1qtUv+6uJj
 1eOGrKZIWGQv4SFHGTIL/l/usnIso6NuE=; b=qdvfWvN+8YgZO7h9YmVBYVIb3K
 UKMsCtz+NCMlhizJuOZRzcA7AmJ7StkCnj22PNYuKVaU8qar+v7S+ebSO2RkNd5G
 5kGGOiqzM2g+9S0yA26xvP2SeO5zuTNXe3cVi3ozavCMMMzUNK0PVcF1CI6Lu8A8
 lDwExJCD1g123oGd5lc31L4uY72iTRqfFIPZJGR5lbDQGeiCyxUxhpkQcJPQ5CG6
 muZSKJ5/mmHJilzQKIRqJ9sSJuNJbjW5sKanKrEJHC9EwsC9Aci2Lu9W9DDuxixB
 txL73UNuVG3VdeNKiY8UQHLGi2A5S/Fj83MQQWu+Wu2pWMe2o+8m4xaghOxg==
DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=
 messagingengine.com; h=cc:cc:content-type:date:date:feedback-id
 :feedback-id:from:from:in-reply-to:in-reply-to:message-id
 :mime-version:references:reply-to:sender:subject:subject:to:to
 :x-me-proxy:x-me-proxy:x-me-sender:x-me-sender:x-sasl-enc; s=
 fm3; t=1657419046; x=1657505446; bh=1qtUv+6uJj1eOGrKZIWGQv4SFHGT
 IL/l/usnIso6NuE=; b=zLDmuIMPceAu37Ih6eJQa8BKmMUu3KOpMw+WEECls0RM
 V3hjV7ZbISEMpdUCNyIfDk4OMgeD/JP8zuRLe+iUF4/wf0bfoAK8+LnW30e+sMAg
 S8AYPM4FjsMVPXrvyr5SgeTfOMEN1CjGQxnquDUSO4gLWpG9mxh4yNad0wb2ji0Y
 rzN2H+BFOkNa3kcV6r328DMV5NFCY4l1W9/Unrf2y6JieLKVPSHYJHJiFwg9HBef
 FcZ1fnYRwbvSgCSQNPtTvyR980R9xBmhMRJMh4BpFRgd119PBc1lj6lp3EuGjx3+
 Fps2C1e1CUcfm4IFEbHPRN8xc+HV+q8HUZwMYcKRXw==
X-ME-Sender: <xms:JjXKYh5Lx2gAc6dGj63BGdJXFyVtWSWhPewAMAoJ7v9dsHJgSXtDTw>
 <xme:JjXKYu4L9jXovvxYZe5sOA6O1GrAMFF4bW9ysaVCCkHkLiyNmL89BgjqEMkEX9xnZ
 dyrIV5MKhmx9IuidA>
X-ME-Received: <xmr:JjXKYodAQ2MY4vnATU5So_NtYv6KhbF5dUr1oMdQBZgvG-RbLxumPh6Zi-fJc7yBDZ6wXcNV6J07a4_awbr2mxI>
X-ME-Proxy-Cause: gggruggvucftvghtrhhoucdtuddrgedvfedrudejtddgheejucetufdoteggodetrfdotf
 fvucfrrhhofhhilhgvmecuhfgrshhtofgrihhlpdfqfgfvpdfurfetoffkrfgpnffqhgen
 uceurghilhhouhhtmecufedttdenucesvcftvggtihhpihgvnhhtshculddquddttddmne
 gfrhhlucfvnfffucdlfedtmdenucfjughrpeffhffvvefukfhfgggtuggjofesghdtreer
 ofdtvdenucfhrhhomhepvfhosghinhcujfgrrhguihhnghcuoehmvgesthhosghinhdrtg
 gtqeenucggtffrrghtthgvrhhnpeeuudefueehueetffejteevleeiffdufedvhfdtgeei
 vdegiedvfffhkedttdeihfenucevlhhushhtvghrufhiiigvpedtnecurfgrrhgrmhepmh
 grihhlfhhrohhmpehmvgesthhosghinhdrtggt
X-ME-Proxy: <xmx:JjXKYqIv84IA_9siidK_idMlj4I-N8ivG5auyJWu3ehpifaFAn-cIA>
 <xmx:JjXKYlKY8t8WarRt_Sd1YrPFk4qqfJRU_msQOjvoUUsYoWa0t9vCiQ>
 <xmx:JjXKYjwjo1ePcv5SWHdKGb176v9emzq80tMJ2cv2cjNvCF3aon1WEQ>
 <xmx:JjXKYjjNr4cTKT4mH6H-EJduNVCtBYMO8uBjK_ITolomWIPbP3LYiw>
Feedback-ID: i05c0407e:Fastmail
Received: by mail.messagingengine.com (Postfix) with ESMTPA; Sat,
 9 Jul 2022 22:10:45 -0400 (EDT)
Date: Sun, 10 Jul 2022 12:10:40 +1000
From: Tobin Harding <me@tobin.cc>
To: Peter Todd <pete@petertodd.org>,
 Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Message-ID: <20220710021040.GB10595@aerus>
References: <YsmbdMlt/KnvRs3U@petertodd.org>
 <D7C30506-A95D-4B43-A1BA-37F13DAD5C6F@voskuil.org>
 <YsmfTubgqua0FHR0@petertodd.org>
MIME-Version: 1.0
Content-Type: multipart/signed; micalg=pgp-sha512;
 protocol="application/pgp-signature"; boundary="Q68bSM7Ycu6FN28Q"
Content-Disposition: inline
In-Reply-To: <YsmfTubgqua0FHR0@petertodd.org>
X-Mailer: Mutt 1.13.2 (2019-12-18)
X-Mailman-Approved-At: Sun, 10 Jul 2022 09:04:27 +0000
Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
X-BeenThere: bitcoin-dev@lists.linuxfoundation.org
X-Mailman-Version: 2.1.15
Precedence: list
List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org>
List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>, 
 <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe>
List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/>
List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org>
List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help>
List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>, 
 <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe>
X-List-Received-Date: Sun, 10 Jul 2022 02:20:50 -0000


--Q68bSM7Ycu6FN28Q
Content-Type: text/plain; charset=us-ascii
Content-Disposition: inline
Content-Transfer-Encoding: quoted-printable

Hi Peter,

Interesting blog post.=20

On Sat, Jul 09, 2022 at 11:31:26AM -0400, Peter Todd via bitcoin-dev wrote:
> On Sat, Jul 09, 2022 at 08:24:51AM -0700, Eric Voskuil wrote:
> > To clarify, price inflation is not caused by market production. Attribu=
ting the observed lack of inflation (eg fee %) to loss is an assumed relati=
on.
>=20
> My article is a mathematical proof that has nothing to do with observatio=
ns 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 depen=
dant
> 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.

I'm not a mathematician but I think your models assumption that coin
loss is proportional to number of coins misses something, correct me if
I'm wrong but as value of coins goes up is it not reasonable to expect
coin loss to go down as people are more careful (not to mention
improvements in tooling and education).

Is it really possible to model coin loss as exponential decay
considering such things (I'm not being facetious, that is a real
question, like I said I'm not a mathematician)?

Cheers,
Tobin.

--Q68bSM7Ycu6FN28Q
Content-Type: application/pgp-signature; name="signature.asc"

-----BEGIN PGP SIGNATURE-----
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=n8C2
-----END PGP SIGNATURE-----

--Q68bSM7Ycu6FN28Q--