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
|
Received: from sog-mx-4.v43.ch3.sourceforge.com ([172.29.43.194]
helo=mx.sourceforge.net)
by sfs-ml-2.v29.ch3.sourceforge.com with esmtp (Exim 4.76)
(envelope-from <pete@petertodd.org>) id 1WV4rd-0006OT-AE
for bitcoin-development@lists.sourceforge.net;
Tue, 01 Apr 2014 20:00:53 +0000
Received-SPF: pass (sog-mx-4.v43.ch3.sourceforge.com: domain of petertodd.org
designates 62.13.148.98 as permitted sender)
client-ip=62.13.148.98; envelope-from=pete@petertodd.org;
helo=outmail148098.authsmtp.com;
Received: from outmail148098.authsmtp.com ([62.13.148.98])
by sog-mx-4.v43.ch3.sourceforge.com with esmtp (Exim 4.76)
id 1WV4rb-0005Ig-Cp for bitcoin-development@lists.sourceforge.net;
Tue, 01 Apr 2014 20:00:53 +0000
Received: from mail-c237.authsmtp.com (mail-c237.authsmtp.com [62.13.128.237])
by punt17.authsmtp.com (8.14.2/8.14.2/) with ESMTP id s31K0iGh027162;
Tue, 1 Apr 2014 21:00:44 +0100 (BST)
Received: from tilt (cust.static.84-253-54-151.cybernet.ch [84.253.54.151])
(authenticated bits=128)
by mail.authsmtp.com (8.14.2/8.14.2/) with ESMTP id s31K0dJ1027378
(version=TLSv1/SSLv3 cipher=DHE-RSA-AES128-SHA bits=128 verify=NO);
Tue, 1 Apr 2014 21:00:41 +0100 (BST)
Date: Tue, 1 Apr 2014 22:00:39 +0200
From: Peter Todd <pete@petertodd.org>
To: Pieter Wuille <pieter.wuille@gmail.com>
Message-ID: <20140401200039.GA10403@tilt>
References: <CAPg+sBh1_mYH4JNv1xTFnLsoC=qzmgi0QaLAyd7YeQ=wZQBDSQ@mail.gmail.com>
MIME-Version: 1.0
Content-Type: multipart/signed; micalg=pgp-sha256;
protocol="application/pgp-signature"; boundary="x+6KMIRAuhnl3hBn"
Content-Disposition: inline
In-Reply-To: <CAPg+sBh1_mYH4JNv1xTFnLsoC=qzmgi0QaLAyd7YeQ=wZQBDSQ@mail.gmail.com>
User-Agent: Mutt/1.5.21 (2010-09-15)
X-Server-Quench: 4dc3c4d7-b9d8-11e3-94fa-002590a135d3
X-AuthReport-Spam: If SPAM / abuse - report it at:
http://www.authsmtp.com/abuse
X-AuthRoute: OCd2Yg0TA1ZNQRgX IjsJECJaVQIpKltL GxAVKBZePFsRUQkR
aAdMdgMUGUUGAgsB AmIbWVVeUF17XWI7 Yw5PbwBefE9KQQRv
UVdMSlVNFUsrAh16 BkpkUxlwcAZBcDBx ZU5qXz5fCBd5JkIp
RVMGHDkOeGZhPWMC WUQOJh5UcAFPdx8U a1N6AHBDAzANdhES
HhM4ODE3eDlSNilR RRkIIFQOdA4lHzg9 Wx1KGDIpEFEMXTR7
NAE+MloNVEgWKA0Y MEcqXlMeWwA8
X-Authentic-SMTP: 61633532353630.1024:706
X-AuthFastPath: 0 (Was 255)
X-AuthSMTP-Origin: 84.253.54.151/587
X-AuthVirus-Status: No virus detected - but ensure you scan with your own
anti-virus system.
X-Spam-Score: -1.5 (-)
X-Spam-Report: Spam Filtering performed by mx.sourceforge.net.
See http://spamassassin.org/tag/ for more details.
-1.5 SPF_CHECK_PASS SPF reports sender host as permitted sender for
sender-domain
-0.0 SPF_PASS SPF: sender matches SPF record
X-Headers-End: 1WV4rb-0005Ig-Cp
Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Finite monetary supply for Bitcoin
X-BeenThere: bitcoin-development@lists.sourceforge.net
X-Mailman-Version: 2.1.9
Precedence: list
List-Id: <bitcoin-development.lists.sourceforge.net>
List-Unsubscribe: <https://lists.sourceforge.net/lists/listinfo/bitcoin-development>,
<mailto:bitcoin-development-request@lists.sourceforge.net?subject=unsubscribe>
List-Archive: <http://sourceforge.net/mailarchive/forum.php?forum_name=bitcoin-development>
List-Post: <mailto:bitcoin-development@lists.sourceforge.net>
List-Help: <mailto:bitcoin-development-request@lists.sourceforge.net?subject=help>
List-Subscribe: <https://lists.sourceforge.net/lists/listinfo/bitcoin-development>,
<mailto:bitcoin-development-request@lists.sourceforge.net?subject=subscribe>
X-List-Received-Date: Tue, 01 Apr 2014 20:00:53 -0000
--x+6KMIRAuhnl3hBn
Content-Type: text/plain; charset=us-ascii
Content-Disposition: inline
Content-Transfer-Encoding: quoted-printable
On Tue, Apr 01, 2014 at 09:00:07PM +0200, Pieter Wuille wrote:
> Hi all,
>=20
> I understand this is a controversial proposal, but bear with me please.
>=20
> I believe we cannot accept the current subsidy schedule anymore, so I
> wrote a small draft BIP with a proposal to turn Bitcoin into a
> limited-supply currency. Dogecoin has already shown how easy such
> changes are, so I consider this a worthwhile idea to be explored.
>=20
> The text can be found here: https://gist.github.com/sipa/9920696
What's interesting about this bug is we could also fix the problem - the
economic shock - by first implementing the OP_CHECKLOCKTIMEVERIFY opcode
in a soft-fork, followed by a second soft-fork requiring miners to
"pay-forward" a percentage of their coinbase outputs to the future.
(remember that whomever mines a block controls what
recently-made-available anyone-can-spend txouts are included in their
block) We could then pick the distribution rate fairly arbitrarily; I
propose the following linear distribution:
Each gold mine produces 21,000,000 coins over 210,000*64 blocks, or
1.5625 BTC/block evenly distributed. Measured as an absolute against the
monetary the inflation rate will converge towards zero; measured against
the actual economic monetary supply the value will converge towards some
low value of inflation. In the short run we get an immediate reduction
in inflation, which can help our currently sluggish price. Either
outcome should be acceptable to any reasonable goldbug - fortunately our
community is almost entirely made up of such calm and reasonable people.
Meanwhile maintaining a miner reward has significant advantages in terms
of the long-term sustainability of the system - everyone needs PoW
security regardless of whether or not you do transactions, thus we
should all pay into it.
As for your example of Python, I'm sure they'll accept a pull-req
changing the behavior in the language.
--=20
'peter'[:-1]@petertodd.org
0000000000000000f4f5ba334791a4102917e4d3f22f6ad7f2c4f15d97307fe2
--x+6KMIRAuhnl3hBn
Content-Type: application/pgp-signature; name="signature.asc"
Content-Description: Digital signature
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.12 (GNU/Linux)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=YhIO
-----END PGP SIGNATURE-----
--x+6KMIRAuhnl3hBn--
|
