š
Original date posted:2022-06-28
š Original message:On Tue, Jun 28, 2022 at 12:23:40PM -0400, Alex Lee via bitcoin-dev wrote:
> > > Those who never transact, never realize any benefit.
> >
> > While that's true, its not relevant and basically a red herring. You need
> > to compare those who transact often and rarely hold, to those who hold a
> > lot but rarely transact. Its not helpful to consider those who throw their
> > bitcoin into a bottomless pit and never retrieve them.
> >
>
> There are legitimate uses for burning bitcoin, speaking of bottomless pits.
> I would avoid confusing velocity metrics with utility, as these aren't the
> same thing.
All the legitimate uses for burning bitcoin are _not_ done via a "bottomless
pit": they're done with transactions proving that the bitcoin has actually been
burnt. And the value obtained by burning BTC in those scenarios is affected by
tx fees and inflation just as much as any other tx.
--
https://petertodd.org 'peter'[:-1]@petertodd.org
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Peter Todd [ARCHIVE] /
npub1m2ā¦a2np2
2023-06-07 23:10:09
in reply to nevent1qā¦6val
Author Public Key
npub1m230cem2yh3mtdzkg32qhj73uytgkyg5ylxsu083n3tpjnajxx4qqa2np2Published at
2023-06-07 23:10:09Event JSON
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Original date posted:2022-06-28\nš Original message:On Tue, Jun 28, 2022 at 12:23:40PM -0400, Alex Lee via bitcoin-dev wrote:\n\u003e \u003e \u003e Those who never transact, never realize any benefit.\n\u003e \u003e\n\u003e \u003e While that's true, its not relevant and basically a red herring. You need\n\u003e \u003e to compare those who transact often and rarely hold, to those who hold a\n\u003e \u003e lot but rarely transact. Its not helpful to consider those who throw their\n\u003e \u003e bitcoin into a bottomless pit and never retrieve them.\n\u003e \u003e\n\u003e \n\u003e There are legitimate uses for burning bitcoin, speaking of bottomless pits.\n\u003e I would avoid confusing velocity metrics with utility, as these aren't the\n\u003e same thing.\n\nAll the legitimate uses for burning bitcoin are _not_ done via a \"bottomless\npit\": they're done with transactions proving that the bitcoin has actually been\nburnt. And the value obtained by burning BTC in those scenarios is affected by\ntx fees and inflation just as much as any other tx.\n\n-- \nhttps://petertodd.org 'peter'[:-1]@petertodd.org\n-------------- next part --------------\nA non-text attachment was scrubbed...\nName: signature.asc\nType: application/pgp-signature\nSize: 833 bytes\nDesc: not available\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20220628/0d8a2a3c/attachment.sig\u003e",
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