Bitcoin Taproot activation megathread |
- Taproot activation megathread
- Daily Discussion, June 01, 2021
- BMW M3 e92. Been holding for 4 years now, sold half of my net at $45k. Next sell will hopefully cover my next house. ��
- Binance CEO, CZ, shades Elon Musk in tweet. - ''When you use electricity to run cars, it’s environmentally friendly. When you use electricity to run the most efficient financial networks in the world, it’s an environmental concern.''
- The Miami crypto conference is expected to draw more than 50,000 people
- If my bank is so concerned about me losing money investing in bitcoin how come they don't show the same concern for me losing money in online gambling?
- It’s inevitable
- India just unbanned Bitcoin (today)
- Splendid News
- India's central bank confirms cryptocurrencies aren't banned - and says its 2018 order barring banks from crypto transactions is no longer valid
- At peace with whatever happens
- RGB for Lightning Network. I'm so excited.
- Wow we just broke 3,000,000 members!
- Canadian Car Company to Launch Electric Car That Can Mine Bitcoin When Parked
- RGB protocol explanation for bitcoiners
- Michael Saylor Predicts a 15% Yearly Inflation Rate Over the Next 8 Years. Buy Bitcoin. (short audio clip)
- Coinbase Card Users Can Now Spend Crypto With Apple and Google Pay
- Bitcoin Miner Marathon Will No Longer Censor Transactions, CEO Says
- Globant Says It Bought Bitcoin in Q1
- Visualizing the Snowball of Government Debt
- "India bans Bitcoin!" Uh, NO. "China bans Bitcoin" Uh, NO. "Nigeria bans Bitcoin" Uh, NO. It's an endless shitstorm as moneyed interests close to the dollar spigot finally see Bitcoin for what it is: A direct threat to monetary expansion and Central bank authority. Put your shields up, and prepare.
- RBI says the 2018 cryptocurrency circular is no longer valid by PCEX Member's twitter
- Stefan Ingves, Governor of Sveriges Riksbank: Bitcoin surging demand will surely keep financial officials on their toes
- Current State of Lightning Network Privacy
- Bitcoin ETP Launching on London Exchange
| Posted: 04 May 2021 08:33 AM PDT A Taproot activation mechanism called "Speedy Trial" has just started on the 1st of May. Its goal is to give miners an opportunity to coordinate a quick activation of the Taproot update. The gist of it is: miners are given a three months time period to signal for Taproot activation. Within those three months, there are six sub-phases (each consists of 2016 blocks, aka ~2 weeks). As soon as there are 90% of blocks signalling for Taproot within any of those six sub-phases, Taproot activation will be locked in. The actual new protocol rules will then be enforced starting from block height 709,632, which is expected to be mined in November. We are currently in the A new lock in period started on the 29th of May and it looks like we'll get Taproot locked in this period!You can watch the currently signalling blocks/mining pools here (stand: 28th May): Currently signalling for Taproot:
Keep in mind, actual hashrate is always unknown and numbers above are an estimation only, based on observations of the recent blocks, which is always subject to variance. What is Taproot?
Source: Taproot - Why Activate Further reading:
FAQ:
There is an update to bitcoin's code, called Taproot. It is good for privacy and efficiency of some important usecases. The update itself (the code) is ready, now it needs to be activated on the network. The developers/users gave the miners three months time to coordinate this activation (the coordination through miners makes it a bit easier, if everyone cooperates). That three months time window started on the 1st of May, and this current thread is keeping track of the current activation status. Now we have to wait and see how cooperative the miners will be (most likely they will, but it's not a guarantee).
No, if miners are not cooperating, then another activation mechanism will be attempted (probably something similar to UASF in 2017), where full node maintainers simply say "from blockheight x Taproot will be enforced and non-compliant blocks will be rejected", or something similar. The "speedy trial" mechanism was just the least contentious/the fastest one. If it doesn't work, we move on to another mechanism.
You don't need to, but you could upgrade your client to 0.21.1, which has Taproot activation code included: https://bitcoincore.org/en/2021/05/01/release-0.21.1/ Taproot is a soft fork, which means it is backwards compatible. Non-updated nodes will be able to stay on the network (and upgrade at their leisure at some point or not), but they won't be able to "understand" what Taproot is (afaik they'll see Taproot transactions as "anyone can spend" transactions, which are still fully valid by the bitcoin rules).
