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 7754F18BD for ; Mon, 1 Apr 2019 01:04:23 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-it1-f178.google.com (mail-it1-f178.google.com [209.85.166.178]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id B1200712 for ; Mon, 1 Apr 2019 01:04:22 +0000 (UTC) Received: by mail-it1-f178.google.com with SMTP id n78so1737414itb.4 for ; Sun, 31 Mar 2019 18:04:22 -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 :content-transfer-encoding; bh=OHxjAHdJ+oP0RQVQesM1ArGUMBHvIsoumQUcZG7k6MI=; b=oNJaU/R6AYWCEtioOQycDhH3U9kwCE7Ns6pi+v48BujYGRpgdGeCc0/thUXb5VIHzN NRgMisrMjxXdvnKL8pt0eRexVXE6ItJYIn5nir8o0icw4PrTjI53/slCLiRrdkUPzJUO b2rgkz6YUBvHhXKcTS6wloRlOJkuV6TRJVc5sNi9F52Z7KjnVXjw4KRG/49jsbq+SwUQ p3mgLa2BVF0soJZ5u/xG5hYAY9DAEmsa3fcJkyhis0OLY+vWx6rNyrXURqSv+c00TL+E x/5cKRUEEmpiprsSMv2zPja+hISUVKaolUGdV7tYkd6Nnmoci1lCDAdb2At06i/CBWnl VnLw== 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:content-transfer-encoding; bh=OHxjAHdJ+oP0RQVQesM1ArGUMBHvIsoumQUcZG7k6MI=; b=itEo6JyZUhAPJPmRt6UZlxrz2htxBOwjFdMbPcR6Puv02cayEqMUu9B1clRZstskzq hfkAwcapyiPvy2Qo+0aDRSL8HGr39zQvJtcW4EGNoEQgsTdlub8ck1kylKmKDR/IOGVz 6zao9mdBdVTqNmvy+GgOwvpxEJ7D4KwmnS8SXgAXZ7GuAnfXKw5LFORC5UepMUSSGrh4 tOuwHU8vtTNxRjGJbh0kkffZ4F/X1LHH1bOkq2gzthffJwuTjzNKrGxS/j9T9hc22bH8 btMauj/O2ToGlRrYaeXwBMIHjGfGsmdFPFfwKXm6AaSGiH2oTv+mToVGFZtMqGmXjzRM DjVQ== X-Gm-Message-State: APjAAAUJwYJYO/YbevU4p2srs8n2F7OVRSmQ+p+9asP34VbzBiBJnuU2 vW9Mx0tO4ikEhA/LExXzFL0J84Rk8niNR1T78tBLyw== X-Google-Smtp-Source: APXvYqy7/W6GqMPsbUrP6Lse7Xcen0Nty8fWRVn1QpCRXRsCd/gKs8VO87aTVrawDBi9vNGatt1gKsjrbrM9246DJ1E= X-Received: by 2002:a24:280e:: with SMTP id h14mr12661012ith.80.1554080661353; Sun, 31 Mar 2019 18:04:21 -0700 (PDT) MIME-Version: 1.0 References: <201904010030.34825.luke@dashjr.org> In-Reply-To: <201904010030.34825.luke@dashjr.org> From: Ricardo Filipe Date: Mon, 1 Apr 2019 02:04:10 +0100 Message-ID: To: Bitcoin Protocol Discussion Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable 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: Mon, 01 Apr 2019 02:47:30 +0000 Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/BTC 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: Mon, 01 Apr 2019 01:04:23 -0000 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 escreveu no dia segunda, 1/04/2019 =C3=A0(s) 01:33: > > Certain parts of the community have been selling bitcoins for unreasonabl= y > low prices. This has halted Bitcoin's valuation at $20k and even driven t= he > 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.mediawik= i > 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_5= 0k > > Please review ASAP so we can get these deployed in Bitcoin Core v0.18. > > Luke > > > 
>   BIP: ?
>   Layer: Applications
>   Title: Signed USD Price Indicator
>   Author: Luke Dashjr 
>   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
>
> > =3D=3DAbstract=3D=3D > > This BIP proposes a method to explicitly specify and sign the USD/BTC pri= ce > 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 unreasonabl= y low > prices. This has halted Bitcoin's valuation at $20k and even driven the p= rice > down below $15k! However, clearly Bitcoin is worth much more than that, a= nd > there is widespread support for higher prices. > > This problem can be fixed by setting a global minimum price for bitcoins. > Unfortunately, today, the consensus protocol is completely oblivious to t= he > price bitcoins are traded at. Therefore, we must first add a field to Bit= coin > 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, mus= t > 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 currency = other > than USD, any reasonable exchange rate may be used to come up with the US= D > valuation. > > =3D=3D=3DSerialisation=3D=3D=3D > > When serialising the transaction for any purpose, including signing, weig= ht > calculation, and so on, the output count must be incremented by one. Prio= r 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 data > * Constant: 6a 04 55 53 44 24 > * A single byte, the size in bytes of the remainder of the inserted data > * 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 ignor= e > this dummy output, and the leading OP_RETURN in the scriptPubKey ensures = 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 specified. > 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 > > 
>   BIP: ?
>   Layer: Consensus (soft fork)
>   Title: $50k USD/BTC Minimum Price
>   Author: Luke Dashjr 
>   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
>
> > =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 unreasonabl= y low > prices. This has halted Bitcoin's valuation at $20k and even driven the p= rice > down below $15k! However, clearly Bitcoin is worth much more than that, a= nd > there is widespread support for higher prices. > > bip-usdprice defines a new field to indicate the price of transactions. U= sing > 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 decla= re 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 withou= t > modification. Non-upgraded nodes, however, will not validate the minimum > price requirement, and may accept invalid blocks if miners choose to make > 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