PoW blockchain difficulty adjustment without timestamps

[Mikolo]

Found this suggestion to difficulty without timestamps:
https://ethresear.ch/t/thoughts-on-removing-timestamps-in-pow/1148
https://github.com/WebOfTrustInfo/rwot6-santabarbara/pull/13/commits/822de593f2c8f33314b45b933f8f57ba74a4d54c
Gist is this:
The block reward algorithm is now modified to issue a coins into perpetuity (no maximum). Any given block can issue _up to_ `X` number of coins per block.
The number of coins issued per block is now tied directly to the difficulty of the block, and the concept of "epocs" or "block reward halving" is removed.
(Basically more difficulty more coins)
Can it work?

[hugeblack]

If the principle is more difficulty, more coins, this means that over time there will be more coins, which means that the supply will increase, the price will decrease, and therefore the difficulty will decrease. If it decreases to the extent that double-tunnel attacks can succeed, it will lead to the failure of the system, especially since there is no adjustment to the difficulty.

[Mikolo]

If the principle is more difficulty, more coins, this means that over time there will be more coins, which means that the supply will increase, the price will decrease, and therefore the difficulty will decrease. If it decreases to the extent that double-tunnel attacks can succeed, it will lead to the failure of the system, especially since there is no adjustment to the difficulty.

Inflationary cryptocurrency can have rising price, e.g. Monero or Dogecoin. Inflation must not be too high. What if proposed cryptocurrency had emission increase with difficulty, but returns will be diminishing. For example at the start diff increase is 1 coin per step then, 0.99999999 per step, and so on till it stays at 1 satoshi per step.

[hugeblack]

Inflationary cryptocurrency can have rising price, e.g. Monero or Dogecoin. Inflation must not be too high. What if proposed cryptocurrency had emission increase with difficulty, but returns will be diminishing. For example at the start diff increase is 1 coin per step then, 0.99999999 per step, and so on till it stays at 1 satoshi per step.

Monero is a good currency, but in terms of price (and despite its multiple uses), we are almost at the same levels as in 2017.


Regarding Dogecoin price, I think the chart below is sufficient to explain everything.


Price is not the important factor here, but rather the cost of a successful double-spending attack.