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380 sats \ 1 reply \ @ursuscamp 19 Dec 2022 \ parent \ on: On the Instability of Bitcoin Without the Block Reward bitcoin
That is a game that, once you start playing, never ends. How do you know what is the right amount? Who makes that decision? Most likely there would be many competing forks looking for the correct "tail emission" if such a thing even exists. Eventually one would likely prove "correct" and become dominant, but how long would that last?
Bitcoin at that point will just become another managed currency. What if mining economics change again? Like a breakthrough in ASIC technology? We will be changing the tail emissions forever, always tuning, looking for the right monetary policy. The idea that Bitcoin's monetary policy is set will be gone completely.
why do you ask question to already answered problem?
Again:
bitcoin itself will show us with first destructive halving occurrence - what is the lowest possible level of emission to preserve already reached network security level
the stopping before a cliff (or: spiral of death) is one time process - we can remove (destructive) halvings or not
breakthrough in ASIC technology changes nothing (like every breakthrough from CPU -> GPU -> FPGA -> ASIC - didn't interfere with emission)
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