Author: Aymeric Vitte 2019-04-02 16:48:55
Published on: 2019-04-02T16:48:55+00:00
The bitcoin-dev mailing list has been discussing the valuation of Bitcoin and proposals to implement a minimum price. One proposal from Luke Dashjr is to add a signed USD price field to Bitcoin transactions, with a minimum price of $50k USD/BTC a year from April 1, 2019. The proposal suggests adding a new field to Bitcoin transactions to indicate their price, with the sender legally affirming the valuation of bitcoins used for the transaction by signing it. The field can be valued in any currency other than USD, but must represent the honest and true USD/BTC rate used for the transaction. The proposal also includes a reference implementation and specifications for backwards compatibility.Dana, another participant in the discussion, suggests using USDT instead of USD as the reference currency, arguing that Tethers are more flexible in tracking the true value of the US dollar. Melvin Carvalho questions the use of fiat currency altogether and suggests denominating the minimum value in satoshis themselves, which would be a negligible upgrade to the network.The wider discussion concerns the arbitrary nature of using USD as the reference currency and potential future changes in dominant currencies. There are arguments for denominating in euros, a basket of currencies, or even the Bancor. However, the focus remains on the proposed minimum price and whether it is necessary or desirable for Bitcoin's valuation.
Updated on: 2023-06-13T17:51:22.720741+00:00