Author: Dave Scotese 2016-03-03 05:11:16
Published on: 2016-03-03T05:11:16+00:00
The discussion in this context revolves around the potential use of a number smaller than 2016 as a retarget interval for Bitcoin. This could be useful in cases where the mean time between blocks is over 20 minutes during the last 144 blocks, triggering an immediate retarget if the counter is over 1008. However, it remains unclear how to measure the mean time between blocks in such situations. The idea of retargeting on every block is suggested, but using the same 2016 block window for the calculation to maintain smooth and unpredictable difficulty changes.The conversation then shifts towards the predictability of inflation in Bitcoin. Inflation is not considered a tax, but rather a cost based on expectations of future returns. The predictability of step functions is what makes them continuous, and removing that predictability would make them unpredictable. The possibility of creating an altcoin with a 22-million-coin limit and an inflation schedule that had smooth, rather than abrupt, drops is also discussed. It is deemed reasonable to make that altcoin start with the same UTXO set as Bitcoin as a means of initial coin distribution. However, it is acknowledged that this scenario is unlikely to happen.The author of the email also introduces themselves as someone who provides work at no charge to prove their value and mentions their ownership of Litmocracy and Meme Racing (in alpha), webmaster role for The Voluntaryist (which now accepts Bitcoin), and coding work for The Dollar Vigilante.
Updated on: 2023-06-11T04:19:19.550698+00:00