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| author | Tamas Blummer <tamas.blummer@gmail.com> | 2019-07-02 14:51:31 +0200 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2019-07-02 12:51:29 +0000 |
| commit | 0e6af4ef099bc4e563171d647a69090b348e7753 (patch) | |
| tree | 96de180dfa1def462e485cd092085448ce7779f5 | |
| parent | be0f7570465ff2152eaccd0ae44977e0399cfc6d (diff) | |
| download | pi-bitcoindev-0e6af4ef099bc4e563171d647a69090b348e7753.tar.gz pi-bitcoindev-0e6af4ef099bc4e563171d647a69090b348e7753.zip | |
Re: [bitcoin-dev] Generalized covenants with taproot enable riskless or risky lending, prevent credit inflation through fractional reserve
| -rw-r--r-- | 7d/1a02b4decf625571d3d545616dbb16a78c52a0 | 299 |
1 files changed, 299 insertions, 0 deletions
diff --git a/7d/1a02b4decf625571d3d545616dbb16a78c52a0 b/7d/1a02b4decf625571d3d545616dbb16a78c52a0 new file mode 100644 index 000000000..7d13317a9 --- /dev/null +++ b/7d/1a02b4decf625571d3d545616dbb16a78c52a0 @@ -0,0 +1,299 @@ +Return-Path: <tamas.blummer@gmail.com> +Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org + [172.17.192.35]) + by mail.linuxfoundation.org (Postfix) with ESMTPS id EC3391AE1 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 2 Jul 2019 12:51:29 +0000 (UTC) +X-Greylist: whitelisted by SQLgrey-1.7.6 +Received: from mail-wr1-f54.google.com (mail-wr1-f54.google.com + [209.85.221.54]) + by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 3BD28836 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 2 Jul 2019 12:51:29 +0000 (UTC) +Received: by mail-wr1-f54.google.com with SMTP id p11so6483268wro.5 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 02 Jul 2019 05:51:29 -0700 (PDT) +DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; 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+ Tue, 02 Jul 2019 05:51:27 -0700 (PDT) +Received: from p200300dd67126425f545397fd5b804cc.dip0.t-ipconnect.de + (p200300DD67126425F545397FD5B804CC.dip0.t-ipconnect.de. + [2003:dd:6712:6425:f545:397f:d5b8:4cc]) + by smtp.gmail.com with ESMTPSA id + y18sm2674750wmi.23.2019.07.02.05.51.26 + (version=TLS1_2 cipher=ECDHE-RSA-AES128-GCM-SHA256 bits=128/128); + Tue, 02 Jul 2019 05:51:27 -0700 (PDT) +From: Tamas Blummer <tamas.blummer@gmail.com> +Message-Id: <E1E29AAE-1E54-44B3-A256-4707F2733DD4@gmail.com> +Content-Type: multipart/signed; + boundary="Apple-Mail=_5EA16DFE-CFEC-4E35-A5A8-1107330CF08D"; + protocol="application/pgp-signature"; micalg=pgp-sha512 +Mime-Version: 1.0 (Mac OS X Mail 10.3 \(3273\)) +Date: Tue, 2 Jul 2019 14:51:31 +0200 +In-Reply-To: <za891lsGkbAxQjS4ppao6-qhV7yjCLp0uKglEuyBRFwk2p09jSvWJP1WD9MMt_DE82KPOx90UhiwS-zAp_zbgrLyTmBBQvcux61ENTDhDBA=@protonmail.com> +To: ZmnSCPxj <ZmnSCPxj@protonmail.com> +References: <0DBC0DEA-C999-4AEE-B2E1-D5337ECD9405@gmail.com> + <A4A6099F-F115-4CBF-B7D5-F16581476126@gmail.com> + <063D7C06-F5D8-425B-80CE-CAE03A1AAD0C@voskuil.org> + <0AA10217-E1CC-46D1-9B43-038CEEF942CD@gmail.com> + <E72C4A8E-F850-400B-B19B-7D06B8A169EC@voskuil.org> + <0Bwi2ejRw4BgoABZ0X0kBdwLAkIKEv1svoyi0zqGQPeqV1g8xR43tBMgYoS52Vcxkgj7DndmNLIje40au51trIGTvrpcet8GivTgqysVC8w=@protonmail.com> + <0190F226-7133-4B6D-8750-25CAB5C73D17@gmail.com> + <7E8yyDSqmXEfFtcZRx2vdmPuovamf67X6aDHrokgaYScm01zPivVKpI3Br2PrzBdVdvKBqECP96EFB5ebT8sPfMWU8npJwS_wujFs00bcqU=@protonmail.com> + <38FAD812-A764-49F5-BA80-ED10685A1714@gmail.com> + <za891lsGkbAxQjS4ppao6-qhV7yjCLp0uKglEuyBRFwk2p09jSvWJP1WD9MMt_DE82KPOx90UhiwS-zAp_zbgrLyTmBBQvcux61ENTDhDBA=@protonmail.com> +X-Mailer: Apple Mail (2.3273) +X-Spam-Status: No, score=-2.0 required=5.0 tests=BAYES_00,DKIM_SIGNED, + DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, HTML_MESSAGE, + RCVD_IN_DNSWL_NONE autolearn=ham version=3.3.1 +X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on + smtp1.linux-foundation.org +X-Mailman-Approved-At: Tue, 02 Jul 2019 13:00:30 +0000 +Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org> +Subject: