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| author | Tamas Blummer <tamas.blummer@gmail.com> | 2019-07-02 12:14:32 +0200 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2019-07-02 10:14:32 +0000 |
| commit | 390fc9676ef8c5ce6855cb7151936c5abc2296ab (patch) | |
| tree | 88daf13095d7dae97d873dae9c87a432d32fe026 | |
| parent | 775799c77ad32904ea569846547f420b7d5e646a (diff) | |
| download | pi-bitcoindev-390fc9676ef8c5ce6855cb7151936c5abc2296ab.tar.gz pi-bitcoindev-390fc9676ef8c5ce6855cb7151936c5abc2296ab.zip | |
Re: [bitcoin-dev] Generalized covenants with taproot enable riskless or risky lending, prevent credit inflation through fractional reserve
| -rw-r--r-- | a0/65e55f5012f430e2ba98135dfddeb9336bdcc2 | 176 |
1 files changed, 176 insertions, 0 deletions
diff --git a/a0/65e55f5012f430e2ba98135dfddeb9336bdcc2 b/a0/65e55f5012f430e2ba98135dfddeb9336bdcc2 new file mode 100644 index 000000000..84a27d432 --- /dev/null +++ b/a0/65e55f5012f430e2ba98135dfddeb9336bdcc2 @@ -0,0 +1,176 @@ +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 0789D182E + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 2 Jul 2019 10:14:32 +0000 (UTC) +X-Greylist: whitelisted by SQLgrey-1.7.6 +Received: from mail-wm1-f45.google.com (mail-wm1-f45.google.com + [209.85.128.45]) + by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 3F2F7854 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 2 Jul 2019 10:14:31 +0000 (UTC) +Received: by mail-wm1-f45.google.com with SMTP id f17so338182wme.2 + for <bitcoin-dev@lists.linuxfoundation.org>; + Tue, 02 Jul 2019 03:14:31 -0700 (PDT) +DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; 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+ Tue, 02 Jul 2019 03:14:29 -0700 (PDT) +Received: from p200300dd671264250cd88f9e80f4d517.dip0.t-ipconnect.de + (p200300DD671264250CD88F9E80F4D517.dip0.t-ipconnect.de. + [2003:dd:6712:6425:cd8:8f9e:80f4:d517]) + by smtp.gmail.com with ESMTPSA id + h6sm13531779wre.82.2019.07.02.03.14.28 + (version=TLS1_2 cipher=ECDHE-RSA-AES128-GCM-SHA256 bits=128/128); + Tue, 02 Jul 2019 03:14:29 -0700 (PDT) +From: Tamas Blummer <tamas.blummer@gmail.com> +Message-Id: <E8AD027D-292D-4BB1-BFBC-707F606F46DC@gmail.com> +Content-Type: multipart/signed; + boundary="Apple-Mail=_0B600C01-2564-4821-B39A-580FDAD556E7"; + protocol="application/pgp-signature"; micalg=pgp-sha512 +Mime-Version: 1.0 (Mac OS X Mail 10.3 \(3273\)) +Date: Tue, 2 Jul 2019 12:14:32 +0200 +In-Reply-To: <38FAD812-A764-49F5-BA80-ED10685A1714@gmail.com> +To: ZmnSCPxj <ZmnSCPxj@protonmail.com> +References: <0DBC0DEA-C999-4AEE-B2E1-D5337ECD9405@gmail.com> + <BF027CD0-FE29-4DD1-AB96-DE92B597AD18@gmail.com> + <3F46CDD5-DA80-49C8-A51F-8066680EF347@voskuil.org> + <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> +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, + 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 10:14:32 -0000 + + +--Apple-Mail=_0B600C01-2564-4821-B39A-580FDAD556E7 +Content-Transfer-Encoding: quoted-printable +Content-Type: text/plain; + charset=us-ascii + +Hello ZmnSCPxj, + +To be more precise, the value of the UTXO is severaly damaged that it is = +governed by rules of a de-facto side chain with different rules. +Therefore its value to those renting it from the advertizer is just that = +of the advertizement, which is not neccesarily following the opportunity = +cost. + +The covenant supported temporary access is transitive, therefore anyone = +who is in temporary control of an UTXO can recover its cost by = +sub-renting. +The opportunity (riskless) interest provides a baseline of value on top = +of which you may have utility that is the advertizement. + +Regards, + +Tamas Blummer + +> On Jul 2, 2019, at 11:30, Tamas Blummer <tamas.blummer@gmail.com> = +wrote: +>=20 +> Hello ZmnSCPxj, +>=20 +>> On Jul 2, 2019, at 10:12, ZmnSCPxj <ZmnSCPxj@protonmail.com> wrote: +>>=20 +>> As a counterargument, I observe that committing to the advertisement = +on the UTXO is similar to committing to a SCRIPT on a UTXO. +>> And I observe the Graftroot idea, wherein we commit to a public key = +on the UTXO, and admit a SCRIPT that is signed by the public key as a = +SCRIPT that unlocks the UTXO for spending. +>>=20 +>> By analogy, in my "advertising" scheme, instead of committing the = +advertisement on the UTXO, I can instead commit a public key (for = +example, the hash of the "advertiser pubkey" is used to tweak the = +onchain public key). +>> Then we use this advertiser pubkey to admit advertisements on the = +advertising network. +>>=20 +>> This advertiser pubkey is used to sign an "advertisement chain", = +which is a merklized singly-linked list whose contents are the actual = +advertisements, each node being signed using the advertiser pubkey. +>> To ensure that the advertiser does not sign multiple versions of this = +chain, we can have the signing nonce be derived from the height of the = +advertchain, such that signing the same height multiple times leads to = +private key revelation. +>=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. +> This is not the trustless separation the covenant achives. +>=20 +> Regards, +>=20 +> Tamas Blummer +>=20 + + +--Apple-Mail=_0B600C01-2564-4821-B39A-580FDAD556E7 +Content-Transfer-Encoding: 7bit +Content-Disposition: attachment; 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