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From: Dave Scotese <dscotese@litmocracy.com>
Date: Sun, 31 Mar 2019 20:04:18 -0700
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To: Ricardo Filipe <ricardojdfilipe@gmail.com>, 
	Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k
	USD/BTC
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I think EXACTLY ONE YEAR is the perfect time.  Well, a year and a day for
me because I'm on the wrong side of the date line, apparently.

On Sun, Mar 31, 2019 at 6:04 PM Ricardo Filipe via bitcoin-dev <
bitcoin-dev@lists.linuxfoundation.org> wrote:

> one year seems too long. i think with the BIP-148 experience you have
> we could easily get there in 6 months at most.
>
> Luke Dashjr via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org>
> escreveu no dia segunda, 1/04/2019 =C3=A0(s) 01:33:
> >
> > 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.
> >
> > Luke
> >
> >
> > <pre>
> >   BIP: ?
> >   Layer: Applications
> >   Title: Signed USD Price Indicator
> >   Author: Luke Dashjr <luke+bip@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>
> >
> > =3D=3DAbstract=3D=3D
> >
> > This BIP proposes a method to explicitly specify and sign the USD/BTC
> price
> > for transactions.
> >
> > =3D=3DCopyright=3D=3D
> >
> > This BIP is licensed under the BSD 2-clause license.
> >
> > =3D=3DMotivation=3D=3D
> >
> > 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 bitcoin=
s.
> > 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.
> >
> > =3D=3DSpecification=3D=3D
> >
> > =3D=3D=3DNew field and legal implication=3D=3D=3D
> >
> > 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 currenc=
y
> other
> > than USD, any reasonable exchange rate may be used to come up with the
> USD
> > valuation.
> >
> > =3D=3D=3DSerialisation=3D=3D=3D
> >
> > 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 dat=
a
> > * Constant: 6a 04 55 53 44 24
> > * A single byte, the size in bytes of the remainder of the inserted dat=
a
> > * 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).
> >
> > =3D=3DBackwards compatibility=3D=3D
> >
> > =3D=3D=3DConsensus=3D=3D=3D
> >
> > 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 ensure=
s
> it
> > is never considered spendable.
> >
> > Therefore, current nodes will ignore the new field entirely, and accept
> > transactions using it.
> >
> > =3D=3D=3DWallets=3D=3D=3D
> >
> > Existing wallets do not typically generate price indicators as specifie=
d.
> > Under this BIP, this absence of the field is perfectly acceptable.
> >
> > =3D=3DReference implementation=3D=3D
> >
> >
> 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@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>
> >
> > =3D=3DAbstract=3D=3D
> >
> > This BIP defines a minimum price of $50k USD/BTC for Bitcoin
> transactions.
> >
> > =3D=3DCopyright=3D=3D
> >
> > This BIP is licensed under the BSD 2-clause license.
> >
> > =3D=3DMotivation=3D=3D
> >
> > 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.
> >
> > =3D=3DSpecification=3D=3D
> >
> > 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.
> >
> > =3D=3DBackwards compatibility=3D=3D
> >
> > As a soft fork, older nodes will continue to accept the blockchain
> without
> > modification. Non-upgraded nodes, however, will not validate the minimu=
m
> > price requirement, and may accept invalid blocks if miners choose to ma=
ke
> > 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.
> >
> > =3D=3DReference implementation=3D=3D
> >
> >
> https://github.com/luke-jr/bitcoin/compare/usd_price_tx_field...softfork_=
50k
> > _______________________________________________
> > bitcoin-dev mailing list
> > bitcoin-dev@lists.linuxfoundation.org
> > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>


--=20
I like to provide some work at no charge to prove my value. Do you need a
techie?
I own Litmocracy <http://www.litmocracy.com> and Meme Racing
<http://www.memeracing.net> (in alpha).
I'm the webmaster for The Voluntaryist <http://www.voluntaryist.com> which
now accepts Bitcoin.
I also code for The Dollar Vigilante <http://dollarvigilante.com/>.
