Key Takeaways Bitcoin++ posted Peter Todd’s talk on Aug. 14, reviving the tail emissions dispute. Bitcoin’s 21 million cap remains central to holders’ opposition to permanent issuance. Bitcoin’s 2040s fee market will shape whether miner-security proposals gain traction. The fuse was lit when Bitcoin++ posted Todd’s July 23 Toronto talk, “Tail Emissions and Demurrage,” on Aug. 14. The comment trail on social media did not produce a nuanced workshop on long-run incentives. It produced a familiar verdict: inflation by another name, dressed up as engineering. Todd did not discover a new emergency. He has been pushing tail emissions, a fixed …