Bitcoin developer Luke Dash Jr has proposed a way to fix Bitcoin’s price decline by setting a global minimum price for Bitcoins. In a recent tweet by the developer, Dash proposed a Bitcoin soft fork for a minimum price of $50k USD/BTC via Bitcoin Improvement Proposal or BIP that can be deployed in the Bitcoin Core v0.18. Dash posted,
The low #Bitcoin prices have gone on too long.
“Softfork proposal for minimum price of $50k USD/BTC”//t.co/Si48prViUK
— Luke Dashjr (@LukeDashjr) April 1, 2019
According to Dash, Bitcoin’s price failed to surpass $20k and fell below $15k because a certain section of the Bitcoin community was selling the digital coin for a very low price, which he termed “unreasonable”.
The first BIP suggests a method to explicitly specify and sign the USD/BTC price for transactions.
The developer cited that a new field was added to BTC transactions, which represent “the honest and true” USD/BTC rate. The sender legally validates the valuation of Bitcoins used for the transaction after signing it off. Additionally, “any reasonable exchange rate” can be deployed to come up with the USD valuation for a transaction that is valued in other fiat currencies, apart from the US Dollar.
The second BIP begins with the block height 622370, which is expected on 1st April 2020. According to the developer, a block is dismissed as invalid unless all transactions in it are defined in USD/BTC and specify a value that is at a minimum $50k USD/BTC.
The Bitcoin community on social media did not appear excited about the two proposals. Many users on his original thread called it an April Fools’ Day joke. A Twitter user named hate_hubris posted,
“Over our dead bodies,We are the resistance, UASF for the price at the time Satoshi mined or we’re using the nuclear option.”
This is not the first time Dash Jr has been criticized by the Twitter crowd. Earlier this year, he was engulfed in the block size debate, where he first pitched the idea of reducing the block size via soft fork.
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