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Bitcoin 2. You have the right to anonymity and privacy
Bitcoin2 will implement the Dandelion Protocol. What this means for users? By introducing a whole new type of transaction broadcasting, the Bitcoin network can effectively be anonymized. Bitcoin 2 users all over the world may soon be able enjoy more anonymity and privacy.
05-11 17:44 - 'REMEMBER: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth dis...' (self.Bitcoin) by /u/Kinolva removed from /r/Bitcoin within 135-145min
''' Let me remind all you old-timers, and inform the newbies showing up here because of the halving: There will only be a maximum of 21 million bitcoins. Ever. Approximately 4 million have been permanently [LOST]1 , bringing the maximum circulating total to 17 million. This total number won't be reached until 2140 due to Bitcoin's [issuance schedule]2 . This is "quantitative hardening." Total number of millionaires (in USD value) worldwide is around 33 million ([source]3 ). The factual math is simple: there is not enough Bitcoin in the world for even HALF of today's millionaires to own just ONE SINGLE BITCOIN. Much less all the future millionaires that will be born as the human population approaches [10bn]4 . Bitcoin is SCARCE. Check out the [S2F model]5 for a good explanation of why scarcity and value correlate. Recently updated to the [S2FX model]6 for a model that incorporates more data, and is more accurate. Furthermore: If you are able to acquire even one BTC today: Enjoy the feeling. You are an early adopter. And one of a very select number of humans. Owning just ONE BTC means that you are--at minimum--in the top 0.2% ([17M / 8Bn * 100]7 *100&ie=UTF-8&oe=UTF-8)) of the human population in terms of total possible bitcoin wealth distribution. The percentage is much lower than that, of course, given that there are lots of whales out there with 1000+ BTC each. Edit: And never-mind the idiots that will say something asinine like "my pubic hairs are limited in number too...does that make them valuable?" Your pubic hairs have zero network utility, whereas every day Bitcoin proves it has extraordinary utility as (perhaps) the most perfect form of money humans have yet created. Stack those sats! That is all. EDIT: Happy Halving! ''' REMEMBER: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth distribution. Go1dfish undelete link unreddit undelete link Author: Kinolva 1: for*une.c**/*017*11*25/l*st-bitc*ins* 2: e****tcoin.it/wiki/Con*r*l*ed*su*ply 3: w*w.*nbc.com/20*6/*1***/12-m*llion-new-m**li*naire*-***l-be-mint*d-ov*r-t*e-ne**-fi*e-yea*s.h**l 4: e**wikipe*ia*or*/wiki/**rld*popul*tio* 5: mediu*.c*m*@***t*illi*nU*D/modeling-b*tco*ns*v*lue**ith-scar*ity-91fa0*c03e** 6: me*i*m.*om/@10*tr*lli*nUSD/*i*coin-sto*k-to-f*ow-*ross-a*set**ode*-5*d2*0fee*** 7: www.goog*e.*om/**a**h?cl*ent=*afar**am*;*ls=en&q=(1*,*0**00**8*000,000,00* Unknown links are censored to prevent spreading illicit content.
The water collector is so buggy. It'd be nice if this has two or three slots like the bitcoin farm. At least every time the filter runs out, you have 2 purified water produced. The current collecting system is a pain in the ass.
2 years ago I started learning Python just so that I can create my own Bitcoin trading framework. Now I'm open sourcing it, I hope you guys like it too
https://github.com/jesse-ai/jesse I know many of you are already familiar with other projects such as Gekko and Freqtrade, etc and would like to know why I started Jesse instead of using them. So here are a few reasons:
Simple syntax for defining strategies. I have years of experience and a deep understanding of frameworks such as Laravel and Vuejs which are popular for their simplicity. I designed Jesse the same way. So #1 thing that you'll like about Jesse is how easy it makes it for you turn a strategy idea into actual code.
Support for using multiple timeframes and symbols in a single strategy. I haven't seen any other project that can offer this without the look-ahead bias. Jesse does that.
Trading more than one pair at the same time. Jesse allows doing this. I designed it using Routes, which is a concept borrowed from web development.
It is accurate. This part was a real pain. I did it tho. Through hundreds of unit tests.
Provides tools for getting and manipulating data in Jupyter notebooks.
