Bitcoin Taproot activation megathread

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• Taproot activation megathread
• Daily Discussion, June 09, 2021
• The president of El Salvador just confirmed that the United States Government and the IMF have contacted him about making Bitcoin legal tender!
• It’s official EL Salvador as passed The Bitcoin law! Bitcoin is now legal tender in the country ��������
• Tesla forced to accept Bitcoin in El Salvador
• El Salvador government has approved new law proposed by President Nayib Bukele which will make Bitcoin legal tender in the country
• Bitcoin was not hacked by the FBI. The hackers cloud server was subpoenaed by the FBI and the coins were recovered that way.
• Hate mainstream media coverage of bitcoin? I'm a journalist - help me
• The second most important moment in human history after the Bitcoin whitepaper
• Within a couple months El Salvador Central Bank will own $150M in Bitcoin. First country in the world!
• Kevin O’Leary, Shark Tank host : “I don’t care if it goes down $20,000 or up $20,000. I’m not selling it. One bitcoin is one bitcoin. I’m in it for the long run.” "Nothing Will Replace Bitcoin".
• Easy to attack 1, difficult to attack many
• If you people think Bitcoin's cultish behavior is bad, they should see the cultish behavior around my countries currency. We have "In God We Trust" on our paper dollars and a bunch of other cultish imagery like an all-seeing Pyramid. It's the most cultish thing I've seen. People worship this thing
• Flash forward to 2032: One bitcoin is worth 2M USD. The Winklevoss twins are the wealthiest on earth. Microstrategy is worth more than Amazon and builds quantum computers. El Salvador is an economic utopia, leading the world in carbon neutral bitcoin mining. Elon Musk is still a douche...
• 95% of the negative posts on this sub are from accounts 3 to 4 months old or less.
• Saylor proposed $500 Million in bonds and they got $1.6 BILLION !!
• Bitcoin is now ‘legal tender’ in El Salvador
• BTC Flower Vs Elon by Ludo in Paris
• I am now a proud holder of EI Salvador's legal tender. I join tens of millions of people now holding EI Salvador's legal tender.
• I'm from Brazil and i don't want the dollar to be the currency of the world.
• I think the rest of the world is tired of living under the United states hegemony. I think they see BTC as a way out or at least to have more clout at the table.
• We've mined this local El Salvador newspaper headline announcing plan to make Bitcoin a legal tender into the 686,604th block of the chain. It will now remain there until the end of time.
• El Salvador bitcoin bill passes and president hints “cheap and clean” volcano energy for mining
• Who is Michael Saylor? | The Story of the MicroStrategy CEO
• Congress approved Bitcoin. This is a POSITIVE news story, and discusses what it means to other countries, meaning FOMO: El Salvador Makes History As World’s First Country To Make Bitcoin Legal Tender

Taproot activation megathread 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 first second third of those six sub-phases, and Taproot activation will not happen in this one! as miners need time to upgrade their equipment (this is expected, as the software update with Taproot activation mechanism was only released a few days ago). But already now (as of 22th of May) there is roughly ~95% of mining power that has updated and started signalling for Taproot in at least some of their blocks. Keep in mind that 90% of blocks within one difficulty adjustment period (we're currently in the second of six of those periods) need to be signalling. This likely will be achieved when the signalling pools switch from signalling in some of their blocks to signalling permanently. A new lock in period started on the 29th of May (ending on 12th/13th June) and it looks like we'll get Taproot locked in this period! Basically every pool is signalling right now (~99% of hash power), except unidentified miners. You can watch the currently signalling blocks/mining pools here (stand: 28th May): https://taproot.watch Currently signalling for Taproot: SlushPool (~3% mining power) AntPool (~18%) F2Pool (~18%) ViaBTC (~11%, signalling in some of their blocks) Huobi (~7%, signalling in some of their blocks) 1THash (~5%, signalling in some of their blocks) Foundry (~4%) Poolin (~12%) BTC.com (~9%, signalling in some of their blocks) SBI Crypto (~1%) EMCDPool (~0.8%, signalling in some of their blocks) Binance (~6%) BTC.top (~4%, signalling in some of their blocks) TMSPool (~0.4%, signalling in some of their blocks) OKExPool (~1%, signalling in some of their blocks) WAYI:CN (~0.4%, signalling in some of ther blocks) SpiderPool (~0.2%) Sigmapool (~0.17%) 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? Summary 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! Source: Taproot - Why Activate Further reading: Explain Like I'm Not a Developer: Taproot Privacy Taproot Is Coming: What It Is And How Will It Benefit Bitcoin Podcast: Discussing Taproot Activation Through Speedy Trial (Aaron v Wirdum and Sjors Provoost) FAQ: ELI5 this please? 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). If 90% is not reached by August, what then? Is Taproot dead? 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. If you are running a node - do you need to take any action now? 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). Will Taproot/Schnorr be helpful for singlesig transactions with multiple inputs/outputs (f.ex coinjoins)? 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 How can I check on my own full node how many peers with Taproot compatible nodes are connected to me? This command will show you your peers' client version: bitcoin-cli getpeerinfo | grep '.subver' | sort -nk2r | uniq -c How can I check on my own full node how many blocks are signalling Taproot in the current activation period? 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 \ | jq '.softforks.taproot.bip9.statistics | .elapsed,.count,.possible' (Source) Additions (more helpful links, questions, improvements etc) welcome! Please post them in comments :) submitted by /u/TheGreatMuffin [link] [comments]

