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To: "Dana L. Coe" <dana.coe@bitlox.com>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>,
Melvin Carvalho <melvincarvalho@gmail.com>
References: <201904010030.34825.luke@dashjr.org>
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<DFB57847-C402-4206-BA9E-E3DA2FB3077C@bitlox.com>
From: Aymeric Vitte <vitteaymeric@gmail.com>
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Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k
USD/BTC
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Right and everybody knows that Tether is the most clever sidechain ever
invented far more sophisticated than lightning, which makes me think
that a punishment should be added in the proposal for the cheater
advertising a price < 50 k (or 100) and/or selling before 1-3 years
(tbd) so all his coins go to the Bitcoin Mediator, a new notion here to
sustain the community (I modestly apply for the position)
Le 01/04/2019 à 13:50, Dana L. Coe via bitcoin-dev a écrit :
> I suggest in the spirit of the times that we not use USD as the
> reference, but USDT.
>
> Everyone knows Tethers are much more flexible in tracking the true
> value of the US dollar.
>
> Dana
>
>> On Apr 1, 2019, at 7:22 PM, Melvin Carvalho via bitcoin-dev
>> <bitcoin-dev@lists.linuxfoundation.org
>> <mailto:bitcoin-dev@lists.linuxfoundation.org>> wrote:
>>
>>
>>
>> On Mon, 1 Apr 2019 at 02:32, Luke Dashjr via bitcoin-dev
>> <bitcoin-dev@lists.linuxfoundation.org
>> <mailto: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.
>>
>>
>> This seems a little arbitrary. Ask yourself, "Why the USD?". Yes,
>> it is the dominant currency now, but in 2, 6, 10, 14 years? Who knows.
>>
>> You could make equally an argument to denominate in euros. Or a
>> basket of currencies, or even the Bancor.
>>
>> However the wider question is why even denominate in fiat at all?
>>
>> I suggest denominating the minimum value in satoshsis themselves,
>> which would be a negligable upgrade to the network.
>>
>>
>> Luke
>>
>>
>> <pre>
>> BIP: ?
>> Layer: Applications
>> Title: Signed USD Price Indicator
>> Author: Luke Dashjr <luke+bip@dashjr.org
>> <mailto:luke%2Bbip@dashjr.org>>
>> 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
>> </pre>
>>
>> ==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
>>
>> <pre>
>> BIP: ?
>> Layer: Consensus (soft fork)
>> Title: $50k USD/BTC Minimum Price
>> Author: Luke Dashjr <luke+bip@dashjr.org
>> <mailto:luke%2Bbip@dashjr.org>>
>> 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
>> </pre>
>>
>> ==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
>> <mailto:bitcoin-dev@lists.linuxfoundation.org>
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev@lists.linuxfoundation.org
>> <mailto: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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GitHub : https://www.github.com/Ayms
--------------1EF9017E410CF12F9406B9DF
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<p>Right and everybody knows that Tether is the most clever
sidechain ever invented far more sophisticated than lightning,
which makes me think that a punishment should be added in the
proposal for the cheater advertising a price < 50 k (or 100)
and/or selling before 1-3 years (tbd) so all his coins go to the
Bitcoin Mediator, a new notion here to sustain the community (I
modestly apply for the position)<br>
</p>
<br>
<div class="moz-cite-prefix">Le 01/04/2019 à 13:50, Dana L. Coe via
bitcoin-dev a écrit :<br>
</div>
<blockquote
cite="mid:DFB57847-C402-4206-BA9E-E3DA2FB3077C@bitlox.com"
type="cite">
<meta http-equiv="Content-Type" content="text/html;
charset=windows-1252">
I suggest in the spirit of the times that we not use USD as the
reference, but USDT.
