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This counterpoint against tail emissions demonstrates yet another reason why Peter Todd is an arrogant schmuck.

His usual spiel is "The only reason tail emissions aren't happening is because everyone besides me is stupid, and it would be better if they all just stopped pretending they can think, because I know they can't" or something like that (I'm paraphrasing). 0 respect for the reality that is human action. I also figured out what he did about tail emissions being A useful way to secure regular mining fees, and that it converges to lost coins, a long time ago before I even fully understood Bitcoin. But he never goes further than that, nor considers the ethics. Pathetic.

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ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

tail emissions would make no difference if they didn't change the total supply. i am sad that so few bitcoiners who oppose the idea have such poor skill at simple mathematics.

if set up correctly, both would reach a point where it rounds to zero sats and hopefully long before that the precision of the denomination would be expanded.

maybe i should draw some pictures sometime to explain how it's utter nonsense that tail emissions change anything. what is more concerning is that introducing it would entail some people trying to change the supply. this is a solid reason to oppose it. everything else is literal ignorance.

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ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

literally, the only difference might be that before last halving to 1 sat there might be less sats issued and then after it would have rounded to zero tail emissions would have continued to reward 1 sat for a while longer.

if you have any grasp of how quantization works you'd get it.

Kevin's Bacon 5mo ago

I don't think you're speaking clearly enough here, what do you mean?

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

you understand that the current schedule is a stair-step that drops by half every ~4 years right?

there's a technique in signal processing called interpolation, you see it every fucking day on images on the internet when stuff is upscaled.

that's all it is. smoothing the stairstep into a curve.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

i honestly don't get why they dress it up in this stupid "tail emissions" bullshit. even if you smooth the curve once the precision runs out, it is going to go to zero. but that is like 100 years away

the main argument for tail emissions, which i'm just gonna call "interpolation" is that it changes a 4 year cycle of up and down.

peter todd is a dick but stairstep reduction of emission rate is clunky and cheap. it would not substantially burden nodes to change from the halving algorithm to using an exponential decay that follows the same exact path, except more precisely.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

this is also why it hasn't happened yet.

most of the people arguing about it couldn't even plot a function on a graph if their life depended on it.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

it's not "tail emission" it's just interpolation. modern computers are about 10x or more performant than the time of satoshi and power functions are cheap to execute now to simply take a block height and derive a reward value using fixed point integers.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

the entire denomination scheme of bitcoin is just fixed point integers.

it's just a matter of changing the function so it doesn't do half every ~4 years but instead decay the reward smoothly, but still as a fixed point.

fixed point simply means that the precision before and after the decimal are fixed, X bits are whole numbers, and Y bits are fractions.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

i love discrete computational mathematics. so i get what it means. sadly most people don't even understand basic shit thanks to the fucking state educaiton system.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

put it this way. the math that would be involved is already well established in computer graphics. it's just a curve.

gojiberra 5mo ago

i thought that the stairstep was a feature not a flaw in that:

--> it may be responsible for the 4 year price run-up

-->that drives news coverage

-->greed, speculation, crash, death(of the gambler) and resurrection as a bitcoiner.

by simply changing the stairstep function to a curve we could save future humans the 3 years of pain after going All-in the last all time?

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 5mo ago

it disrupts the perception of bitcoin as a stable supply