April Fool's Day Brain Cave Bitcoin Core Developer Luke proposes two major proposals to set Bitcoin's lowest price at $50,000

On April 1st, Bitcoin Core developer Luke Dash jr announced that he would have to make Bitcoin a minimum of $50,000 in a year. He also proposed two Bitcoin Improvement Proposals (BIP). Of course, today is April Fool's Day, you know, but the brains of these two proposals can still be appreciated.

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Some people in the community have been selling bitcoin at unreasonably low prices, which has caused the price of bitcoin to fall to $20,000 or even fall below $15,000! However, it is clear that the value of Bitcoin is much higher than this, and it is generally accepted that Bitcoin will get a higher price.

Based on this, I wrote and implemented two Bitcoin Improvement Proposals (BIPs): one is to add a specified price field for bitcoin transactions, and the other is a soft fork, so that bitcoin is at least the lowest price after one year from today. 50,000 US dollars.

BIP1

Summary

The BIP proposes a way to explicitly specify and sign the USD/BTC transaction price.

motivation

Some people in the community have been selling bitcoin at unreasonably low prices. This has caused the price of Bitcoin to stop at $20,000, and even lower its price to less than $15,000! However, it is clear that the value of Bitcoin goes far beyond this, and people generally support higher prices.

This problem can be solved by setting the lowest price of global bitcoin. Unfortunately, today's consensus agreement completely ignores the trading price of Bitcoin. Therefore, we must first add a field in the bitcoin transaction to display their price.

specification

New fields and legal implications

Add a new field to the Bitcoin transaction. If this field must indicate the actual dollar/bit exchange rate used for the transaction. By signing the transaction, the sender legally confirms that this is the value of the bitcoin used for the transaction.

For the avoidance of doubt: When the transaction is denominated in a currency other than the US dollar, any reasonable exchange rate can be used to calculate the valuation of the US dollar.

Backward compatible

consensus

The new price field is serialized as a pseudo output (value 0) and a scriptPubKey starting with OP_RETURN (6a). Existing nodes will ignore this virtual output, and the main OP_RETURN in scriptPubKey ensures that it will never be considered payable. Therefore, the current node will completely ignore this new field and accept transactions that use it.

wallet

Existing wallets typically do not generate a specified price metric. Under this BIP, the lack of this field is perfectly acceptable.

Reference implementation

Https://github.com/bitcoin/bitcoin/compare/v0.17.1…luke-jr:usd_price_tx_field

BIP2

Summary

The BIP defines the lowest price for bitcoin transactions to be $50,000/bitcoin.

motivation

Some people in the community have been selling bitcoin at unreasonably low prices. This has caused the price of Bitcoin to stop at $20,000, and even lower its price to less than $15,000! However, it is clear that the value of Bitcoin goes far beyond this, and people generally support higher prices.

Define a new field to indicate the price of the transaction. Using this, we can soft-fork the minimum transaction price.

specification

Starting at block height 622370 (expected around April 1, 2020), the block will be considered invalid unless all transactions included in the block declare a USD/BTC price (defined in bip-usdprice) And specify a price of at least $50,000 / BTC.

Backward compatible

As a soft fork, the old node will continue to accept the blockchain without modification. However, nodes that are not upgraded will not verify the minimum price requirement, and if miners choose to produce invalid blocks, they can accept them. Since transactions with no stated price are still common at this time, the activation of this soft fork is set to take place after one year to ensure time to upgrade the node and wallet software.

Reference implementation

Https://github.com/luke-jr/bitcoin/compare/usd_price_tx_field…softfork_50k

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

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