Re: [bitcoin-dev] Generalized covenants with taproot enable + riskless or risky lending, + prevent credit inflation through fractional reserve +X-BeenThere: bitcoin-dev@lists.linuxfoundation.org +X-Mailman-Version: 2.1.12 +Precedence: list +List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org> +List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe> +List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/> +List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org> +List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help> +List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe> +X-List-Received-Date: Tue, 02 Jul 2019 12:51:30 -0000 + + +--Apple-Mail=_5EA16DFE-CFEC-4E35-A5A8-1107330CF08D +Content-Type: multipart/alternative; + boundary="Apple-Mail=_115EBD6F-24E7-4D7D-ADFB-60E1B963DEF6" + + +--Apple-Mail=_115EBD6F-24E7-4D7D-ADFB-60E1B963DEF6 +Content-Transfer-Encoding: quoted-printable +Content-Type: text/plain; + charset=utf-8 + + +Hello ZmnSCPxj, + +> On Jul 2, 2019, at 12:33, ZmnSCPxj <ZmnSCPxj@protonmail.com> wrote: +>=20 +> =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90 = +Original Message =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2= +=80=90 +> On Tuesday, July 2, 2019 5:30 PM, Tamas Blummer = +<tamas.blummer@gmail.com <mailto:tamas.blummer@gmail.com>> wrote: +>=20 +>> The advertiser would thereby put the funds of the HODLer on risk of = +his misbehavior, which means the HODLer would have to trust the = +advertizing service. +>=20 +> No it would not :) + + +You are right. I noticed after sending my reply and then I sent two = +other. I apologize for being noisy. + +Let me consolidate my thinking, here. + +If there is a use for UTXOs with temporary control, then those who want = +that use will pay for it. + +A user of a service that requires temporary control UTXOs would need to = +cover: + +1. fees required by the service +2. the opportunity cost of temporary ownership paid to the original = +holder who gave up control. + +If the service is operated by an entity billing user then it can use = +UTXOs of minimal value for its operation and practically ignore = +opportunity interest. +This is the case with theater tickets just and other simple colored coin = +like use of Bitcoin. Also in case of the unchained advertizement, if the = +service bills its user +for its internal re-allocation of an UTXO, then why would it need to use = +significant value temorary control UTXOs? Actually why not use plain = +UTXOs, to start with? + +If however the service is a common good, a network without owner and = +therefore not billing on behalf of someone, but wants to protect itself = +from spam, then it is could require temporary access to significant = +value UTXOs and thereby induce opportunity cost to user. Alternatively = +it could require burning ordinary UTXOs. Burning indirectly benefits all = +HODLer, temporary control benefits those who consciously gave up = +control. I dislike burning as it is unsustainable. + +If the implementation of temporary use is enforced by consenus such that = +it is transitive, then temporary use could be re-rented or sold to = +recover opportunity cost for no longer needed temporary access, making = +it useable for an other service. + +Temporary access UTXOs with covenants allows us to build spam limited = +public services that are not owned by an operator and financially = +benefit HODLer offering them riskless interest. + +Tamas Blummer + +--Apple-Mail=_115EBD6F-24E7-4D7D-ADFB-60E1B963DEF6 +Content-Transfer-Encoding: quoted-printable +Content-Type: text/html; + charset=utf-8 + +<html><head><meta http-equiv=3D"Content-Type" content=3D"text/html = +charset=3Dutf-8"></head><body style=3D"word-wrap: break-word; = +-webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" = +class=3D""><div class=3D""><br class=3D""></div><div class=3D"">Hello = +ZmnSCPxj,</div><br class=3D""><div><blockquote