Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id DEECA19A5 for ; Mon, 1 Apr 2019 02:54:29 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-it1-f195.google.com (mail-it1-f195.google.com [209.85.166.195]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id B593DE7 for ; Mon, 1 Apr 2019 02:54:28 +0000 (UTC) Received: by mail-it1-f195.google.com with SMTP id y10so10964512itc.1 for ; Sun, 31 Mar 2019 19:54:28 -0700 (PDT) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025; h=mime-version:references:in-reply-to:from:date:message-id:subject:to; bh=6RWV9imwDWZ5w1ofQuszdxKa3pU1IsK289YZZhzVJr8=; b=LuSHuqpkiicVK13bpHgOFQe77vvmhb2K3vhx6JjHkPmyTJmwmXE5PrAy/jOoW6DEgZ Wj7jk9LtIKsZhac1fB4rGqIlX9q2cPtUAZtYgq3eqnVcd/9/k+aImuHObVqb7VpIRe0I 7Qh8i6uebs0+usUVl0JwxXZmBfauaxaxweYRlCJtUD5oLcGIY9nPHQqQs6is3gBZlO6l NqggqIGMzOQtYp2Omu8+Ulx5zNB/tqsz4uIS6+R0WRo6gxlSvDir7Q40oBhFA1+G5N3Q d5GPmCA5g574K1qpg8hi7gJL2U9rBzRDg/tjsXNPAaIacm/caL5rGKAvltUZ6ie8ob7y y8iw== 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=6RWV9imwDWZ5w1ofQuszdxKa3pU1IsK289YZZhzVJr8=; b=Wkx4sIoH0kjbMu2ZbS+STmcC9TbMDhMSgHO+sOlgni5SvfPqAKXJ8a9Db4zDS/UvYj ggzSdxuWypRAvi43vyg6LcGIjPXC7PfSGWv4Qy41AK67teAh/hyo0X55m1SXCTbujfwW IuczWqXo6fx6aYSm1PM3G0icXkMzzFy3hbhEZwV+kVC/nwDBTwLAV76TCAnQSux1gkiq ud2+FtQo36iF+c5MRgW7vwD17CqHy/BXwsUB/IcROVgzSJi9R4KS8yalOIydi3Wycbhs R25JlIXHauE6RkAAIZYkQHXFL6sr6ANdH5PAMVyX6W9Fnc+lgIOU4EJ/7HXJfXjQvfLX A7ew== X-Gm-Message-State: APjAAAUAGu41CJVxJ3fWsBTSZJRYRoEp2ofMNvd/D2+yNkHVu+WW8PrJ Qr4yOUSaixMf/daBJlL8nmNsXlHoRrSPaWuTqBs= X-Google-Smtp-Source: APXvYqyFlW/+othHzrjL3zBPyd6LL59/vliBvX/TfOYiFNOT4bzBfGXNkhs47VM3P5blD67PqcQmTf+17YgsjM2OZ4E= X-Received: by 2002:a24:3c53:: with SMTP id m80mr14538673ita.102.1554087267912; Sun, 31 Mar 2019 19:54:27 -0700 (PDT) MIME-Version: 1.0 References: <201904010030.34825.luke@dashjr.org> In-Reply-To: <201904010030.34825.luke@dashjr.org> From: Omar Shibli Date: Mon, 1 Apr 2019 05:54:16 +0300 Message-ID: To: Luke Dashjr , Bitcoin Protocol Discussion Content-Type: multipart/alternative; boundary="0000000000008dd1a405856f2379" 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: Mon, 01 Apr 2019 04:22:20 +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 02:54:30 -0000 --0000000000008dd1a405856f2379 Content-Type: text/plain; charset="UTF-8" Reasonable, I think also first timer should be forbidden form transacting for at least 3 years from the first purchase, after going in '3 years' into the rabbit hole, you can consider selling bitcoins. that's fair for low time hard money folks, imho. On Mon, Apr 1, 2019 at 3:33 AM Luke Dashjr via bitcoin-dev < bitcoin-dev@lists.linuxfoundation.org> wrote: > 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
>
> > ==Abstract== > > This BIP proposes a method to explicitly specify and sign the USD/BTC > price > for transactions. > > ==Copyright== > > This BIP is licensed under the BSD 2-clause license. > > ==Motivation== > > 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 bitcoins. > 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. > > ==Specification== > > ===New field and legal implication=== > > 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 currency > other > than USD, any reasonable exchange rate may be used to come up with the USD > valuation. > > ===Serialisation=== > > 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 data > * Constant: 6a 04 55 53 44 24 > * A single byte, the size in bytes of the remainder of the inserted data > * 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). > > ==Backwards compatibility== > > ===Consensus=== > > 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 ensures > it > is never considered spendable. > > Therefore, current nodes will ignore the new field entirely, and accept > transactions using it. > > ===Wallets=== > > Existing wallets do not typically generate price indicators as specified. > Under this BIP, this absence of the field is perfectly acceptable. > > ==Reference implementation== > > > 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
>
> > ==Abstract== > > This BIP defines a minimum price of $50k USD/BTC for Bitcoin transactions. > > ==Copyright== > > This BIP is licensed under the BSD 2-clause license. > > ==Motivation== > > 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. > > ==Specification== > > 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. > > ==Backwards compatibility== > > As a soft fork, older nodes will continue to accept the blockchain without > modification. Non-upgraded nodes, however, will not validate the minimum > price requirement, and may accept invalid blocks if miners choose to make > 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. > > ==Reference implementation== > > > 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 > --0000000000008dd1a405856f2379 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable
Reasonable, I think also first timer should be forbidden f= orm transacting for at least 3 years from the first purchase, after going i= n '3 years' into the rabbit hole, you can consider selling bitcoins= . that's fair for low time hard money folks, imho.

