Fiat Methods

Methods for working with fiat prices.

chainRates derives prices from chain data alone; how and why is described in docs/METHODOLOGY.md. The prices of the days up to a release ship with the package in chain/known/known_prices.json.

chainRates

Make a method that gets historic USD prices of BTC from chain data

{
  fs: {
    getFile: <Read File Contents Function> (path, cbk) => {}
    makeDirectory: <Make Directory Function> (path, cbk) => {}
    renameFile: <Rename File Function> (from, to, cbk) => {}
    writeFile: <Write File Contents Function> (path, contents, cbk) => {}
  }
  lnd: <Authenticated LND API Object>
  [logger]: <Winston Logger Object>
  path: <Prices File Path String>
}

@throws
<Error>

@returns
{
  getChainRate: <Get Chain Rate Method> ({
    currency: <Currency To Price String> // BTC
    date: <Date To Price ISO 8601 Date String> // priced on its day in UTC
    fiat: <Fiat Currency To Price In String> // USD
  }, cbk) => (err, {
    cents: <US Cents Per BTC on the Day of the Date Number>
  })
}

getPrices

Get exchange rates from a rate provider

{
  [date]: <Rates At the Hour of ISO 8601 Date String>
  from: <From Rate Provider String>
  request: <Request Function> {url}, (err, {statusCode}, body) => {}
  symbols: [<Fiat Symbol String>] // empty defaults to USD
}

@returns via cbk or Promise
{
  tickers: [{
    date: <Rate Updated At or Hour Priced At ISO 8601 Date String>
    rate: <Exchange Rate in Cents Number>
    ticker: <Ticker Symbol String>
  }]
}

Scripts

• npm test runs the quick tests and reports their coverage
• npm run test-all also runs the slower tests in test/slow, which derive prices from simulated chains, and reports the coverage of all the tests
• npm run check-prices compares chain prices with the hourly prices of days on Coinbase Exchange, with the options described under Validation in the methodology. Without days it checks the latest three complete days, or as many as --days
• npm run update-known-prices brings the shipped prices up to date, as described under Releasing
• npm publish first runs scripts/check_known_prices.js, which stops the publish when the shipped prices are not ready for a release

For example, to compare two days priced without a neighboring price as a guide:

npm run check-prices -- 2024-08-05 2024-08-08 --unguided

The scripts that read the chain reach Bitcoin Core at http://127.0.0.1:8332 with the cookie in the default data directory, or as set by BITCOIN_RPC_URL, BITCOIN_RPC_COOKIE, or BITCOIN_RPC_USER and BITCOIN_RPC_PASSWORD.

Releasing

A release normally ships the prices of the days up to it, so that lookups of those days do not have to derive them from the chain:

1. With Bitcoin Core synced, run npm run update-known-prices. It derives the prices of the last week of shipped days again, which have to come out the same, and then adds a price for every complete day after them. Each new price has to be within the range its day traded in on Coinbase Exchange and within 5% of the median of its hourly prices there, and a day that fails a check stops the run without changing the table
2. Look over the summary at the end of the run, which shows how far the new prices are from the median of the hourly prices of their days. A higher median or 95th percentile, or a bias, means the prices agree with the exchange less well than before, even though every day passed its checks
3. Run npm run test-all, which includes the slow tests that npm test leaves out
4. Commit chain/known/known_prices.json with the release
5. Run npm publish, which checks that the shipped prices are of the current version of the method, start on the earliest supported day, have a price for every day and reach to within a week of the present, and stops when they don't

When the method changes version, every day is derived again, which takes several hours, and the summary also shows how far the prices moved from the last table.

To release without new prices, publish with npm publish --ignore-scripts, which skips the check. The table still has to be of the current version of the method, since prices of another version are not used, so first run node scripts/check_known_prices.js and see that the age of the prices is the only problem it reports. Lookups of the days after the last shipped price then derive them from the chain.