Here is an example of a profitable strategy that shows the usage of TA and the syntax of the framework:
CANDLES | ----------------------+-------------------------- period | 365 days (12.17 months) starting-ending date | 2019-01-01 => 2020-01-01 exchange | symbol | timeframe | strategy | DNA ------------+----------+-------------+----------------------+------- Bitfinex | BTCUSD | 6h | SampleTrendFollowing | Executing simulation... [####################################] 100% Executed backtest simulation in: 22.61 seconds METRICS | ---------------------------------+------------------------------------- Total Closed Trades | 24 Total Net Profit | 3991.39 (39.91%) Starting => Finishing Balance | 10000 => 14063.47 Total Open Trades | 1 Open PL | 97.15 Total Paid Fees | 498.22 Max Drawdown | -15.9% Sharpe Ratio | 1.18 Annual Return | 26.46% Expectancy | 166.31 (1.66%) Avg Win | Avg Loss | 558.76 | 383.12 Ratio Avg Win / Avg Loss | 1.46 Percent Profitable | 58% Longs | Shorts | 67% | 33% Avg Holding Time | 2.0 weeks, 12.0 hours, 53.0 minutes Winning Trades Avg Holding Time | 1.0 week, 4.0 days, 6.0 hours Losing Trades Avg Holding Time | 2.0 weeks, 5.0 days, 2.0 hours
Above example was just an example! Please don't compare it to hodling; or you know, do it! It'll be fun. This project took me ~2 years. I did it for my own trading needs and I am very happy with the results. Now that I'm releasing it to the public, I hope you guys like it too. Cheers
11-25 13:54 - 'Interested in high roi Bitcoin mining... You could start with no cash.. And it pays well! / I would introduce you to 3 website.. / The first you'd be able to earn free Bitcoin from it by solving some tasks. The second woul...' by /u/Marius_soul removed from /r/worldnews within 2-12min
''' Interested in high roi Bitcoin mining... You could start with no cash.. And it pays well! I would introduce you to 3 website.. The first you'd be able to earn free Bitcoin from it by solving some tasks. The second would be to buy Bitcoin if you think the first step would be too stressful and would eat up time. The third would be for mining purpose! +1(484)489-3621 just send me a text And always remember:::::Don’t re-invent the wheel. We stand on the shoulders of the giants who have come before us. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Marius_soul
11-21 16:34 - 'You fell for a ponzi. Hope you didn’t buy at above 10k / No sense to buy bitcoin unless you want to learn TA and margin trade. That’s all bitcoin is good for.' by /u/Blackpilldealer95 removed from /r/Bitcoin within 2-12min
Wholeheartedly willing to get downvoted, but this RMT obsession has to stop.
This sub hasn't got a clue, I swear. Huge sweeping changes to the game mechanics are a terrible way to combat RMT. It's basically an admission that your anti-cheat doesn't work. Most MMOs suffer in some way from an RMT problem; WoW, Runescape, even Destiny 2 has RMT issues if you just look. Thing is, the anticheat in those games actually works worth a damn, so the entire playerbase doesn't have to suffer from endless tinkering with in-game systems. Before you hit me with 'it's a hardcore game, deal with it, it's supposed to be grindy', just stop. Just don't bother. I've heard it time and time again, and it's bullshit. You know it's bullshit just as well as I do. The changes BSG have been making recently to nerf all forms of progression only make the game 'more hardcore' for people who work full time and don't have the same amount of *time* as streamers who dedicate their entire life to this game. That's not 'hardcore'. The game's difficulty mechanically is 'hardcore' and always have been, and I love it. These changes, though, in my eyes, are just time-wasting for the sake thereof. Since when does the amount of time one has to invest in a game define how fucking hardcore it is? Would you describe WoW as more hardcore than Tarkov because of how long you have to play to progress? Or perhaps beating all three Witcher games back to back is 'hardcore' because it took a long time. Are ARMA or DCS inherently less hardcore than Tarkov because an operation can be completed in an afternoon? No, judging how hardcore a game is by the amount of time one has to invest in it is a joke. *No game* should give enormous *mechanical advantages* to those with more time on their hands. There's already an inherent skill advantage that comes from that amount of practice, designing the mechanics to also reward only those with that much time is a kick in the teeth to all the people who love this game but can't invest that level of time. And yeah, you can go ahead and say 'ummm actualllly it's a beta, so they can do what they like, stop whining', and yep. Yes, they can. You're correct. However, comma, that doesn't mean I have to pretend to like it. Yes, I did buy EoD and no, I don't regret it because of all the fun I've had til now. But suggesting people who don't like the current direction the game is going in aren't allowed to voice their opinion because the game's in beta is fucking ludicrous. What do you think the purpose of a playable beta is? Nikita is more than welcome to ignore all the people who don't like these new changes, but what gives people on this sub the right to tell me that I'm not entitled to an opinion on the product I've chosen to financially support. It's such a toxic, capital-G Gamer attitute to suggest that 'Tarkov is OUR game because we're willing to dump several full days a week into grinding for our Bitcoin farms. You should just go and play something else, this clearly isn't a game for you. Go play Call of Duty.' I shouldn't even have to express how utterly reductive and childish that is. Grow up. I'm getting HUGE red flags with the way this game is currently going, because it's all too similar to a game I used to love, The Culling. That game blew up on launch and a bunch of high profile streamers suggested changes to the game, and the devs went ahead and implemented all of them without so much as *thinking* about how they'd affect the average player. Look at where that game is now. Servers shut down, because the average player simply stopped having fun. I'm not saying BSG is even close to that bad, but this endless tinkering with mechanics for the nebulous, vague purpose of 'RMT' has to stop or I don't know if the 'little guys' are gonna stick around much longer. EDIT: I AM AWARE THAT RMT != CHEATING. But cheating is what makes RMT viable. RMTers need to keep items in supply, and to do that, they cheat. It's much more profitable. Ergo, if you stamp out cheaters, the RMT problem becomes significantly diminished. EDIT 2: u/ArxMessor makes a great point that Tarkov is an MMO and therfore should have some kind of grind. I agree. However, most MMOs use systems like weekly bounties etc to ensure even players with only maybe 10 hours a week to invest in the game can still keep up and compete. Tarkov currently rewards time investment *exponentially* which removes all possibility of catching up. EDIT 3: Yep, my DMs right now are very much confirming the things I said above about a certain subset of this community. Thanks, Gamers. EDIT 4: I get it, Destiny anti-cheat is ass. I made a mistake there, since I don't play Trials of Osiris. However, do you see Bungie making the win requirement for Trials 50 wins instead of 9 or whatever just to slow down the hackers? Of course not, because it hurts normal players more. Edit 5: My first gold! Thanks kind stranger.
