From: Tamas Blummer <tamas.blummer@gmail•com>
To: ZmnSCPxj <ZmnSCPxj@protonmail•com>
Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Generalized covenants with taproot enable riskless or risky lending, prevent credit inflation through fractional reserve
Date: Tue, 2 Jul 2019 12:14:32 +0200 [thread overview]
Message-ID: <E8AD027D-292D-4BB1-BFBC-707F606F46DC@gmail.com> (raw)
In-Reply-To: <38FAD812-A764-49F5-BA80-ED10685A1714@gmail.com>
[-- Attachment #1: Type: text/plain, Size: 2157 bytes --]
Hello ZmnSCPxj,
To be more precise, the value of the UTXO is severaly damaged that it is governed by rules of a de-facto side chain with different rules.
Therefore its value to those renting it from the advertizer is just that of the advertizement, which is not neccesarily following the opportunity cost.
The covenant supported temporary access is transitive, therefore anyone who is in temporary control of an UTXO can recover its cost by sub-renting.
The opportunity (riskless) interest provides a baseline of value on top of which you may have utility that is the advertizement.
Regards,
Tamas Blummer
> On Jul 2, 2019, at 11:30, Tamas Blummer <tamas.blummer@gmail•com> wrote:
>
> Hello ZmnSCPxj,
>
>> On Jul 2, 2019, at 10:12, ZmnSCPxj <ZmnSCPxj@protonmail•com> wrote:
>>
>> As a counterargument, I observe that committing to the advertisement on the UTXO is similar to committing to a SCRIPT on a UTXO.
>> And I observe the Graftroot idea, wherein we commit to a public key on the UTXO, and admit a SCRIPT that is signed by the public key as a SCRIPT that unlocks the UTXO for spending.
>>
>> By analogy, in my "advertising" scheme, instead of committing the advertisement on the UTXO, I can instead commit a public key (for example, the hash of the "advertiser pubkey" is used to tweak the onchain public key).
>> Then we use this advertiser pubkey to admit advertisements on the advertising network.
>>
>> This advertiser pubkey is used to sign an "advertisement chain", which is a merklized singly-linked list whose contents are the actual advertisements, each node being signed using the advertiser pubkey.
>> To ensure that the advertiser does not sign multiple versions of this chain, we can have the signing nonce be derived from the height of the advertchain, such that signing the same height multiple times leads to private key revelation.
>
> The advertiser would thereby put the funds of the HODLer on risk of his misbehavior, which means the HODLer would have to trust the advertizing service.
> This is not the trustless separation the covenant achives.
>
> Regards,
>
> Tamas Blummer
>
[-- Attachment #2: Message signed with OpenPGP --]
[-- Type: application/pgp-signature, Size: 488 bytes --]
next prev parent reply other threads:[~2019-07-02 10:14 UTC|newest]
Thread overview: 44+ messages / expand[flat|nested] mbox.gz Atom feed top
2019-06-28 8:27 Tamas Blummer
2019-06-28 17:25 ` Eric Voskuil
2019-06-28 19:21 ` Tamas Blummer
2019-06-29 21:21 ` Eric Voskuil
2019-06-30 10:56 ` Tamas Blummer
2019-06-30 17:41 ` Eric Voskuil
2019-06-30 18:35 ` Tamas Blummer
2019-06-30 18:54 ` Eric Voskuil
2019-06-30 19:55 ` Tamas Blummer
2019-06-30 20:13 ` Eric Voskuil
2019-06-30 20:26 ` Tamas Blummer
2019-07-01 18:52 ` Eric Voskuil
2019-07-02 3:45 ` ZmnSCPxj
2019-07-02 6:38 ` Tamas Blummer
2019-07-02 8:12 ` ZmnSCPxj
2019-07-02 9:30 ` Tamas Blummer
2019-07-02 9:47 ` Tamas Blummer
2019-07-02 10:14 ` Tamas Blummer [this message]
2019-07-02 10:33 ` ZmnSCPxj
2019-07-02 12:51 ` Tamas Blummer
2019-07-02 5:08 ` Tamas Blummer
2019-07-03 22:30 ` Eric Voskuil
2019-07-04 4:57 ` ZmnSCPxj
2019-07-04 16:43 ` Eric Voskuil
2019-07-04 17:10 ` Tamas Blummer
2019-07-04 18:31 ` Eric Voskuil
2019-07-04 19:31 ` Eric Voskuil
2019-07-05 4:05 ` ZmnSCPxj
2019-07-05 19:27 ` Eric Voskuil
2019-07-05 23:16 ` ZmnSCPxj
2019-07-05 23:44 ` Eric Voskuil
2019-07-06 0:17 ` ZmnSCPxj
2019-07-06 1:28 ` Eric Voskuil
2019-07-06 1:46 ` Eric Voskuil
2019-07-06 13:34 ` Tamas Blummer
2019-07-06 22:21 ` Eric Voskuil
2019-07-07 1:30 ` Eric Voskuil
2019-07-07 9:18 ` Tamas Blummer
2019-07-09 10:31 ` ZmnSCPxj
2019-07-09 20:32 ` Tamas Blummer
2019-07-06 10:12 ` Tamas Blummer
2019-07-06 22:37 ` Eric Voskuil
2019-07-05 23:20 ` Eric Voskuil
2019-06-29 18:21 ` David A. Harding
Reply instructions:
You may reply publicly to this message via plain-text email
using any one of the following methods:
* Save the following mbox file, import it into your mail client,
and reply-to-all from there: mbox
Avoid top-posting and favor interleaved quoting:
https://en.wikipedia.org/wiki/Posting_style#Interleaved_style
* Reply using the --to, --cc, and --in-reply-to
switches of git-send-email(1):
git send-email \
--in-reply-to=E8AD027D-292D-4BB1-BFBC-707F606F46DC@gmail.com \
--to=tamas.blummer@gmail$(echo .)com \
--cc=ZmnSCPxj@protonmail$(echo .)com \
--cc=bitcoin-dev@lists$(echo .)linuxfoundation.org \
/path/to/YOUR_REPLY
https://kernel.org/pub/software/scm/git/docs/git-send-email.html
Be sure your reply has a Subject: header at the top and a blank line
before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox