Taproot, Bitcoin’s long-anticipated upgrade, has activated

Post by johnday » Mon, Nov 15, 2021, 4:17 PM UTC

TekMol wrote: post #48

323 wrote: post #46

Earlier quoted context omitted.

Supplier insolvency has nothing to do with money transfer. And if you think that you can "lock bitcoin" into an account to avoid this, you obviously don't know much about how these things work. Hint: you can also "lock dollars" today, it's called "escrow". But it wasn't used in WireCard (I take your word for it, I don't know the case). Explained like I'm five: BMW will not accept it's bitcoin being locked for 90 days…

BMW will not accept it's bitcoin being locked for 90 days The way I see the future, BMW will not only lock their Bitcoin for 90 days but much longer. And not only the Bitcoin they owe to one supplier. But a large portion of their Bitcoin. Aka their virtual bank account. They can still use their account however they like. But if one of their suppliers feels that the balance goes dangerously low, the supplier can block…

Post by traceddd » Mon, Nov 15, 2021, 4:21 PM UTC

Glench wrote: post #5

A snarky tweet from Bram Cohen of Chia (which has had taproot and graftroot enabled since launch in March): > Congratulations to Bitcoin for joining the club of UTXO-based cryptocurrencies which have taproot enabled. https://twitter.com/bramcohen/status/1459755439294275584

Post by nanna » Mon, Nov 15, 2021, 4:36 PM UTC

Gosper wrote: post #50

nanna wrote: post #47

Can anyone explain why my genuine question below -- "When will BTC move to an energy efficient protocol?" -- was flagged? Seems a bit gratuitous?

I don't know why you were flagged, but if your question was in earnest: Bitcoin almost certainly won't move. Because those touted energy efficient protocols come at the cost of much weaker security guarantees which undermine a key point of Bitcoin. Proof of stake, the forerunner of energy efficient protocols, may work better for networks that have different aims, although smart contract oriented blockchains still nee…

Post by zaptrem » Mon, Nov 15, 2021, 5:04 PM UTC

gruez wrote: post #41

piaste wrote: post #25

Earlier quoted context omitted.

However, if nothing happens on the Bitcoin network, then the funds aren't locked down, are they? In other words, Billie has no guarantee that the key she holds will be valid tomorrow; Katy could empty that account at any time, and Billie would then hold nothing except the evidence of Katy's wrongdoing.

> However, if nothing happens on the Bitcoin network, then the funds aren't locked down, are they? they are locked down. the funds in a lightning channel are locked in a 2 of 2 multisig address, and can only be moved upon mutual consent (ie. by updating the state of the channel), or by one party after sufficient time has passed (in case of an uncooperative peer).

Post by Glench » Mon, Nov 15, 2021, 5:40 PM UTC

traceddd wrote: post #53

Glench wrote: post #5

A snarky tweet from Bram Cohen of Chia (which has had taproot and graftroot enabled since launch in March): > Congratulations to Bitcoin for joining the club of UTXO-based cryptocurrencies which have taproot enabled. https://twitter.com/bramcohen/status/1459755439294275584

Seems petty. Of course it’s easier to make changes when you just launched and there are less parties and more centralization at a leadership level. 8 months doesn’t really seem like something worthy to brag over.

  - uses between 300x and 10000x less energy for the same security as Bitcoin
  - has the most number of farmers/validators of any blockchain
  - supports around ~25 transactions per second (as opposed to bitcoin's 5)
  - very efficient and auditable on-chain language (much better than Solidity afaict)