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From: Erik Aronesty <erik@q32.com>
Date: Thu, 30 Jun 2022 13:04:50 -0400
Message-ID: <CAJowKgJnGzRxm5QjDB0RzTA80jQLo7rBKgM+M-V1y7-QeOYucw@mail.gmail.com>
To: Billy Tetrud <billy.tetrud@gmail.com>, 
 Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Subject: Re: [bitcoin-dev] Bitcoin covenants are inevitable
Precedence: list

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>
> Anyway, demurrage and inflation have identical economic properties. They're
>> both a tax on savings. The only difference is the way that tax is
>> implemented.
>
>
the fact that a conversation on inflation is continuing without being
ignored is probably an indicator that the utility of on-chain services as
an incentive to drive fees is a worthwhile consideration.  i especially
like the proposed and very simple on-chain "payment codes" idea, for
example.   if a light-touch is used, bitcoin operators can thread the
needle allowing utility to grow a bit in response to halvings.  i suspect
lightning ate a lot of the on-chain fees.   future "compression and
privacy" protocols, like mweb, should keep this concern in mind.

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<div dir=3D"ltr"><div class=3D"gmail_quote"><blockquote class=3D"gmail_quot=
e" style=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204)=
;padding-left:1ex"><div class=3D"gmail_quote"><blockquote class=3D"gmail_qu=
ote" style=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,20=
4);padding-left:1ex">Anyway, demurrage and inflation have identical economi=
c properties. They&#39;re<br>
both a tax on savings. The only difference is the way that tax is implement=
ed.</blockquote></div></blockquote><div><br></div><div>the fact that a=C2=
=A0conversation on inflation is continuing without being ignored is probabl=
y an indicator that the utility of on-chain services as an incentive to dri=
ve fees is a worthwhile consideration.=C2=A0 i especially like the proposed=
 and very simple on-chain &quot;payment codes&quot; idea, for example.=C2=
=A0 =C2=A0if a light-touch is used, bitcoin=C2=A0operators can thread the n=
eedle allowing utility to grow a bit in response to halvings.=C2=A0 i suspe=
ct lightning ate a lot of the on-chain fees.=C2=A0 =C2=A0future &quot;compr=
ession and privacy&quot; protocols, like mweb, should keep this concern in =
mind.<br></div><div><br></div></div></div>

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