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To: Zac Greenwood <zachgrw@gmail.com>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>,
 Anthony Towns <aj@erisian.com.au>
Subject: Re: [bitcoin-dev] BIP for OP_VAULT
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Hi Zac,

Let me share what those parasites achieved:

- Fees paid: 150 BTC
- Lot of users and developers trying bitcoin that either never tried or gav=
e up early in 2013-15
- Mempools of nodes of being busy on weekends and got lots of transactions
- PSBT became cool and application devs are trying their best to use it in =
different ways
- Some developers exploring taproot and multisig
- AJ shared things how covenants could help in fair, non-custodial, on-chai=
n auction of ordinals that is MEV resistant although I had shared it earlie=
r which involves more steps: https://twitter.com/1440000bytes/status/163436=
8411760476161
- Investors exploring about funding projects
- Bitcoin more than Bitcoin and people excited about it=20

We can have difference of opinion, however I want bitcoin to be money and m=
oney means different things for people in this world. Please respect that e=
lse it will become like Linux, something used by 1% of world.=20

/dev/fd0
floppy disk guy

Sent with Proton Mail secure email.

------- Original Message -------
On Wednesday, March 29th, 2023 at 12:40 PM, Zac Greenwood via bitcoin-dev <=
bitcoin-dev@lists.linuxfoundation.org> wrote:


