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From: Thomas France <thfrance@gmail.com>
Date: Sun, 31 Mar 2019 19:57:57 -0700
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Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k
USD/BTC
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Once again, Core shows how conservative they are. I am in favor of 2X with
a 100kUSD minimum price, all Bitcoin businesses are with me !
On Sun, Mar 31, 2019 at 7:48 PM Ricardo Filipe via bitcoin-dev <
bitcoin-dev@lists.linuxfoundation.org> wrote:
> one year seems too long. i think with the BIP-148 experience you have
> we could easily get there in 6 months at most.
>
> Luke Dashjr via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org>
> escreveu no dia segunda, 1/04/2019 =C3=A0(s) 01:33:
> >
> > 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
> >
> >
> > <pre>
> > BIP: ?
> > Layer: Applications
> > Title: Signed USD Price Indicator
> > Author: Luke Dashjr <luke+bip@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>
> >
> > =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 bitcoin=
s.
> > 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.
> >
> > =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 of
> > bitcoins used for the transaction.
> >
> > For the avoidance of doubt: when the transaction is valued in a currenc=
y
> other
> > 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 dat=
a
> > * Constant: 6a 04 55 53 44 24
> > * A single byte, the size in bytes of the remainder of the inserted dat=
a
> > * 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 ensure=
s
> 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 specifie=
d.
> > Under this BIP, this absence of the field is perfectly acceptable.
> >
> > =3D=3DReference implementation=3D=3D
> >
> >
> 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>
> > 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>
> >
> > =3D=3DAbstract=3D=3D
> >
> > This BIP defines a minimum price of $50k USD/BTC for Bitcoin
> 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.
> >
> > bip-usdprice defines a new field to indicate the price of transactions.
> Using
> > 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 minimu=
m
> > price requirement, and may accept invalid blocks if miners choose to ma=
ke
> > 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/mailman/listinfo/bitcoin-dev
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
--000000000000a62da905856f310c
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div dir=3D"ltr">Once again, Core shows how conservative t=
hey are. I am in favor of 2X with a 100kUSD minimum price, all Bitcoin busi=
nesses are with me !</div><br><div class=3D"gmail_quote"><div dir=3D"ltr" c=
lass=3D"gmail_attr">On Sun, Mar 31, 2019 at 7:48 PM Ricardo Filipe via bitc=
oin-dev <<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoi=
n-dev@lists.linuxfoundation.org</a>> wrote:<br></div><blockquote class=
=3D"gmail_quote" style=3D"margin:0px 0px 0px 0.8ex;border-left-width:1px;bo=
rder-left-style:solid;border-left-color:rgb(204,204,204);padding-left:1ex">=
one year seems too long. i think with the BIP-148 experience you have<br>
we could easily get there in 6 months at most.<br>
<br>
Luke Dashjr via bitcoin-dev <<a href=3D"mailto:bitcoin-dev@lists.linuxfo=
undation.org" target=3D"_blank">bitcoin-dev@lists.linuxfoundation.org</a>&g=
t;<br>
escreveu no dia segunda, 1/04/2019 =C3=A0(s) 01:33:<br>
><br>
> Certain parts of the community have been selling bitcoins for unreason=
ably<br>
> low prices. This has halted Bitcoin's valuation at $20k and even d=
riven the<br>
> price down below $15k! However, clearly Bitcoin is worth much more tha=
n<br>
> that, and there is widespread support for higher prices.<br>
><br>
> In light of this, I have written and implemented two BIPs: one to add =
a<br>
> signed price field to Bitcoin transactions, and the other to softfork =
a<br>
> minimum price of $50k USD/BTC a year from today.<br>
><br>
> The BIPs are here, as well as included at the bottom of this email for=
