Mises didnt think expansion of the monetary supply was inflation.
Discussion
The question is how to organically control the money supply such that there is no preferential part of the network where supply is added or taken away.
i propose .6 units every 2 minutes.
distributed to the one who guesses the lucky number.
Doesn't work. Here I am guessing every single lucky number immediately (I am really lucky) and I never get my .6 units because I live on Mars.
Ok, functionally in a constrained area there is only a small advantage to being close to the majority of miners since the milliseconds delay is a fairly small fraction of two minutes, but it is a preference and if we are doing things right we won't be constrained long.
I dunno, I'll be happy with "reasonable fairness" within our usecase.
not abstractly perfect fairness for all conditions.
Reasonable is good, I like reasonable. But I do think we can do better. We can do unreasonable.
The problem is that reasonable solutions in IT keep breaking, because they accept some flawed premise that is "good enough", everyone has a good time, lots of cool stuff gets built, spammers and rent-seekers move in exploiting to flawed premises, filters are put in place to limit bad actors, bad actors have more incentive and time, filtering is outsourced to silos that have enough insight into the whole network to be effective, small players get cut out, everyone gripes about the good old days when it was the land of the free.
Perfect may be impossible, but we can at least avoid the mistakes we see coming. That isn't to say every eventuality needs to be addressed right now, but we can build in the ability to adapt.
I think it is possible to have a natural money supply. Just give everyone who joins the network permission to issue X number of schrutebucks. Then ignore them and don't accept their crapcoin unless they are a trusted contact. Instead create a mechanism for currency exchange. If I want to pay you and we are both friends of Alice. Then I buy Alice coin from her and use it to pay you. It does somewhat limit how rich you can become based on who your friends are. But if lots of people want to pay you it will create demand for your and your friend's personal currencies.
Those currencies will eventually devalue to 0 and cease circulation as people retire and die.
Needs lots of work though. I am not sure how to show prices with a zillion wildly fluctuating coins. But I've a feeling the answer is hiding in gauge theory and physics.
The term 'inflation' is weakly defined, often contradictory. Even Mises is struggling. I try to avoid it in building my economic theories.
Can you explain tail emission without this term?
What happens to the quantitiy of the money? And price valuation? Are there other important factors to consider?