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To: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
From: Alfred Hodler <alfred_hodler@protonmail.com>
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Subject: Re: [bitcoin-dev] Surprisingly, Tail Emission Is Not Inflationary
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Rather than get bogged down discussing the technical details of how such a =
change could even take place, I'll go ahead and say that modifying the 21M =
cap is a supremely reckless idea. Your mathematical proof aside, the idea r=
ests on the unprovable premise that people will keep losing coins indefinit=
ely. You could also argue that once Bitcoin is valuable or widespread enoug=
h, it'll incentivize the creation of superior storage, custody and inherita=
nce solutions. One could also write a bunch of "proofs" to support that, bu=
t it doesn't mean much when the core idea remains purely in the hypothetica=
l sphere.
One of Bitcoin's value propositions is having a fixed supply cap with a pre=
dictable issuance curve. People bought into Bitcoin because it promises to =
NOT be fiat and because it promises NOT to do what central banks are doing.=
The moment you start messing with that, it'll invite people to try to tink=
er with the protocol whenever "security" concerns demand it. Once a powerfu=
l enough adversary sees that Overton window moving, they'll probably throw =
everything they have at this particular weakness in an attempt to subvert t=
he protocol further.
Alfred
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