Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id 8983E19CE for ; Mon, 1 Apr 2019 03:04:35 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-io1-f66.google.com (mail-io1-f66.google.com [209.85.166.66]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 30841E7 for ; Mon, 1 Apr 2019 03:04:34 +0000 (UTC) Received: by mail-io1-f66.google.com with SMTP id n11so6526024ioh.1 for ; Sun, 31 Mar 2019 20:04:34 -0700 (PDT) X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20161025; h=x-gm-message-state:mime-version:references:in-reply-to:from:date :message-id:subject:to; bh=CoE4Qp+9jXYXiwIUJqdIhh2n+rCW7FMQEBQ2gRRnaFg=; b=e+Wy42qvWHeqbrVmC7OCuXT2HKi8XoO0ZBrsJK7hp/rREraQ4KkV9/RgI09ButbfrI WMN7HnqXsT4zjOUwQhR9HvlSlowi25/hOKeUXQd2+jkf6Hdl6u0nhsmrZ6MI4T7UbRAS 3DzWaUXLUWYpr37/a8xsyxKsmw2rtJDJhwcG+np+S++Ijxrgrz0j7j8gw4/Sllar7Mur BoBLMfkXZehKTjoTWPXIxXy4r6bD1jL/PUkRsZjF/2Un1KFiUhZ2IAmxTyVwrg8fOXLY PoC7EKjluu8qjGijzGXNsChLQdoix3BN+YM82LhUNOiKyMT1zIWUYgjW5BXqr9dnHUSf 8eNA== X-Gm-Message-State: APjAAAWEjFLrjbuS356ZS5xHxbgR8bf5n639O19wi3ysMCou/k+iocqW /Putm/W+tUwKWZ4WOypoAiiM0nzIC7jRFcx6Wl8= X-Google-Smtp-Source: APXvYqyRe1PIsujga4uePkBNWU0iCxm2shFW3afw4vMBy9kDvAO1JA9Wfj24ti8u4ltfmY3NQRrW3TOFmwlU7zVI+YU= X-Received: by 2002:a5d:9742:: with SMTP id c2mr17533447ioo.215.1554087873375; Sun, 31 Mar 2019 20:04:33 -0700 (PDT) MIME-Version: 1.0 References: <201904010030.34825.luke@dashjr.org> In-Reply-To: From: Dave Scotese Date: Sun, 31 Mar 2019 20:04:18 -0700 Message-ID: To: Ricardo Filipe , Bitcoin Protocol Discussion Content-Type: multipart/alternative; boundary="000000000000a4750f05856f4762" X-Spam-Status: No, score=-1.9 required=5.0 tests=BAYES_00,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: Mon, 01 Apr 2019 04:23:16 +0000 Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/BTC X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.12 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Mon, 01 Apr 2019 03:04:35 -0000 --000000000000a4750f05856f4762 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable I think EXACTLY ONE YEAR is the perfect time. Well, a year and a day for me because I'm on the wrong side of the date line, apparently. On Sun, Mar 31, 2019 at 6:04 PM Ricardo Filipe via bitcoin-dev < bitcoin-dev@lists.linuxfoundation.org> wrote: > one year seems too long. i think with the BIP-148 experience you have > we could easily get there in 6 months at most. > > Luke Dashjr via bitcoin-dev > escreveu no dia segunda, 1/04/2019 =C3=A0(s) 01:33: > > > > Certain parts of the community have been selling bitcoins for > unreasonably > > low prices. This has halted Bitcoin's valuation at $20k and even driven > the > > price down below $15k! However, clearly Bitcoin is worth much more than > > that, and there is widespread support for higher prices. > > > > In light of this, I have written and implemented two BIPs: one to add a > > signed price field to Bitcoin transactions, and the other to softfork a > > minimum price of $50k USD/BTC a year from today. > > > > The BIPs are here, as well as included at the bottom of this email for > > convenience: > > > https://github.com/luke-jr/bips/blob/softfork_50k/bip-usdprice.mediawiki > > > https://github.com/luke-jr/bips/blob/softfork_50k/bip-softfork-50k-price.= mediawiki > > > > A reference implementation is here: > > > https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:softfork_50k > > > > Please review ASAP so we can get these deployed in Bitcoin Core v0.18. > > > > Luke > > > > > > 
> >   BIP: ?
> >   Layer: Applications
> >   Title: Signed USD Price Indicator
> >   Author: Luke Dashjr 
> >   Comments-Summary: No comments yet.
> >   Comments-URI: https://github.com/bitcoin/bips/wiki/Comments:BIP-????