<br>
> convenience:<br>
>=C2=A0 =C2=A0<a href=3D"https://github.com/luke-jr/bips/blob/softfork_5=
0k/bip-usdprice.mediawiki" rel=3D"noreferrer" target=3D"_blank">https://git=
hub.com/luke-jr/bips/blob/softfork_50k/bip-usdprice.mediawiki</a><br>
> <a href=3D"https://github.com/luke-jr/bips/blob/softfork_50k/bip-softf=
ork-50k-price.mediawiki" rel=3D"noreferrer" target=3D"_blank">https://githu=
b.com/luke-jr/bips/blob/softfork_50k/bip-softfork-50k-price.mediawiki</a><b=
r>
><br>
> A reference implementation is here:<br>
>=C2=A0 =C2=A0<a href=3D"https://github.com/bitcoin/bitcoin/compare/v0.1=
7.1...luke-jr:softfork_50k" rel=3D"noreferrer" target=3D"_blank">https://gi=
thub.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:softfork_50k</a><br>
><br>
> Please review ASAP so we can get these deployed in Bitcoin Core v0.18.=
<br>
><br>
> Luke<br>
><br>
><br>
> <pre><br>
>=C2=A0 =C2=A0BIP: ?<br>
>=C2=A0 =C2=A0Layer: Applications<br>
>=C2=A0 =C2=A0Title: Signed USD Price Indicator<br>
>=C2=A0 =C2=A0Author: Luke Dashjr <<a href=3D"mailto:luke%2Bbip@dashj=
r.org" target=3D"_blank">luke+bip@dashjr.org</a>><br>
>=C2=A0 =C2=A0Comments-Summary: No comments yet.<br>
>=C2=A0 =C2=A0Comments-URI: <a href=3D"https://github.com/bitcoin/bips/w=
iki/Comments:BIP-??" rel=3D"noreferrer" target=3D"_blank">https://github.co=
m/bitcoin/bips/wiki/Comments:BIP-??</a>??<br>
>=C2=A0 =C2=A0Status: Draft<br>
>=C2=A0 =C2=A0Type: Standards Track<br>
>=C2=A0 =C2=A0Created: 2019-04-01<br>
>=C2=A0 =C2=A0License: BSD-2-Clause<br>
> </pre><br>
><br>
> =3D=3DAbstract=3D=3D<br>
><br>
> This BIP proposes a method to explicitly specify and sign the USD/BTC =
price<br>
> for transactions.<br>
><br>
> =3D=3DCopyright=3D=3D<br>
><br>
> This BIP is licensed under the BSD 2-clause license.<br>
><br>
> =3D=3DMotivation=3D=3D<br>
><br>
> Certain parts of the community have been selling bitcoins for unreason=
ably low<br>
> prices. This has halted Bitcoin's valuation at $20k and even drive=
n the price<br>
> down below $15k! However, clearly Bitcoin is worth much more than that=
, and<br>
> there is widespread support for higher prices.<br>
><br>
> This problem can be fixed by setting a global minimum price for bitcoi=
ns.<br>
> Unfortunately, today, the consensus protocol is completely oblivious t=
o the<br>
> price bitcoins are traded at. Therefore, we must first add a field to =
Bitcoin<br>
> transactions to indicate their price.<br>
><br>
> =3D=3DSpecification=3D=3D<br>
><br>
> =3D=3D=3DNew field and legal implication=3D=3D=3D<br>
><br>
> A new field is added to Bitcoin transactions. This field, if present, =
must<br>
> represent the honest and true USD/BTC rate used for the transaction. B=
y<br>
> signing the transaction, the sender legally affirms this is the valuat=
ion of<br>
> bitcoins used for the transaction.<br>
><br>
> For the avoidance of doubt: when the transaction is valued in a curren=
cy other<br>
> than USD, any reasonable exchange rate may be used to come up with the=
USD<br>
> valuation.<br>
><br>
> =3D=3D=3DSerialisation=3D=3D=3D<br>
><br>
> When serialising the transaction for any purpose, including signing, w=
eight<br>
> calculation, and so on, the output count must be incremented by one. P=
rior to<br>
> the first real output, the following bytes must be inserted:<br>
><br>
> * Constant: 00 00 00 00 00 00 00 00<br>
> * A single byte, the size in bytes of the remainder of the inserted da=
ta<br>
> * Constant: 6a 04 55 53 44 24<br>
> * A single byte, the size in bytes of the remainder of the inserted da=
ta<br>
> * The USD/BTC rate used for the transaction, in standard signed intege=
r<br>
> serialisation, with all leading zeros removed (except as necessary to<=
br>
> preserve the sign bit).<br>
><br>
> =3D=3DBackwards compatibility=3D=3D<br>
><br>
> =3D=3D=3DConsensus=3D=3D=3D<br>
><br>
> The new price field is serialised as a dummy output, with a value of z=
ero, and<br>
> a scriptPubKey that begins with OP_RETURN (6a). Existing nodes will ig=
nore<br>
> this dummy output, and the leading OP_RETURN in the scriptPubKey ensur=