type=3D"cite" = +class=3D""><div class=3D"">On Jul 2, 2019, at 12:33, ZmnSCPxj <<a = +href=3D"mailto:ZmnSCPxj@protonmail.com" = +class=3D"">ZmnSCPxj@protonmail.com</a>> wrote:</div><div class=3D""><br= + style=3D"font-family: Helvetica; font-size: 12px; font-style: normal; = +font-variant-caps: normal; font-weight: normal; letter-spacing: normal; = +text-align: start; text-indent: 0px; text-transform: none; white-space: = +normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" = +class=3D""><span style=3D"font-family: Helvetica; font-size: 12px; = +font-style: normal; font-variant-caps: normal; font-weight: normal; = +letter-spacing: normal; text-align: start; text-indent: 0px; = +text-transform: none; white-space: normal; word-spacing: 0px; = +-webkit-text-stroke-width: 0px; float: none; display: inline = +!important;" class=3D"">=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80= +=90=E2=80=90 Original Message =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90= +=E2=80=90=E2=80=90</span><br style=3D"font-family: Helvetica; font-size: = +12px; font-style: normal; font-variant-caps: normal; font-weight: = +normal; letter-spacing: normal; text-align: start; text-indent: 0px; = +text-transform: none; white-space: normal; word-spacing: 0px; = +-webkit-text-stroke-width: 0px;" class=3D""><span style=3D"font-family: = +Helvetica; font-size: 12px; font-style: normal; font-variant-caps: = +normal; font-weight: normal; letter-spacing: normal; text-align: start; = +text-indent: 0px; text-transform: none; white-space: normal; = +word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: = +inline !important;" class=3D"">On Tuesday, July 2, 2019 5:30 PM, Tamas = +Blummer <</span><a href=3D"mailto:tamas.blummer@gmail.com" = +style=3D"font-family: Helvetica; font-size: 12px; font-style: normal; = +font-variant-caps: normal; font-weight: normal; letter-spacing: normal; = +orphans: auto; text-align: start; text-indent: 0px; text-transform: = +none; white-space: normal; widows: auto; word-spacing: 0px; = +-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" = +class=3D"">tamas.blummer@gmail.com</a><span style=3D"font-family: = +Helvetica; font-size: 12px; font-style: normal; font-variant-caps: = +normal; font-weight: normal; letter-spacing: normal; text-align: start; = +text-indent: 0px; text-transform: none; white-space: normal; = +word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: = +inline !important;" class=3D"">> wrote:</span><br style=3D"font-family:= + Helvetica; font-size: 12px; font-style: normal; font-variant-caps: = +normal; font-weight: normal; letter-spacing: normal; text-align: start; = +text-indent: 0px; text-transform: none; white-space: normal; = +word-spacing: 0px; -webkit-text-stroke-width: 0px;" class=3D""><br = +class=3D""><blockquote type=3D"cite" style=3D"font-family: Helvetica; = +font-size: 12px; font-style: normal; font-variant-caps: normal; = +font-weight: normal; letter-spacing: normal; orphans: auto; text-align: = +start; text-indent: 0px; text-transform: none; white-space: normal; = +widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; = +-webkit-text-stroke-width: 0px;" class=3D"">The advertiser would thereby = +put the funds of the HODLer on risk of his misbehavior, which means the = +HODLer would have to trust the advertizing service.<br = +class=3D""></blockquote><br style=3D"font-family: Helvetica; font-size: = +12px; font-style: normal; font-variant-caps: normal; font-weight: = +normal; letter-spacing: normal; text-align: start; text-indent: 0px; = +text-transform: none; white-space: normal; word-spacing: 0px; = +-webkit-text-stroke-width: 0px;" class=3D""><span style=3D"font-family: = +Helvetica; font-size: 12px; font-style: normal; font-variant-caps: = +normal; font-weight: normal; letter-spacing: normal; text-align: start; = +text-indent: 0px; text-transform: none; white-space: