📅 Original date posted:2013-10-14
📝 Original message:On Mon, Oct 14, 2013 at 2:08 PM, Adam Back <adam at cypherspace.org> wrote:
> Its a live beta, meaning real value, real contracts. But we dont want it to
> be an alt-coin with a floating value exactly, we want it to be bitcoin, but
> the bleeding edge bitcoin so we want to respect the 21 million coin limit,
> and allow coins to move between bitcoin and betacoin with some necessary
> security related restrictions.
>
> There is no mining reward on the betacoin network (can be merge mined for
> security), and the way you opt to move a bitcoin into the betacoin network
> is to mark it as transferred in some UTXO recognized way. It cant be
> reanimated, its dead. (eg spend to a specific recognized invalid address on
> the bitcoin network). In this way its not really a destruction, but a move,
> moving the coin from bitcoin to betacoin network.
>
> This respects the 21 million coin cap, and avoids betacoin bugs flowing back
> and affecting bitcoin security or value-store properties. Users may buy or
> swap betacoin for bitcoin to facilitate moving money back from betacoin to
> bitcoin. However that is market priced so the bitcoin network is security
> insulated from beta. A significant security bug in beta would cause a
> market freeze, until it is rectified.
Quite a neat idea...
> - it avoids mindshare dilution if alternatively an alt-coin with a hit
> missing feature takes off;
FWIW, litecoin devs are open to having litecoin be a bit of a staging
area for new bitcoin features. Obviously there is some self-interest
there -- "we have new cool stuff first!" -- nevertheless, it is a live
test that could demonstrate problems with new features before they
land in bitcoin-stable.
--
Jeff Garzik
Senior Software Engineer and open source evangelist
BitPay, Inc. https://bitpay.com/
Jeff Garzik [ARCHIVE] /
npub1kf…f3f58
2023-06-07 17:07:27
in reply to nevent1q…0c4n
Author Public Key
npub1kf0ppcjaguxekg24yx6smgxlu73qn0k8lm0t2wrqc0scpl7u3sgsmf3f58Published at
2023-06-07 17:07:27Event JSON
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"content": "📅 Original date posted:2013-10-14\n📝 Original message:On Mon, Oct 14, 2013 at 2:08 PM, Adam Back \u003cadam at cypherspace.org\u003e wrote:\n\u003e Its a live beta, meaning real value, real contracts. But we dont want it to\n\u003e be an alt-coin with a floating value exactly, we want it to be bitcoin, but\n\u003e the bleeding edge bitcoin so we want to respect the 21 million coin limit,\n\u003e and allow coins to move between bitcoin and betacoin with some necessary\n\u003e security related restrictions.\n\u003e\n\u003e There is no mining reward on the betacoin network (can be merge mined for\n\u003e security), and the way you opt to move a bitcoin into the betacoin network\n\u003e is to mark it as transferred in some UTXO recognized way. It cant be\n\u003e reanimated, its dead. (eg spend to a specific recognized invalid address on\n\u003e the bitcoin network). In this way its not really a destruction, but a move,\n\u003e moving the coin from bitcoin to betacoin network.\n\u003e\n\u003e This respects the 21 million coin cap, and avoids betacoin bugs flowing back\n\u003e and affecting bitcoin security or value-store properties. Users may buy or\n\u003e swap betacoin for bitcoin to facilitate moving money back from betacoin to\n\u003e bitcoin. However that is market priced so the bitcoin network is security\n\u003e insulated from beta. A significant security bug in beta would cause a\n\u003e market freeze, until it is rectified.\n\nQuite a neat idea...\n\n\n\u003e - it avoids mindshare dilution if alternatively an alt-coin with a hit\n\u003e missing feature takes off;\n\nFWIW, litecoin devs are open to having litecoin be a bit of a staging\narea for new bitcoin features. Obviously there is some self-interest\nthere -- \"we have new cool stuff first!\" -- nevertheless, it is a live\ntest that could demonstrate problems with new features before they\nland in bitcoin-stable.\n\n-- \nJeff Garzik\nSenior Software Engineer and open source evangelist\nBitPay, Inc. https://bitpay.com/",
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