New BIP by Luke Dashjr: Softfork proposal for minimum price of $50k USD/BTC

[DarkStar_]

https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-April/016811.html

Sounds like a great soft fork. I hope it gets accepted

edit: April fools!

[elda34b]

More April fools joke. Interesting. I even read a fake article stating that ETF got approved today. April fool is certainly an interesting day for crypto.

[ePesoInitiative]

More April fools joke. Interesting. I even read a fake article stating that ETF got approved today. April fool is certainly an interesting day for crypto.

Frankly, it's disturbing. I read that article from my GApp News app. It must be quite confusing at first for the non-crypto folks or the newbies. I wouldn't be surprised if a dumb whale actually panic bought the news (err, fake news).

[Artemis3]

https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-April/016811.html

Sounds like a great soft fork. I hope it gets accepted

==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.

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

This is another great Luke-jr contribution! Where are my 300k blocks?

[cellard]

I am really disappointed at Luke Dashjr. The effort seems like a good idea on surface, but upon closer inspection, it's clear that we are under the spell of a scammer. He isn't proposing 50k blocks at it should be, but $50k price! This is insanity. We need blocks that can fit within spectrum tapes immediately, forget about the damn price.

[spartacusrex]

Surely.. the mega-masses didn't take him literally.. and cause this current little spike !? 

..stranger things have happened.. 

[HeRetiK]

Surely.. the mega-masses didn't take him literally.. and cause this current little spike !? 

..stranger things have happened.. 

Seeing the price on Bitcoincharts in the morning I honestly had to double check to make sure that it wasn't just a belated April Fools. Crypto is so weird sometimes.