Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id 17A9778DC for ; Mon, 1 Apr 2019 08:55:05 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from APC01-HK2-obe.outbound.protection.outlook.com (mail-oln040092255054.outbound.protection.outlook.com [40.92.255.54]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 96AFD7A6 for ; Mon, 1 Apr 2019 08:55:03 +0000 (UTC) Received: from SG2APC01FT050.eop-APC01.prod.protection.outlook.com (10.152.250.52) by SG2APC01HT114.eop-APC01.prod.protection.outlook.com (10.152.251.21) with Microsoft SMTP Server (version=TLS1_2, cipher=TLS_ECDHE_RSA_WITH_AES_256_GCM_SHA384) id 15.20.1750.16; Mon, 1 Apr 2019 08:55:00 +0000 Received: from PS2P216MB0179.KORP216.PROD.OUTLOOK.COM (10.152.250.58) by SG2APC01FT050.mail.protection.outlook.com (10.152.251.238) with Microsoft SMTP Server (version=TLS1_2, cipher=TLS_ECDHE_RSA_WITH_AES_256_GCM_SHA384) id 15.20.1750.16 via Frontend Transport; Mon, 1 Apr 2019 08:55:00 +0000 Received: from PS2P216MB0179.KORP216.PROD.OUTLOOK.COM ([fe80::2c34:f82b:d0a0:b3f6]) by PS2P216MB0179.KORP216.PROD.OUTLOOK.COM ([fe80::2c34:f82b:d0a0:b3f6%7]) with mapi id 15.20.1750.017; Mon, 1 Apr 2019 08:55:00 +0000 From: LORD HIS EXCELLENCY JAMES HRMH To: Peter Todd , Satoshin , Bitcoin Protocol Discussion , "Bitcoin Protocol Discussion" , Luke Dashjr Thread-Topic: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/BTC Thread-Index: AQHU6DVP2QfqOEtII0ycac/Xk6YT9aYmn7iAgABf+TE= Date: Mon, 1 Apr 2019 08:55:00 +0000 Message-ID: References: <201904010030.34825.luke@dashjr.org> <20190401011112.6icdkyjocf4qh5oz@petertodd.org>, <5D9DDB14-9E0F-419B-A069-25448F1FA473@mybitcoincenter.com> In-Reply-To: <5D9DDB14-9E0F-419B-A069-25448F1FA473@mybitcoincenter.com> Accept-Language: en-AU, en-US Content-Language: en-AU X-MS-Has-Attach: X-MS-TNEF-Correlator: x-incomingtopheadermarker: OriginalChecksum:9647272B550E266367CAB83F47FBD9ED68CB0B4AA9FFEE6F02337CA7C5437189; UpperCasedChecksum:49836DB971FDE414A2D38C71E03D24CAE629764CB986AEF59714E8FAC5B99B30; SizeAsReceived:7133; Count:44 x-ms-exchange-messagesentrepresentingtype: 1 x-tmn: [trUGlOObHjsOD5OB0dnWrB4gpgI7ts+7] x-ms-publictraffictype: Email x-incomingheadercount: 44 x-eopattributedmessage: 0 x-microsoft-antispam: BCL:0; PCL:0; RULEID:(2390118)(7020095)(20181119110)(201702061078)(5061506573)(5061507331)(1603103135)(2017031320274)(2017031324274)(2017031322404)(2017031323274)(1601125500)(1603101475)(1701031045); SRVR:SG2APC01HT114; x-ms-traffictypediagnostic: SG2APC01HT114: x-microsoft-antispam-message-info: V/E7twTitXoiixEtHf800ulg/BqKFI2eJKePdUEJr4iX8hIsfzmBZ/ELL2pOhp+q Content-Type: multipart/alternative; boundary="_000_PS2P216MB01799D11B4BC9CDB376302959D550PS2P216MB0179KORP_" MIME-Version: 1.0 X-OriginatorOrg: outlook.com X-MS-Exchange-CrossTenant-RMS-PersistedConsumerOrg: 00000000-0000-0000-0000-000000000000 X-MS-Exchange-CrossTenant-Network-Message-Id: 72d69c2e-2629-486a-e955-08d6b67fb92e X-MS-Exchange-CrossTenant-rms-persistedconsumerorg: 00000000-0000-0000-0000-000000000000 X-MS-Exchange-CrossTenant-originalarrivaltime: 01 Apr 2019 08:55:00.2974 (UTC) X-MS-Exchange-CrossTenant-fromentityheader: Internet X-MS-Exchange-CrossTenant-id: 84df9e7f-e9f6-40af-b435-aaaaaaaaaaaa X-MS-Exchange-Transport-CrossTenantHeadersStamped: SG2APC01HT114 X-Spam-Status: No, score=-1.9 required=5.0 tests=BAYES_00,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 11:46:42 +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 08:55:05 -0000 --_000_PS2P216MB01799D11B4BC9CDB376302959D550PS2P216MB0179KORP_ Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: quoted-printable It is April 1st. Nonetheless, I am agreed that the first part to track the = exchange rate in USD (why not use Gold $/oz?) has merit if properly impleme= nted. Voluntary data is notoriously difficult to enforce for accuracy. Regards, ________________________________ From: bitcoin-dev-bounces@lists.linuxfoundation.org on behalf of Satoshin via bitcoin-dev Sent: Monday, 1 April 2019 2:07 PM To: Peter Todd; Bitcoin Protocol Discussion Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/= BTC Hi Everyone, First portion of your First BIP is excellent- with this field the prot= ocol can actually attain HFT- by pinning of value at time of trade for lat= er unblock scaling as a mark to market tool which is used in HFT. The Second BIP of a minimum price would never allow Bitcoin to pass the SEC= test of a viable asset. - I hope that portion was actually a Joke since it= makes no sense economically. If one has ever seen a stock drop 90% in one day then you would understand = the volatile nature of future valuation. Prices have to be able to go higher and lower based on market demand and no= t tethering to perceived norms. If the US dollar was crashed and it went do= wn to Venezuelan currency levels [hypothetically then where would your 50k = limit lead the currency} Never say never- Best Regards XX > On Mar 31, 2019, at 9:11 PM, Peter Todd via bitcoin-dev wrote: > > On Mon, Apr 01, 2019 at 12:30:34AM +0000, Luke Dashjr via bitcoin-dev wro= te: >> Certain parts of the community have been selling bitcoins for unreasonab= ly >> 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. > > I believe I've found a serious vulnerability in your proposal: there's no= limit > on the maximum supply of USD. > > -- > https://petertodd.org 'peter'[:-1]@petertodd.org > _______________________________________________ > 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 --_000_PS2P216MB01799D11B4BC9CDB376302959D550PS2P216MB0179KORP_ Content-Type: text/html; charset="us-ascii" Content-Transfer-Encoding: quoted-printable
It is April 1st. Nonetheless, I am agreed that the first part to track the = exchange rate in USD (why not use Gold $/oz?) has merit if properly impleme= nted. Voluntary data is notoriously difficult to enforce for accuracy.