> >   Status: Draft
> >   Type: Standards Track
> >   Created: 2019-04-01
> >   License: BSD-2-Clause
> >
> > > > =3D=3DAbstract=3D=3D > > > > This BIP proposes a method to explicitly specify and sign the USD/BTC > price > > for transactions. > > > > =3D=3DCopyright=3D=3D > > > > This BIP is licensed under the BSD 2-clause license. > > > > =3D=3DMotivation=3D=3D > > > > Certain parts of the community have been selling bitcoins for > unreasonably low > > prices. This has halted Bitcoin's valuation at $20k and even driven the > price > > down below $15k! However, clearly Bitcoin is worth much more than that, > and > > there is widespread support for higher prices. > > > > This problem can be fixed by setting a global minimum price for bitcoin= s. > > Unfortunately, today, the consensus protocol is completely oblivious to > the > > price bitcoins are traded at. Therefore, we must first add a field to > Bitcoin > > transactions to indicate their price. > > > > =3D=3DSpecification=3D=3D > > > > =3D=3D=3DNew field and legal implication=3D=3D=3D > > > > A new field is added to Bitcoin transactions. This field, if present, > must > > represent the honest and true USD/BTC rate used for the transaction. By > > signing the transaction, the sender legally affirms this is the > valuation of > > bitcoins used for the transaction. > > > > For the avoidance of doubt: when the transaction is valued in a currenc= y > other > > than USD, any reasonable exchange rate may be used to come up with the > USD > > valuation. > > > > =3D=3D=3DSerialisation=3D=3D=3D > > > > When serialising the transaction for any purpose, including signing, > weight > > calculation, and so on, the output count must be incremented by one. > Prior to > > the first real output, the following bytes must be inserted: > > > > * Constant: 00 00 00 00 00 00 00 00 > > * A single byte, the size in bytes of the remainder of the inserted dat= a > > * Constant: 6a 04 55 53 44 24 > > * A single byte, the size in bytes of the remainder of the inserted dat= a > > * The USD/BTC rate used for the transaction, in standard signed integer > > serialisation, with all leading zeros removed (except as necessary to > > preserve the sign bit). > > > > =3D=3DBackwards compatibility=3D=3D > > > > =3D=3D=3DConsensus=3D=3D=3D > > > > The new price field is serialised as a dummy output, with a value of > zero, and > > a scriptPubKey that begins with OP_RETURN (6a). Existing nodes will > ignore > > this dummy output, and the leading OP_RETURN in the scriptPubKey ensure= s > it > > is never considered spendable. > > > > Therefore, current nodes will ignore the new field entirely, and accept > > transactions using it. > > > > =3D=3D=3DWallets=3D=3D=3D > > > > Existing wallets do not typically generate price indicators as specifie= d. > > Under this BIP, this absence of the field is perfectly acceptable. > > > > =3D=3DReference implementation=3D=3D > > > > > https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx= _field > > > > 
> >   BIP: ?
> >   Layer: Consensus (soft fork)
> >   Title: $50k USD/BTC Minimum Price
> >   Author: Luke Dashjr 
> >   Comments-Summary: No comments yet.
> >   Comments-URI: https://github.com/bitcoin/bips/wiki/Comments:BIP-????
> >   Status: Draft
> >   Type: Standards Track
> >   Created: 2019-04-01
> >   License: BSD-2-Clause
> >   Requires: usdprice
> >
> > > > =3D=3DAbstract=3D=3D > > > > This BIP defines a minimum price of $50k USD/BTC for Bitcoin > transactions. > > > > =3D=3DCopyright=3D=3D > > > > This BIP is licensed under the BSD 2-clause license. > > > > =3D=3DMotivation=3D=3D > > > > Certain parts of the community have been selling bitcoins for > unreasonably low > > prices. This has halted Bitcoin's valuation at $20k and even driven the > price > > down below $15k! However, clearly Bitcoin is worth much more than that, > and > > there is widespread support for higher prices. > > > > bip-usdprice defines a new field to indicate the price of transactions. > Using > > this, we can softfork to require a minimum transaction price. > > > > =3D=3DSpecification=3D=3D > > > > Beginning with block height 622370 (expected approximately 2020 April > 1), a > > block is reject as invalid unless all transactions it contains both > declare a > > USD/BTC price (as defined in bip-usdprice) and specify a price that is > at a > > minimum $50k USD/BTC. > > > > =3D=3DBackwards compatibility=3D=3D > > > > As a soft fork, older nodes will continue to accept the blockchain > without > > modification. Non-upgraded nodes, however, will not validate the minimu= m > > price requirement, and may accept invalid blocks if miners choose to ma= ke > > them. Since transactions not declaring a price are at this time still > > common-place, the softfork activation has been set a full year into the > > future to ensure time to upgrade both nodes and wallet software. > > > > =3D=3DReference implementation=3D=3D > > > > > https://github.com/luke-jr/bitcoin/compare/usd_price_tx_field...softfork_= 50k > > _______________________________________________ > > bitcoin-dev mailing list > > bitcoin-dev@lists.linuxfoundation.org > > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev > --=20 I like to provide some work at no charge to prove my value. Do you need a techie? I own Litmocracy and Meme Racing (in alpha). I'm the webmaster for The Voluntaryist which now accepts Bitcoin. I also code for The Dollar Vigilante . "He ought to find it more profitable to play by the rules" - Satoshi Nakamoto --000000000000a4750f05856f4762 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable
I think EXACTLY ONE YEAR is the perfect time.=C2=A0 Well, = a year and a day for me because I'm on the wrong side of the date line,= apparently.

