📅 Original date posted:2019-04-01
📝 Original message:It is April 1st. Nonetheless, I am agreed that the first part to track the exchange rate in USD (why not use Gold $/oz?) has merit if properly implemented. Voluntary data is notoriously difficult to enforce for accuracy.
Regards,
________________________________
From: bitcoin-dev-bounces at lists.linuxfoundation.org <bitcoin-dev-bounces at lists.linuxfoundation.org> on behalf of Satoshin via bitcoin-dev <bitcoin-dev at lists.linuxfoundation.org>
Sent: Monday, 1 April 2019 2:07 PM
To: Peter Todd; Bitcoin Protocol Discussion
Subject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/BTC
Hi Everyone,
First portion of your First BIP is excellent- with this field the protocol can actually attain HFT- by pinning of value at time of trade for later unblock scaling as a mark to market tool which is used in HFT.
The Second BIP of a minimum price would never allow Bitcoin to pass the SEC test of a viable asset. - I hope that portion was actually a Joke since it makes no sense economically.
If one has ever seen a stock drop 90% in one day then you would understand the volatile nature of future valuation.
Prices have to be able to go higher and lower based on market demand and not tethering to perceived norms. If the US dollar was crashed and it went down to Venezuelan currency levels [hypothetically then where would your 50k limit lead the currency} Never say never-
Best Regards
XX
> On Mar 31, 2019, at 9:11 PM, Peter Todd via bitcoin-dev <bitcoin-dev at lists.linuxfoundation.org> wrote:
>
> On Mon, Apr 01, 2019 at 12:30:34AM +0000, Luke Dashjr via bitcoin-dev 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.
>
> I believe I've found a serious vulnerability in your proposal: there's no limit
> on the maximum supply of USD.
>
> --
> https://petertodd.org 'peter'[:-1]@petertodd.org
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
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LORD HIS EXCELLENCY JAMES HRMH [ARCHIVE] /
npub1ej…ehx2v
2023-06-07 18:17:17
in reply to nevent1q…q0pw
Author Public Key
npub1ejcm88lhnqwsejncwqxg7nrqgd0r0z29006xd52wvuf9u44xchmqkehx2vPublished at
2023-06-07 18:17:17Event JSON
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"content": "📅 Original date posted:2019-04-01\n📝 Original message:It is April 1st. Nonetheless, I am agreed that the first part to track the exchange rate in USD (why not use Gold $/oz?) has merit if properly implemented. Voluntary data is notoriously difficult to enforce for accuracy.\n\nRegards,\n________________________________\nFrom: bitcoin-dev-bounces at lists.linuxfoundation.org \u003cbitcoin-dev-bounces at lists.linuxfoundation.org\u003e on behalf of Satoshin via bitcoin-dev \u003cbitcoin-dev at lists.linuxfoundation.org\u003e\nSent: Monday, 1 April 2019 2:07 PM\nTo: Peter Todd; Bitcoin Protocol Discussion\nSubject: Re: [bitcoin-dev] Softfork proposal for minimum price of $50k USD/BTC\n\nHi Everyone,\n First portion of your First BIP is excellent- with this field the protocol can actually attain HFT- by pinning of value at time of trade for later unblock scaling as a mark to market tool which is used in HFT.\n\nThe Second BIP of a minimum price would never allow Bitcoin to pass the SEC test of a viable asset. - I hope that portion was actually a Joke since it makes no sense economically.\nIf one has ever seen a stock drop 90% in one day then you would understand the volatile nature of future valuation.\n\nPrices have to be able to go higher and lower based on market demand and not tethering to perceived norms. If the US dollar was crashed and it went down to Venezuelan currency levels [hypothetically then where would your 50k limit lead the currency} Never say never-\n\nBest Regards\nXX\n\n\u003e On Mar 31, 2019, at 9:11 PM, Peter Todd via bitcoin-dev \u003cbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\u003e\n\u003e On Mon, Apr 01, 2019 at 12:30:34AM +0000, Luke Dashjr via bitcoin-dev wrote:\n\u003e\u003e Certain parts of the community have been selling bitcoins for unreasonably\n\u003e\u003e low prices. This has halted Bitcoin's valuation at $20k and even driven the\n\u003e\u003e price down below $15k! However, clearly Bitcoin is worth much more than\n\u003e\u003e that, and there is widespread support for higher prices.\n\u003e\u003e\n\u003e\u003e In light of this, I have written and implemented two BIPs: one to add a\n\u003e\u003e signed price field to Bitcoin transactions, and the other to softfork a\n\u003e\u003e minimum price of $50k USD/BTC a year from today.\n\u003e\n\u003e I believe I've found a serious vulnerability in your proposal: there's no limit\n\u003e on the maximum supply of USD.\n\u003e\n\u003e --\n\u003e https://petertodd.org 'peter'[:-1]@petertodd.org\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\n_______________________________________________\nbitcoin-dev mailing list\nbitcoin-dev at lists.linuxfoundation.org\nhttps://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20190401/82a31c09/attachment-0001.html\u003e",
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