> I=E2=80=99m not sure why any effort should be spent on theorizing how new=
 opcodes might be used to facilitate parasitical use cases of the blockchai=
n.
>
> If anything, business models relying on the ability to abuse the blockcha=
in as a data store must be made less feasible, not more.
>
> Zac
>
>
> On Fri, 24 Mar 2023 at 20:10, Anthony Towns via bitcoin-dev <bitcoin-dev@=
lists.linuxfoundation.org> wrote:
>
> > On Tue, Mar 07, 2023 at 10:45:34PM +1000, Anthony Towns via bitcoin-dev=
 wrote:
> > > I think there are perhaps four opcodes that are interesting in this c=
lass:
> > >
> > > idx sPK OP_FORWARD_TARGET
> > > -- sends the value to a particular output (given by idx), and
> > > requires that output have a particular scriptPubKey (given
> > > by sPK).
> > >
> > > idx [...] n script OP_FORWARD_LEAF_UPDATE
> > > -- sends the value to a particular output (given by idx), and
> > > requires that output to have almost the same scriptPubKey as this
> > > input, _except_ that the current leaf is replaced by "script",
> > > with that script prefixed by "n" pushes (of values given by [...])
> > >
> > > idx OP_FORWARD_SELF
> > > -- sends the value to a particular output (given by idx), and
> > > requires that output to have the same scriptPubKey as this input
> > >
> > > amt OP_FORWARD_PARTIAL
> > > -- modifies the next OP_FORWARD_* opcode to only affect "amt",
> > > rather than the entire balance. opcodes after that affect the
> > > remaining balance, after "amt" has been subtracted. if "amt" is
> > > 0, the next OP_FORWARD_* becomes a no-op.
> >
> > The BIP 345 draft has been updated [0] [1] and now pretty much defines
> > OP_VAULT to have the behaviour specced for OP_FORWARD_LEAF_UPDATE above=
,
> > and OP_VAULT_RECOVER to behave as OP_FORWARD_TARGET above. Despite
> > that, for this email I'm going to continue using the OP_FORWARD_*
> > naming convention.
> >
> > Given the recent controversy over the Yuga labs ordinal auction [2],
> > perhaps it's interesting to consider that these proposed opcodes come
> > close to making it possible to do a fair, non-custodial, on-chain aucti=
on
> > of ordinals [3].
> >
> > The idea here is that you create a utxo on chain that contains the ordi=
nal
> > in question, which commits to the address of the current leading bidder=
,
> > and can be spent in two ways:
> >
> > 1) it can be updated to a new bidder, if the bid is raised by at least
> > K satoshis, in which case the previous bidder is refunded their
> > bid; or,
> >
> > 2) if there have been no new bids for a day, the current high bidder
> > wins, and the ordinal is moved to their address, while the funds
> > from their winning bid are sent to the original vendor's address.
> >
> > I believe this can be implemented in script as follows,
> > assuming the opcodes OP_FORWARD_TARGET(OP_VAULT_RECOVER),
> > OP_FORWARD_LEAF_UPDATE(OP_VAULT), OP_FORWARD_PARTIAL (as specced above)=
,
> > and OP_PUSHCURRENTINPUTINDEX (as implemented in liquid/elements [4])
> > are all available.
> >
> > First, figure out the parameters:
> >
> > * Set VENDOR to the scriptPubKey corresponding to the vendor's address.
> > * Set K to the minimum bid increment [5].
> > * Initially, set X equal to VENDOR.
> > * Initially, set V to just below the reserve price (V+K is the
> > minimum initial bid).
> >
> > Then construct the following script:
> >
> > [X] [V] [SSS] TOALT TOALT TOALT
> > 0 PUSHCURRENTINPUTINDEX EQUALVERIFY
> > DEPTH NOT IF
> > 0 10000 FORWARD_PARTIAL
> > 0 FROMALT FORWARD_TARGET
> > 1 [VENDOR] FWD_TARGET
> > 144
> > ELSE
> > FROMALT SWAP TUCK FROMALT
> > [K] ADD GREATERTHANOREQUAL VERIFY
> > 1 SWAP FORWARD_TARGET
> > DUP FORWARD_PARTIAL
> > 0 ROT ROT
> > FROMALT DUP 3 SWAP FORWARD_LEAF_UPDATE
> > 0
> > ENDIF
> > CSV
> > 1ADD
> >
> > where "SSS" is a pushdata of the rest of the script ("TOALT TOALT TOALT
> > .. 1ADD").
> >
> > Finally, make that script the sole tapleaf, accompanied by a NUMS point
> > as the internal public key, calculate the taproot address corresponding
> > to that, and send the ordinal to that address as the first satoshi.
> >
> > There are two ways to spend that script. With an empty witness stack,
> > the following will be executed:
> >
> > [X] [V] [SSS] TOALT TOALT TOALT
> > -- altstack now contains [SSS V X]
> > 0 PUSHCURRENTINPUTINDEX EQUALVERIFY
> > -- this input is the first, so the ordinal will move to the first
> > output
> > DEPTH NOT IF
> > -- take this branch: the auction is over!
> > 1 [VENDOR] FWD_TARGET
> > -- output 1 gets the entire value of this input, and pays to
> > the vendor's hardcoded scriptPubKey
> > 0 10000 FORWARD_PARTIAL
> > 0 FROMALT FORWARD_TARGET
> > -- we forward at least 10k sats to output 0 (if there were 0 sats,
> > the ordinal would end up in output 1 instead, which would be a
> > bug), and output 0 pays to scriptPubKey "X"
> > 144
> > ELSE .. ENDIF
> > -- skip over the other branch
> > CSV