If you have crypto stored in Coinbase. What would be the pros and cons of moving it all to a Ledger S vs keeping it in Coinbase with 2 Factor Security turned on. Also can anybody ever steal the bitcoin keys on Coinbase?
New to this and trying to understand it more Thanks!
Just took a look back at r/btc, and it's amazing how they are still at the exact same stage where we left them almost 2 years ago, arguing and stressing about a potential fork coming in november. Thank you for being part of building on BitCoin 🙏👊
FYI: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth distribution.
Let me remind all you old timers, and inform the newbies: There will only be a maximum of 21 million bitcoins. Ever. Approximately 4 million have been permanently LOST, bringing the maximum circulating total to 17 million. This total number won't be reached until 2140 due to Bitcoin's issuance schedule. This is "quantitative hardening." Total number of millionaires (in USD value) worldwide is around 33 million (source). The factual math is simple: there is not enough Bitcoin in the world for even HALF of today's millionaires to own just ONE SINGLE BITCOIN. Much less all the future millionaires that will be born as the human population approaches 10bn. Bitcoin is SCARCE. Check out the S2F model for a good explanation of why scarcity and value correlate. Recently updated to the S2FX model for a model that incorporates more data, and is more accurate. Furthermore: If you are able to acquire even one BTC today: Enjoy the feeling. You are an early adopter. And one of a very select number of humans. Owning just ONE BTC means that you are--at minimum--in the top 0.2% (17M / 8Bn * 100*100&ie=UTF-8&oe=UTF-8)) of the human population in terms of total possible bitcoin wealth distribution. The percentage is much lower than that, of course, given that there are lots of whales out there with 1000+ BTC each. Edit: And never-mind the idiots that will say something asinine like "my pubic hairs are limited in number too...does that make them valuable?" Your pubic hairs have zero network utility, whereas every day Bitcoin proves it has extraordinary utility as (perhaps) the most perfect form of money humans have yet created. Stack those sats! That is all.
[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by Dr-Maximum [link]
It's being proposed as the future of crypto by many. Others seem less convinced Does anyone in here think ETH2.0 is a scam of some sort ?
Dr-Maximum your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
FYI: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth distribution.
There will only be a maximum of 21 million bitcoins. Ever. Approximately 4 million have been permanently LOST, bringing the maximum circulating total to 17 million. This total number won't be reached until 2140 due to Bitcoin's issuance schedule. Total number of millionaires (in USD value) worldwide is around 33 million (source). The math is simple: there is not enough Bitcoin in the world for even HALF of today's millionaires to own just ONE SINGLE BITCOIN. Much less all the future millionaires that will be born as the human population approaches 10bn. Bitcoin is SCARCE. Check out the S2F model for a good explanation of why scarcity and value correlate. Furthermore: If you are able to acquire even one BTC today: Enjoy the feeling. You are an early adopter. And one of a very select number of humans. Owning just ONE BTC means that you are--at minimum--in the top 0.2% (17M / 8Bn * 100*100&ie=UTF-8&oe=UTF-8)) of the human population in terms of total possible bitcoin wealth distribution. The percentage is much lower than that, of course, given that there are lots of whales out there with 1000+ BTC each. Edit: And never-mind the idiots that will say something asinine like "my pubic hairs are limited in number too...does that make them valuable?" Your pubic hairs have zero network utility, whereas every day Bitcoin proves it has extraordinary utility as (perhaps) the most perfect form of money humans have yet created. Stack those sats! That is all.
After 1.5 wipes, I finally broke 50% SR + Tips for newer players from an FPS noob
I am so stoked about this finally happening! My gaming background is overwhelmingly WoW, RTS, and single player puzzle/questing games (Skyrim, Zelda). My buddies got me into FPS games with COD almost ten years ago, but it was never my thing. My reflexes are inconsistent, my eyes have trouble with making sense of constant movement and noticing tiny pixel details instantly, and I'm generally slowing down a little over time...but fucking Tarkov. TARKOV! This is the first FPS that ever made sense to me. It's not purely reflexes, run and gun, spawn die, K/D circle jerking. It's okay to literally just hide until enough information is gathered to counter attack. It's okay to hide in a bush for 20 minutes while Omega Chad 9000 runs around trying to find you after massacring 3/4 of the team, wait for him to loot, then pop the squash. It's okay to retreat and wait for a better fight. Every other FPS game I've played has basically punished intelligent fight tactics and patience, which is totally against how I think and mentally approach that sort of situation. After trying all sorts of styles, I finally found what works for me - I aim for a perfect balance of Rat/Chad. I will NEVER take a fight if I can avoid it, but if the firing starts, I instantly suppressive fire and don't worry if I live or die. This has saved my ass countless times since I started doing it. I used to try to turn and run, then die with my back turned most of the time. Most people will panic if their ambush target suddenly unloads a hailstorm of BT ammo at them, and at that point they usually are on the back foot, which is when Chad time happens. Dump grenades, flank with cover, score the kill. If I have the advantage, I hold my fire until it's a clean shot, especially against squads. I've been able to wipe duos, trios, and even quads by picking them off one by one instead of trying to be a hero with my spray. Against a quad, when the first guy drops, the other three will usually run to where they think you are and start sweeping like they're juggernauts. Pick off another and I almost guarantee one of the remaining two will panic and start to run for cover, which makes them a free shot if you gave yourself good visibility. Last man standing will either rush you (again freebie if you hid or re-positioned well) or run like hell and try to camp the bodies. OUT WAIT THEM. Do not get