Subject: [bitcoindev] Re: Introducing Hourglass

From: Hunter Beast <[email-masked]>
Date: Sat, 3 May 2025 23:00:11 -0700 (PDT)

Trading volume is a good perspective to view this through, actually. If an 
attacker decides to consolidate immediately, they could do so within just a 
couple hours and suppress the Bitcoin price for a long time.

> 1.7 million Bitcoin represents possibly about 1 week of global trading 
volumes. Even assuming it is 1-2 months of trading volumes, the market can 
absorb.

Hourglass spreads that 1 week of trading volume over a minimum of 8 months, 
possibly more.

> Trying to manage the Bitcoin price via spending restrictions is a 
terrible idea.

While I generally agree with this sentence, I think P2PK coins are an 
exceptional case.

> In any case, the Bitcoin price routinely drops by upwards of 85%. It is 
not a security concern. Price volatility is not a security.

Price volatility absolutely impacts security, and this would be an 
unprecedented event. We also haven't seen an 85% price drop in a long time.

On Saturday, May 3, 2025 at 5:55:28 AM UTC-6 Francis Pouliot wrote:

>
> Concept NACK.
>
> 1.7 million Bitcoin represents possibly about 1 week of global trading 
> volumes. Even assuming it is 1-2 months of trading volumes, the market can 
> absorb.
>
> Trying to manage the Bitcoin price via spending restrictions is a terrible 
> idea.
>
> In any case, the Bitcoin price routinely drops by upwards of 85%. It is 
> not a security concern. Price volatility is not a security. 
> On Tuesday, April 29, 2025 at 5:08:16 PM UTC-6 Hunter Beast wrote:
>
>> This is a proposal to mitigate against potential mass liquidation of P2PK 
>> funds. The specification is pretty simple, but the motivation and 
>> justification for it is a bit longer.
>>
>> https://github.com/cryptoquick/bips/blob/hourglass/bip-hourglass.mediawiki
>>
>> Feedback welcome!
>>
>

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