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...and 0.1% annual tail emission fixes this (and not only this, that's why is inevitable)
Now downvote ;)
The problem with tail emission is there is no way to tell if enough is enough, or if it's too much. Saying "we just need X amount of tail emission" to fix the security model isn't sufficient. Even if X amount just happens to be the right amount for 2040, doesn't mean it's the right amount for 2050 or 2100.
Maybe it's not enough, and the dreaded mining death spiral still happens. Or maybe it's too much, and the value of Bitcoin gets eroded. Is it really worth breaking the iron clad social contract of Bitcoin's monetary policy for what is essentially a guess about the correct inflation level?
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There is no this problem above you think there is - just due to Bitcoin beauty.
The moment we will see the first "destructive halving" - i.e. network difficulty was not able to recover during long four years after given halving - is right moment to switch-off halvings completely, and that's best possible method to set level of annual inflation rate. Best - because empirically done, by saturation of Bitcoin system at global scale.
Things destructive to the Bitcoin should be eliminated (no matter from where they are). So destructive halvings as well. I predict we will see it probably in 10 years, just around 0.1% annual inflation rate, reached "naturally".
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Unnecessary, the far future of bitcoin mining will be integration at the source of energy production or into every electrical appliance/industrial machine in the world. Look at heatbit as an example of this. The space heater uses no excess electricity but mines bitcoin as part of its operation. It is expensive now compared to other space heaters and likely doesn't mine enough to cover that difference but in 10 years it could probably be made at a similar cost to a regular space heater and even if it only throws off a small amount of bitcoin it is still better than a space heater that doesn't mine. There is also the idea of alturistic mining. I think many bitcoiners, corporate entities, potentially governments with a significant portion of their net worth in bitcoin will mine to preserve the network even if it is at a loss. This is similar to a tail emission but selling the idea of mining as noble and an insurance on your stack is much more palatable than a change in supply.
I am not worried about the security budget 20 plus years from now. The market will sort it out and if it doesn't Bitcoin has likely failed.
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I may agree a bit with space heater thread. But "altruistic mining" is quite naive approach, unfortunately.
There is no such thing as Game Theory suspension. Without tail emission we will the have textbook example of "Let Microstrategy Run Antminers" prisoner's dilemma... (while "demurrage solution" - is not the right answer, because we are still before "hyperbitcoinization")
I hope you understand that Bitcoin would miserably fail if funded by Satoshi Nakamoto on altruistic mining, instead of "greedy mining".
Check these links for more:
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That's fair.
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There is no downvote
Consider tipping me as downvoting ;)
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Right, no downvote... - yet another reason to migrate here! Tipping by response ;)
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This is SN equivalent of getting ratio'ed.
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I agree with you, which is why I am also into Monero and am not a Bitcoin maximalist
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But I am the Bitcoin maximalist, sometimes "toxic" as hell... ("Nothing induces a bigger annoyance than the Truth" :)
But fixing broken long-term security model has the higher priority.
btw, Bitcoin maximalist and tail emission proponent - have one common thing: both are driven by "I told you so" at the end of day... ;)
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