What about burning all fees and keep a block reward that will smooth out while keeping the ~21M coins limit ?
Benefits : - Miners would still be incentivized to collect higher fees transaction with the indirect perspective to generate more reward in future. - Revenues are equally distributed over time to all participants and we solve the overnight discrepancy. - Increased velocity of money will reduce the immediate supply of bitcoin cooling down the economy. - Reduction of velocity will have an impact on miners only if it persevere in the long term but short term they will still perceive the buffered reward. I don't have ideas yet on how to elegantly implement this. On Wed, 13 Jul 2022, 12:08 John Tromp via bitcoin-dev, < bitcoin-dev@lists.linuxfoundation.org> wrote: > > The emission curve lasts over 100 years because Bitcoin success state > requires it to be entrenched globally. > > It effectively doesn't. The last 100 years from 2040-2140 only emits a > pittance of about 0.4 of all bitcoin. > > What matters for proper distribution is the shape of the emission > curve. If you emit 99% in the first year and 1% in the next 100 years, > your emission "lasts" over 100 years, and you achieve a super low > supply inflation rate immediately after 1 year, but it's obviously a > terrible form of distribution. > > This is easy to quantify as the expected time of emission which would > be 0.99 * 0.5yr + 0.01* 51yr = 2 years. > Bitcoin is not much better in that the expected time of emission of an > bitcoin satisfies x = 0.5*2yr + 0.5*(4+x) and thus equals 6 years. > > Monero appears much better since its tail emission yields an infinite > expected time of emission, but if we avoid infinities by looking at > just the soft total emission [1], which is all that is emitted before > a 1% yearly inflation, then Monero is seen to actually be a lot worse > than Bitcoin, due to emitting over 40% in its first year and halving > the reward much faster. Ethereum is much worse still with its huge > premine and PoS coins like Algorand are scraping the bottom with their > expected emission time of 0. > > There's only one coin whose expected (soft) emission time is larger > than bitcoin's, and it's about an order of magnitude larger, at 50 > years. > > [1] > https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a188d153 > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev >
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