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From: Nathan Cook <nathan.cook@gmail.com>
To: Tamas Blummer <tamas.blummer@gmail.com>
Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] OP_DIFFICULTY to enable difficulty hedges (bets) without an oracle and 3rd party.
Date: Thu, 23 May 2019 22:21:39 +0300	[thread overview]
Message-ID: <CAGNXQMQG4KwAohfENYuUW=uABGshbJMYmdb_71ZtByCuj=14bQ@mail.gmail.com> (raw)
In-Reply-To: <C6788578-80D4-44E7-8CF7-82AD15E3F12C@gmail.com>

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It's true that it fetches the block hash; the idea is to compare the block
hash's numeric value to the desired (uncompressed) difficulty directly,
using a 256-bit version of OP_LESSTHAN.

Nathan Cook


On Thu, 23 May 2019 at 22:18, Tamas Blummer <tamas.blummer@gmail.com> wrote:

> That opcode would not help as it fetches block hash and not the content of
> the header.
>
> On May 23, 2019, at 21:05, Nathan Cook <nathan.cook@gmail.com> wrote:
>
> You can get the same effect with OP_CHECKBLOCKATHEIGHT as proposed by Luke
> Dashjr (https://github.com/luke-jr/bips/blob/bip-cbah/bip-cbah.mediawiki)
> if you also re-enable/extend certain opcodes like OP_AND and OP_LESSTHAN.
> See
> https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2016-September/013149.html and
> the ensuing thread.
>
> Nathan Cook
>
>
> On Thu, 23 May 2019 at 21:33, Tamas Blummer via bitcoin-dev <
> bitcoin-dev@lists.linuxfoundation.org> wrote:
>
>> Difficulty change has profound impact on miner’s 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.
>>
>> I think we could do much better than them natively within Bitcoin.
>>
>> 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.
>> The output script may then decide comparing that value with a strike
>> which key can spend it.
>> The input of the transaction would be a multi-sig escrow of those who
>> entered the bet.
>> The winner would broadcast.
>>
>> Once signed by both the transaction would not carry any counterparty risk
>> and would not need an oracle to settle according to the bet.
>>
>> 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’s aim not to introduce 3rd party to do so.
>>
>> Do you see a fault in this proposal or want to contribute?
>>
>> Tamas Blummer
>>
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev@lists.linuxfoundation.org
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>
>

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  reply	other threads:[~2019-05-23 19:22 UTC|newest]

Thread overview: 27+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2019-05-20 20:58 [bitcoin-dev] Congestion Control via OP_CHECKOUTPUTSHASHVERIFY proposal Jeremy
2019-05-21 19:41 ` Matt Corallo
2019-05-22  1:47   ` Jeremy
2019-05-22  2:51 ` ZmnSCPxj
2019-05-22  5:11   ` Jeremy
2019-05-22  6:04     ` ZmnSCPxj
2019-05-22  8:10       ` Jeremy
2019-05-23  3:45         ` ZmnSCPxj
2019-05-24 21:15           ` Jeremy
2019-05-25  3:56             ` ZmnSCPxj
2019-05-22 20:49       ` Anthony Towns
2019-05-23 17:42 ` [bitcoin-dev] OP_DIFFICULTY to enable difficulty hedges (bets) without an oracle and 3rd party Tamas Blummer
2019-05-23 19:03   ` Jorge Timón
2019-05-23 19:10     ` Tamas Blummer
2019-05-23 19:05   ` Nathan Cook
2019-05-23 19:18     ` Tamas Blummer
2019-05-23 19:21       ` Nathan Cook [this message]
2019-05-23 19:45         ` Tamas Blummer
2019-05-23 19:54           ` Tamas Blummer
2019-05-23 20:07             ` Nathan Cook
2019-05-23 19:45   ` Pieter Wuille
2019-05-23 20:26     ` Tamas Blummer
2019-05-24  8:36     ` Natanael
2019-05-24 16:23       ` Tamas Blummer
2019-05-24  8:15   ` Johnson Lau
2019-05-24 19:12 ` [bitcoin-dev] Congestion Control via OP_CHECKOUTPUTSHASHVERIFY proposal Johnson Lau
2019-05-24 20:36   ` Jeremy

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