Aymeric Vitte [ARCHIVE] on Nostr: 📅 Original date posted:2019-04-02 📝 Original message:Right and everybody knows ...
📅 Original date posted:2019-04-02
📝 Original message:Right and everybody knows that Tether is the most clever sidechain ever
invented far more sophisticated than lightning, which makes me think
that a punishment should be added in the proposal for the cheater
advertising a price < 50 k (or 100) and/or selling before 1-3 years
(tbd) so all his coins go to the Bitcoin Mediator, a new notion here to
sustain the community (I modestly apply for the position)
Le 01/04/2019 à 13:50, Dana L. Coe via bitcoin-dev a écrit :
> I suggest in the spirit of the times that we not use USD as the
> reference, but USDT.
>
> Everyone knows Tethers are much more flexible in tracking the true
> value of the US dollar.
>
> Dana
>
>> On Apr 1, 2019, at 7:22 PM, Melvin Carvalho via bitcoin-dev
>> <bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>> wrote:
>>
>>
>>
>> On Mon, 1 Apr 2019 at 02:32, Luke Dashjr via bitcoin-dev
>> <bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>> 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.
>>
>> 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.mediawiki
>> 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_50k
>>
>> Please review ASAP so we can get these deployed in Bitcoin Core
>> v0.18.
>>
>>
>> This seems a little arbitrary. Ask yourself, "Why the USD?". Yes,
>> it is the dominant currency now, but in 2, 6, 10, 14 years? Who knows.
>>
>> You could make equally an argument to denominate in euros. Or a
>> basket of currencies, or even the Bancor.
>>
>> However the wider question is why even denominate in fiat at all?
>>
>> I suggest denominating the minimum value in satoshsis themselves,
>> which would be a negligable upgrade to the network.
>>
>>
>> Luke
>>
>>
>> <pre>
>> BIP: ?
>> Layer: Applications
>> Title: Signed USD Price Indicator
>> Author: Luke Dashjr <luke+bip at dashjr.org
>> <mailto:luke%2Bbip at dashjr.org>>
>> 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
>> </pre>
>>
>> ==Abstract==
>>
>> This BIP proposes a method to explicitly specify and sign the
>> USD/BTC price
>> for transactions.
>>
>> ==Copyright==
>>
>> This BIP is licensed under the BSD 2-clause license.
>>
>> ==Motivation==
>>
>> 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.
>>
>> This problem can be fixed by setting a global minimum price for
>> bitcoins.
>> Unfortunately, today, the consensus protocol is completely
>> oblivious to the
>> price bitcoins are traded at. Therefore, we must first add a
>> field to Bitcoin
>> transactions to indicate their price.
>>
>> ==Specification==
>>
>> ===New field and legal implication===
>>
>> A new field is added to Bitcoin transactions. This field, if
>> present, must
>> 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 USD
>> valuation.
>>
>> ===Serialisation===
>>
>> When serialising the transaction for any purpose, including
>> signing, weight
>> calculation, and so on, the output count must be incremented by
>> one. Prior 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).
>>
>> ==Backwards compatibility==
>>
>> ===Consensus===
>>
>> 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 ignore
>> 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.
>>
>> ===Wallets===
>>
>> Existing wallets do not typically generate price indicators as
>> specified.
>> Under this BIP, this absence of the field is perfectly acceptable.
>>
>> ==Reference implementation==
>>
>> https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field
>>
>> <pre>
>> BIP: ?
>> Layer: Consensus (soft fork)
>> Title: $50k USD/BTC Minimum Price
>> Author: Luke Dashjr <luke+bip at dashjr.org
>> <mailto:luke%2Bbip at dashjr.org>>
>> 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
>> </pre>
>>
>> ==Abstract==
>>
>> This BIP defines a minimum price of $50k USD/BTC for Bitcoin
>> transactions.
>>
>> ==Copyright==
>>
>> This BIP is licensed under the BSD 2-clause license.
>>
>> ==Motivation==
>>
>> 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.
>>
>> bip-usdprice defines a new field to indicate the price of
>> transactions. Using
>> this, we can softfork to require a minimum transaction price.
>>
>> ==Specification==
>>
>> Beginning with block height 622370 (expected approximately 2020
>> April 1), a
>> block is reject as invalid unless all transactions it contains
>> both declare a
>> USD/BTC price (as defined in bip-usdprice) and specify a price
>> that is at a
>> minimum $50k USD/BTC.
>>
>> ==Backwards compatibility==
>>
>> As a soft fork, older nodes will continue to accept the
>> blockchain without
>> 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.
