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From: Bram Cohen <bram@chia.net>
Date: Mon, 11 Jul 2022 10:44:21 -0700
Message-ID: <CAHUJnBCUsSXm7BxEmmCD1GA769A4RTr4A5L37iDhfDu2b-G5CA@mail.gmail.com>
To: Peter Todd <pete@petertodd.org>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
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--000000000000c5c97c05e38b1a76
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On Mon, Jul 11, 2022 at 10:00 AM Peter Todd via bitcoin-dev <
bitcoin-dev@lists.linuxfoundation.org> wrote:
>
> If you actually do the numbers on this, you'll realize it takes absolutely
> catastrophic black swan events that make WW2 look like a minor conflict to
> make
> even insignificant inflation rate changes due to changes in lost coins.
>
That somewhat depends on what you mean by 'significant' and 'catastrophic'
but I believe the way the model goes is that if X% of coins are lost that
means that the value of all outstanding coins will go up by X%, and if the
rate of breakage goes from Y% annually to Y*Z% annually then the value of
all coins will go up by a factor of Z. This is of course an idealized model
in steady state, but gives some idea of scale.
--000000000000c5c97c05e38b1a76
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div dir=3D"ltr">On Mon, Jul 11, 2022 at 10:00 AM Peter To=
dd via bitcoin-dev <<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.=
org">bitcoin-dev@lists.linuxfoundation.org</a>> wrote:<br></div><div cla=
ss=3D"gmail_quote"><blockquote class=3D"gmail_quote" style=3D"margin:0px 0p=
x 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><br>
If you actually do the numbers on this, you'll realize it takes absolut=
ely<br>
catastrophic black swan events that make WW2 look like a minor conflict to =
make<br>
even insignificant inflation rate changes due to changes in lost coins.<br>=
</blockquote><div><br></div><div>That somewhat depends on what you mean by =
'significant' and 'catastrophic' but I believe the way the =
model goes is that if X% of coins are lost that means that the value of all=
outstanding coins will go up by X%, and if the rate of breakage goes from =
Y% annually to Y*Z% annually then the value of all coins will go up by a fa=
ctor of Z. This is of course an idealized model in steady state, but gives =
some idea of scale.=C2=A0</div></div></div>
--000000000000c5c97c05e38b1a76--
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