impatient, this will get you killed. Always let them make the first move so you have information advantage. I will likely not win the fight if they are well hidden and I'm making noise, unless they have bad ammo and are a bad shot. Getting over gear fear was extremely critical as well to break 50% SR. If you're panicking at every engagement and thinking about losing your juice, you're probably going to lose your juice. Any stress or worry that isn't towards your immediate threat will make you play differently, and likely worse. I spent last wipe sitting on ~30mil roubles, and would panic over whether or not I was about to lose a ReapIR, instead of just taking the game fight and winning. This wipe, I decided it's all pixels and I want to play better. Fuck the Slick, fuck the EXFIL, it can all be replaced. Take the fight and win with knowledge. If you die, try again. Of course, having enough money to not care anymore is huge, so for anyone reading this that is going "well of course you stopped caring, you can run full kits and replace them 1000x, while I can barely get good ammo," find yourself a loot run that works. Making money is extremely easy if you put in the time. I spent basically the first 3 weeks of this wipe 50/50 between questing and loot runs to Shoreline. I got extremely lucky and found an East 226 key, which gave me ~12 LEDX and easily over 20 GPUs in East 222. I used those funds to buy more keys/rush Bitcoin farm. Once you have a proper Bitcoin income, you can do literally whatever you want in this game with no real financial consequences. SET. GOALS. Every raid I get into I have a plan. Sometimes it's hit up loot spots and avoid fights when possible. Other times it's quests. Change your plans on the fly and get weird with it. I have a rule that if I hear an M4 shooting, I have to kill that guy. I don't care what's in the way, I don't care how big the squad is, that son of a bitch is using my favorite gun without my permission and must be dealt with. The first week I started doing that, I took a fight on Interchange that I would NEVER take normally. Slick/EXFIL/full meta M4 absolutely massacring the server. I waited my turn and essentially herded the guy, slowly closing in on him, until I had him pinned. Then I rushed him with my RPK and somehow won the fight with 5 blacked limbs. This was probably my most ballsy play in Tarkov, and it happened because I set some idiotic and borderline suicidal rule for myself in every raid. Seriously, just set yourself any goal, no matter how little, big, or straight up insane, and try. You'll start playing differently to achieve that goal, doing everything you can to make it happen. Also, just have fun. It's a damn video game after all. The most memorable raids I've had are when me and my buddies do ridiculous shit and die trying. Cowboy hats and ironsight Hunters into resort while pretending to be cowboys? Absolute blast, just try it and don't worry. Captain Price hats and 'staches into woods with no armor? Absurdly enjoyable. Well lads, that's the ramblings of an FPS noob who is slowly getting better and better at a game I never suspected to continue playing past the first few hours. It's been an absolute roller coaster ride, but I've loved every second of random death, anxiety, and last stands. For any new players out there, feel free to ask me any questions about anything - money making, play style, builds, whatever you're curious about. For the vets, I look forward to trading shots with you! Hope to learn a thing or two from how effectively you gave me some aggressive body modifications. https://preview.redd.it/muidzl4r0ya51.png?width=1920&format=png&auto=webp&s=ab4a0eaa3949bbc75d05029e053b5b4424e5c5d1
REMINDER: There aren't enough BTC for HALF of today's millionaires to own JUST ONE. Owning ONE bitcoin puts you--at minimum--in the top 0.2% of the human population in terms of total possible Bitcoin wealth distribution.
Let me remind all you old timers, and inform the newbies: There will only be a maximum of 21 million bitcoins. Ever. Approximately 4 million have been permanently LOST, bringing the maximum circulating total to 17 million. This total number won't be reached until 2140 due to Bitcoin's issuance schedule. This is "quantitative hardening." Total number of millionaires (in USD value) worldwide is around 33 million (source). The factual math is simple: there is not enough Bitcoin in the world for even HALF of today's millionaires to own just ONE SINGLE BITCOIN. Much less all the future millionaires that will be born as the human population approaches 10bn. Bitcoin is SCARCE. Check out the S2F model for a good explanation of why scarcity and value correlate. Recently updated to the S2FX model for a model that incorporates more data, and is more accurate. Furthermore: If you are able to acquire even one BTC today: Enjoy the feeling. You are an early adopter. And one of a very select number of humans. Owning just ONE BTC means that you are--at minimum--in the top 0.2% (17M / 8Bn * 100*100&ie=UTF-8&oe=UTF-8)) of the human population in terms of total possible bitcoin wealth distribution. The percentage is much lower than that, of course, given that there are lots of whales out there with 1000+ BTC each. Edit: And never-mind the idiots that will say something asinine like "my pubic hairs are limited in number too...does that make them valuable?" Your pubic hairs have zero network utility, whereas every day Bitcoin proves it has extraordinary utility as (perhaps) the most perfect form of money humans have yet created. Edit #2: Yes. I have said all of this before. But there are new people arriving in this sub every day. And very few people go back and read posts from 1+ month ago... Stack those sats! That is all.
This is a follow-up on https://old.reddit.com/Bitcoin/comments/hqzp14/technical_the_path_to_taproot_activation/ Taproot! Everybody wants it!! But... you might ask yourself: sure, everybody else wants it, but why would I, sovereign Bitcoin HODLer, want it? Surely I can be better than everybody else because I swapped XXX fiat for Bitcoin unlike all those nocoiners? And it is important for you to know the reasons why you, o sovereign Bitcoiner, would want Taproot activated. After all, your nodes (or the nodes your wallets use, which if you are SPV, you hopefully can pester to your wallet vendoimplementor about) need to be upgraded in order for Taproot activation to actually succeed instead of becoming a hot sticky mess. First, let's consider some principles of Bitcoin.