Regards,
From: bitcoin-dev-bounces@l= ists.linuxfoundation.org <bitcoin-dev-bounces@lists.linuxfoundation.org&= gt; on behalf of Satoshin via bitcoin-dev <bitcoin-dev@lists.linuxfounda= tion.org>
Sent: Monday, 1 April 2019 2:07 PM
To: Peter Todd; Bitcoin Protocol Discussion
Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $5= 0k USD/BTC
 
Hi Everyone,
     First portion of your First BIP is excellent- with= this field the protocol can actually attain HFT- by  pinning of value= at time of trade for later unblock scaling as a mark to market tool which = is used in HFT.

The Second BIP of a minimum price would never allow Bitcoin to pass the SEC= test of a viable asset. - I hope that portion was actually a Joke since it= makes no sense economically.
If one has ever seen a stock drop 90% in one day then you would understand = the volatile nature of future valuation.

Prices have to be able to go higher and lower based on market demand and no= t tethering to perceived norms. If the US dollar was crashed and it went do= wn to Venezuelan currency levels [hypothetically then where would your 50k = limit lead the currency} Never say never-

Best Regards
XX
 
> On Mar 31, 2019, at 9:11 PM, Peter Todd via bitcoin-dev <bitcoin-de= v@lists.linuxfoundation.org> wrote:
>
> On Mon, Apr 01, 2019 at 12:30:34AM +0000, Luke Dashjr via bitcoin-= dev wrote:
>> Certain parts of the community have been selling bitcoins for unre= asonably
>> 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= 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 softf= ork a
>> minimum price of $50k USD/BTC a year from today.
>
> I believe I've found a serious vulnerability in your proposal: there's= no limit
> on the maximum supply of USD.
>
> --
> https://petertodd.org 'peter'[:-= 1]@petertodd.org
> _______________________________________________
> 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
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