I generally speaking think this to be less important than understanding that what makes the dominant fiat system really evil and unjust is that adding whatever new amount of money to the existing supply has basically zero cost. This is *the* problem (censorship, surveillance, permissioned structure and so on are of course issues, but this is the root of the economic injustice in my view). I strongly oppose Bitcoin should ever attempt to have tail emission since it would require a hard fork and it will be interesting to see whether mining can sustain itself on mostly fees, but most Bitcoiners seem to miss the important point that inflation might as well be 1% forever as long as creating 1 BTC costs very close to 1 BTC to miners. This is why the gold standard was a fairer system, as gold miners couldn't simply add 100 ounces of gold to the money supply and start spenging it in the real economy. They most probably had to spend close to 95 ounces of gold for equipment, wages, rights to the the land, energy inputs, refinement etc etc. These are made up numbers of course, but they serve the point. What happens today instead with commercial banks is that they issue a loan for $300K USD and their cost for doing so is probably 0.5% of that.
Hanshan's avatar Hanshan
even otherwise smart people are retarded about something. When you say something has "infinite supply" it means theres an unlimited number of units. A chain with tail emission NEVER has an unlimited number of units. The supply just increases linearly (or exponentially or whatever the emission rate is), *approaching* infinity as time increases. The supply is ALWAYS finite, it is always known and it is NEVER infinite. Its obviously not "infinite supply" and if someone autisticly insists it is, they either dont understand what words mean or have an axe to grind. #bitcoin #monero View quoted note →
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