<div class=""><br class="">
</div>
<div class="">Everyone knows Tethers are much more flexible in
tracking the true value of the US dollar.</div>
<div class=""><br class="">
</div>
<div class="">Dana<br class="">
<div><br class="">
<blockquote type="cite" class="">
<div class="">On Apr 1, 2019, at 7:22 PM, Melvin Carvalho
via bitcoin-dev <<a moz-do-not-send="true"
href="mailto:bitcoin-dev@lists.linuxfoundation.org"
class="">bitcoin-dev@lists.linuxfoundation.org</a>>
wrote:</div>
<br class="Apple-interchange-newline">
<div class="">
<div dir="ltr" class="">
<div dir="ltr" class=""><br class="">
</div>
<br class="">
<div class="gmail_quote">
<div dir="ltr" class="gmail_attr">On Mon, 1 Apr 2019
at 02:32, Luke Dashjr via bitcoin-dev <<a
moz-do-not-send="true"
href="mailto:bitcoin-dev@lists.linuxfoundation.org"
class="">bitcoin-dev@lists.linuxfoundation.org</a>>
wrote:<br class="">
</div>
<blockquote class="gmail_quote" style="margin:0px 0px
0px 0.8ex;border-left:1px solid
rgb(204,204,204);padding-left:1ex">Certain parts of
the community have been selling bitcoins for
unreasonably<br class="">
low prices. This has halted Bitcoin's valuation at
$20k and even driven the<br class="">
price down below $15k! However, clearly Bitcoin is
worth much more than<br class="">
that, and there is widespread support for higher
prices.<br class="">
<br class="">
In light of this, I have written and implemented two
BIPs: one to add a<br class="">
signed price field to Bitcoin transactions, and the
other to softfork a<br class="">
minimum price of $50k USD/BTC a year from today.<br
class="">
<br class="">
The BIPs are here, as well as included at the bottom
of this email for <br class="">
convenience:<br class="">
<a moz-do-not-send="true"
href="https://github.com/luke-jr/bips/blob/softfork_50k/bip-usdprice.mediawiki"
rel="noreferrer" target="_blank" class="">https://github.com/luke-jr/bips/blob/softfork_50k/bip-usdprice.mediawiki</a><br
class="">
<a moz-do-not-send="true"
href="https://github.com/luke-jr/bips/blob/softfork_50k/bip-softfork-50k-price.mediawiki"
rel="noreferrer" target="_blank" class="">https://github.com/luke-jr/bips/blob/softfork_50k/bip-softfork-50k-price.mediawiki</a><br
class="">
<br class="">
A reference implementation is here:<br class="">
<a moz-do-not-send="true"
href="https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:softfork_50k"
rel="noreferrer" target="_blank" class="">https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:softfork_50k</a><br
class="">
<br class="">
Please review ASAP so we can get these deployed in
Bitcoin Core v0.18.<br class="">
</blockquote>
<div class=""><br class="">
</div>
<div class="">This seems a little arbitrary. Ask
yourself, "Why the USD?". Yes, it is the dominant
currency now, but in 2, 6, 10, 14 years? Who knows.</div>
<div class=""><br class="">
</div>
<div class="">You could make equally an argument to
denominate in euros. Or a basket of currencies, or
even the Bancor.</div>
<div class=""><br class="">
</div>
<div class="">However the wider question is why even
denominate in fiat at all? <br class="">
</div>
<div class=""><br class="">
</div>
<div class="">I suggest denominating the minimum value
in satoshsis themselves, which would be a negligable
upgrade to the network.<br class="">
</div>
<div class=""> </div>
<blockquote class="gmail_quote" style="margin:0px 0px
0px 0.8ex;border-left:1px solid
rgb(204,204,204);padding-left:1ex">
<br class="">
Luke<br class="">
<br class="">
<br class="">
<pre><br class="">
BIP: ?<br class="">
Layer: Applications<br class="">
Title: Signed USD Price Indicator<br class="">
Author: Luke Dashjr <<a moz-do-not-send="true"
href="mailto:luke%2Bbip@dashjr.org"
target="_blank" class="">luke+bip@dashjr.org</a>><br
class="">
Comments-Summary: No comments yet.<br class="">
Comments-URI: <a moz-do-not-send="true"
href="https://github.com/bitcoin/bips/wiki/Comments:BIP-??"
