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From: Eric Voskuil <eric@voskuil.org>
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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
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Hi ZmnSCPxj,
Generalizing a bit this appears to be the same with one exception. The amoun=
t of encumbered coin is relevant to an external observer. Of course the effe=
ctive dust limit is the maximum necessary encumbrance otherwise.
In the case of simple tracking, the market value of the coin is not relevant=
, all that is required is a valid output. Hence the devolution to 1 sat trac=
king. In your scenario the objective is to establish a meaningful cost for t=
he output.
A community of people using this as a sort of hashcash spam protection can r=
aise the amount of encumbered coin (i.e. advertising threshold price) requir=
ed in that context. The cost of this encumberance includes not only at least=
one tx fee but market cost of the coin rental.
At a 1 year advertisement term, 10% APR capital cost, and threshold of 1 enc=
umbered coin, the same is achieved by burning .1 coin. In other words the re=
nter (advertiser) has actually paid to the coin owner .1 coin to rent 1 coin=
for one year.
As with Bitcoin mining, it is the consumed cost that matters in this scenari=
o, (i.e., not the hash rate, or in this case the encumbered coin face value)=
. Why would the advertiser not simply be required to burn .1 coin for the sa=
me privilege, just as miners burn energy? Why would it not make more sense t=
o spend that coin in support of the secondary network (e.g. paying for confi=
rmation security), just as with the burning of energy in Bitcoin mining?
e
> On Jul 3, 2019, at 23:57, ZmnSCPxj <ZmnSCPxj@protonmail.com> wrote:
>=20
> Good morning Eric,
>=20
>=20
>>> and thanks to you and ZmnSCPxj we now have two additional uses cases for=
UTXOs that are only temporarily accessible to their current owner.
>>=20
>> Actually you have a single potentially-valid use case, the one I have pre=
sented. The others I have shown to be invalid (apart from scamming) and no a=
dditional information to demonstrate errors in my conclusions have been offe=
red.
>=20
> I presented another use case, that of the "Bitcoin Classified Ads Network"=
.
> https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-July/017083.h=
tml
>=20
> Advertisements are "backed" by an unspent TXO.
> In order to limit their local resource consumption, nodes of this network w=
ill preferentially keep advertisements that are backed by higher UTXO values=
divided by advertisement size, and drop those with too low UTXO value divid=
ed by advertisement size.
>=20
> Thus, spammers will either need to rent larger UTXO values for their spam,=
paying for the higher rent involved, or fall back to pre-Bitcoin spamming m=
ethods.
> Thus I think I have presented a use-case that is viable for this and does n=
ot simply devolve to "just burn a 1-satoshi output".
>=20
> I still do not quite support generalized covenants as the use-case is alre=
ady possible on current Bitcoin (and given that with just a little more tran=
saction introspection this enables Turing-completeness), but the basic conce=
pt of "renting a UTXO of substantial value" appears sound to me.
>=20
>=20
> Regards,
> ZmnSCPxj
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