summaryrefslogtreecommitdiff
path: root/a9/ce730c498259db26f76ab4c37892eb4af63d92
blob: 729a8d7c9212eaf2f8203cc40a950facf686ad4c (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
Return-Path: <bram@chia.net>
Received: from smtp3.osuosl.org (smtp3.osuosl.org [140.211.166.136])
 by lists.linuxfoundation.org (Postfix) with ESMTP id C4B98C002D
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Mon, 11 Jul 2022 17:44:34 +0000 (UTC)
Received: from localhost (localhost [127.0.0.1])
 by smtp3.osuosl.org (Postfix) with ESMTP id 90EDC60F3C
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Mon, 11 Jul 2022 17:44:34 +0000 (UTC)
DKIM-Filter: OpenDKIM Filter v2.11.0 smtp3.osuosl.org 90EDC60F3C
Authentication-Results: smtp3.osuosl.org;
 dkim=pass (2048-bit key) header.d=chia.net header.i=@chia.net
 header.a=rsa-sha256 header.s=google header.b=ogh/H/L4
X-Virus-Scanned: amavisd-new at osuosl.org
X-Spam-Flag: NO
X-Spam-Score: -2.099
X-Spam-Level: 
X-Spam-Status: No, score=-2.099 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, HTML_MESSAGE=0.001,
 RCVD_IN_DNSWL_NONE=-0.0001, SPF_HELO_NONE=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 YrQqjO65d3Qt
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Mon, 11 Jul 2022 17:44:34 +0000 (UTC)
X-Greylist: whitelisted by SQLgrey-1.8.0
DKIM-Filter: OpenDKIM Filter v2.11.0 smtp3.osuosl.org CDEF460E1A
Received: from mail-yw1-x1132.google.com (mail-yw1-x1132.google.com
 [IPv6:2607:f8b0:4864:20::1132])
 by smtp3.osuosl.org (Postfix) with ESMTPS id CDEF460E1A
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Mon, 11 Jul 2022 17:44:33 +0000 (UTC)
Received: by mail-yw1-x1132.google.com with SMTP id
 00721157ae682-31caffa4a45so57016967b3.3
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Mon, 11 Jul 2022 10:44:33 -0700 (PDT)
DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=chia.net; s=google;
 h=mime-version:references:in-reply-to:from:date:message-id:subject:to
 :cc; bh=mBzcCU++ZIPSa7ErG3HMkjk28BTzdX5Mf/tEru2GN/4=;
 b=ogh/H/L4ec0pBr46wGM6sNSs+84vgg0uLnx19szmzD3xhyikePBIdJr2c0yrcJV8bV
 pEHWvyzgc8Pcpxb1/+vvDs1X5ubN7U+3ffYSRndLX9KtiLE/ozKswnj/StD4OKGWNnRZ
 Ni+MTjaB0cHKkVEHmZniGMSdNrhmL2XHU0VN2MwxC+V3cij0aSz0+b6ow1Mso3ANkFX6
 t9Gukf9X/XlCHnKzmAolJOzNI6SbarjPNB1GjKQ04i/orESiB/XZvB9UT3crVGn5V7nC
 kSbeWXiNc69fdz4JQ8dS7Ugc9HHtgn8DVfXI9SwFnAj+bGWiAF4l9Q3XSZMJ3w8GvuFa
 84hQ==
X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed;
 d=1e100.net; s=20210112;
 h=x-gm-message-state:mime-version:references:in-reply-to:from:date
 :message-id:subject:to:cc;
 bh=mBzcCU++ZIPSa7ErG3HMkjk28BTzdX5Mf/tEru2GN/4=;
 b=TPu774fmlWrEwVLCOvOrlmdEAmprcoX0qFo7ucLg6zUk15LV5fythp8WYT/fiiMmqm
 ackTpmQW864dOGmlr23ajoxflw916OR4nWA96cYtabGKw+rK64QdLiwkCE+Atj5ICbEQ
 i3onwpvOWj7HqStUwB+/yEDdIoF9HvLccITBjJI5masieSNMHh9Ntf7r3rCDwYBmXHPl
 CuYNkPl704AGm4fOFFbRSi3K4KfzRm2uGrJJ+g2Repm6HdQT/B//xlwEEe5EEc4EDPWp
 Ujr7C6ZpymNGna7BU4QizXQyNBVbrKLogC/l6X9JEOYVq08TPIw59yYUPXn31ErTQ5HL
 CaHg==
X-Gm-Message-State: AJIora+zM20e5zDZRx3ZcuFM89Uzdit+reuIh0mf6XPk41ShaDYOSgaQ
 tqtVdrK7+/6TxlmuHwH6sVZ1J/c29w6PWqevXMFX+Q==
X-Google-Smtp-Source: AGRyM1u0ioACZMHL42xCgtzwPMkxu0SHTTHvB8PaE3NIJP6wiT2qWFjw320FA4qMwBGCSSlIuzufwGqh+tDOAdHNVeE=
X-Received: by 2002:a81:1914:0:b0:31c:e12a:f33a with SMTP id
 20-20020a811914000000b0031ce12af33amr20805595ywz.209.1657561472674; Mon, 11
 Jul 2022 10:44:32 -0700 (PDT)
MIME-Version: 1.0
References: <Ysl4t9K8lfxRSsNM@petertodd.org>
 <20220711023247.GA21856@erisian.com.au>
 <YsxXCQihhSrYuIfS@petertodd.org>
In-Reply-To: <YsxXCQihhSrYuIfS@petertodd.org>
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>
Content-Type: multipart/alternative; boundary="000000000000c5c97c05e38b1a76"
X-Mailman-Approved-At: Mon, 11 Jul 2022 18:12:27 +0000
Cc: Anthony Towns <aj@erisian.com.au>
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: Mon, 11 Jul 2022 17:44:34 -0000

--000000000000c5c97c05e38b1a76
Content-Type: text/plain; charset="UTF-8"

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 &lt;<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.=
org">bitcoin-dev@lists.linuxfoundation.org</a>&gt; 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&#39;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 =
&#39;significant&#39; and &#39;catastrophic&#39; 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--