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Date: Sat, 3 May 2025 23:00:11 -0700 (PDT)
From: Hunter Beast <hunter@surmount.systems>
To: Bitcoin Development Mailing List <bitcoindev@googlegroups.com>
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Subject: [bitcoindev] Re: Introducing Hourglass
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Trading volume is a good perspective to view this through, actually. If an=
=20
attacker decides to consolidate immediately, they could do so within just a=
=20
couple hours and suppress the Bitcoin price for a long time.
> 1.7 million Bitcoin represents possibly about 1 week of global trading=20
volumes. Even assuming it is 1-2 months of trading volumes, the market can=
=20
absorb.
Hourglass spreads that 1 week of trading volume over a minimum of 8 months,=
=20
possibly more.
> Trying to manage the Bitcoin price via spending restrictions is a=20
terrible idea.
While I generally agree with this sentence, I think P2PK coins are an=20
exceptional case.
> In any case, the Bitcoin price routinely drops by upwards of 85%. It is=
=20
not a security concern. Price volatility is not a security.
Price volatility absolutely impacts security, and this would be an=20
unprecedented event. We also haven't seen an 85% price drop in a long time.
On Saturday, May 3, 2025 at 5:55:28=E2=80=AFAM UTC-6 Francis Pouliot wrote:
>
> Concept NACK.
>
> 1.7 million Bitcoin represents possibly about 1 week of global trading=20
> volumes. Even assuming it is 1-2 months of trading volumes, the market ca=
n=20
> absorb.
>
> Trying to manage the Bitcoin price via spending restrictions is a terribl=
e=20
> idea.
>
> In any case, the Bitcoin price routinely drops by upwards of 85%. It is=
=20
> not a security concern. Price volatility is not a security.=20
> On Tuesday, April 29, 2025 at 5:08:16=E2=80=AFPM UTC-6 Hunter Beast wrote=
:
>
>> This is a proposal to mitigate against potential mass liquidation of P2P=
K=20
>> funds. The specification is pretty simple, but the motivation and=20
>> justification for it is a bit longer.
>>
>> https://github.com/cryptoquick/bips/blob/hourglass/bip-hourglass.mediawi=
ki
>>
>> Feedback welcome!
>>
>
--=20
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To unsubscribe from this group and stop receiving emails from it, send an e=
mail to bitcoindev+unsubscribe@googlegroups.com.
To view this discussion visit https://groups.google.com/d/msgid/bitcoindev/=
4f35a82a-bedb-4d4d-9de2-2dbc340b18acn%40googlegroups.com.
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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.<br /><br />&g=
t;=C2=A01.7 million Bitcoin represents possibly about 1 week of global trad=
ing volumes. Even assuming it is 1-2 months of trading volumes, the market =
can absorb.<br /><br />Hourglass spreads that 1 week of trading volume over=
a minimum of 8 months, possibly more.<br /><br />>=C2=A0Trying to manag=
e the Bitcoin price via spending restrictions is a terrible idea.<br /><br =
/>While I generally agree with this sentence, I think P2PK coins are an exc=
eptional case.<br /><br />>=C2=A0In any case, the Bitcoin price routinel=
y drops by upwards of 85%. It is not a security concern. Price volatility i=
s not a security.<br /><br />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.<br /><br /><div class=3D"gmail_quote"><div dir=3D"aut=
o" class=3D"gmail_attr">On Saturday, May 3, 2025 at 5:55:28=E2=80=AFAM UTC-=
6 Francis Pouliot wrote:<br/></div><blockquote class=3D"gmail_quote" style=
=3D"margin: 0 0 0 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding=
-left: 1ex;"><br>Concept NACK.<br><br>1.7 million Bitcoin represents possib=
ly about 1 week of global trading volumes. Even assuming it is 1-2 months o=
f trading volumes, the market can absorb.<br><br>Trying to manage the Bitco=
in price via spending restrictions is a terrible idea.<br><br>In any case, =
the Bitcoin price routinely drops by upwards of 85%. It is not a security c=
oncern. Price volatility is not a security. <br><div class=3D"gmail_quote">=
<div dir=3D"auto" class=3D"gmail_attr">On Tuesday, April 29, 2025 at 5:08:1=
6=E2=80=AFPM UTC-6 Hunter Beast wrote:<br></div><blockquote class=3D"gmail_=
quote" style=3D"margin:0 0 0 0.8ex;border-left:1px solid rgb(204,204,204);p=
adding-left:1ex">This is a proposal to mitigate against potential mass liqu=
idation of P2PK funds. The specification is pretty simple, but the motivati=
on and justification for it is a bit longer.<div><br></div><div><a aria-lab=
el=3D"Link https://github.com/cryptoquick/bips/blob/hourglass/bip-hourglass=
.mediawiki" href=3D"https://github.com/cryptoquick/bips/blob/hourglass/bip-=
hourglass.mediawiki" rel=3D"noreferrer noopener nofollow" title=3D"https://=
github.com/cryptoquick/bips/blob/hourglass/bip-hourglass.mediawiki" target=
=3D"_blank" data-saferedirecturl=3D"https://www.google.com/url?hl=3Den&=
q=3Dhttps://github.com/cryptoquick/bips/blob/hourglass/bip-hourglass.mediaw=
iki&source=3Dgmail&ust=3D1746424761745000&usg=3DAOvVaw0_Aiwt7Ai=
DprGaKfPHJkIF">https://github.com/cryptoquick/bips/blob/hourglass/bip-hourg=
lass.mediawiki</a></div><div><br></div><div>Feedback welcome!</div></blockq=
uote></div></blockquote></div>
<p></p>
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