es it<br>
> is never considered spendable.<br>
><br>
> Therefore, current nodes will ignore the new field entirely, and accep=
t<br>
> transactions using it.<br>
><br>
> =3D=3D=3DWallets=3D=3D=3D<br>
><br>
> Existing wallets do not typically generate price indicators as specifi=
ed.<br>
> Under this BIP, this absence of the field is perfectly acceptable.<br>
><br>
> =3D=3DReference implementation=3D=3D<br>
><br>
> <a href=3D"https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-j=
r:usd_price_tx_field" rel=3D"noreferrer" target=3D"_blank">https://github.c=
om/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field</a><br>
><br>
> <pre><br>
>=C2=A0 =C2=A0BIP: ?<br>
>=C2=A0 =C2=A0Layer: Consensus (soft fork)<br>
>=C2=A0 =C2=A0Title: $50k USD/BTC Minimum Price<br>
>=C2=A0 =C2=A0Author: Luke Dashjr <<a href=3D"mailto:luke%2Bbip@dashj=
r.org" target=3D"_blank">luke+bip@dashjr.org</a>><br>
>=C2=A0 =C2=A0Comments-Summary: No comments yet.<br>
>=C2=A0 =C2=A0Comments-URI: <a href=3D"https://github.com/bitcoin/bips/w=
iki/Comments:BIP-??" rel=3D"noreferrer" target=3D"_blank">https://github.co=
m/bitcoin/bips/wiki/Comments:BIP-??</a>??<br>
>=C2=A0 =C2=A0Status: Draft<br>
>=C2=A0 =C2=A0Type: Standards Track<br>
>=C2=A0 =C2=A0Created: 2019-04-01<br>
>=C2=A0 =C2=A0License: BSD-2-Clause<br>
>=C2=A0 =C2=A0Requires: usdprice<br>
> </pre><br>
><br>
> =3D=3DAbstract=3D=3D<br>
><br>
> This BIP defines a minimum price of $50k USD/BTC for Bitcoin transacti=
ons.<br>
><br>
> =3D=3DCopyright=3D=3D<br>
><br>
> This BIP is licensed under the BSD 2-clause license.<br>
><br>
> =3D=3DMotivation=3D=3D<br>
><br>
> Certain parts of the community have been selling bitcoins for unreason=
ably low<br>
> prices. This has halted Bitcoin's valuation at $20k and even drive=
n the price<br>
> down below $15k! However, clearly Bitcoin is worth much more than that=
, and<br>
> there is widespread support for higher prices.<br>
><br>
> bip-usdprice defines a new field to indicate the price of transactions=
. Using<br>
> this, we can softfork to require a minimum transaction price.<br>
><br>
> =3D=3DSpecification=3D=3D<br>
><br>
> Beginning with block height 622370 (expected approximately 2020 April =
1), a<br>
> block is reject as invalid unless all transactions it contains both de=
clare a<br>
> USD/BTC price (as defined in bip-usdprice) and specify a price that is=
at a<br>
> minimum $50k USD/BTC.<br>
><br>
> =3D=3DBackwards compatibility=3D=3D<br>
><br>
> As a soft fork, older nodes will continue to accept the blockchain wit=
hout<br>
> modification. Non-upgraded nodes, however, will not validate the minim=
um<br>
> price requirement, and may accept invalid blocks if miners choose to m=
ake<br>
> them. Since transactions not declaring a price are at this time still<=
br>
> common-place, the softfork activation has been set a full year into th=
e<br>
> future to ensure time to upgrade both nodes and wallet software.<br>
><br>
> =3D=3DReference implementation=3D=3D<br>
><br>
> <a href=3D"https://github.com/luke-jr/bitcoin/compare/usd_price_tx_fie=
ld...softfork_50k" rel=3D"noreferrer" target=3D"_blank">https://github.com/=
luke-jr/bitcoin/compare/usd_price_tx_field...softfork_50k</a><br>
> _______________________________________________<br>
> bitcoin-dev mailing list<br>
> <a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_bl=
ank">bitcoin-dev@lists.linuxfoundation.org</a><br>
> <a href=3D"https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-=
dev" rel=3D"noreferrer" target=3D"_blank">https://lists.linuxfoundation.org=
/mailman/listinfo/bitcoin-dev</a><br>
_______________________________________________<br>
bitcoin-dev mailing list<br>
<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_blank">=
bitcoin-dev@lists.linuxfoundation.org</a><br>
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rel=3D"noreferrer" target=3D"_blank">https://lists.linuxfoundation.org/mail=
man/listinfo/bitcoin-dev</a><br>
</blockquote></div></div>
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