On Sun, Mar 31, 2019 at 6:04 PM Ricardo Filipe via bitcoin-= dev <bitcoin-de= v@lists.linuxfoundation.org> wrote:
one year seems too long. i think with the BIP-14= 8 experience you have
we could easily get there in 6 months at most.

Luke Dashjr via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org&g= t;
escreveu no dia segunda, 1/04/2019 =C3=A0(s) 01:33:
>
> Certain parts of the community have been selling bitcoins for unreason= ably
> low prices. This has halted Bitcoin's valuation at $20k and even d= riven the
> price down below $15k! However, clearly Bitcoin is worth much more tha= n
> that, and there is widespread support for higher prices.
>
> In light of this, I have written and implemented two BIPs: one to add = a
> signed price field to Bitcoin transactions, and the other to softfork = a
> minimum price of $50k USD/BTC a year from today.
>
> The BIPs are here, as well as included at the bottom of this email for=
> convenience:
>=C2=A0 =C2=A0https://git= hub.com/luke-jr/bips/blob/softfork_50k/bip-usdprice.mediawiki
> https://githu= b.com/luke-jr/bips/blob/softfork_50k/bip-softfork-50k-price.mediawiki >
> A reference implementation is here:
>=C2=A0 =C2=A0https://gi= thub.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:softfork_50k
>
> Please review ASAP so we can get these deployed in Bitcoin Core v0.18.=
>
> Luke
>
>
> <pre>
>=C2=A0 =C2=A0BIP: ?
>=C2=A0 =C2=A0Layer: Applications
>=C2=A0 =C2=A0Title: Signed USD Price Indicator
>=C2=A0 =C2=A0Author: Luke Dashjr <luke+bip@dashjr.org>
>=C2=A0 =C2=A0Comments-Summary: No comments yet.
>=C2=A0 =C2=A0Comments-URI: https://github.co= m/bitcoin/bips/wiki/Comments:BIP-????
>=C2=A0 =C2=A0Status: Draft
>=C2=A0 =C2=A0Type: Standards Track
>=C2=A0 =C2=A0Created: 2019-04-01
>=C2=A0 =C2=A0License: BSD-2-Clause
> </pre>
>
> =3D=3DAbstract=3D=3D
>
> This BIP proposes a method to explicitly specify and sign the USD/BTC = price
> for transactions.
>
> =3D=3DCopyright=3D=3D
>
> This BIP is licensed under the BSD 2-clause license.
>
> =3D=3DMotivation=3D=3D
>
> Certain parts of the community have been selling bitcoins for unreason= ably low
> prices. This has halted Bitcoin's valuation at $20k and even drive= n the price
> down below $15k! However, clearly Bitcoin is worth much more than that= , and
> there is widespread support for higher prices.
>
> This problem can be fixed by setting a global minimum price for bitcoi= ns.
> Unfortunately, today, the consensus protocol is completely oblivious t= o the
> price bitcoins are traded at. Therefore, we must first add a field to = Bitcoin
> transactions to indicate their price.
>
> =3D=3DSpecification=3D=3D
>
> =3D=3D=3DNew field and legal implication=3D=3D=3D
>
> A new field is added to Bitcoin transactions. This field, if present, = must
> represent the honest and true USD/BTC rate used for the transaction. B= y
> signing the transaction, the sender legally affirms this is the valuat= ion of
> bitcoins used for the transaction.
>
> For the avoidance of doubt: when the transaction is valued in a curren= cy other
> than USD, any reasonable exchange rate may be used to come up with the= USD
> valuation.