Daily Discussion, June 09, 2021 Posted: 08 Jun 2021 10:07 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. submitted by /u/rBitcoinMod [link] [comments]

The president of El Salvador just confirmed that the United States Government and the IMF have contacted him about making Bitcoin legal tender! Posted: 08 Jun 2021 09:49 PM PDT He's in the Nic Carter Twitter chat room right now!!! And they're about to pass the bill any minute!! Will update, developing story…. Edit 1: 100% chance it will pass they have 64 out of 84 votes Edit 2: Bill will go into full effect in 90 days Edit 3: "Every business must accept Bitcoin" - President Edit 4: "we want people to get familiar with bitcoin as a unit of account, 1 bitcoin=1 bitcoin" (in order to establish residency, need to invest 3 bitcoins into El Salvador, regardless of US dollar value) Edit 5: The president is meeting with IMF on Thursday. Edit 6: "We adopted the dollar in 2001 for investment reasons, we're doing that on steroids with Bitcoin" Edit 7: "This is one of the things, that we all have to get behind, for the future of humanity, this is a game changer for the world, people might laugh about the size of our country, it doesn't matter, we're dreaming for the future" Edit 8: "You can use any wallet you want" there will be a government wallet/app developed by strike but not required. It will be as free as it gets. Edit 9: Jack Dorsey CEO of Twitter and Square has entered the room!! Edit 10: The dollars come to El Salvador from the Fed. The convertibility of dollars into bitcoin will be handled by the El Salvador government fund. El Salvador will buy the bitcoins from those who don't want to take the volatility risk. Government will absorb the risk and hold the bitcoin. Edit 11: Government of El Salvador uses lots of geothermal energy. They lose energy by transporting that energy to cities. They want to promote mining bitcoin with the renewable geothermal energy to reduce loss of energy and create monetary value. HUGE! HE GETS IT! Edit 12: "I'm going to focus on making this succeed, that will create a domino effect" Edit 13: Mark Cuban not allowed to speak Edit 14: CHEERS THE BILL HAS PASSED!!!! Edit 15: $150,000,000 Bitcoin will be held in the trust fund Edit 16: THIS WILL ONLY BE BITCOIN, NO ALT-COINS Edit 17: El Salvador trending on Twitter, lots of headline names in the chat. Eric weinstein (Thiel Capital), mark Cuban, Charlie Lee, Tom Anderson (MySpace), jack dorsey, ambassadors to nations. Edit 18: The presidents brother is almost in tears. "People on the floor are clapping, this is hope for our country, our country needed this" submitted by /u/fraqaq [link] [comments]

It’s official EL Salvador as passed The Bitcoin law! Bitcoin is now legal tender in the country �������� Posted: 09 Jun 2021 12:11 AM PDT submitted by /u/Tradingblogger [link] [comments]

Tesla forced to accept Bitcoin in El Salvador Posted: 08 Jun 2021 11:54 PM PDT submitted by /u/polloponzi [link] [comments]

El Salvador government has approved new law proposed by President Nayib Bukele which will make Bitcoin legal tender in the country Posted: 08 Jun 2021 09:13 PM PDT submitted by /u/BashCo [link] [comments]

Bitcoin was not hacked by the FBI. The hackers cloud server was subpoenaed by the FBI and the coins were recovered that way. Posted: 08 Jun 2021 09:19 AM PDT submitted by /u/Crafty_Supermarket15 [link] [comments]

