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Date: Fri, 24 May 2019 16:15:45 +0800
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Subject: Re: [bitcoin-dev] OP_DIFFICULTY to enable difficulty hedges (bets)
without an oracle and 3rd party.
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A gamble like this, decentralised or not, is easy to manipulate since =
difficulty is determined entirely by the last block in a cycle
> On 24 May 2019, at 1:42 AM, Tamas Blummer via bitcoin-dev =
<bitcoin-dev@lists.linuxfoundation.org> wrote:
>=20
> Difficulty change has profound impact on miner=E2=80=99s production =
thereby introduce the biggest risk while considering an investment.
> Commodity markets offer futures and options to hedge risks on =
traditional trading venues. Some might soon list difficulty futures.
>=20
> I think we could do much better than them natively within Bitcoin.
>=20
> A better solution could be a transaction that uses nLocktime =
denominated in block height, such that it is valid after the difficulty =
adjusted block in the future.
> A new OP_DIFFICULTY opcode would put onto stack the value of =
difficulty for the block the transaction is included into.=20
> The output script may then decide comparing that value with a strike =
which key can spend it.=20
> The input of the transaction would be a multi-sig escrow of those who =
entered the bet.=20
> The winner would broadcast.=20
>=20
> Once signed by both the transaction would not carry any counterparty =
risk and would not need an oracle to settle according to the bet.
>=20
> I plan to draft a BIP for this as I think this opcode would serve =
significant economic interest of Bitcoin economy, and is compatible with =
Bitcoin=E2=80=99s aim not to introduce 3rd party to do so.
>=20
> Do you see a fault in this proposal or want to contribute?
>=20
> Tamas Blummer=20
>=20
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
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