"He ought to find it more profitable to play by the rules" - Satoshi
Nakamoto

--000000000000a4750f05856f4762
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable

<div dir=3D"ltr">I think EXACTLY ONE YEAR is the perfect time.=C2=A0 Well, =
a year and a day for me because I&#39;m on the wrong side of the date line,=
 apparently.<br></div><br><div class=3D"gmail_quote"><div dir=3D"ltr" class=
=3D"gmail_attr">On Sun, Mar 31, 2019 at 6:04 PM Ricardo Filipe via bitcoin-=
dev &lt;<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoin-de=
v@lists.linuxfoundation.org</a>&gt; wrote:<br></div><blockquote class=3D"gm=
ail_quote" style=3D"margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,=
204,204);padding-left:1ex">one year seems too long. i think with the BIP-14=
8 experience you have<br>
we could easily get there in 6 months at most.<br>
<br>
Luke Dashjr via bitcoin-dev &lt;<a href=3D"mailto:bitcoin-dev@lists.linuxfo=
undation.org" target=3D"_blank">bitcoin-dev@lists.linuxfoundation.org</a>&g=
t;<br>
escreveu no dia segunda, 1/04/2019 =C3=A0(s) 01:33:<br>
&gt;<br>
&gt; Certain parts of the community have been selling bitcoins for unreason=
ably<br>
&gt; low prices. This has halted Bitcoin&#39;s valuation at $20k and even d=
riven the<br>
&gt; price down below $15k! However, clearly Bitcoin is worth much more tha=
n<br>
&gt; that, and there is widespread support for higher prices.<br>
&gt;<br>
&gt; In light of this, I have written and implemented two BIPs: one to add =
a<br>
&gt; signed price field to Bitcoin transactions, and the other to softfork =
a<br>
&gt; minimum price of $50k USD/BTC a year from today.<br>
&gt;<br>
&gt; The BIPs are here, as well as included at the bottom of this email for=
<br>
&gt; convenience:<br>
&gt;=C2=A0 =C2=A0<a href=3D"https://github.com/luke-jr/bips/blob/softfork_5=
0k/bip-usdprice.mediawiki" rel=3D"noreferrer" target=3D"_blank">https://git=
hub.com/luke-jr/bips/blob/softfork_50k/bip-usdprice.mediawiki</a><br>
&gt; <a href=3D"https://github.com/luke-jr/bips/blob/softfork_50k/bip-softf=
ork-50k-price.mediawiki" rel=3D"noreferrer" target=3D"_blank">https://githu=
b.com/luke-jr/bips/blob/softfork_50k/bip-softfork-50k-price.mediawiki</a><b=
r>
&gt;<br>
&gt; A reference implementation is here:<br>
&gt;=C2=A0 =C2=A0<a href=3D"https://github.com/bitcoin/bitcoin/compare/v0.1=
7.1...luke-jr:softfork_50k" rel=3D"noreferrer" target=3D"_blank">https://gi=
thub.com/bitcoin/bitcoin/compare/v0.17.1...luke-jr:softfork_50k</a><br>
&gt;<br>
&gt; Please review ASAP so we can get these deployed in Bitcoin Core v0.18.=
<br>
&gt;<br>
&gt; Luke<br>
&gt;<br>
&gt;<br>
&gt; &lt;pre&gt;<br>
&gt;=C2=A0 =C2=A0BIP: ?<br>
&gt;=C2=A0 =C2=A0Layer: Applications<br>
&gt;=C2=A0 =C2=A0Title: Signed USD Price Indicator<br>
&gt;=C2=A0 =C2=A0Author: Luke Dashjr &lt;<a href=3D"mailto:luke%2Bbip@dashj=
r.org" target=3D"_blank">luke+bip@dashjr.org</a>&gt;<br>
&gt;=C2=A0 =C2=A0Comments-Summary: No comments yet.<br>
&gt;=C2=A0 =C2=A0Comments-URI: <a href=3D"https://github.com/bitcoin/bips/w=
iki/Comments:BIP-??" rel=3D"noreferrer" target=3D"_blank">https://github.co=
m/bitcoin/bips/wiki/Comments:BIP-??</a>??<br>
&gt;=C2=A0 =C2=A0Status: Draft<br>
&gt;=C2=A0 =C2=A0Type: Standards Track<br>
&gt;=C2=A0 =C2=A0Created: 2019-04-01<br>
&gt;=C2=A0 =C2=A0License: BSD-2-Clause<br>
&gt; &lt;/pre&gt;<br>
&gt;<br>
&gt; =3D=3DAbstract=3D=3D<br>
&gt;<br>
&gt; This BIP proposes a method to explicitly specify and sign the USD/BTC =
price<br>
&gt; for transactions.<br>
&gt;<br>
&gt; =3D=3DCopyright=3D=3D<br>
&gt;<br>
&gt; This BIP is licensed under the BSD 2-clause license.<br>
&gt;<br>
&gt; =3D=3DMotivation=3D=3D<br>
&gt;<br>
