bitcoin production curve

[gubi66]

Hi everybody,
there is a reason why the bitcoin production curve is not smooth and instead there is an halve every 4 years?

Thanks

[mezzomix]

I think the reason is KISS.

[gmaxwell]

You can make a bunch of arguments either way. E.g. piecewise constant makes it easier to justify capital purchases, simplifies accounting. etc.

I think ultimately it doesn't matter much... and the geometric decline is much easier to implement without numerical precision issues gumming things up.

[DannyHamilton]

Hi everybody,
there is a reason why the bitcoin production curve is not smooth and instead there is an halve every 4 years?

Thanks

Since Satoshi is no longer around answering questions, any answer you get is just going to be an educated guess.

My guess?

The math is easier that way.

[cp1]

I guess it front loads the reward to help with adoption.

[DannyHamilton]

I guess it front loads the reward to help with adoption.

It doesn't really front load the reward any more than a smooth curve.

[cp1]

It doesn't really front load the reward any more than a smooth curve.

It's not by a ton, but at the first reward halving it's generated about 25% more bitcoins than a smooth curve would have.