Oddbean new post about login | logout That's correct, and this person's insistence on using the word "inflation" when he should be using "issuance" is only confusing to people who are just learning about bitcoin. This is why we make a clear distinction between the two, because the inflation of gold and fiat currencies and the issuance of bitcoin are completely different. Using the word inflation for the the issuance of bitcoin up to the 21 million cap is misleading and confusing.
Dude you’re wrong. Arrogance won’t change that. Just read the white paper. Satoshi himself said bitcoin would eventually become inflation free.
was there ever an Inflation bug and how did it get fixed, do you know?
That’s a different matter
ok nothing to do w inflation?
Inflation bug was about possible inflation of total *future* supply. When speaking about inflation we usually refer to *current* supply. Arguing with capped future supply to make the case bitcoin is deflationary now is bullocks for several reasons.
there's the thing maybe we need to update and specify the definition of inflation again to fit money with a capped supply 😂
i mean. not the first time 1941 https://image.nostr.build/071e0d4911620f9eadefef2e46d048accd52186ea493f3f3ac4758040133d294.jpg 1971 https://image.nostr.build/deffa2314840c10f31e50950653b18385316f6477379c5d65e6858065974017e.jpg
"paper money"
Gold has a capped supply. It’s just unknown. So it keeps inflating because inflation always refers to actual supply in the here and now and not to imaginary supply in the future. Bitcoin could have very well failed in its early years. Would it then have been inflationary or deflationary? If future capped supply makes a money deflationary, how do you measure or even call future increase in deflation by lost coinage? The definitions fit. They have to be applied correctly though.
I keep telling people Bitcoin has inflation too it’s just on a special schedule called the BLOCK REWARD 😬
Yeah. Bitcoin just feels deflationary in contrast to fiat and given how certain one can be on its fixed supply. Understandable mistake to think it’s already non-inflationary but realistically this will just a few halving before end of block subsidies be the case.
There was an issuance bug and it was fixed with an emergency hardfork.
Satoshi said a lot of things that were confusing and not designed for people who are not software engineers. You're wrong. Issuance is the correct term. Inflation is not correct.
Issuance inflates the supply, genius. But okay everyone including satoshi is wrong and you’re right. Lol
The supply is 21 million. Issuance increases the circulating supply and moves it toward the total supply. Satoshi was not wrong, he was imprecise.
And if you want to be even more precise and correct, there is no such thing as a bitcoin, that's just slang for 100 million satoshis, or bitcoin units. The total supply is 2,099,999,997,690,000 units.
You mean I don’t have to stack whole coins? 🤯
Yes, there is no such thing, at least in terms of the actual code and protocol, as a whole coin. There are no decimal places in the bitcoin protocol it's just integers. You can stack as many units as you want. What is colloquially referred to as a "whole bitcoin" is simply 100 million units... which themselves are colloquially referred to as Satoshi.