rel="noreferrer" target="_blank" class="">https://github.com/bitcoin/bips/wiki/Comments:BIP-??</a>??<br
class="">
Status: Draft<br class="">
Type: Standards Track<br class="">
Created: 2019-04-01<br class="">
License: BSD-2-Clause<br class="">
</pre><br class="">
<br class="">
==Abstract==<br class="">
<br class="">
This BIP proposes a method to explicitly specify and
sign the USD/BTC price <br class="">
for transactions.<br class="">
<br class="">
==Copyright==<br class="">
<br class="">
This BIP is licensed under the BSD 2-clause license.<br
class="">
<br class="">
==Motivation==<br class="">
<br class="">
Certain parts of the community have been selling
bitcoins for unreasonably low <br class="">
prices. This has halted Bitcoin's valuation at $20k
and even driven the price <br class="">
down below $15k! However, clearly Bitcoin is worth
much more than that, and <br class="">
there is widespread support for higher prices.<br
class="">
<br class="">
This problem can be fixed by setting a global
minimum price for bitcoins. <br class="">
Unfortunately, today, the consensus protocol is
completely oblivious to the <br class="">
price bitcoins are traded at. Therefore, we must
first add a field to Bitcoin <br class="">
transactions to indicate their price.<br class="">
<br class="">
==Specification==<br class="">
<br class="">
===New field and legal implication===<br class="">
<br class="">
A new field is added to Bitcoin transactions. This
field, if present, must <br class="">
represent the honest and true USD/BTC rate used for
the transaction. By <br class="">
signing the transaction, the sender legally affirms
this is the valuation of <br class="">
bitcoins used for the transaction.<br class="">
<br class="">
For the avoidance of doubt: when the transaction is
valued in a currency other <br class="">
than USD, any reasonable exchange rate may be used
to come up with the USD <br class="">
valuation.<br class="">
<br class="">
===Serialisation===<br class="">
<br class="">
When serialising the transaction for any purpose,
including signing, weight <br class="">
calculation, and so on, the output count must be
incremented by one. Prior to <br class="">
the first real output, the following bytes must be
inserted:<br class="">
<br class="">
* Constant: 00 00 00 00 00 00 00 00<br class="">
* A single byte, the size in bytes of the remainder
of the inserted data<br class="">
* Constant: 6a 04 55 53 44 24<br class="">
* A single byte, the size in bytes of the remainder
of the inserted data<br class="">
* The USD/BTC rate used for the transaction, in
standard signed integer <br class="">
serialisation, with all leading zeros removed
(except as necessary to <br class="">
preserve the sign bit).<br class="">
<br class="">
==Backwards compatibility==<br class="">
<br class="">
===Consensus===<br class="">
<br class="">
The new price field is serialised as a dummy output,
with a value of zero, and <br class="">
a scriptPubKey that begins with OP_RETURN (6a).
Existing nodes will ignore <br class="">
this dummy output, and the leading OP_RETURN in the
scriptPubKey ensures it <br class="">
is never considered spendable.<br class="">
<br class="">
Therefore, current nodes will ignore the new field
entirely, and accept <br class="">
transactions using it.<br class="">
<br class="">
===Wallets===<br class="">
<br class="">
Existing wallets do not typically generate price
indicators as specified. <br class="">
Under this BIP, this absence of the field is
perfectly acceptable.<br class="">
<br class="">
==Reference implementation==<br class="">
<br class="">
<a moz-do-not-send="true"
href="https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field"
rel="noreferrer" target="_blank" class="">https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field</a><br
class="">
<br class="">
<pre><br class="">
BIP: ?<br class="">
Layer: Consensus (soft fork)<br class="">
Title: $50k USD/BTC Minimum Price<br class="">
Author: Luke Dashjr <<a moz-do-not-send="true"
href="mailto:luke%2Bbip@dashjr.org"
target="_blank" class="">luke+bip@dashjr.org</a>><br
class="">
Comments-Summary: No comments yet.<br class="">
Comments-URI: <a moz-do-not-send="true"
href="https://github.com/bitcoin/bips/wiki/Comments:BIP-??"