>>
>> ==Reference implementation==
>>
>> https://github.com/luke-jr/bitcoin/compare/usd_price_tx_field...softfork_50k
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
--
Peersm : http://www.peersm.com
node-Tor : https://www.github.com/Ayms/node-Tor
GitHub : https://www.github.com/Ayms
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📝 Original message:Right and everybody knows that Tether is the most clever sidechain ever
invented far more sophisticated than lightning, which makes me think
that a punishment should be added in the proposal for the cheater
advertising a price < 50 k (or 100) and/or selling before 1-3 years
(tbd) so all his coins go to the Bitcoin Mediator, a new notion here to
sustain the community (I modestly apply for the position)
Le 01/04/2019 à 13:50, Dana L. Coe via bitcoin-dev a écrit :
> I suggest in the spirit of the times that we not use USD as the
> reference, but USDT.
>
> Everyone knows Tethers are much more flexible in tracking the true
> value of the US dollar.
>
> Dana
>
>> On Apr 1, 2019, at 7:22 PM, Melvin Carvalho via bitcoin-dev
>> <bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>> wrote:
>>
>>
>>
>> On Mon, 1 Apr 2019 at 02:32, Luke Dashjr via bitcoin-dev
>> <bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>> 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.
>>
>> 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.mediawiki
>> 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_50k
>>
>> Please review ASAP so we can get these deployed in Bitcoin Core
>> v0.18.
>>
>>
>> This seems a little arbitrary. Ask yourself, "Why the USD?". Yes,
>> it is the dominant currency now, but in 2, 6, 10, 14 years? Who knows.
>>
>> You could make equally an argument to denominate in euros. Or a
>> basket of currencies, or even the Bancor.
>>
>> However the wider question is why even denominate in fiat at all?
>>
>> I suggest denominating the minimum value in satoshsis themselves,
>> which would be a negligable upgrade to the network.
>>
>>
>> Luke
>>
>>
>> <pre>
>> BIP: ?
>> Layer: Applications
>> Title: Signed USD Price Indicator
>> Author: Luke Dashjr <luke+bip at dashjr.org
>> <mailto:luke%2Bbip at dashjr.org>>
>> 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
>> </pre>
>>
>> ==Abstract==
>>
>> This BIP proposes a method to explicitly specify and sign the
>> USD/BTC price
>> for transactions.
>>
>> ==Copyright==
>>
>> This BIP is licensed under the BSD 2-clause license.
>>
>> ==Motivation==
>>
>> 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.
>>
>> This problem can be fixed by setting a global minimum price for
>> bitcoins.
>> Unfortunately, today, the consensus protocol is completely
>> oblivious to the
>> price bitcoins are traded at. Therefore, we must first add a
>> field to Bitcoin
>> transactions to indicate their price.
>>
>> ==Specification==
>>
>> ===New field and legal implication===
>>
>> A new field is added to Bitcoin transactions. This field, if
>> present, must
>> 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 USD
>> valuation.
>>
>> ===Serialisation===
>>
>> When serialising the transaction for any purpose, including
>> signing, weight
>> calculation, and so on, the output count must be incremented by
>> one. Prior 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).
>>
>> ==Backwards compatibility==
>>
>> ===Consensus===
>>
>> 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 ignore
>> 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.
>>
>> ===Wallets===
>>
>> Existing wallets do not typically generate price indicators as
>> specified.
>> Under this BIP, this absence of the field is perfectly acceptable.
>>
>> ==Reference implementation==
>>
>> https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field
>>
>> <pre>
>> BIP: ?
>> Layer: Consensus (soft fork)
>> Title: $50k USD/BTC Minimum Price
>> Author: Luke Dashjr <luke+bip at dashjr.org
>> <mailto:luke%2Bbip at dashjr.org>>
>> 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
>> </pre>
>>
>> ==Abstract==
>>
>> This BIP defines a minimum price of $50k USD/BTC for Bitcoin
>> transactions.
>>
>> ==Copyright==
>>
>> This BIP is licensed under the BSD 2-clause license.
>>
>> ==Motivation==
>>
>> 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.
>>
>> bip-usdprice defines a new field to indicate the price of
>> transactions. Using
>> this, we can softfork to require a minimum transaction price.
>>
>> ==Specification==
>>
>> Beginning with block height 622370 (expected approximately 2020
>> April 1), a
>> block is reject as invalid unless all transactions it contains
>> both declare a
>> USD/BTC price (as defined in bip-usdprice) and specify a price
>> that is at a
>> minimum $50k USD/BTC.
>>
>> ==Backwards compatibility==
>>
>> As a soft fork, older nodes will continue to accept the
>> blockchain without
>> 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.
>>
>> ==Reference implementation==
>>
>> https://github.com/luke-jr/bitcoin/compare/usd_price_tx_field...softfork_50k
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev at lists.linuxfoundation.org
>> <mailto:bitcoin-dev at lists.linuxfoundation.org>
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
--
Peersm : http://www.peersm.com
node-Tor : https://www.github.com/Ayms/node-Tor
GitHub : https://www.github.com/Ayms
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