Author: Peter Todd 2014-04-01 20:00:39
Published on: 2014-04-01T20:00:39+00:00
Pieter Wuille proposed a BIP to turn Bitcoin into a limited-supply currency due to the problems with current subsidy schedule. He suggested that the economic shock could be fixed by implementing the OP_CHECKLOCKTIMEVERIFY opcode in a soft-fork, followed by a second soft-fork requiring miners to "pay-forward" a percentage of their coinbase outputs to the future. He also proposed a linear distribution rate for each gold mine which produces 21,000,000 coins over 210,000*64 blocks, or 1.5625 BTC/block evenly distributed. He believed that either outcome should be acceptable to any reasonable goldbug. The community is made up of calm and reasonable people. Meanwhile, maintaining a miner reward has significant advantages in terms of the long-term sustainability of the system.
Updated on: 2023-06-08T18:10:50.252034+00:00