&gt; Certain parts of the community have been selling bitcoins for unreason=
ably low<br>
&gt; prices. This has halted Bitcoin&#39;s valuation at $20k and even drive=
n the price<br>
&gt; down below $15k! However, clearly Bitcoin is worth much more than that=
, and<br>
&gt; there is widespread support for higher prices.<br>
&gt;<br>
&gt; This problem can be fixed by setting a global minimum price for bitcoi=
ns.<br>
&gt; Unfortunately, today, the consensus protocol is completely oblivious t=
o the<br>
&gt; price bitcoins are traded at. Therefore, we must first add a field to =
Bitcoin<br>
&gt; transactions to indicate their price.<br>
&gt;<br>
&gt; =3D=3DSpecification=3D=3D<br>
&gt;<br>
&gt; =3D=3D=3DNew field and legal implication=3D=3D=3D<br>
&gt;<br>
&gt; A new field is added to Bitcoin transactions. This field, if present, =
must<br>
&gt; represent the honest and true USD/BTC rate used for the transaction. B=
y<br>
&gt; signing the transaction, the sender legally affirms this is the valuat=
ion of<br>
&gt; bitcoins used for the transaction.<br>
&gt;<br>
&gt; For the avoidance of doubt: when the transaction is valued in a curren=
cy other<br>
&gt; than USD, any reasonable exchange rate may be used to come up with the=
 USD<br>
&gt; valuation.<br>
&gt;<br>
&gt; =3D=3D=3DSerialisation=3D=3D=3D<br>
&gt;<br>
&gt; When serialising the transaction for any purpose, including signing, w=
eight<br>
&gt; calculation, and so on, the output count must be incremented by one. P=
rior to<br>
&gt; the first real output, the following bytes must be inserted:<br>
&gt;<br>
&gt; * Constant: 00 00 00 00 00 00 00 00<br>
&gt; * A single byte, the size in bytes of the remainder of the inserted da=
ta<br>
&gt; * Constant: 6a 04 55 53 44 24<br>
&gt; * A single byte, the size in bytes of the remainder of the inserted da=
ta<br>
&gt; * The USD/BTC rate used for the transaction, in standard signed intege=
r<br>
&gt; serialisation, with all leading zeros removed (except as necessary to<=
br>
&gt; preserve the sign bit).<br>
&gt;<br>
&gt; =3D=3DBackwards compatibility=3D=3D<br>
&gt;<br>
&gt; =3D=3D=3DConsensus=3D=3D=3D<br>
&gt;<br>
&gt; The new price field is serialised as a dummy output, with a value of z=
ero, and<br>
&gt; a scriptPubKey that begins with OP_RETURN (6a). Existing nodes will ig=
nore<br>
&gt; this dummy output, and the leading OP_RETURN in the scriptPubKey ensur=
es it<br>
&gt; is never considered spendable.<br>
&gt;<br>
&gt; Therefore, current nodes will ignore the new field entirely, and accep=
t<br>
&gt; transactions using it.<br>
&gt;<br>
&gt; =3D=3D=3DWallets=3D=3D=3D<br>
&gt;<br>
&gt; Existing wallets do not typically generate price indicators as specifi=
ed.<br>
&gt; Under this BIP, this absence of the field is perfectly acceptable.<br>
&gt;<br>
&gt; =3D=3DReference implementation=3D=3D<br>
&gt;<br>
&gt; <a href=3D"https://github.com/bitcoin/bitcoin/compare/v0.17.1...luke-j=
r:usd_price_tx_field" rel=3D"noreferrer" target=3D"_blank">https://github.c=
om/bitcoin/bitcoin/compare/v0.17.1...luke-jr:usd_price_tx_field</a><br>
&gt;<br>
&gt; &lt;pre&gt;<br>
&gt;=C2=A0 =C2=A0BIP: ?<br>
&gt;=C2=A0 =C2=A0Layer: Consensus (soft fork)<br>
&gt;=C2=A0 =C2=A0Title: $50k USD/BTC Minimum Price<br>
&gt;=C2=A0 =C2=A0Author: Luke Dashjr &lt;<a href=3D"mailto:luke%2Bbip@dashj=
r.org" target=3D"_blank">luke+bip@dashjr.org</a>&gt;<br>
&gt;=C2=A0 =C2=A0Comments-Summary: No comments yet.<br>
&gt;=C2=A0 =C2=A0Comments-URI: <a href=3D"https://github.com/bitcoin/bips/w=
iki/Comments:BIP-??" rel=3D"noreferrer" target=3D"_blank">https://github.co=
m/bitcoin/bips/wiki/Comments:BIP-??</a>??<br>
&gt;=C2=A0 =C2=A0Status: Draft<br>
&gt;=C2=A0 =C2=A0Type: Standards Track<br>
