A from-scratch tour of Bitcoin in Python • Hacker News Board

Re: A from-scratch tour of Bitcoin in Python

#111

Post by doomroot » Tue, Jun 22, 2021, 7:14 PM UTC

simias wrote: post #82

thesausageking wrote: post #80

Earlier quoted context omitted.

It launched, is usable in most wallets, and is starting to get adoption. It's going to be a key piece of the recently passed legislation in El Salvador which makes Bitcoin legal tender.

Using a closed, centralized implementation that doesn't accept third party nodes. The use of bitcoin is pure marketing, it's just MySQL with extra steps.

The ceo of strike said they are continually promoting that banks and businesses in the El Salvador operate their own lightning network nodes & not to solely rely on them. Only the government’s official (but optional) app will be a wrapper around strike.

Re: A from-scratch tour of Bitcoin in Python

#112

Post by noxer » Tue, Jun 22, 2021, 7:15 PM UTC

tsimionescu wrote: post #105

exit wrote: post #84

Earlier quoted context omitted.

segwit facilitates the construction of lightning channels. taproot, which recently locked in, reduces the space needed to represent complex contracts. moreover, bitcoin aims at being a concise and focused base layer on top of which secondary layers and sidechains can be built. your absolute statement "exactly zero" is absolutely wrong.

> moreover, bitcoin aims at being a concise and focused base layer on top of which secondary layers and sidechains can be built. Have you ever read the white paper that outlines what bitcoin aims to be?

It should be p2p cash then turn into store of value after some years and then it becomes the settlement layer for centralized second layer solutions that only exist because the first layer sucks.

Just kidding, it should only be p2p cash and it failed at that.

PoW/PoS will be replace by FBA in the next years and every system that can not switch away from PoW will become irrelevant.

Re: A from-scratch tour of Bitcoin in Python

#113

Post by iamastrangeloop » Tue, Jun 22, 2021, 7:16 PM UTC

noxer wrote: post #61

"...Bitcoin is a living, breathing, developing code base that is moving forward with new features to continue to scale..." There is exactly zero progress to make it scale in the last 10+ years.

There has been great progress in scaling the original protocol through the Bitcoin SV implementation:

  - Transaction fees are ~$0.0001
  - The network has shown capacity for 50k tps
  - On March 14, 2021, the network processed a world record 638 MB block
  - As of June 4, 2021 the chain size exceeded that of the BTC implementation and is currently 418.17 GB
  - New business based on micropayments have emerged like twetch, streamanity, peergame, etc

[1] https://www.prnewswire.com/news-releases/bsv-proves-that-bit...

Re: A from-scratch tour of Bitcoin in Python

#114

Post by noxer » Tue, Jun 22, 2021, 7:17 PM UTC

bogota wrote: post #70

noxer wrote: post #66

Earlier quoted context omitted.

0.00090000 BTC moved 0.00005000 BTC Fees Thats 5.55% On the test net! On the real net it would be like 20% or more in fees.

Fees are dictated by the user and the time they have for the transaction to take place. The fee could have been much lower. I think we are well past the point of debating if bitcoin layer one will be used for day to day transactions however. A custodial service or lighting will have to be used for that. Additionally most people treat bitcoin closer to gold than a dollar currently.

I disagree but wont bother explain why because I know you dont care.

Re: A from-scratch tour of Bitcoin in Python

#115

Post by noxer » Tue, Jun 22, 2021, 7:18 PM UTC

iamastrangeloop wrote: post #113

noxer wrote: post #61

"...Bitcoin is a living, breathing, developing code base that is moving forward with new features to continue to scale..." There is exactly zero progress to make it scale in the last 10+ years.

There has been great progress in scaling the original protocol through the Bitcoin SV implementation: - Transaction fees are ~$0.0001 - The network has shown capacity for 50k tps - On March 14, 2021, the network processed a world record 638 MB block - As of June 4, 2021 the chain size exceeded that of the BTC implementation and is currently 418.17 GB - New business based on micropayments have emerged like twetch, str…

Everyone knows faketoshi is a fraud.

Re: A from-scratch tour of Bitcoin in Python

#116

Post by sethgecko » Tue, Jun 22, 2021, 7:19 PM UTC

I’ve made something similar in order to learn how everything works and made it into a python library. Everything is in pure python with no dependencies, only std lib. I’ve implemented all the crypto stuff, address generation including HD, transaction serialization and even the bitcoin script. https://github.com/mcdallas/cryptotools

Re: A from-scratch tour of Bitcoin in Python

#117

Post by espadrine » Tue, Jun 22, 2021, 7:20 PM UTC

thesausageking wrote: post #80

andai wrote: post #71

Earlier quoted context omitted.

What happened to the lightning network? (Serious question, I am out of the loop.)

It launched, is usable in most wallets, and is starting to get adoption. It's going to be a key piece of the recently passed legislation in El Salvador which makes Bitcoin legal tender.

I am puzzled by one thorn it is intended to solve.

In the case of merchant/customer interactions, the LN channel blocks customer funds from their balance, but they will never receive money from the merchant. So that balance will be sent to the merchant, payment by payment.

Not only does that block funds for the customer (which wants to reduce those, to avoid blocking too much, but that reduces the number of payments that can be made off-chain), but it also blocks the merchant’s reception of those payments: the merchant wants to be able to spend it soon, but it can only spend it on-chain.

That is compounded by the fact that most merchant/customer interactions are rare one-offs in the real world. I just don’t buy stamps every day.

LN channels are only most useful when the two parties exchange money bidirectionally on average.

Re: A from-scratch tour of Bitcoin in Python

#118

Post by SnowProblem » Tue, Jun 22, 2021, 7:21 PM UTC

noxer wrote: post #61

"...Bitcoin is a living, breathing, developing code base that is moving forward with new features to continue to scale..." There is exactly zero progress to make it scale in the last 10+ years.

So-called heretics have been scaling Bitcoin in spite of BTC's braindead decisions. Last week, 50K TPS were demonstrated publicly on Bitcoin SV: https://www.youtube.com/watch?v=i3As9-9uSXs. More privately.

Re: A from-scratch tour of Bitcoin in Python

#119

Post by papito » Tue, Jun 22, 2021, 7:24 PM UTC

plebianRube wrote: post #19

adflux wrote: post #16

Earlier quoted context omitted.

Haven't seen tesla do much self driving in practice yet. 3 years late now?

No, same timeline they state every year - FSD by the end of the year.

Sometimes I actually find more energy for working on an endless slog at work when I have an exciting side project going. Easy to get caught up in the side project, however.

Re: A from-scratch tour of Bitcoin in Python

#120

Post by iamastrangeloop » Tue, Jun 22, 2021, 7:26 PM UTC

noxer wrote: post #115

iamastrangeloop wrote: post #113

Earlier quoted context omitted.

There has been great progress in scaling the original protocol through the Bitcoin SV implementation: - Transaction fees are ~$0.0001 - The network has shown capacity for 50k tps - On March 14, 2021, the network processed a world record 638 MB block - As of June 4, 2021 the chain size exceeded that of the BTC implementation and is currently 418.17 GB - New business based on micropayments have emerged like twetch, str…

Everyone knows faketoshi is a fraud.

Above is proof that the original bitcoin protocol can scale, and recently testnet can do 90k tps. What you think of certain people doesn't change the fact.