You the HODLer should be the one who controls where your money goes. Your keys, your coins.
You the HODLer should be able to coordinate and make contracts with other people regarding your funds.
You the HODLer should be able to do the above without anyone watching over your shoulder and judging you.
I'm sure most of us here would agree that the above are very important principles of Bitcoin and that these are principles we would not be willing to remove. If anything, we would want those principles strengthened (especially the last one, financial privacy, which current Bitcoin is only sporadically strong with: you can get privacy, it just requires effort to do so). So, how does Taproot affect those principles?
Taproot and Your /Coins
Most HODLers probably HODL their coins in singlesig addresses. Sadly, switching to Taproot would do very little for you (it gives a mild discount at spend time, at the cost of a mild increase in fee at receive time (paid by whoever sends to you, so if it's a self-send from a P2PKH or bech32 address, you pay for this); mostly a wash). (technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash, so the Taproot output spends 12 bytes more; spending from a P2WPKH requires revealing a 32-byte public key later, which is not needed with Taproot, and Taproot signatures are about 9 bytes smaller than P2WPKH signatures, but the 32 bytes plus 9 bytes is divided by 4 because of the witness discount, so it saves about 11 bytes; mostly a wash, it increases blockweight by about 1 virtual byte, 4 weight for each Taproot-output-input, compared to P2WPKH-output-input). However, as your HODLings grow in value, you might start wondering if multisignature k-of-n setups might be better for the security of your savings. And it is in multisignature that Taproot starts to give benefits! Taproot switches to using Schnorr signing scheme. Schnorr makes key aggregation -- constructing a single public key from multiple public keys -- almost as trivial as adding numbers together. "Almost" because it involves some fairly advanced math instead of simple boring number adding, but hey when was the last time you added up your grocery list prices by hand huh? With current P2SH and P2WSH multisignature schemes, if you have a 2-of-3 setup, then to spend, you need to provide two different signatures from two different public keys. With Taproot, you can create, using special moon math, a single public key that represents your 2-of-3 setup. Then you just put two of your devices together, have them communicate to each other (this can be done airgapped, in theory, by sending QR codes: the software to do this is not even being built yet, but that's because Taproot hasn't activated yet!), and they will make a single signature to authorize any spend from your 2-of-3 address. That's 73 witness bytes -- 18.25 virtual bytes -- of signatures you save! And if you decide that your current setup with 1-of-1 P2PKH / P2WPKH addresses is just fine as-is: well, that's the whole point of a softfork: backwards-compatibility; you can receive from Taproot users just fine, and once your wallet is updated for Taproot-sending support, you can send to Taproot users just fine as well! (P2WPKH and P2WSH -- SegWit v0 -- addresses start with bc1q; Taproot -- SegWit v1 --- addresses start with bc1p, in case you wanted to know the difference; in bech32 q is 0, p is 1) Now how about HODLers who keep all, or some, of their coins on custodial services? Well, any custodial service worth its salt would be doing at least 2-of-3, or probably something even bigger, like 11-of-15. So your custodial service, if it switched to using Taproot internally, could save a lot more (imagine an 11-of-15 getting reduced from 11 signatures to just 1!), which --- we can only hope! --- should translate to lower fees and better customer service from your custodial service! So I think we can say, very accurately, that the Bitcoin principle --- that YOU are in control of your money --- can only be helped by Taproot (if you are doing multisignature), and, because P2PKH and P2WPKH remain validly-usable addresses in a Taproot future, will not be harmed by Taproot. Its benefit to this principle might be small (it mostly only benefits multisignature users) but since it has no drawbacks with this (i.e. singlesig users can continue to use P2WPKH and P2PKH still) this is still a nice, tidy win! (even singlesig users get a minor benefit, in that multisig users will now reduce their blockchain space footprint, so that fees can be kept low for everybody; so for example even if you have your single set of private keys engraved on titanium plates sealed in an airtight box stored in a safe buried in a desert protected by angry nomads riding giant sandworms because you're the frickin' Kwisatz Haderach, you still gain some benefit from Taproot) And here's the important part: if P2PKH/P2WPKH is working perfectly fine with you and you decide to never use Taproot yourself, Taproot will not affect you detrimentally. First do no harm!
