📅 Original date posted:2012-12-04
📝 Original message:On Monday 03 December 2012 11:19:37 Michael Gronager wrote:
> The aged coins are simply included in the block mining reward, creating
> another incentive for miners. Further, if we include all coins in this
> recycle scheme coins will never be lost forever.
Ignoring the cost of storing these never-spent outputs; there is absolutely no
reason we need to ensure that coins aren't lost. Nor worry about those that
are.
The total bitcoins produced is an entirely arbitrary number -- a function of
the 210,000 halving rate and the initial block reward. Satoshi could have
picked anything for them and bitcoin would work exactly the same.
Lost coins never enter the economy ever again, and so supply is slightly lower
than it would have been, making all the non-lost coins worth ever so slightly
more. Effectively: price adjustments will take care of lost coins.
Andy
--
Dr Andy Parkins
andyparkins at gmail.com
Andy Parkins [ARCHIVE] /
npub1nx…7wjrv
2023-06-07 10:45:23
in reply to nevent1q…tqft
Author Public Key
npub1nxlvf9mj3jzgue25n5d9y47s3h5hvg0ded9hwpejdxj9mtrs34vs97wjrvSeen on
wss://relay.nostr.bandPublished at
2023-06-07 10:45:23Event JSON
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"content": "📅 Original date posted:2012-12-04\n📝 Original message:On Monday 03 December 2012 11:19:37 Michael Gronager wrote:\n\n\u003e The aged coins are simply included in the block mining reward, creating\n\u003e another incentive for miners. Further, if we include all coins in this\n\u003e recycle scheme coins will never be lost forever.\n\nIgnoring the cost of storing these never-spent outputs; there is absolutely no \nreason we need to ensure that coins aren't lost. Nor worry about those that \nare.\n\nThe total bitcoins produced is an entirely arbitrary number -- a function of \nthe 210,000 halving rate and the initial block reward. Satoshi could have \npicked anything for them and bitcoin would work exactly the same.\n\nLost coins never enter the economy ever again, and so supply is slightly lower \nthan it would have been, making all the non-lost coins worth ever so slightly \nmore. Effectively: price adjustments will take care of lost coins.\n\n\nAndy\n\n-- \nDr Andy Parkins\nandyparkins at gmail.com",
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