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    Bitcoin Daily Discussion, December 22, 2019

    December 22, 2019

    Bitcoin Daily Discussion, December 22, 2019

    Daily Discussion, December 22, 2019

    Posted: 21 Dec 2019 11:00 PM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    We have a couple chat rooms now!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    What the upcoming years might hold in store for bitcoin (a technical outlook by John Newbery)

    Posted: 22 Dec 2019 12:18 AM PST

    John Newbery is a developer contributing to Bitcoin Core and to various educational resources like Bitcoin Optech.

    Original source is here: https://twitter.com/jfnewbery/status/1208559196465184768. Keep in mind that the text below is copied from Twitter, so the formatting/phrasing might seem a little strange.

    --------------------------------------------------------

    ​

    The end of the decade is a good time to look back and marvel at the giant strides that Bitcoin has made since Satoshi gave us the whitepaper in 2008. It's also a natural point to look forward to what the upcoming years might hold in store.

    This is where I think Bitcoin is headed over the next few years. Tell me why I'm wrong and what I've missed!

    The lightning protocol teams working on c-lightning (@Blockstream), eclair (@acinq_co), LND (@lightning) and rust lightning will continue to iterate rapidly on the lightning protocol.

    All implementations now support basic multi-path payments (https://bitcoinops.org/en/topics/multipath-payments/). We'll get better support of that as well as dual-funding, splice-in and splice-out (https://bitcoinops.org/en/topics/splicing/).

    Taken together, those technologies will make channel and liquidity management much easier. They'll be automated, fade into the background and user experience will improve drastically.

    Lightning infrastructure will improve. @bitfinex recently added lightning deposits and withdrawals. All other exchanges, merchant service providers, custodians and wallets will follow suit or become obsolete.

    We'll see more lightning wallets: a mix of non-custodial; self-custodied with outsourced routing; and fully-self-managed wallets. This is a brand new space and there'll be lots of experimentation. Different teams will find different niches to fill.

    Already, wallets like @MuunWallet, @Breez_Tech, @PhoenixWallet, @ln_zapand @bluewalletio are experimenting with different models.

    Tooling for lightning developers will improve. When we ran the lightning apps residency just over a year ago, the attendees spent a lot of time setting up their lightning dev environments.

    Now, with Polar (https://github.com/jamaljsr/polar) by @jamaljsr, lightning app developers can set up a test environment with a few clicks. More and better tools will continue to appear.

    With better tooling, we'll see faster innovation on the application layer. Teams at @zebedeeio, @SatoshisGames, and others we haven't heard of yet will delight us with new and unexpected lightning experiences.

    The schnorr/taproot softfork (https://bitcoinops.org/en/topics/taproot/) will be activated in 2020 or 2021. That'll provide a huge improvement in fungibility, privacy, scalability and functionality. For an overview of the benefits, watch the Optech exec briefing here: https://bitcoinops.org/en/2019-exec-briefing/#the-next-softfork

    That'll allow lightning to upgrade from HTLCs to Payment Points. That's a big improvement for privacy and payment decorrelation, and allows 'Stuckless payments' with proofs-of-payment -- another huge boost in LN usablity.

    See the @suredbits series of blog posts here https://suredbits.com/payment-points-part-1/ for more details on Payment Points.

    Even better, lightning channel opens and closes will look identical to payments to single pubkeys. The same is true for payments to k-of-n pubkey thresholds. That's good for fungibility, privacy and scalability.

    In fact, with schnorr/taproot, there's almost no downside to encumbering UTXOs with advanced scripts instead of single pubkey outputs.

    Cold storage UTXOs will be k-of-n multisig keytrees, and all hot wallet UTXOs will be stored in channels (with splicing-out used to make on-chain payments). When transactions hit the chain, they'll look like any other single pubkey/signature payment.

    Payments into wallets will pay directly into channel open outputs (thanks to @esneider for pointing this out to me). There'll be no concept of an on-chain balance and an in-channel balance. Just a single, unified balance that can be used for lightning or on-chain payments.

    Wallet teams will collaborate on a PayJoin payment protocol (https://bitcoinops.org/en/topics/payjoin/). A large number of on-chain transactions will be 2-input-2-ouput transactions, vastly improving fungibility and privacy, and foiling chain analysis.

    The inputs to those PayJoin transactions may be channel splice-outs, and the outputs may be channel opens, but there'll be no way to tell from observing the chain.

    Eventually we'll have cross-input signature aggregation (https://bitcoincore.org/en/2017/03/23/schnorr-signature-aggregation/#signature-aggregation), which means those PayJoin transactions will only have a single signature, and will be *cheaper* than regular change-producing transactions.

    Larger coinjoins will be cheaper still. An advanced PayJoin payment protocol could even batch multiple payments to the same merchant/exchange and use only a single signature.

