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  BIP: ?
  Layer: Consensus (soft fork)
  Title: $50k USD/BTC Minimum Price
  Author: Luke Dashjr <luke+bip@dashjr.org>
  Comments-Summary: No comments yet.
  Comments-URI: https://github.com/bitcoin/bips/wiki/Comments:BIP-????
  Status: Draft
  Type: Standards Track
  Created: 2019-04-01
  License: BSD-2-Clause
  Requires: usdprice

Table of Contents

Abstract

This BIP defines a minimum price of $50k USD/BTC for Bitcoin transactions.

Copyright

This BIP is licensed under the BSD 2-clause license.

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.

Reference implementation

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