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 5F9AAB78 for ; Fri, 13 Jul 2018 10:11:43 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-lj1-f171.google.com (mail-lj1-f171.google.com [209.85.208.171]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 843E76D6 for ; Fri, 13 Jul 2018 10:11:42 +0000 (UTC) Received: by mail-lj1-f171.google.com with SMTP id v9-v6so13829096ljk.4 for ; Fri, 13 Jul 2018 03:11:42 -0700 (PDT) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025; h=mime-version:references:in-reply-to:from:date:message-id:subject:to; bh=r5IYPXlatmaqPV16ufh1l6wJ+ji5NB62Pi9FfN+1KrU=; b=P4iCEXf1mP6SiwgyiIcTLWOoKugZC24+RYdAmnSPYUTneFMvG8hwgK25KLdUiGlipM A+jKfAEsHp7vrIcy1GFAs60750voaJ/KCc7iuPTxKnh9qw1hZSCmNVwpT/PVKwtNmkd4 ciDReiZzUc6KEeHNkSyP43npyN34JNfcVmSD1dPF4x5AFvDDR4c7gPcd7NoBCMrfoCer U7Lp/5krXttUoyoouYsmB70kSvFEuqmoZfCA85/JzMuf4SoNYXBvgez00qp2Z3Df7chk 9lnXbHm35v5weXWRcR7xgfSM9DRV4nRojIp8XyYtj1Kx7QZgUo+XQJ2lWHIb3SIW/Ox3 GZMw== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20161025; h=x-gm-message-state:mime-version:references:in-reply-to:from:date :message-id:subject:to; bh=r5IYPXlatmaqPV16ufh1l6wJ+ji5NB62Pi9FfN+1KrU=; b=CV0s/wWOahMIbN1w8YDki8L2snKXKbfQ0iaWD0bhHA5oMhRDs6Df+pQuYVdMqJcnxO cv4vM3jroud5/QK7q3/NrNNHw9DDjVJcUgbsPpCWDfXV56Kc0PPZLDQASTV+uAvmXQD6 vjDSwGA9twFK/yDlIwHOyBUceQlRp0EpD/e8t1BVoWNOPMHrgU36ljHJx6I9Ho82pg3i 4nnHFlshaQURIIXjJ0t0Zj3UEHdg0jNYHxjlhZb4GRs0P7nJaW+q1h3a4kXsI7t5jpfN TU1+RTpTfB7hplsplSoBNba/Nvy1sS5aszOjeeOfKjxmW8Y4rWoT4SNrSwpuR6JZZVWv cX9A== X-Gm-Message-State: AOUpUlHpIl+6HxVkDP9kwqOmhsCHPxupXQmdalVFeNRl8wBCx0xcMHZV tDt5XnZ2nP4Rua6Bclgd8xU7fMe4oAwurPrRgx/0Xg== X-Google-Smtp-Source: AAOMgpfE09UoER3yNX5gjDT9tbBxG+YXQ7K//DY8Or0OC7stRukCFoGdD+Z8QTYR/b1LWJ9vBq+EYtdw1qu5xnnUq0M= X-Received: by 2002:a2e:5d88:: with SMTP id v8-v6mr2974998lje.137.1531476700577; Fri, 13 Jul 2018 03:11:40 -0700 (PDT) MIME-Version: 1.0 References: In-Reply-To: From: PJ Fitzpatrick Date: Fri, 13 Jul 2018 11:11:27 +0100 Message-ID: To: bitcoin-dev@lists.linuxfoundation.org Content-Type: multipart/alternative; boundary="000000000000b8456c0570deb477" X-Spam-Status: No, score=-2.0 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, HTML_MESSAGE, 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, 13 Jul 2018 10:17:43 +0000 Subject: Re: [bitcoin-dev] Transaction Coins 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, 13 Jul 2018 10:11:43 -0000 --000000000000b8456c0570deb477 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable On Fri, Jul 13, 2018 at 1:27 AM Jakub Trnka wrote: > I think building some overlay scarcity and value on top of bitcoin > blockchain would incentivize people to transact a lot. An equilibrium wou= ld > emerge between paying transaction fees and mining new coins. Which would > effectively be equivalent to selling bitcoin and buying some mergemined > altcoin, except this would congest the bitcoin network. You can easily > borrow scarcity from bitcoin in some sidechain. > Yes what you say is correct. Therefore n could be a function of the transaction fees of the block. I think this should be on bitcointalk and I am going to start a discussion there. PJ Fitzpatrick > Jakub Trnka > > > Sent with ProtonMail Secure Email. > > =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90 Original = Message =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90 > On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev < > bitcoin-dev@lists.linuxfoundation.org> wrote: > > I am considering a method to derive digital scarcity from bitcoin > transactions. Coins are created from transactions if their hash is among > the closest n to the non zero portion of the block hash. Only a single co= in > can be created per transaction irrespective of the size of the transactio= n. > Therefore n coins are created per block. > > The initial coin supply and addresses can be fully determined by the > existing blockchain. Additionally coins are scarce as coins can only be > produced by transactions. > > There are a number of variants such as creating computation puzzles from > the previous block. > > Has anyone seen anything similar. > > > PJ Fitzpatrick > > > > --000000000000b8456c0570deb477 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable

On Fri, Ju= l 13, 2018 at 1:27 AM Jakub Trnka <jakub.trnka@chainanalytics.net> wrote:
I think building some overlay scarcity and val= ue on top of bitcoin blockchain would incentivize people to transact a lot.= An equilibrium would emerge between paying transaction fees and mining new= coins. Which would effectively be equivalent to selling bitcoin and buyin= g some mergemined altcoin, except this would congest the bitcoin network. Y= ou can easily borrow scarcity from bitcoin in some sidechain.

Yes =C2=A0what you say is correct. Therefore n= could be a function of the transaction fees of the block. I think this sho= uld be on bitcointalk and I am going to start a discussion there.
PJ Fitzpatrick


Jakub Trnka


Sent with ProtonMail Secure Email.

=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90 Original M= essage =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90
<= /div>
On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev <bit= coin-dev@lists.linuxfoundation.org> wrote:

=
=

I am consi= dering a method to derive digital scarcity from bitcoin transactions. Coins are created from transactions if their hash is among the closest n to the non zero portion of the block hash. Only a single coin can be created per transaction irrespective of the size of the transaction. Therefore n coins are created per block.

The initial coin supply and addresses can be fully determined by the existing blockchain. Additionally coins are scarce as coins can only be produced by transactions.

There are a number of variants such as creating computation puzzles from the previous block.

Has anyone se= en anything similar.

PJ Fitzpatrick



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