On Mon, Apr 1, 2019 = at 3:33 AM Luke Dashjr via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrot= e:
Certain parts of the community have been selli= ng 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:
=C2=A0 https://github.com/lu= ke-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:
=C2=A0 https://github.com/b= itcoin/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 BIP: ?
=C2=A0 Layer: Applications
=C2=A0 Title: Signed USD Price Indicator
=C2=A0 Author: Luke Dashjr <luke+bip@dashjr.org>
=C2=A0 Comments-Summary: No comments yet.
=C2=A0 Comments-URI: https://github.com/bitcoin/= bips/wiki/Comments:BIP-????
=C2=A0 Status: Draft
=C2=A0 Type: Standards Track
=C2=A0 Created: 2019-04-01
=C2=A0 License: 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 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 bitcoins. <= br> Unfortunately, today, the consensus protocol is completely oblivious to the=
price bitcoins are traded at. Therefore, we must first add a field to Bitco= in
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 o= f
bitcoins used for the transaction.

For the avoidance of doubt: when the transaction is valued in a currency ot= her
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 data * Constant: 6a 04 55 53 44 24
* A single byte, the size in bytes of the remainder of the inserted data * 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 ensures 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 specified. <= br> Under this BIP, this absence of the field is perfectly acceptable.

=3D=3DReference implementation=3D=3D

https://github.com/bi= tcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field

<pre>
=C2=A0 BIP: ?
=C2=A0 Layer: Consensus (soft fork)
=C2=A0 Title: $50k USD/BTC Minimum Price
=C2=A0 Author: Luke Dashjr <luke+bip@dashjr.org>
=C2=A0 Comments-Summary: No comments yet.
=C2=A0 Comments-URI: https://github.com/bitcoin/= bips/wiki/Comments:BIP-????
=C2=A0 Status: Draft
=C2=A0 Type: Standards Track
=C2=A0 Created: 2019-04-01
=C2=A0 License: BSD-2-Clause
=C2=A0 Requires: usdprice
</pre>

=3D=3DAbstract=3D=3D

This BIP defines a minimum price of $50k USD/BTC for Bitcoin transactions.<= br>
=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. Usi= ng
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 minimum price requirement, and may accept invalid blocks if miners choose to make <= br> 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/mail= man/listinfo/bitcoin-dev
--0000000000008dd1a405856f2379--