Taproot and Your Contracts
No one is an island, no one lives alone. Give and you shall receive. You know: by trading with other people, you can gain expertise in some obscure little necessity of the world (and greatly increase your productivity in that little field), and then trade the products of your expertise for necessities other people have created, all of you thereby gaining gains from trade. So, contracts, which are basically enforceable agreements that facilitate trading with people who you do not personally know and therefore might not trust. Let's start with a simple example. You want to buy some gewgaws from somebody. But you don't know them personally. The seller wants the money, you want their gewgaws, but because of the lack of trust (you don't know them!! what if they're scammers??) neither of you can benefit from gains from trade. However, suppose both of you know of some entity that both of you trust. That entity can act as a trusted escrow. The entity provides you security: this enables the trade, allowing both of you to get gains from trade. In Bitcoin-land, this can be implemented as a 2-of-3 multisignature. The three signatories in the multisgnature would be you, the gewgaw seller, and the escrow. You put the payment for the gewgaws into this 2-of-3 multisignature address. Now, suppose it turns out neither of you are scammers (whaaaat!). You receive the gewgaws just fine and you're willing to pay up for them. Then you and the gewgaw seller just sign a transaction --- you and the gewgaw seller are 2, sufficient to trigger the 2-of-3 --- that spends from the 2-of-3 address to a singlesig the gewgaw seller wants (or whatever address the gewgaw seller wants). But suppose some problem arises. The seller gave you gawgews instead of gewgaws. Or you decided to keep the gewgaws but not sign the transaction to release the funds to the seller. In either case, the escrow is notified, and if it can sign with you to refund the funds back to you (if the seller was a scammer) or it can sign with the seller to forward the funds to the seller (if you were a scammer). Taproot helps with this: like mentioned above, it allows multisignature setups to produce only one signature, reducing blockchain space usage, and thus making contracts --- which require multiple people, by definition, you don't make contracts with yourself --- is made cheaper (which we hope enables more of these setups to happen for more gains from trade for everyone, also, moon and lambos). (technology-wise, it's easier to make an n-of-n than a k-of-n, making a k-of-n would require a complex setup involving a long ritual with many communication rounds between the n participants, but an n-of-n can be done trivially with some moon math. You can, however, make what is effectively a 2-of-3 by using a three-branch SCRIPT: either 2-of-2 of you and seller, OR 2-of-2 of you and escrow, OR 2-of-2 of escrow and seller. Fortunately, Taproot adds a facility to embed a SCRIPT inside a public key, so you can have a 2-of-2 Taprooted address (between you and seller) with a SCRIPT branch that can instead be spent with 2-of-2 (you + escrow) OR 2-of-2 (seller + escrow), which implements the three-branched SCRIPT above. If neither of you are scammers (hopefully the common case) then you both sign using your keys and never have to contact the escrow, since you are just using the escrow public key without coordinating with them (because n-of-n is trivial but k-of-n requires setup with communication rounds), so in the "best case" where both of you are honest traders, you also get a privacy boost, in that the escrow never learns you have been trading on gewgaws, I mean ewww, gawgews are much better than gewgaws and therefore I now judge you for being a gewgaw enthusiast, you filthy gewgawer).
Taproot and Your Contracts, Part 2: Cryptographic Boogaloo
Now suppose you want to buy some data instead of things. For example, maybe you have some closed-source software in trial mode installed, and want to pay the developer for the full version. You want to pay for an activation code. This can be done, today, by using an HTLC. The developer tells you the hash of the activation code. You pay to an HTLC, paying out to the developer if it reveals the preimage (the activation code), or refunding the money back to you after a pre-agreed timeout. If the developer claims the funds, it has to reveal the preimage, which is the activation code, and you can now activate your software. If the developer does not claim the funds by the timeout, you get refunded. And you can do that, with HTLCs, today. Of course, HTLCs do have problems:
Privacy. Everyone scraping the Bitcoin blockchain can see any HTLCs, and preimages used to claim them.
This can be mitigated by using offchain techniques so HTLCs are never published onchain in the happy case. Lightning would probably in practice be the easiest way to do this offchain. Of course, there are practical limits to what you can pay on Lightning. If you are buying something expensive, then Lightning might not be practical. For example, the "software" you are activating is really the firmware of a car, and what you are buying is not the software really but the car itself (with the activation of the car firmware being equivalent to getting the car keys).
Even offchain techniques need an onchain escape hatch in case of unresponsiveness! This means that, if something bad happens during payment, the HTLC might end up being published onchain anyway, revealing the fact that some special contract occurred.
And an HTLC that is claimed with a preimage onchain will also publicly reveal the preimage onchain. If that preimage is really the activation key of a software than it can now be pirated. If that preimage is really the activation key for your newly-bought cryptographic car --- well, not your keys, not your car!
Trust requirement. You are trusting the developer that it gives you the hash of an actual valid activation key, without any way to validate that the activation key hidden by the hash is actually valid.
Fortunately, with Schnorr (which is enabled by Taproot), we can now use the Scriptless Script constuction by Andrew Poelstra. This Scriptless Script allows a new construction, the PTLC or Pointlocked Timelocked Contract. Instead of hashes and preimages, just replace "hash" with "point" and "preimage" with "scalar". Or as you might know them: "point" is really "public key" and "scalar" is really a "private key". What a PTLC does is that, given a particular public key, the pointlocked branch can be spent only if the spender reveals the private key of the given public key to you. Another nice thing with PTLCs is that they are deniable. What appears onchain is just a single 2-of-2 signature between you and the developemanufacturer. It's like a magic trick. This signature has no special watermarks, it's a perfectly normal signature (the pledge). However, from this signature, plus some datta given to you by the developemanufacturer (known as the adaptor signature) you can derive the private key of a particular public key you both agree on (the turn). Anyone scraping the blockchain will just see signatures that look just like every other signature, and as long as nobody manages to hack you and get a copy of the adaptor signature or the private key, they cannot get the private key behind the public key (point) that the pointlocked branch needs (the prestige). (Just to be clear, the public key you are getting the private key from, is distinct from the public key that the developemanufacturer will use for its funds. The activation key is different from the developer's onchain Bitcoin key, and it is the activation key whose private key you will be learning, not the developer's/manufacturer's onchain Bitcoin key). So:
Privacy: PTLCs are private even if done onchain. Nobody else can learn what the private key behind the public key is, except you who knows the adaptor signature that when combined with the complete onchain signature lets you know what the private key of the activation key is. Somebody scraping the blockchain will not learn the same information even if all PTLCs are done onchain!
