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

From: Aymeric Vitte <[email-masked]>
Date: Tue, 2 Apr 2019 18:48:55 +0200

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 
>> <[email-masked] 
>> <mailto:[email-masked]>> wrote:
>>
>>
>>
>> On Mon, 1 Apr 2019 at 02:32, Luke Dashjr via bitcoin-dev 
>> <[email-masked] 
>> <mailto:[email-masked]>> 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 <[email-masked]
>>     <mailto:[email-masked]>>
>>       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 <[email-masked]
>>     <mailto:[email-masked]>>
>>       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
>>     _______________________________________________
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