Vlad Zamfir opposed limiting the total number of coins Ethereum
April 1, Ethereum Creator Vitalik Buterin appealed to the world with a proposal, which was later christened "metasuche". In one of the "Proposals for improvement of the Ethereum" (Ethereum improvement proposal/EIP), he proposed to set a limit on the total number of ETH in the amount of 120 million
In particular, he wrote:
To ensure the economic viability of the platform in all possible circumstances, and in light of the fact that the issue of the new coins as proof-of-work miners no longer is an effective way of reasonable distribution of the coins and does not meet any other far-reaching objectives, I propose to limit the total amount of ETH.
In the community of Ethereum immediately sparked heated debate. Many people immediately took it as an April fool's joke, others thought Buterin quite serious, and began to put forward the arguments for and against "improvements".
In an article published on Medium on April 15, the developer of sharding and the Protocol for Casper Ethereum Vlad Zamfir wrote:
It is unclear what amount will be required (if at all required) to ensure the reliability of the Protocol consensus. This is true now concerning the PoW, and will remain so in respect of Casper and sharding.
Zamfir the project is headed by Casper, who, as part of the upgrade of Constantinople, most likely, will carry out hardwork Ethereum and will change the algorithm for consensus with PoW on PoS. According to his estimates, mining now brings in approximately $10 million per day. Zamfir I am convinced that this price is inadequate and consider the necessary course correction to achieve consensus. He writes:
How we fit offer Vitalik to issue 22 million ETH and put on this point? We don't know. Today we talk about how to give the miners/validators pile of ethers market worth more than $11 billion. However, as far as I can see, acne is not said, what will these esters!
According to Zamfir, it is unclear what should be an optimum supply of air. In his opinion, the community is not quite well aware of economic realities in which Ethereum will be in the future, now to decide on the amount of the issue:
Do we understand the creation of public goods we intend to Finance through the issuance of air? Can we now predict the cost of these goods? What is the optimal volume of the issue: more or less 22 million? Is it possible to speak of a certain number of coins that can bring users the real benefit?
It is known that acne less concerned about the exchange rate of the ether. It seems that Zamfir shares his attitude, saying that the main reason he objected to the volume limitations is the fact that speculators seek to scarce assets, and limiting the number of coins is fraught with the influx of such people.
The expected quality of the scarcity of goods makes it psychologically more attractive to potential buyers. Behavioral effect generated by the alleged deficit, had a major impact on the whole sphere of altcoins: virtually each of them is advertised as having a limited supply. For "buyers for reasons of scarcity" in order to ensure limited supply before you buy currency.
Another developer of Ethereum, Nick Johnson, spoke out on Twitter in support of Zamfir, noting that largely shares its position.
In conclusion, Zamfir writes that the discussion about the possibility of limiting the supply of coins is still immature in nature and represents an "artifact" of the culture of cryptocurrency, in which the model limited issue considered as part of the social contract of the blockchain. According to Zamfir, this rule does not benefit the coin holders and miners or validators, "particularly given the current level of our understanding of the emissions that will be required (regardless of what is ideal) to ensure the reliability of the Protocol consensus or for other purposes."