Bitcoin Forum

Posting this here so that people involved in actual alternative evolution can post sections from this set of data and discuss it.

It starts with emails from 08.


----------------Some people might find this interesting --------------------------------

http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?commentId=2003008%3AComment%3A9562 (http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?commentId=2003008%3AComment%3A9562)

2009-02-18 20:50:00 UTC -
"To Sepp's question, indeed there is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows. That would have required a trusted party to determine the value, because I don't know a way for software to know the real world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that.

In this sense, it's more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value. " - Satoshi Nakamoto

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and what was Sepps Question ?

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 Reply by Sepp Hasslberger on February 18, 2009 at 14:41
  
 I have two questions, Satoshi.

    the first one ties in with Joerg's doubts about the trusted supply of tokens/coins.

    As far as I understand, there will be a limit of the total amount of tokens that can be created, and a changing gradient of difficulty in making the tokens, where the elaboration gets more and more difficult with time. Is that correct?

    It is important that there be a limit in the amount of tokens/coins. But it is also important that this limit be adjustable to take account of how many people adopt the system. If the number of users changes with time, it will also be necessary to change the total amount of coins.

    Is there a formula to decide on what should be the total amount of tokens, and if so, what is the formula?

    If there is no formula, who gets to make that decision and based on what criteria will it be made?

    I will keep my second question for later. One thing at a time...

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And here is my response :

of course there is no way for a computer to put a deterministic value on anything; however, there are some very basic principals the we know to be simple economic standards - these are generally that population will grow slightly even at 0% GPD (i.e a nominal perfect system) and humans are human.

both of these things can allow for a simple EQ reward type inflation as per Milton Friedman's K -percent rule - http://en.wikipedia.org/wiki/Friedman%27s_k-percent_rule (http://en.wikipedia.org/wiki/Friedman%27s_k-percent_rule)

The EQ reward involves no variations based on nodes or velocity, just a simple supply for very minimum basic growth or replenishment for a "fixed" system, as simple as it is though it achieves so much.

Looks like a giant fake.

It can't be. I'd rather believe that Monero sucks than there is Satoshi Nakamoto's institute!

you are saying/contesting that this is not real ?

very useful and interesting set of data -