rel="noreferrer" target="_blank" class="">https://github.com/bitcoin/bips/wiki/Comments:BIP-??</a>??<br
class="">
Status: Draft<br class="">
Type: Standards Track<br class="">
Created: 2019-04-01<br class="">
License: BSD-2-Clause<br class="">
Requires: usdprice<br class="">
</pre><br class="">
<br class="">
==Abstract==<br class="">
<br class="">
This BIP defines a minimum price of $50k USD/BTC for
Bitcoin transactions.<br class="">
<br class="">
==Copyright==<br class="">
<br class="">
This BIP is licensed under the BSD 2-clause license.<br
class="">
<br class="">
==Motivation==<br class="">
<br class="">
Certain parts of the community have been selling
bitcoins for unreasonably low <br class="">
prices. This has halted Bitcoin's valuation at $20k
and even driven the price <br class="">
down below $15k! However, clearly Bitcoin is worth
much more than that, and <br class="">
there is widespread support for higher prices.<br
class="">
<br class="">
bip-usdprice defines a new field to indicate the
price of transactions. Using <br class="">
this, we can softfork to require a minimum
transaction price.<br class="">
<br class="">
==Specification==<br class="">
<br class="">
Beginning with block height 622370 (expected
approximately 2020 April 1), a <br class="">
block is reject as invalid unless all transactions
it contains both declare a <br class="">
USD/BTC price (as defined in bip-usdprice) and
specify a price that is at a <br class="">
minimum $50k USD/BTC.<br class="">
<br class="">
==Backwards compatibility==<br class="">
<br class="">
As a soft fork, older nodes will continue to accept
the blockchain without <br class="">
modification. Non-upgraded nodes, however, will not
validate the minimum <br class="">
price requirement, and may accept invalid blocks if
miners choose to make <br class="">
them. Since transactions not declaring a price are
at this time still <br class="">
common-place, the softfork activation has been set a
full year into the <br class="">
future to ensure time to upgrade both nodes and
wallet software.<br class="">
<br class="">
==Reference implementation==<br class="">
<br class="">
<a moz-do-not-send="true"
href="https://github.com/luke-jr/bitcoin/compare/usd_price_tx_field...softfork_50k"
rel="noreferrer" target="_blank" class="">https://github.com/luke-jr/bitcoin/compare/usd_price_tx_field...softfork_50k</a><br
class="">
_______________________________________________<br
class="">
bitcoin-dev mailing list<br class="">
<a moz-do-not-send="true"
href="mailto:bitcoin-dev@lists.linuxfoundation.org"
target="_blank" class="">bitcoin-dev@lists.linuxfoundation.org</a><br
class="">
<a moz-do-not-send="true"
href="https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev"
rel="noreferrer" target="_blank" class="">https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev</a><br
class="">
</blockquote>
</div>
</div>
_______________________________________________<br
class="">
bitcoin-dev mailing list<br class="">
<a moz-do-not-send="true"
href="mailto:bitcoin-dev@lists.linuxfoundation.org"
class="">bitcoin-dev@lists.linuxfoundation.org</a><br
class="">
<a class="moz-txt-link-freetext" href="https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev">https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev</a><br
class="">
</div>
</blockquote>
</div>
<br class="">
</div>
<br>
<fieldset class="mimeAttachmentHeader"></fieldset>
<br>
<pre wrap="">_______________________________________________
bitcoin-dev mailing list
<a class="moz-txt-link-abbreviated" href="mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoin-dev@lists.linuxfoundation.org</a>
<a class="moz-txt-link-freetext" href="https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev">https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev</a>
</pre>
</blockquote>
<br>
<pre class="moz-signature" cols="72">--
Peersm : <a class="moz-txt-link-freetext" href="http://www.peersm.com">http://www.peersm.com</a>
node-Tor : <a class="moz-txt-link-freetext" href="https://www.github.com/Ayms/node-Tor">https://www.github.com/Ayms/node-Tor</a>
GitHub : <a class="moz-txt-link-freetext" href="https://www.github.com/Ayms">https://www.github.com/Ayms</a></pre>
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