From: Tamas Blummer <tamas.blummer@gmail•com>
To: Nathan Cook <nathan.cook@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 21:18:06 +0200 [thread overview]
Message-ID: <C6788578-80D4-44E7-8CF7-82AD15E3F12C@gmail.com> (raw)
In-Reply-To: <CAGNXQMTLjkC+i7YcVyWC0Z0ixTkwhYR2qF4R0qeMNTT4ntj9oQ@mail.gmail.com>
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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 <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 <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 <mailto: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 <mailto:bitcoin-dev@lists•linuxfoundation.org>
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>
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next prev parent reply other threads:[~2019-05-23 19:18 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 [this message]
2019-05-23 19:21 ` Nathan Cook
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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