From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id C87C5AB5 for ; Fri, 28 Jun 2019 08:27:18 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-wm1-f49.google.com (mail-wm1-f49.google.com [209.85.128.49]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 75A7982D for ; Fri, 28 Jun 2019 08:27:17 +0000 (UTC) Received: by mail-wm1-f49.google.com with SMTP id s15so8084440wmj.3 for ; Fri, 28 Jun 2019 01:27:17 -0700 (PDT) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025; h=from:mime-version:subject:message-id:date:cc:to; bh=uTTBRo9vewaUDg43dDMvHuMc7n84Abay6kK9qfAW+js=; b=HXg5sS+cat2DUUmghC24GFvC6xuNORbDdfKlq5eVYxMWKBtwDcYb8TFuqJieyUM/JC PKBTYu4Rhfi9CbKKt3VquD4um/YhX80+EkaDrHJDN/lkZ8m+8fEk3fEvHw/QHfD+v3IU bJwAkIVlNblNvJu01h4GHDVNwtaw/BfvAff+0Yh/re4yuRpnkeaHW9LgagqxWecrqhPM yn9ri1rIIqg12RfSRMuz9g5NGnx/T7P29G6Y7+I7L76iXL0NNSh9Zrrj/QPIXxz8hsj+ XGcULX+U89nZIaX/av0tc/4uKvu+PRQeYQmTBKgbsjylEslHlCkzbCdc4tdbxybmBXS2 VAkA== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20161025; h=x-gm-message-state:from:mime-version:subject:message-id:date:cc:to; bh=uTTBRo9vewaUDg43dDMvHuMc7n84Abay6kK9qfAW+js=; b=FRpI62N6MC/fVUUCt69g/5o0+7ookFAMX9VMlPGwuZaBLH26irMxR1vs4g1m0h3kSo 5W1e2+srqWU7y8lojxcFciMKZfwnyubSUZcpk/p1Nx7YLdUETHvLRMf22rMlqrhZZy5U 8CNoc/6Yl/C+KbAvuBVvrQmfPXJAiq9LV5BBDRSX3ySmDKqNBbC3hT6Izahh7zMnIRxT /yjqKyKwcJkmkuDy9AIDRrXsOghkmNcZ7H1eL8YhUwpgo3ldt53/gfh/W7LCk6/ZgB0V iVIs0jqHY3hmMGpYrnTBEZj+Dl2iKhoPkLfWrKjXnH0uMDgJjWPeGzbd8WT3miFK21L+ F5ZA== X-Gm-Message-State: APjAAAXiUxVRV//nFegi7favKTFTso/boV3YvIl2E8bQ32MoP/L6oW8P m+qy5gGzMMJLAJTE2nNVcThM5/P+ X-Google-Smtp-Source: APXvYqw/7mpgrtUm6kjwQsL7ieTwfwUln0YBCViZzQIdOotVRyRreuz1eCif8TM1n9Tps7jaS4Sffg== X-Received: by 2002:a7b:c776:: with SMTP id x22mr6176165wmk.55.1561710435786; Fri, 28 Jun 2019 01:27:15 -0700 (PDT) Received: from p200300dd671264584dc4aa4447d14cc6.dip0.t-ipconnect.de (p200300DD671264584DC4AA4447D14CC6.dip0.t-ipconnect.de. [2003:dd:6712:6458:4dc4:aa44:47d1:4cc6]) by smtp.gmail.com with ESMTPSA id f2sm1702305wrq.48.2019.06.28.01.27.14 (version=TLS1_2 cipher=ECDHE-RSA-AES128-GCM-SHA256 bits=128/128); Fri, 28 Jun 2019 01:27:14 -0700 (PDT) From: Tamas Blummer Content-Type: multipart/signed; boundary="Apple-Mail=_65DC987B-9B21-44EC-B8D8-31084D187076"; protocol="application/pgp-signature"; micalg=pgp-sha512 Mime-Version: 1.0 (Mac OS X Mail 10.3 \(3273\)) Message-Id: <0DBC0DEA-C999-4AEE-B2E1-D5337ECD9405@gmail.com> Date: Fri, 28 Jun 2019 10:27:16 +0200 To: bitcoin-dev@lists.linuxfoundation.org X-Mailer: Apple Mail (2.3273) X-Spam-Status: No, score=-2.0 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, 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: Fri, 28 Jun 2019 14:41:40 +0000 Cc: Gregory Maxwell , Pieter Wuille Subject: [bitcoin-dev] Generalized covenants with taproot enable riskless or risky lending, prevent credit inflation through fractional reserve 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: Fri, 28 Jun 2019 08:27:18 -0000 --Apple-Mail=_65DC987B-9B21-44EC-B8D8-31084D187076 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset=utf-8 I start with a formalisation of loans as common in finance: A zero bond is a contract between two parties Alice and Bob whereby = Alice receives an amount less than P and has to pay back P at a later = time point called maturity. The difference between the amount received and P is the interest implied = by the contract. E.g. receiving 1 Bitcoin (