&gt;=C2=A0 =C2=A0Created: 2019-04-01<br>
&gt;=C2=A0 =C2=A0License: BSD-2-Clause<br>
&gt;=C2=A0 =C2=A0Requires: usdprice<br>
&gt; &lt;/pre&gt;<br>
&gt;<br>
&gt; =3D=3DAbstract=3D=3D<br>
&gt;<br>
&gt; This BIP defines a minimum price of $50k USD/BTC for Bitcoin transacti=
ons.<br>
&gt;<br>
&gt; =3D=3DCopyright=3D=3D<br>
&gt;<br>
&gt; This BIP is licensed under the BSD 2-clause license.<br>
&gt;<br>
&gt; =3D=3DMotivation=3D=3D<br>
&gt;<br>
&gt; Certain parts of the community have been selling bitcoins for unreason=
ably low<br>
&gt; prices. This has halted Bitcoin&#39;s valuation at $20k and even drive=
n the price<br>
&gt; down below $15k! However, clearly Bitcoin is worth much more than that=
, and<br>
&gt; there is widespread support for higher prices.<br>
&gt;<br>
&gt; bip-usdprice defines a new field to indicate the price of transactions=
. Using<br>
&gt; this, we can softfork to require a minimum transaction price.<br>
&gt;<br>
&gt; =3D=3DSpecification=3D=3D<br>
&gt;<br>
&gt; Beginning with block height 622370 (expected approximately 2020 April =
1), a<br>
&gt; block is reject as invalid unless all transactions it contains both de=
clare a<br>
&gt; USD/BTC price (as defined in bip-usdprice) and specify a price that is=
 at a<br>
&gt; minimum $50k USD/BTC.<br>
&gt;<br>
&gt; =3D=3DBackwards compatibility=3D=3D<br>
&gt;<br>
&gt; As a soft fork, older nodes will continue to accept the blockchain wit=
hout<br>
&gt; modification. Non-upgraded nodes, however, will not validate the minim=
um<br>
&gt; price requirement, and may accept invalid blocks if miners choose to m=
ake<br>
&gt; them. Since transactions not declaring a price are at this time still<=
br>
&gt; common-place, the softfork activation has been set a full year into th=
e<br>
&gt; future to ensure time to upgrade both nodes and wallet software.<br>
&gt;<br>
&gt; =3D=3DReference implementation=3D=3D<br>
&gt;<br>
&gt; <a href=3D"https://github.com/luke-jr/bitcoin/compare/usd_price_tx_fie=
ld...softfork_50k" rel=3D"noreferrer" target=3D"_blank">https://github.com/=
luke-jr/bitcoin/compare/usd_price_tx_field...softfork_50k</a><br>
&gt; _______________________________________________<br>
&gt; bitcoin-dev mailing list<br>
&gt; <a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_bl=
ank">bitcoin-dev@lists.linuxfoundation.org</a><br>
&gt; <a href=3D"https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-=
dev" rel=3D"noreferrer" target=3D"_blank">https://lists.linuxfoundation.org=
/mailman/listinfo/bitcoin-dev</a><br>
_______________________________________________<br>
bitcoin-dev mailing list<br>
<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_blank">=
bitcoin-dev@lists.linuxfoundation.org</a><br>
<a href=3D"https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev" =
rel=3D"noreferrer" target=3D"_blank">https://lists.linuxfoundation.org/mail=
man/listinfo/bitcoin-dev</a><br>
</blockquote></div><br clear=3D"all"><br>-- <br><div dir=3D"ltr" class=3D"g=
mail_signature"><div dir=3D"ltr">I like to provide some work at no charge t=
o prove my value. Do you need a techie?=C2=A0 <br>I own <a href=3D"http://w=
ww.litmocracy.com" target=3D"_blank">Litmocracy</a> and <a href=3D"http://w=
ww.memeracing.net" target=3D"_blank">Meme Racing</a> (in alpha). <br>I&#39;=
m the webmaster for <a href=3D"http://www.voluntaryist.com" target=3D"_blan=
k">The Voluntaryist</a> which now accepts Bitcoin.<br>I also code for <a hr=
ef=3D"http://dollarvigilante.com/" target=3D"_blank">The Dollar Vigilante</=
a>.<br>&quot;He ought to find it more profitable to play by the rules&quot;=
 - Satoshi Nakamoto</div></div>

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