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Date: Sat, 9 Jul 2022 11:31:26 -0400
From: Peter Todd <pete@petertodd.org>
To: Eric Voskuil <eric@voskuil.org>
Message-ID: <YsmfTubgqua0FHR0@petertodd.org>
References: <YsmbdMlt/KnvRs3U@petertodd.org>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
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On 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.
My article is a mathematical proof that has nothing to do with observations=
of
inflation.
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 dependa=
nt
rate of coin loss balances out the fixed rate of coin production.
That proof has nothing to do with market dynamics and would happen in any
system, economic or not, with similar underlying dynamics.
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
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