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Date: Wed, 16 Jul 2025 20:49:44 +0000
From: Peter Todd <pete@petertodd.org>
To: Murch <murch@murch.one>
Cc: bitcoindev@googlegroups.com
Subject: Re: [bitcoindev] [BIP Proposal] Proof-of-Activity Reclamation (PoAR)
Message-ID: <aHgQaJOEe0x0b0HY@petertodd.org>
References: <a186c724-eef7-4964-9aba-85ae9cce2249n@googlegroups.com>
<634ea7a6-1695-46e8-a337-1fef1ac17a66@murch.one>
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On Tue, Jul 15, 2025 at 03:02:04PM -0700, Murch wrote:
> Hi Donald and all,
>=20
> The idea of recycling dormant coins is one that has made the rounds sever=
al
> times before, including in the form of the "Bitcoin Dormant Recovery
> Proposal" just a couple months ago:
> https://github.com/bitcoin/bips/pull/1852
>=20
> I don=E2=80=99t have the impression that the idea has been particularly p=
opular, and
> as BIPs go, this one is missing crucial parts, e.g.:
>=20
> =E2=80=A2 A more comprehensive motivation based on thorough analysis how
> redistributing dormant coins improves the system as this constitutes a
> departure of the status quo for the supply schedule
Worth noting that from an economic point of view redistributing genuinely l=
ost
coins, and creating coins out of thin air, is essentially the same thing:
either way you are introducing coins into the active economy that were
previously not in economic circulation. In both cases you are diluting the
value of non-lost coins by increasing the total active supply, decreasing t=
heir
purchasing power proportionally.
If you want to argue for actually redistributing coins rather than just
creating new ones out of thin air - for whatever reason - you need to justi=
fy
why you want to risk confiscating coins that were not in fact lost.
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
--=20
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