Published on: 2014-06-25T18:10:58+00:00
The email thread discusses the process of creating payment protocol extensions and the need for a living document to keep track of all extensions. It is recommended that the document not be called BIP70, as it is outdated.There is also discussion around implementing discounts for paying with BTC and how this could affect adoption. A percentage/proportion discount is suggested over an amount in satoshis. The security of the optional discount field is discussed, as merchants can lie about the discount, but wallets can choose to ignore the field.Bitcoin core developer Jeff Garzik signs off on the email.In another conversation, the importance of having explicit standards is discussed. It is believed that having optional fields with ambiguous meanings is worse than not having them at all. The need to keep things simple and generalized is emphasized to prevent buggy implementations. It is suggested that any information not required by machines should only exist in human-oriented fields. Overly complicated and edge-case-oriented protocols are discouraged.Mike Hearn explains that the protocol is there to contain features and there is no benefit to blindly following notions of purity or minimalism. However, a good standard must be explicit. Examples of over-engineered protocols are cited, highlighting the importance of clear definitions and designs. Slush warns against over-engineering the payment protocol.The implementation of a discount for paying with Bitcoin in the payment protocol extensions process is discussed. The idea is to encourage adoption by offering discounts. The implementation would require a percentage or proportion discount rather than an amount in satoshis. The security of the optional discount field is discussed, as it does not seem harmful and wallets can ignore the field if they wish. Some members argue for including more features in the protocol to help users and adoption. The plan is to set up the extension process formally and have a living document version of the payment protocol with all the different extensions.The conversation includes discussions about specifying container formats for random features and the extensibility of protocol buffers. The need for clear reference prices for discounts and the possibility of abuse by merchants are also discussed. The inclusion of a numeric memo field in the payment protocol is debated, with arguments for and against its usefulness.Jeff Garzik and Mike Hearn discuss the idea of wallets being able to persist data on how much money users have saved over time. Concerns about the unprovability and potential inflation of such data are raised. Jeff suggests offering automatic cashback instead of discounts to prevent gaming the system. The conversation includes discussions about extending BIP 70 and clarifying reference prices for discounts.In June 2014, Mike Hearn proposed a minor BIP 70 extension that would allow wallets to show users how much they are saving by using Bitcoin. The extension would record the size in satoshis of any discount provided by the merchant because the user chose to pay using Bitcoin. Other kinds of discounts could be mentioned in the memo field. Wallets would then be able to persist this data to disk and compete on cool visualizations for how much money users saved over time. The need for a clear reference price for the discount is discussed.The conversation revolves around the validity and practicality of marketing claims that promote Bitcoin as a way to save on transaction fees. The possibility of abuse by merchants and the appropriate field for providing such information are debated. The conversation includes email threads, attachments, and discussions within the Bitcoin-development mailing list.Overall, the discussions center around creating payment protocol extensions, implementing discounts for paying with Bitcoin, the importance of explicit standards, avoiding over-engineering, the inclusion of a numeric memo field, and the potential benefits and challenges of persisting data on savings.The proposal discussed in the provided context aims to enhance the appeal of Bitcoin as a payment method by introducing a tangible incentive for its use. The author highlights the potential benefits of visualizations that showcase the amount of money users have saved over time, adding a more engaging and visually appealing element to the Bitcoin experience.While the idea of incorporating such visualizations is perceived positively, the author acknowledges the need to address the lack of formalization regarding how to extend BIP 70. This recognition emphasizes the importance of establishing clear guidelines and protocols to ensure the seamless integration of these cool visualizations into the Bitcoin ecosystem.By implementing this proposal, Bitcoin could become more attractive to customers, as they would be able to witness the real-time impact of using Bitcoin as a payment method on their savings. The incorporation of visual representations could potentially provide users with a sense of accomplishment and satisfaction, further incentivizing them to continue utilizing Bitcoin for their transactions.In conclusion, the proposal outlined in the context aims to augment the appeal of Bitcoin by introducing visualizations that demonstrate the amount of money saved over time. While the need to formalize the extension of BIP 70 is acknowledged, the overall goal is to provide users with an engaging and rewarding experience when using Bitcoin as a payment method.
Updated on: 2023-08-01T09:39:27.913307+00:00