>
> =3D=3D=3DSerialisation=3D=3D=3D
>
> When serialising the transaction for any purpose, including signing, w= eight
> calculation, and so on, the output count must be incremented by one. P= rior to
> the first real output, the following bytes must be inserted:
>
> * Constant: 00 00 00 00 00 00 00 00
> * A single byte, the size in bytes of the remainder of the inserted da= ta
> * Constant: 6a 04 55 53 44 24
> * A single byte, the size in bytes of the remainder of the inserted da= ta
> * The USD/BTC rate used for the transaction, in standard signed intege= r
> serialisation, with all leading zeros removed (except as necessary to<= br> > preserve the sign bit).
>
> =3D=3DBackwards compatibility=3D=3D
>
> =3D=3D=3DConsensus=3D=3D=3D
>
> The new price field is serialised as a dummy output, with a value of z= ero, and
> a scriptPubKey that begins with OP_RETURN (6a). Existing nodes will ig= nore
> this dummy output, and the leading OP_RETURN in the scriptPubKey ensur= es it
> is never considered spendable.
>
> Therefore, current nodes will ignore the new field entirely, and accep= t
> transactions using it.
>
> =3D=3D=3DWallets=3D=3D=3D
>
> Existing wallets do not typically generate price indicators as specifi= ed.
> Under this BIP, this absence of the field is perfectly acceptable.
>
> =3D=3DReference implementation=3D=3D
>
> https://github.c= om/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field
>
> <pre>
>=C2=A0 =C2=A0BIP: ?
>=C2=A0 =C2=A0Layer: Consensus (soft fork)
>=C2=A0 =C2=A0Title: $50k USD/BTC Minimum Price
>=C2=A0 =C2=A0Author: Luke Dashjr <luke+bip@dashjr.org>
>=C2=A0 =C2=A0Comments-Summary: No comments yet.
>=C2=A0 =C2=A0Comments-URI: https://github.co= m/bitcoin/bips/wiki/Comments:BIP-????
>=C2=A0 =C2=A0Status: Draft
>=C2=A0 =C2=A0Type: Standards Track
>=C2=A0 =C2=A0Created: 2019-04-01
>=C2=A0 =C2=A0License: BSD-2-Clause
>=C2=A0 =C2=A0Requires: usdprice
> </pre>
>
> =3D=3DAbstract=3D=3D
>
> This BIP defines a minimum price of $50k USD/BTC for Bitcoin transacti= ons.
>
> =3D=3DCopyright=3D=3D
>
> This BIP is licensed under the BSD 2-clause license.
>
> =3D=3DMotivation=3D=3D
>
> Certain parts of the community have been selling bitcoins for unreason= ably low
> prices. This has halted Bitcoin's valuation at $20k and even drive= n the price
> down below $15k! However, clearly Bitcoin is worth much more than that= , and
> there is widespread support for higher prices.
>
> bip-usdprice defines a new field to indicate the price of transactions= . Using
> this, we can softfork to require a minimum transaction price.
>
> =3D=3DSpecification=3D=3D
>
> Beginning with block height 622370 (expected approximately 2020 April = 1), a
> block is reject as invalid unless all transactions it contains both de= clare a
> USD/BTC price (as defined in bip-usdprice) and specify a price that is= at a
> minimum $50k USD/BTC.
>
> =3D=3DBackwards compatibility=3D=3D
>
> As a soft fork, older nodes will continue to accept the blockchain wit= hout
> modification. Non-upgraded nodes, however, will not validate the minim= um
> price requirement, and may accept invalid blocks if miners choose to m= ake
> them. Since transactions not declaring a price are at this time still<= br> > common-place, the softfork activation has been set a full year into th= e
> future to ensure time to upgrade both nodes and wallet software.
>
> =3D=3DReference implementation=3D=3D
>
> https://github.com/= luke-jr/bitcoin/compare/usd_price_tx_field...softfork_50k
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org= /mailman/listinfo/bitcoin-dev
_______________________________________________
bitcoin-dev mailing list
= bitcoin-dev@lists.linuxfoundation.org
https://lists.linuxfoundation.org/mail= man/listinfo/bitcoin-dev


--
I like to provide some work at no charge t= o prove my value. Do you need a techie?=C2=A0
I own Litmocracy and Meme Racing (in alpha).
I'= m the webmaster for The Voluntaryist which now accepts Bitcoin.
I also code for The Dollar Vigilante.
"He ought to find it more profitable to play by the rules"= - Satoshi Nakamoto
--000000000000a4750f05856f4762--