A Model for Bitcoin Soft Fork Activation

TL;DR: There should be an option, taproot=lockintrue, which allows users to set lockin-on-timeout to true. It should not be the default, though. As stated in my previous post, we need actual consensus, not simply the appearance of consensus. I’m pretty sure we have that for taproot, but I would like a template we can use …

57 Varieties of Pyrite: Exchanges Are Now The Enemy of Bitcoin

TL;DR: exchanges are casinos and don’t want to onboard anyone into bitcoin. Avoid. There’s a classic scam in the “crypto” space: advertize Bitcoin to get people in, then sell suckers something else entirely. Over the last few years, this bait-and-switch has become the core competency of “bitcoin” exchanges. I recently visited the homepage of Australian …

Minor update on transaction fees: users still don’t care.

I ran some quick numbers on the last retargeting period (blocks 415296 through 416346 inclusive) which is roughly a week’s worth. Blocks were full: median 998k mean 818k (some miners blind mining on top of unknown blocks). Yet of the 1,618,170 non-coinbase transactions, 48% were still paying dumb, round fees (like 5000 satoshis). Another 5% …

Bitcoin Generic Address Format Proposal

I’ve been implementing segregated witness support for c-lightning; it’s interesting that there’s no address format for the new form of addresses.  There’s a segregated-witness-inside-p2sh which uses the existing p2sh format, but if you want raw segregated witness (which is simply a “0” followed by a 20-byte or 32-byte hash), the only proposal is BIP142 which …

Bitcoin And Stuck Transactions?

One problem of filling blocks is that transactions with too-low fees will get “stuck”; I’ve read about such things happening on Reddit.  Then one of my coworkers told me that those he looked at were simply never broadcast properly, and broadcasting them manually fixed it.  Which lead both of us to wonder how often it’s …

Bitcoin: Mixed Signs of A Fee Market

Six months ago in a previous post I showed that 45% of transactions have an output of less that $1, and estimated that they would get squeezed out first as blocks filled.  It’s time to review that prediction, and also to see several things: Are fees rising? Are fees detached from magic (default) numbers of …