Lightning is still useful for reducing onchain use, and will also get PTLCs soon after Taproot is activated, but even if something bad happens and a PTLC has to go onchain, it doesn't reveal anything!
Trust issues can be proven more easily with a public-private keypair than with a hash-preimage pair.
For example, the developer of the software you are buying could provide a signature signing a message saying "unlock access to the full version for 1 day". You can check if feeding this message and signature to the program will indeed unlock full-version access for 1 day. Then you can check if the signature is valid for the purported pubkey whose private key you will pay for. If so, you can now believe that getting the private key (by paying for it in a PTLC) would let you generate any number of "unlock access to the full version for 1 day" message+signatures, which is equivalent to getting full access to the software indefinitely.
For the car, the manufacturer can show that signing a message "start the engine" and feeding the signature to the car's fimrware will indeed start the engine, and maybe even let you have a small test drive. You can then check if the signature is valid for the purported pubkey whose privkey you will pay for. If so, you can now believe that gaining knowledge of the privkey will let you start the car engine at any time you want.
(pedantry: the signatures need to be unique else they could be replayed, this can be done with a challenge-response sequence for the car, where the car gathers entropy somehow (it's a car, it probably has a bunch of sensors nowadays so it can get entropy for free) and uses the gathered entropy to challenge you to sign a random number and only start if you are able to sign the random number; for the software, it could record previous signatures somewhere in the developer's cloud server and refuse to run if you try to replay a previously-seen signature.)
Taproot lets PTLCs exist onchain because they enable Schnorr, which is a requirement of PTLCs / Scriptless Script. (technology-wise, take note that Scriptless Script works only for the "pointlocked" branch of the contract; you need normal Script, or a pre-signed nLockTimed transaction, for the "timelocked" branch. Since Taproot can embed a script, you can have the Taproot pubkey be a 2-of-2 to implement the Scriptless Script "pointlocked" branch, then have a hidden script that lets you recover the funds with an OP_CHECKLOCKTIMEVERIFY after the timeout if the seller does not claim the funds.)
Now if you were really paying attention, you might have noticed this parenthetical:
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash...)
So wait, Taproot uses raw 32-byte public keys, and not public key hashes? Isn't that more quantum-vulnerable?? Well, in theory yes. In practice, they probably are not. It's not that hashes can be broken by quantum computes --- they're still not. Instead, you have to look at how you spend from a P2WPKH/P2PKH pay-to-public-key-hash. When you spend from a P2PKH / P2WPKH, you have to reveal the public key. Then Bitcoin hashes it and checks if this matches with the public-key-hash, and only then actually validates the signature for that public key. So an unconfirmed transaction, floating in the mempools of nodes globally, will show, in plain sight for everyone to see, your public key. (public keys should be public, that's why they're called public keys, LOL) And if quantum computers are fast enough to be of concern, then they are probably fast enough that, in the several minutes to several hours from broadcast to confirmation, they have already cracked the public key that is openly broadcast with your transaction. The owner of the quantum computer can now replace your unconfirmed transaction with one that pays the funds to itself. Even if you did not opt-in RBF, miners are still incentivized to support RBF on RBF-disabled transactions. So the extra hash is not as significant a protection against quantum computers as you might think. Instead, the extra hash-and-compare needed is just extra validation effort. Further, if you have ever, in the past, spent from the address, then there exists already a transaction indelibly stored on the blockchain, openly displaying the public key from which quantum computers can derive the private key. So those are still vulnerable to quantum computers. For the most part, the cryptographers behind Taproot (and Bitcoin Core) are of the opinion that quantum computers capable of cracking Bitcoin pubkeys are unlikely to appear within a decade or two.
Current quantum computers can barely crack prime factorization problem for primes of 5 bits.
The 256-bit elliptic curve use by Bitcoin is, by my (possibly wrong) understanding, equivalent to 4096-bit primes, so you can see a pretty big gap between now (5 bit primes) and what is needed (4096 bit primes).
A lot of financial non-Bitcoin systems use the equivalent of 3072-bit primes or less, and are probably easier targets to crack than the equivalent-to-4096-bit-primes Bitcoin.
Quantum computers capable of cracking Bitcoin are still far off.
Pay-to-public-key-hash is not as protective as you might think.
We will probably see banks get cracked before Bitcoin, so the banking system is a useful canary-in-a-coal-mine to see whether we should panic about being quantum vulnerable.
For now, the homomorphic and linear properties of elliptic curve cryptography provide a lot of benefits --- particularly the linearity property is what enables Scriptless Script and simple multisignature (i.e. multisignatures that are just 1 signature onchain). So it might be a good idea to take advantage of them now while we are still fairly safe against quantum computers. It seems likely that quantum-safe signature schemes are nonlinear (thus losing these advantages).
If you are a singlesig HODL-only Bitcoin user, Taproot will not affect you positively or negatively. Importantly: Taproot does no harm!
If you use or intend to use multisig, Taproot will be a positive for you.
If you transact onchain regularly using typical P2PKH/P2WPKH addresses, you get a minor reduction in feerates since multisig users will likely switch to Taproot to get smaller tx sizes, freeing up blockspace for yours.
If you are using multiparticipant setups for special systems of trade, Taproot will be a positive for you.
Remember: Lightning channels are multipartiicpiant setups for special systems of lightning-fast offchain trades!
I Wanna Be The Taprooter!
So, do you want to help activate Taproot? Here's what you, mister sovereign Bitcoin HODLer, can do!
