Re: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/BTC

From: LORD HIS EXCELLENCY JAMES HRMH <willtech@live.com.au>
To: Peter Todd <pete@petertodd.org>,
	Satoshin <satoshin@mybitcoincenter.com>,
	 Bitcoin Protocol Discussion
	<bitcoin-dev@lists.linuxfoundation.org>,
	"Bitcoin Protocol Discussion"
	<bitcoin-dev@lists.linuxfoundation.org>,
	Luke Dashjr <luke@dashjr.org>
Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k	USD/BTC
Date: Mon, 1 Apr 2019 08:55:00 +0000	[thread overview]
Message-ID: <PS2P216MB01799D11B4BC9CDB376302959D550@PS2P216MB0179.KORP216.PROD.OUTLOOK.COM> (raw)
In-Reply-To: <5D9DDB14-9E0F-419B-A069-25448F1FA473@mybitcoincenter.com>

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It is April 1st. Nonetheless, I am agreed that the first part to track the exchange rate in USD (why not use Gold $/oz?) has merit if properly implemented. Voluntary data is notoriously difficult to enforce for accuracy.

Regards,
________________________________
From: bitcoin-dev-bounces@lists.linuxfoundation.org <bitcoin-dev-bounces@lists.linuxfoundation.org> on behalf of Satoshin via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org>
Sent: Monday, 1 April 2019 2:07 PM
To: Peter Todd; Bitcoin Protocol Discussion
Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/BTC

Hi Everyone,
     First portion of your First BIP is excellent- with this field the protocol can actually attain HFT- by  pinning of value at time of trade for later unblock scaling as a mark to market tool which is used in HFT.

The Second BIP of a minimum price would never allow Bitcoin to pass the SEC test of a viable asset. - I hope that portion was actually a Joke since it makes no sense economically.
If one has ever seen a stock drop 90% in one day then you would understand the volatile nature of future valuation.

Prices have to be able to go higher and lower based on market demand and not tethering to perceived norms. If the US dollar was crashed and it went down to Venezuelan currency levels [hypothetically then where would your 50k limit lead the currency} Never say never-

Best Regards
XX

> On Mar 31, 2019, at 9:11 PM, Peter Todd via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrote:
>
> On Mon, Apr 01, 2019 at 12:30:34AM +0000, Luke Dashjr via bitcoin-dev wrote:
>> 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.
>
> I believe I've found a serious vulnerability in your proposal: there's no limit
> on the maximum supply of USD.
>
> --
> https://petertodd.org 'peter'[:-1]@petertodd.org
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev

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