📅 Original date posted:2022-07-13
📝 Original message:What about burning all fees and keep a block reward that will smooth out
while keeping the ~21M coins limit ?
Benefits :
- Miners would still be incentivized to collect higher fees transaction
with the indirect perspective to generate more reward in future.
- Revenues are equally distributed over time to all participants and we
solve the overnight discrepancy.
- Increased velocity of money will reduce the immediate supply of bitcoin
cooling down the economy.
- Reduction of velocity will have an impact on miners only if it persevere
in the long term but short term they will still perceive the buffered
reward.
I don't have ideas yet on how to elegantly implement this.
On Wed, 13 Jul 2022, 12:08 John Tromp via bitcoin-dev, <
bitcoin-dev at lists.linuxfoundation.org> wrote:
> > The emission curve lasts over 100 years because Bitcoin success state
> requires it to be entrenched globally.
>
> It effectively doesn't. The last 100 years from 2040-2140 only emits a
> pittance of about 0.4 of all bitcoin.
>
> What matters for proper distribution is the shape of the emission
> curve. If you emit 99% in the first year and 1% in the next 100 years,
> your emission "lasts" over 100 years, and you achieve a super low
> supply inflation rate immediately after 1 year, but it's obviously a
> terrible form of distribution.
>
> This is easy to quantify as the expected time of emission which would
> be 0.99 * 0.5yr + 0.01* 51yr = 2 years.
> Bitcoin is not much better in that the expected time of emission of an
> bitcoin satisfies x = 0.5*2yr + 0.5*(4+x) and thus equals 6 years.
>
> Monero appears much better since its tail emission yields an infinite
> expected time of emission, but if we avoid infinities by looking at
> just the soft total emission [1], which is all that is emitted before
> a 1% yearly inflation, then Monero is seen to actually be a lot worse
> than Bitcoin, due to emitting over 40% in its first year and halving
> the reward much faster. Ethereum is much worse still with its huge
> premine and PoS coins like Algorand are scraping the bottom with their
> expected emission time of 0.
>
> There's only one coin whose expected (soft) emission time is larger
> than bitcoin's, and it's about an order of magnitude larger, at 50
> years.
>
> [1]
> https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a188d153
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
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Gino Pinuto [ARCHIVE] /
npub1qj…mev82
2023-06-07 23:11:48
in reply to nevent1q…k8lq
Author Public Key
npub1qjut7e7zmfusrgryj2rud0zkwh6lfakz5kq5tgmaplaau7enq64q8mev82Seen on
wss://relay.nostr.bandPublished at
2023-06-07 23:11:48Event JSON
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"content": "📅 Original date posted:2022-07-13\n📝 Original message:What about burning all fees and keep a block reward that will smooth out\nwhile keeping the ~21M coins limit ?\n\nBenefits :\n- Miners would still be incentivized to collect higher fees transaction\nwith the indirect perspective to generate more reward in future.\n- Revenues are equally distributed over time to all participants and we\nsolve the overnight discrepancy.\n- Increased velocity of money will reduce the immediate supply of bitcoin\ncooling down the economy.\n- Reduction of velocity will have an impact on miners only if it persevere\nin the long term but short term they will still perceive the buffered\nreward.\n\nI don't have ideas yet on how to elegantly implement this.\n\n\nOn Wed, 13 Jul 2022, 12:08 John Tromp via bitcoin-dev, \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e \u003e The emission curve lasts over 100 years because Bitcoin success state\n\u003e requires it to be entrenched globally.\n\u003e\n\u003e It effectively doesn't. The last 100 years from 2040-2140 only emits a\n\u003e pittance of about 0.4 of all bitcoin.\n\u003e\n\u003e What matters for proper distribution is the shape of the emission\n\u003e curve. If you emit 99% in the first year and 1% in the next 100 years,\n\u003e your emission \"lasts\" over 100 years, and you achieve a super low\n\u003e supply inflation rate immediately after 1 year, but it's obviously a\n\u003e terrible form of distribution.\n\u003e\n\u003e This is easy to quantify as the expected time of emission which would\n\u003e be 0.99 * 0.5yr + 0.01* 51yr = 2 years.\n\u003e Bitcoin is not much better in that the expected time of emission of an\n\u003e bitcoin satisfies x = 0.5*2yr + 0.5*(4+x) and thus equals 6 years.\n\u003e\n\u003e Monero appears much better since its tail emission yields an infinite\n\u003e expected time of emission, but if we avoid infinities by looking at\n\u003e just the soft total emission [1], which is all that is emitted before\n\u003e a 1% yearly inflation, then Monero is seen to actually be a lot worse\n\u003e than Bitcoin, due to emitting over 40% in its first year and halving\n\u003e the reward much faster. Ethereum is much worse still with its huge\n\u003e premine and PoS coins like Algorand are scraping the bottom with their\n\u003e expected emission time of 0.\n\u003e\n\u003e There's only one coin whose expected (soft) emission time is larger\n\u003e than bitcoin's, and it's about an order of magnitude larger, at 50\n\u003e years.\n\u003e\n\u003e [1]\n\u003e https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a188d153\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20220713/66fdc965/attachment.html\u003e",
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