Replying to Avatar Saberhagen The Nameless

I'm saying the amount mined is predictable 0.6 XMR every 2 minutes. Predictability = ability for everyone to account for that at any point in the future. You can't do this for the fiat money printer.

You can't really predict lost coins, perhaps only roughly, but that is true of any crypto including Bitcoin.
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Garth Algar 1y ago

Thanks for your view!

How about this approach: in the case of btc coins are lost forever… then let’s suppose btc hits 10.000.000usd at some point meaning 1sat=10usd cents. So you could not reflect anything below 10c on the Layer 1 anymore, but on a layer 2 like lightning you could. You could even do this for 75.000.000 a coin or more. Wouldn’t this mean lost coins are not important, and miners can keep gaining via transaction fees on Layer 1 and 2 as soon as all coins have been mined? Also not a bad scenario or?

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Saberhagen The Nameless 1y ago

What you're saying is true I think, but that's all more of a side issue for people who argue against a hard cap on supply. The main reasons some are concerned is for the future security of the chain. When block rewards run out mining will depend solely on transaction fees (= very high fees). The security of the network could fall drastically because not enough users will be transacting on-chain (too expensive and because L2s will be better for that and way cheaper) to pay miners for it to be worth it. Someone still needs to pay miners to secure the chain. Layers are only as secure as their blockchain.

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Garth Algar 1y ago

Thanks!

This new coin linear emission feature could be implemented into the btc protocol in 50-100 years, when miners and people start to feel that this is increasingly becoming a threat.

Correct? And the problem would be solved

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Saberhagen The Nameless 1y ago

With the current mindset of the community that seems very unlikely, but anything is possible. It would break one of Bitcoins most important memes if it does (21 million)

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Garth Algar 1y ago

🤣👍🏻 ok great point also for the meme’s… but this seems to be a topic for the far future in btc terms… until then that mantra might soften.

Appreciate it 🙏