No, at least not for now (although any user benefits slightly from reduced fee pressure overall). For those something called "cross-input signature aggregation" is needed. Excellent deep dive: Taproot, CoinJoins, and Cross-Input Signature Aggregation
This command will show you your peers' client version:
The following command line prints the number of blocks in the current retarget period, the number of those blocks which have signaled, and whether it's possible for taproot to activate in this period (assuming there's no reorg): bitcoin-cli getblockchaininfo \ Additions (more helpful links, questions, improvements etc) welcome! Please post them in comments :) [link] [comments]  | ||
| Daily Discussion, June 01, 2021 Posted: 31 May 2021 10:10 PM PDT 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. Join us in the r/Bitcoin Chatroom! Please check the previous discussion thread for unanswered questions. [link] [comments]  | ||
| Posted: 01 Jun 2021 04:09 AM PDT
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| Posted: 31 May 2021 10:33 AM PDT
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| The Miami crypto conference is expected to draw more than 50,000 people Posted: 01 Jun 2021 12:34 AM PDT
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| Posted: 31 May 2021 12:57 PM PDT Today I received a notice on my banking app about the dangers of investing in bitcoin and cryptocurrencies. Naturally my first thought was "Fuck you, I'll spend my money any way I want". But this got me thinking. Online gaming is a big problem. It's highly addictive and destructive and breaks up marriages and families. Addicts often can't pay their bills and mortgages and their children often go hungry as a result of this vice. Yet I've never once received a warning from my bank alerting me to the dangers of it. I've also never had any payments to betting / gaming sites stopped or questioned by my bank. I place the odd bet from time to time. So how come they are so concerned about me losing money investing in bitcoin when it's been the best performing asset of the last 10 years, outperforming every stock on the planet, whereas gambling almost always results in losing everything? What's their angle? [link] [comments]  | ||
| Posted: 01 Jun 2021 05:49 AM PDT
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| India just unbanned Bitcoin (today) Posted: 31 May 2021 07:35 AM PDT
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12103&Mode=0 [link] [comments]  | ||
| Posted: 01 Jun 2021 02:20 AM PDT
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| Posted: 01 Jun 2021 06:02 AM PDT
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| At peace with whatever happens Posted: 31 May 2021 07:44 PM PDT Me and my son started mining in 2013... The butterfly labs systems would heat the entire home up north for every month except January... Still have memories of the constant humming noise... I sold almost everything in 2018 at the bottom due to cancer treatment... Looking forward there is still so much hope. The buzz for the next havening should start around early 2022... The stockpiling is inevitable for what should be a battle for the remaining coins... There will be no second chances at this stage. Nobody will want to part with this rare commodity. So if some unexpected regulations come along there is comfort knowing that this community is battle tested and will not simply roll over for the next so called crisis... We are large enough and strong enough to maintain BTC's value on our own... No worries about the mood swings of wallstreet or political Fuddsters.... Life is good for us believers... Onwards and upwards for the steady hands... Peace and prosperity brothers and sisters... for a better Future! [link] [comments]  | ||
| RGB for Lightning Network. I'm so excited. Posted: 01 Jun 2021 02:12 AM PDT "The classic example is CryptoKitties, those breedable NFT felines minted on the Ethereum network. Another perhaps less-familiar example comes from the RarePepe cards issued on Bitcoin using the Counterparty protocol. RGB could have a leg up on these forms of NFTs because RGB would allow you to send the computer file for the NFT in the same transaction as the asset that represents it. When you send a CryptoKitty as an ERC-721 token on Ethereum or a RarePepe "colored coin" on Bitcoin, the file for the actual collectible has to be transferred separately. With RGB, both asset and collectible can be "sent inside the same channel," Zucco claimed. A more salient use case for RGB, according to Zucco, would come from issuing tether on the protocol. Since all transactions are handled off-chain, Zucco said RGB carries with it the promise to be possibly more private than even the Lightning Network. For something like the stablecoin tether, whose on-chain address on blockchains like Bitcoin, Ethereum, EOS and Tron can be easily tracked and, in extreme scenarios, blacklisted, this could bolster tether's privacy and censorship resistance." RGB main properties: Confidentiality Safety Scalability No bitcoin timechain congestion: transactions keep only homomorphic commitments which require no additional storage Future-ready without hardforks Higher censorship-resistance than in bitcoin: miners do not see that there is something going on with assets in transactions [link] [comments]  | ||