Hate mainstream media coverage of bitcoin? I'm a journalist - help me Posted: 09 Jun 2021 01:47 AM PDT Hi - I'm a freelance aviation journalist who's written for the The Guardian, The New York Times, the Economist, Forbes and a bunch of geeky plane titles you haven't heard of. Aviation is a dead horse nowadays so my career is totally unviable unless I diversify. Its not difficult to work out how: I've held bitcoin since 2013 and my financial security is 90% built on crypto anyway. I'm in a great position to write about bitcoin & how it can democratise global finance. Here's the problem: I've been furiously pitching commentaries about the El Salvador news - which I believe will sweep across Latin America first, then Africa - and the wall of silence is deafening. The exact same pitching style that landed me commissions for a decade is suddenly ineffective. Commissioning editors, senior editors and publishers in mainstream media outlets do not want stories about bitcoin changing the world. They're embarrassed by their poor commentaries on bitcoin in years gone by; they're beholden to financial advertisers who rightly see bitcoin as the enemy; and they're too mentally lazy to think about the big picture. FT Group is by far the worst offender. Freelance journalism is a brutal existence, but with persistence it has good days where you feel like your voice matters. I have a comment piece inside me that I know that can create one of those days. I'm sure many, many other freelancers & staffers feel the same way, but are powerless to act. What the fuck do I do? Don't just bitch about journalists - one is reaching out sincerely, so engage with him and help him get to work. submitted by /u/Eastern_Description2 [link] [comments]

The second most important moment in human history after the Bitcoin whitepaper Posted: 09 Jun 2021 12:29 AM PDT submitted by /u/xcryptogurux [link] [comments]

Within a couple months El Salvador Central Bank will own $150M in Bitcoin. First country in the world! Posted: 09 Jun 2021 02:15 AM PDT submitted by /u/Bitcoin_is_plan_A [link] [comments]

Kevin O’Leary, Shark Tank host : “I don’t care if it goes down $20,000 or up $20,000. I’m not selling it. One bitcoin is one bitcoin. I’m in it for the long run.” "Nothing Will Replace Bitcoin". Posted: 08 Jun 2021 09:35 AM PDT https://cryptopotato.com/kevin-oleary-nothing-will-replace-bitcoin-exclusive-interview/# O'Leary In Bitcoin For The Long Run. The 66-year old O'Leary is a businessman, author, politician, and perhaps best known for his participation as one of the hosts in the reality TV show Shark Tank. The millionaire has recently changed his mind on bitcoin and allocated 3% of his portfolio to the primary cryptocurrency. During Bitcoin 2021 conference in Miami, which became the largest-ever Bitcoin event, CryptoPotato had the chance to speak with the prominent investor about his views on the industry and BTC in particular. Just a few days before the conference started, Bitcoin had concluded May, which had been the second-worst month for its price in its 11-year history. The monthly high touched the $60K mark on May 10, only to crash 50% just nine days later, on May 19. O'Leary isn't worried about it at all: "I don't care if it goes down $20,000 or up $20,000. I'm not selling it. One bitcoin is one bitcoin. I'm in it for the long run." He even mentions the benefit of the asset's extreme volatility, as he has put his bitcoins to work on various DeFi projects that earn him even higher interest due to the increasing volatility. submitted by /u/simplelifestyle [link] [comments]

Easy to attack 1, difficult to attack many Posted: 09 Jun 2021 02:05 AM PDT submitted by /u/NeedleworkerNo2874 [link] [comments]

If you people think Bitcoin's cultish behavior is bad, they should see the cultish behavior around my countries currency. We have "In God We Trust" on our paper dollars and a bunch of other cultish imagery like an all-seeing Pyramid. It's the most cultish thing I've seen. People worship this thing Posted: 08 Jun 2021 10:50 AM PDT You wouldn't believe the things I've seen some people do for this paper that is melting in value faster and faster every day. I don't know if you've heard of it, but the cultish behavior around it is crazy. I've literally seen people die over this thing; rob people of their lives over it, and in most cases, rob people of all their time over this thing. Heck, I've seen my country go to war with poor countries over this thing, killing hundreds of thousands of impoverished people from poor countries just to protect their paper dollar when its world reserve petra dollar currency status is threatened even slightly. It's a sad thing to see when a society is so enamored with a currency that is failing that they will literally work all their lives until their dying day just to try and save what little they can of it, meanwhile, it loses value so fast that everything they need to buy to just to live keeps costing them more and more of this worthless currency that they're struggling and slaving away to save. It's so worthless, that most cannot even afford to save meaningful quantities of it fast enough to keep up with the rate that it loses value. Hell, in reality, most have to take credit just to get by because this thing loses value so fast. Some end up taking loans so large that they can never pay it off in a whole lifetime of work, making them in a sense serfs, or in other translations of the word serfdom: debt slaves. You'd think people would realize their currency is shit when lifelong debt is oftentimes their only option to get a roof over their heads or an education, yet everyone in my country loves this paper dollar so much they can't see beyond the charade of its "In God We Trust" and cultish image inscriptions like that pyramid with the eye on top. submitted by /u/SatOnMyBalls_ [link] [comments]

