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Question: Should we follow THE PLAN and halve the block reward according to Satoshi's whitepaper?
Yes - 169 (88.5%)
No, let's keep it 50 BTC forever - 14 (7.3%)
No, but 50 BTC is not a good number neither - 8 (4.2%)
Total Voters: 190

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Author Topic: 1BR: Should the block reward be 50 BTC for ages?  (Read 5666 times)
evoorhees
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September 15, 2012, 02:57:03 AM
 #61

That example should illustrate how any change in the minting rate however slight will cause a loss of confidence in Bitcoin.  If it can be changed once, it will be changed over and over.  The end state is a a "fed" like board will set itself up and attempt via a cartel of miners to optimally balance the economy via manipulation of the minting (or deminting rate).  Sound familiar?  

Now that "may" (I seriously doubt it) happen anyways even if the minting rate isn't changed in the near future but for me any change in the "rules" violates the social contract under which I chose to participate.  I am dumping my coins @ market and looking to see if some alt-coin can be devised which makes such changes impossible (or at least more difficult).  I doubt I would be the only one.

A claim that "this one change is the only one" is going to lack credibility.

Hell, u r right! Now I'm not so confident that we need to change anything in the plan...

DeathAndTaxes nailed it! Well said.  And come-from-beyond, I'm glad you're reasonable enough to understand it now Smiley
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September 15, 2012, 07:14:40 PM
 #62

Inflation is simply a way to distribute bitcoin. Once all the coins are distributed inflation has no more purpose in the system and is eliminated. Keeping it around only increases the number of bitcoin, which we know is completely arbitrary.

I use inflation in the proper sense, to refer to the growth of the money supply (number of bitcoin). I'm not referring to price or change in prices.

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Etlase2
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September 15, 2012, 07:57:48 PM
 #63

I use inflation in the proper sense, to refer to the growth of the money supply (number of bitcoin). I'm not referring to price or change in prices.

But even though deflation is universally used to mean price levels in bitcoin, that is ok?

This is such a silly distinction made by one person, a monetarist, that leads to "an aggravating spew of stupid arguments about one man's eccentric definition of a word on this message board phenomenon."

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September 15, 2012, 08:08:45 PM
 #64

Personally, I think it universally makes more sense that inflation and deflation refer to prices unless you say "monetary inflation/deflation."

Considering that Friedman did not even mean that inflating the money supply equals price inflation, it is about as faux-pedantic as you can get.

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September 15, 2012, 08:09:10 PM
 #65

I use inflation in the proper sense, to refer to the growth of the money supply (number of bitcoin). I'm not referring to price or change in prices.

But even though deflation is universally used to mean price levels in bitcoin, that is ok?

No it's not, it's the same mistake as calling rising prices inflation. Deflation is the decrease in money supply for instance when debt is liquidated a lot of supply that was on the books somewhere gets wiped out and consequently the rest of the remaining units of currency become worth more which has the effect of falling prices.

Bitcoin is currently experiencing high double digit inflation and is not designed to ever experience deflation although there is and will be some small amount of deflation due to lost coins.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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September 15, 2012, 08:13:35 PM
 #66

No it's not, it's the same mistake as calling rising prices inflation.

Except that rising prices is called inflation.

Quote
Deflation is the decrease in money supply

Except that falling prices is called deflation.

This message board is the only place in the world that has a different definition because of one misinterpreted quote by Milton Friedman.

It really is not very becoming.

DeathAndTaxes
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September 15, 2012, 08:16:49 PM
 #67

Since no one can seem to agree on this, can't you people simply say "price inflation" or "monetary inflation" or "price deflation" or "monetary deflation" in the future?

This.  Simply use those 4 terms.  Definitions only make sense if people know what you mean when you say it. Using price or monetary although verbose means the intent exactly clear.  There is no need for the confusion and then the 20-30 posts in a debate over who's definition is the right one.
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September 15, 2012, 08:25:28 PM
 #68

I used a term that people would interpret differently so I defined it. Calm down people.

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September 20, 2012, 01:03:33 PM
 #69

I hereby propose that anyone starting future threads advocating perpetual devaluation of Bitcoin units, be punished via traditional old-style methods reserved for such ideas:

Sec. 19. And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act...every such officer or person who shall commit any or either of the said offences, shall be deemed guilty of felony, and shall suffer death.

http://en.wikipedia.org/wiki/Coinage_Act_of_1792
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