| Wow we just broke 3,000,000 members! Posted: 31 May 2021 09:02 PM PDT That's really incredible. It's my sincere hope that we can take this moment and highlight the true use case of bitcoin as providing the world's first truly finite digital asset that allows true autonomy and sovereignty for anyone running taking their own private keys and running their own node with SPV (Simple Payment Verification). It's my hope that this post will bring to light the fact that these wallets that allow you to specify your own node are very few and far between (I only know of one on Android for example). Even more concerning is that even the base download for bitcoin core doesn't allow you to run SPV by default as you have to specify peerbloomfilters=1 in the config file. Either way bitcoin fam congrats on the big 3MM registered users in this sub! Let's not lose sight of what this is all about! 💪 [link] [comments]  | ||
| Canadian Car Company to Launch Electric Car That Can Mine Bitcoin When Parked Posted: 01 Jun 2021 07:00 AM PDT
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| RGB protocol explanation for bitcoiners Posted: 01 Jun 2021 02:56 AM PDT I made a post on yalls where I tried to explain what RGB is and how it works from a high level perspective. I think Bitcoin and LN will be a settlement/payment network for any currency thanks to RGB in the future. To explain RGB, I show how RGB core concepts allows you to take a fresh look at what Bitcoin is technically. This post is for people who want to understand how RGB works under the hund without any code and how it uses Bitcoin and LN, it is quite technical. If you want to read my explanation for free, I shared my post in the reddit r/RGB_protocol so you can read it there :) (I hope we will see more activity on the RGB sub with its adoption). The LNPBP association also made nice slides recently to illustrate how you transfert RGB asset on-chain here ! This is a great picture to understand how Bitcoin secure RGB transactions and how they happen. I hope some of you will enjoy it ! [link] [comments]  | ||
| Posted: 01 Jun 2021 07:15 AM PDT
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| Coinbase Card Users Can Now Spend Crypto With Apple and Google Pay Posted: 01 Jun 2021 07:16 AM PDT
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| Bitcoin Miner Marathon Will No Longer Censor Transactions, CEO Says Posted: 01 Jun 2021 12:43 AM PDT
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| Globant Says It Bought Bitcoin in Q1 Posted: 01 Jun 2021 01:22 AM PDT
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| Visualizing the Snowball of Government Debt Posted: 01 Jun 2021 02:36 AM PDT
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| Posted: 31 May 2021 08:28 AM PDT I am amazed at how quickly the authorities have "awoken" to the Apex Predator in the room. I have always known why I'm in Bitcoin. For me, it has always been around the following core values: Decentralized, with no controlling authority. A finite supply. Freedom from banks and debasement of what I've worked hard to acquire. Saifedeen Ammous says without hesitation in "The Bitcoin Standard" that Bitcoin is a direct threat to Central Banks. Many of us have danced around this issue, and tried to downplay where Bitcoin is going. Even Saylor is careful to couch his answer to the repeated question, "Is Bitcoin a threat to currencies and the Central Bank?" I used to answer the same question with, "The Central banks, and especially the FED, are too moribund and slow; hell, they can't even understand how--or the how important it is--to implement a CBDC." There is no doubt in my mind the authorities are fully awake now, and in attack mode. Latest was Ms. Rowland with the Irish Central Bank just today attacking Bitcoin. She is headed to the EU Central Bank to play a major oversight role. Many here on Reddit have commented on the shitstorm of unprecedented proportions: crime, energy use, investors will lose all their money... . All of us are going to have to get a lot tougher. Right now, the Bitcoin community is under attack, and it is not going to let up as adoption and success increase. After this huge correction, which I personally feel was manipulated by many interests, the only way to be successful in the long run with Bitcoin is to "circle the wagons together, and hold the line." HODL [link] [comments]  | ||
| RBI says the 2018 cryptocurrency circular is no longer valid by PCEX Member's twitter Posted: 01 Jun 2021 04:51 AM PDT
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| Posted: 01 Jun 2021 04:40 AM PDT
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| Current State of Lightning Network Privacy Posted: 01 Jun 2021 01:31 AM PDT
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| Bitcoin ETP Launching on London Exchange Posted: 01 Jun 2021 05:32 AM PDT
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