    We'll get SIGHASH_NOINPUT or SIGHASH_ANYPREVOUT (https://bitcoinops.org/en/topics/sighash_noinput/), making eltoo (https://bitcoinops.org/en/topics/eltoo/) possible, and blurring the lines between layer 1 and layer 2 (https://lists.linuxfoundation.org/pipermail/lightning-dev/2019-September/002136.html).

    That'll make lightning even more usable and allow more advanced layer 2 contracts like channel factories (https://bitcoinops.org/en/topics/channel-factories/).

    All these advanced features will require greater wallet interoperability. That's where miniscript (https://bitcoinops.org/en/topics/miniscript/) comes in.

    With miniscript, wallets will eventually be able to enter contracts with each other that don't require pre-templated scripts (as lightning currently does). This wallet interoperability will allow faster innovation in layer 2 contracts.

    OP_CTV (https://bitcoinops.org/en/newsletters/2019/12/04/#op-checktemplateverify-ctv) or some other covenant-enabling opcode will be activated, allowing richer layer 2 constructions like joinpools (https://freenode.irclog.whitequark.org/bitcoin-wizards/2019-05-21#1558427254-1558427441).

    Taken together with taproot and SIGHASH_NOINPUT, we'll get extremely rich and private off-chain contracts will be made possible.

    Some of these things will happen in 2020, and some will take a bit longer, but they're all heading in the same direction: using the chain for what the chain's good for (h/t Andrew Poelstra).

    That's to say: the block chain allows nodes to arrive at an agreed ledger state, while contracting and functionality move up onto layer two. Doing so is cheaper, more secure, more private and allows for more rapid innovation.

    None of this is inevitable, and none can happen without the industry of many hands and the creativity of many minds. There are years of work ahead for developers, researchers, businesses and users.

    If you run a Bitcoin business, you can help by supporting, sponsoring or hiring open source developers.

    If you're a Bitcoin user, you can help by *demanding* that any service you use supports the open source ecosystem.

    If you're a developer, you can help by reviewing and testing PRs and releases. https://bitcoincore.reviews/ is a great place to start.

    2020 is going to be a great year for Bitcoin and Lightning protocol development!

    /fin

    submitted by /u/TheGreatMuffin
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    Bitcoin ATM in Berlin :-) appr. 7% fees; no kyc and very smooth

    Posted: 21 Dec 2019 04:35 AM PST

    Mass adoption is coming soon... lol! shoutout to the guy handing out bitcoin books at DUI checkpoints

    Posted: 21 Dec 2019 09:44 AM PST

    Argentina Posts Highest LocalBitcoins Volume Ever Amidst Capital Controls on Foreign Currencies

    Posted: 21 Dec 2019 09:10 AM PST

    Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC

    Posted: 21 Dec 2019 10:19 AM PST

    Current Bitcoin fees @1sat/KvB thank you lightning

    Posted: 21 Dec 2019 10:40 AM PST

    Exclusive Interview with Crypto Bubble!

    Posted: 21 Dec 2019 07:50 PM PST

    Bitcoin Still Overtook (Very Popular Keywords) Trump, VISA, PayPal, and Libra on Google Search in 2019 At One Point

    Posted: 21 Dec 2019 08:59 AM PST

    'Multi-Part' Payments Could Bring Bigger Bitcoin Sums to Lightning Network - CoinDesk

    Posted: 21 Dec 2019 10:16 AM PST

    The Lightning Network's amazing progress this year

    Posted: 21 Dec 2019 08:17 AM PST

    Tell us about your favourite Bitcoin tools

    Posted: 21 Dec 2019 11:22 PM PST

    Hey guys,

    Wanted to see which are you favourite Bitcoin tools, sites, etc today?

    Wanted to update this post for 2020 with more of the best Bitcoin tools and sites on it (https://gocryptowise.com/blog/ultimate-list-of-handy-crypto-tools-sites-2019/)

    Right now these are the current ones:

    1. The Halvening – A site dedicated to the upcoming halving event of Bitcoin. Where mining rewards will be halved (https://www.thehalvening.com/)

    2. Simple Bitcoin converter – Is a simple Bitcoin price converter to Fiat currencies… (http://preev.com/)

    3. 1ML – Is a Lightning Network Search and Analysis Engine (https://1ml.com/)

    4. Bitnodes – Lists and maps all the active nodes in the Bitcoin network around the world (https://bitnodes.earn.com/)

    5. Bitcoin Fee tool – A Bitcoin fee calculator and estimation tool (https://www.buybitcoinworldwide.com/fee-calculator/)

    submitted by /u/polagon
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    Any European halvening events planned?