If you have developer experience especially in C, C++, or related languages
Review the Taproot code! There is one pull request in Bitcoin Core, and one in libsecp256k1. I deliberately am not putting links here, to avoid brigades of nontechnical but enthusiastic people leaving pointless reviews, but if you are qualified you know how to find them!
But I am not a cryptographeBitcoin Core contributomathematician/someone as awesome as Pieter Wuille
That's perfectly fine! The cryptographers have been over the code already and agree the math is right and the implementation is right. What is wanted is the dreary dreary dreary software engineering: are the comments comprehensive and understandable? no misspellings in the comments? variable names understandable? reasonable function naming convention? misleading coding style? off-by-one errors in loops? conditions not covered by tests? accidental mixups of variables with the same types? missing frees? read-before-init? better test coverage of suspicious-looking code? missing or mismatching header guards? portability issues? consistent coding style? you know, stuff any coder with a few years of experience in coding anything might be able to catch. With enough eyes all bugs are shallow!
If you are running a mining pool/mining operation/exchange/custodial service/SPV server
Be prepared to upgrade!
One of the typical issues with upgrading software is that subtle incompatibilities with your current custom programs tend to arise, disrupting operations and potentially losing income due to downtime. If so, consider moving to the two-node setup suggested by gmax, which is in the last section of my previous post. With this, you have an up-to-date "public" node and a fixed-version "private" node, with the public node protecting the private node from any invalid chainsplits or invalid transactions. Moving to this setup from a typical one-node setup should be smooth and should not disrupt operations (too much).
If you are running your own fullnode for fun or for your own wallet
Be prepared to upgrade! The more nodes validating the new rules (even if you are a non-mining node!), the safer every softfork will be!
If you are using an SPV wallet or custodial wallet/service (including hardware wallets using the software of the wallet provider)
Contact your wallet provider / SPV server and ask for a statement on whether they support Taproot, and whether they are prepared to upgrade for Taproot! Make it known to them that Taproot is something you want!
But I Hate Taproot!!
Raise your objections to Taproot now, or forever hold your peace! Maybe you can raise them here and some of the devs (probably nullc, he goes everywhere, even in rbtc!) might be able to see your objections! Or if your objections are very technical, head over to the appropriate pull request and object away!
Maybe you simply misunderstand something, and we can clarify it here!
Or maybe you do have a good objection, and we can make Taproot better by finding a solution for it!
To understand how stupid the argument "government will just ban bitcoin" is, you need to consider this. Replace bitcoin with gold. If one or two governments banned gold nothing happens. If all governments banned gold simultaneously gold wouldn't go away, it would still exist just like bitcoin. If this happened all gold exchanges would close, gold would move to a black market, and because of the legality element it would demand a premium and end up with a higher market value than it had before it was banned. The exact same thing happens when you ban drugs, a black market evolves and the price goes up. So banning bitcoin would not do anything but put coinbase out of business, create a massive black market for its exchange and give it a higher price than it has today. If gold was illegal I would want to use it even more. The same is true with bitcoin, banning bitcoin enhances its desirability..
re: July 15 Twitter hack - what would you have done instead?
Background to what happened today at Twitter: https://www.vice.com/en_us/article/jgxd3d/twitter-insider-access-panel-account-hacks-biden-uber-bezos Essentially, someone or some group gained access to Twitter internal tools and was able to post on large, verified accounts like that of Elon Musk, Bill Gates, Joe Biden, and official company Twitter accounts like that of Apple and Uber. They mostly posted the same message - "send us some bitcoin and we'll send you 2x the amount you sent us because we are feeling generous." Of course, they dont send back 2x. They made off with around $100k worth of bitcoin. Imagine you had that access - you could post on Musk's or Biden's or some Kardashian's Twitter - what would you do with this power? Assuming you had maybe an hour or two to post because Twitter stopped all verified accounts from posting and all that? For example, many people suggested something with the stock market (though this occurred after markets closed in the US, the assumption was they would do it during market hours). Others said that this is the quickest way to get caught. I'm not convinced you would get caught if you trade super high volume stuff - anyone know if I'm off base here? Closest example is all the airline-related trading activity on 9/11, but those were all found to be unrelated. I'm wondering how FINRA or SEC (not sure which) would pin you as "insider trading" or something. So, reader: What would you do if you had access to post with these accounts? What would you do to make the most money (and get away with it), and what would you do to cause the most chaos?
Hey reddit! Today we are doing a verified AMA about the Bitcoin Halving at r/IAmA. To celebrate the Halving we are giving away 2 prizes of Half a Bitcoin each.
Hello Bitcoin! The AMA may be over, but the contest for the free Bitcoin is not! Hi all, my name is Rahul Sood, I am the creator of Microsoft Ventures and co-founder of Unikrn Esports. I'm helping my friends at Bittrex and Bittrex Global celebrate the Bitcoin Halving. They are giving away half of a Bitcoin to two lucky people (half to someone inside the USA, and the other half to someone outside the USA) after the Halvening! For one entry all you have to do is submit a reply on this thread that answers two questions;
Why do you love Bitcoin? (memes are welcome)
What do you plan to do with your half Bitcoin if you win this contest?
There is also an opportunity to get more entries at the full contest page, I highly encourage you to read the details - dates/times/etc are there.
If you are in the USA click here for the contest details and a chance to earn more entries.
If you are outside the USA click here for the contest details and a chance to earn more entries.
Keep in mind we’ll be making the draw shortly after the halving and the Bitcoin will be transferred to your Bittrex account or Bittrex Global account, good luck!
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