Flash forward to 2032: One bitcoin is worth 2M USD. The Winklevoss twins are the wealthiest on earth. Microstrategy is worth more than Amazon and builds quantum computers. El Salvador is an economic utopia, leading the world in carbon neutral bitcoin mining. Elon Musk is still a douche... Posted: 09 Jun 2021 04:50 AM PDT submitted by /u/Tron_Passant [link] [comments]

95% of the negative posts on this sub are from accounts 3 to 4 months old or less. Posted: 08 Jun 2021 07:23 PM PDT This sub is be raiding by a ton of accounts all made around 3 to 4 months ago all spreading FUD. Almost all of the negative posts are from new accounts. I don't know if this is some organized effort or something but it's definitely a pattern I noticed. Maybe just people new to Bitcoin who are salty because they have paper hands. submitted by /u/jonesyxxiv [link] [comments]

Saylor proposed $500 Million in bonds and they got $1.6 BILLION !! Posted: 08 Jun 2021 01:37 PM PDT $1.6B + incoming Bitcoin buy incoming and people are selling 🤣🤣 ​ Bloomberg caption Source: https://www.bloombergquint.com/onweb/microstrategy-boosts-bitcoin-linked-junk-bond-to-500-million ​ Related: https://www.reddit.com/r/Bitcoin/comments/nvbktx/microstrategy_mstr_bond_offering_to_buy_bitcoin/ submitted by /u/polloponzi [link] [comments]

Bitcoin is now ‘legal tender’ in El Salvador Posted: 08 Jun 2021 10:55 PM PDT submitted by /u/grittygatorr [link] [comments]

BTC Flower Vs Elon by Ludo in Paris Posted: 08 Jun 2021 08:38 AM PDT submitted by /u/Holaph [link] [comments]

I am now a proud holder of EI Salvador's legal tender. I join tens of millions of people now holding EI Salvador's legal tender. Posted: 08 Jun 2021 11:46 PM PDT submitted by /u/Generazn [link] [comments]

I'm from Brazil and i don't want the dollar to be the currency of the world. Posted: 08 Jun 2021 06:20 PM PDT Tha'ts it. I rather have science-backed trustless digital currency. submitted by /u/TeeagoHS [link] [comments]

I think the rest of the world is tired of living under the United states hegemony. I think they see BTC as a way out or at least to have more clout at the table. Posted: 09 Jun 2021 05:23 AM PDT I think this could also be good for the United states, we have wasted so much money policing the world for over 5 decades. That money is needed here. submitted by /u/Atreyu_n_Falcor_BFF [link] [comments]

We've mined this local El Salvador newspaper headline announcing plan to make Bitcoin a legal tender into the 686,604th block of the chain. It will now remain there until the end of time. Posted: 08 Jun 2021 09:39 AM PDT In Slush Pool we have mined a message celebrating El Salvador's plan to make BTC a legal tender into the #Bitcoin blockchain for all of eternity. Block 686604 "Diario El Salvador 6/Jun/2021 Bitcoin tendra validez legal". Link to block 686604. Block 686604 on Mempool.space website Local newspaper in El Salvador submitted by /u/Braiins_mining [link] [comments]

El Salvador bitcoin bill passes and president hints “cheap and clean” volcano energy for mining Posted: 08 Jun 2021 11:35 PM PDT submitted by /u/anandaverma18 [link] [comments]

Who is Michael Saylor? | The Story of the MicroStrategy CEO Posted: 08 Jun 2021 07:22 PM PDT submitted by /u/billy_boi32 [link] [comments]

Congress approved Bitcoin. This is a POSITIVE news story, and discusses what it means to other countries, meaning FOMO: El Salvador Makes History As World’s First Country To Make Bitcoin Legal Tender Posted: 09 Jun 2021 04:37 AM PDT submitted by /u/Jethroe1 [link] [comments]

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