    Posted: 21 Dec 2019 04:43 PM PST

    If Bitcoin is Rat Poison, the Banks Are the Rats

    Posted: 21 Dec 2019 05:50 AM PST

    Has the Bitcoin brand been trademarked? See link below. What does this mean for people looking to create a brand around the bitcoin brand or use the Bitcoin term? I thought the word ‘Bitcoin’ was not owned by anyone and hence could be used by anyone.

    Posted: 22 Dec 2019 03:53 AM PST

    Is any address that begins with bc1 called bech32? I have been playing with iancoleman.io/bip39 tool and noticed that it can create three different kinds of bc1 addresses.

    Posted: 21 Dec 2019 11:43 AM PST

    In iancoleman.io/bip39 tool, in addition to P2WPKH and P2WSH under BIP141 tab, the BIP84 tab creates bc1 addresses too. Thanks to u/d3vrandom comment, I know that P2WPKH and P2WSH are both called native segwit, one used for standard wallets and the other is used for multisig wallets.

    But what is BIP84? I tried to read about BIP141 and BIP84 but I didn't understand much.

    submitted by /u/DapperDoubt
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    Even the bank of England is hackable

    Posted: 22 Dec 2019 03:39 AM PST

    GoldenEye: Running Bitcoin from Space | Satellite Alignment - VIDEO

    Posted: 22 Dec 2019 03:38 AM PST

    Bitcoin could just be the the better solution here

    Posted: 22 Dec 2019 03:19 AM PST

    Green wallet, UX downgrade

    Posted: 21 Dec 2019 10:14 AM PST

    Has anyone noticed just in the last couple of days that green wallet has added additional junk to the copy address section. It's for a QR code invoice, it'd be great to be able to turn that off.

    submitted by /u/kornpow
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    Bitcoin book for elementary age kids?

    Posted: 21 Dec 2019 11:51 AM PST

    My niece (11) asked for a bitcoin for Christmas. Unfortunately I'm not quite that solvent, she's going to get some portion of a coin but I also wanted to get her a book about it.

    Any suggestions?

    submitted by /u/klitchell
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    It seems like your average joes think that Satoshi is a mystical figure

    Posted: 21 Dec 2019 09:00 PM PST

    https://np.reddit.com/r/news/comments/eaxwxs/cryptocurrency_tycoon_died_leaving_145m_in_limbo/fb5roa4/?context=3

    Those are the words of Satoshi himself? Really? The mysterious unknown person who is probably a pseudonym. I find that a bit hard to believe.

    I mean, I probably could have been nicer in the exchange but this guys response to me is very interesting to me. It might not be surprising to you guys but for some reason it was to me. Most people out there don't really know that you can look up Satoshi's words yourself the same way you can look up someone's post history on reddit. Just really drives home to me how early we are in the space.

    submitted by /u/10yearbull
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    bitcoin stock to flow ration compared to Proof of Stake system

    Posted: 21 Dec 2019 05:54 PM PST

    Ive been reading up again on the fascinating aspects of Bitcoin stock to flow model.

    https://digitalik.net/btc/

    As mentioned, with each halvening the asset becomes more scarce which therefore should organically increase price.

    I was wondering how this compares to Proof of Stake coins that are purely POS (not hybrids with POW) in which all coins have already been distributed and no new coins will ever enter the market in the future. Wouldn't this model be more scarce than btc in its current state?

    POS coins that have already distributed all tokens (no more flow) would have a Stock/Flow that approaches infinity.

    Can the btc stock/flow model even apply to POS coins?

    submitted by /u/lost_civilizations
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    Why is it so difficult to find a Bitcoin exchange?

    Posted: 21 Dec 2019 10:51 AM PST

    I just started with BTC literally a few days ago. I find the technology very interesting and I definitely see the potential. However securing and buying BTC has been nothing short of infuriating.

    • I've tried Coinbase, but while it's been simple to set up and buy, they limit my purchase to $250/week and also charge a very high fee, almost 5% of my purchase.

    • I've tried Binance, but their portals like Koinal have had reports of scams and missing BTC.

    • I'm in the process of getting verified by Kraken. Even with the front/back of my driver's license, a selfie, and a credit card statement confirming my address, STILL their support emailed me this today "to complete your account verification, we must ask you to provide an ID Confirmation Photo. An ID Confirmation Photo is a picture of you, holding your ID and a handwritten note with your signature, the current date, and a message stating "Only for trading digital currency on www.kraken.com." I feel like I'm gonna be extorted by them in the future or something. What the hell is this? I didn't even need this to create a TFSA account, now they want a picture of me holding up my ID to my face?

    Can anyone provide recommendations on where to securely buy BTC? As soon as I exchange for the BTC, I'm planning to send it to my wallet and keep it off the exchange.

    Thanks everyone

    submitted by /u/theretardedinvestor
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