normal; = +word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: = +inline !important;" class=3D"">No it would not :)</span><br = +style=3D"font-family: Helvetica; font-size: 12px; font-style: normal; = +font-variant-caps: normal; font-weight: normal; letter-spacing: normal; = +text-align: start; text-indent: 0px; text-transform: none; white-space: = +normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" = +class=3D""></div></blockquote></div><br class=3D""><div class=3D""><br = +class=3D""></div><div class=3D"">You are right. I noticed after sending = +my reply and then I sent two other. I apologize for being = +noisy.</div><div class=3D""><br class=3D""></div><div class=3D"">Let me = +consolidate my thinking, here.</div><div class=3D""><br = +class=3D""></div><div class=3D"">If there is a use for UTXOs with = +temporary control, then those who want that use will pay for = +it. </div><div class=3D""><br class=3D""></div><div class=3D"">A = +user of a service that requires temporary control UTXOs would need to = +cover: </div><div class=3D""><br class=3D""></div><div class=3D"">1. = +fees required by the service</div><div class=3D"">2. the opportunity = +cost of temporary ownership paid to the original holder who gave up = +control.</div><div class=3D""><br class=3D""></div><div class=3D"">If = +the service is operated by an entity billing user then it can use UTXOs = +of minimal value for its operation and practically ignore opportunity = +interest.</div><div class=3D"">This is the case with theater tickets = +just and other simple colored coin like use of Bitcoin. Also in case of = +the unchained advertizement, if the service bills its = +user </div><div class=3D"">for its internal re-allocation of an = +UTXO, then why would it need to use significant value temorary control = +UTXOs? Actually why not use plain UTXOs, to start with?</div><div = +class=3D""><br class=3D""></div><div class=3D"">If however the service = +is a common good, a network without owner and therefore not billing on = +behalf of someone, but wants to protect itself from spam, then it is = +could require temporary access to significant value UTXOs and thereby = +induce opportunity cost to user. Alternatively it could require burning = +ordinary UTXOs. Burning indirectly benefits all HODLer, temporary = +control benefits those who consciously gave up control. I dislike = +burning as it is unsustainable.</div><div class=3D""><br = +class=3D""></div><div class=3D"">If the implementation of temporary use = +is enforced by consenus such that it is transitive, then temporary use = +could be re-rented or sold to recover opportunity cost for no longer = +needed temporary access, making it useable for an other = +service. </div><div class=3D""><br class=3D""></div><div = +class=3D"">Temporary access UTXOs with covenants allows us to build spam = +limited public services that are not owned by an operator and = +financially benefit HODLer offering them riskless interest.</div><div = +class=3D""><br class=3D""></div><div class=3D"">Tamas = +Blummer</div></body></html>= + +--Apple-Mail=_115EBD6F-24E7-4D7D-ADFB-60E1B963DEF6-- + +--Apple-Mail=_5EA16DFE-CFEC-4E35-A5A8-1107330CF08D +Content-Transfer-Encoding: 7bit +Content-Disposition: attachment; + filename=signature.asc +Content-Type: application/pgp-signature; + name=signature.asc +Content-Description: Message signed with OpenPGP + +-----BEGIN PGP SIGNATURE----- + +iQEzBAEBCgAdFiEE6YNJViYMM6Iv5f9e9nKRxRdxORwFAl0bU1MACgkQ9nKRxRdx +ORzV9wgAv1qyL2ho+CtAbjcfQuG0y7OevfmRhJ+oC4EncWPBPGpTYdbkyiYetrhx +X3ebW5SSdMDxhzbVy4IXAu7/RJBjrcZYn0Zbt7BzgIl4xCNhdGlNNKOXlenyc7TF +sUMiPBI1vgvTEJ7iS696osuM2w8b+1aWHSNISqkOfFcpPlEs/bc0b2ZmycD1P3D+ +Q6qLaPrImQzjdm8f4b3yplI9OxvDbqlKR79Js6GEj0NJa1tHvBjZV2ru42TY0jdJ +cUtNcaxYOAufL/NoK1371JuWK2k/wwdP2oxJ6ZRWJVlaLFJLwCe9l/tLm1wKTBc3 +m7GGrKVXXTymm/KxUwAephxb+E+l9g== +=VhSu +-----END PGP SIGNATURE----- + +--Apple-Mail=_5EA16DFE-CFEC-4E35-A5A8-1107330CF08D-- + |