> > -- check that this input has baked for 144 blocks (~1 day)
> > 1ADD
> > -- leave 145 on the stack, which is true. success!
> >
> > Alternatively, if you want to increase the bid you provide a stack with
> > two items: your scriptPubKey and the new bid [X' V']. Execution this
> > time looks like:
> >
> > [X] [V] [SSS] TOALT TOALT TOALT
> > -- stack contains [X' V'], altstack now contains [SSS V X]
> > 0 PUSHCURRENTINPUTINDEX EQUALVERIFY
> > -- this input is the first, so the ordinal will move to the first
> > output
> > DEPTH NOT IF ... ELSE
> > -- skip over the other branch (without violating minimalif rules)
> > FROMALT SWAP TUCK FROMALT
> > -- stack contains [X' V' X V' V], altstack contains [SSS]
> > [K] ADD GREATERTHANOREQUAL VERIFY
> > -- check V' >=3D V+K, stack contains [X' V' X]
> > 1 SWAP FORWARD_TARGET
> > -- output 1 pays to X (previous bidder's scriptPubKey), and the
> > entire value of this input goes there; stack contains [X' V']
> > DUP FORWARD_PARTIAL
> > -- execute "V' FORWARD_PARTIAL", stack contains [X' V']
> > 0 ROT ROT
> > -- stack contains [0 X' V']
> > FROMALT DUP 3 SWAP FORWARD_LEAF_UPDATE
> > -- execute "0 X' V' SSS 3 SSS FORWARD_LEAF_UPDATE" which checks
> > that output 0 spends at least V' satoshis back to the same
> > script (because that's how we defined SSS), except the first
> > three pushes (previously X V SSS) are replaced by X' V' SSS.
> > 0
> > ENDIF
> > CSV
> > -- "0 CSV" requires nSequnce to be set, which makes the tx rbf'able,
> > which hopefully makes it harder to pin
> > 1ADD
> > -- ends with 1 on the stack; success!
> >
> > (The "SSS n SSS FORWARD_LEAF_UPDATE" construct is more or less a quine,
> > ie a program that outputs its own source code)
> >
> > I think that script is about 211 witness bytes, with an additional 40
> > witness bytes for X'/V', so when making a bid, your tx would be
> > something like:
> >
> > tx header, 10vb
> > input 0: 103vb for the old bid including witness and control block
> > input 1: 58vb for a taproot key path spend
> > output 0: 43vb for the new bid
> > output 1: 43vb for your change
> >
> > for a total of about 257vb -- slightly larger than a regular 2-in-2-out
> > transaction, but not terribly much. Mostly because input 0 doesn't requ=
ire
> > a signature -- it's size is effectively 6 pubkeys: X, X' VENDOR twice,
> > and the script code twice, along with a little extra to encode the
> > various numbers (10000, 144, K, V, V').
> >
> > This approach seems pretty "MEV" resistant: you pay fees via input 1 if
> > your bid succeeds; if it doesn't, you don't pay any fees. A potential
> > scalper might want to put in an early low ball bid, then prevent
> > higher bidders from winning the auction, take control of the ordinal,
> > and resell it later, but unless they can prevent another miner from
> > mining alternative bids for 144 blocks, they will fail at that. The bid
> > is fixed by the bidder and committed to by the signature on input 1, so
> > frontrunning a bid can't do anything beyond invalidate the bid entirely=
.
> >
> > Obviously, this is a pretty limited auction mechanism in various ways;
> > eg maybe you'd rather specify K as a percentage than an absoute increme=
nt;
> > maybe you'd like to have the auction definitely finish by some particul=
ar
> > time; maybe you'd like to be able to have the auction be able to contin=
ue
> > above 21.47 BTC (2**31 sats); maybe you'd like to do a dutch auction
> > rather than an english auction. I think you can probably do all those
> > things with this set of opcodes and clever scripting, though it probabl=
y
> > gets ugly.
> >
> > I don't think this is easily extensible to taro or rgb style assets,
> > as rather than being able to ensure the asset is transferred by
> > controlling the input/output positions, I think you'd need to build
> > up merkle trees and do point tweaks beyond what's supported by
> > OP_FORWARD_LEAF_UPDATE/OP_VAULT. Of course, without something like
> > OP_PUSHCURRENTINPUTINDEX I don't think you could do it for ordinals
> > either.
> >
> > Cheers,
> > aj
> >
> > [0] https://github.com/bitcoin/bips/blob/7f747fba82675f28c239df690a07b7=
5529bd0960/bip-0345.mediawiki
> >
> > [1] https://twitter.com/jamesob/status/1639019107432513537
> >
> > [2] https://cointelegraph.com/news/scammers-dream-yuga-s-auction-model-=
for-bitcoin-nfts-sees-criticism
> >
> > [3] Inscriptions remain a wasteful way of publishing/committing
> > to content, however!
> >
> > [4] https://github.com/ElementsProject/elements/blob/master/doc/tapscri=
pt_opcodes.md
> >
> > [5] Setting K too low probably invites griefing, where a bidder may be
> > able to use rbf pinning vectors to prevent people who would be willing
> > to bid substantially higher from getting their bid confirmed on
> > chain.
> > _______________________________________________
> > bitcoin-dev mailing list
> > bitcoin-dev@lists.linuxfoundation.org
> > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev