The Ulitmate Bitcoin Trick

A final discussion covered how and when to attempt to get BIP119 activated, including when a PR for it should be opened to the Bitcoin Core repository, what activation mechanism it should use (e.g. BIP9 versionbits), and what range of activation dates would be appropriate if it uses a miner-activated soft fork mechanism such as BIP9. The node currently requires Bitcoin Core and Electrum server with additional backend options planned. This week’s newsletter describes a discussion about changing relay policy for replace-by-fee transactions and includes our regular sections with the summary of a Bitcoin Core PR Review Club meeting, announcements of new releases and release candidates, and descriptions of notable changes to popular Bitcoin infrastructure projects. Significant attention is given to improvement ideas based on considering transactions within the context of the next block template-the proposed block a miner would create and then commit to when attempting to produce a proof of work. ● Will a post-subsidy block with no transactions include a coinbase transaction? Pieter Wuille explains that every block must have a coinbase transaction and since every transaction must include at least one input and one output, a post-subsidy block with no block reward (no fees and no subsidy) will still require at least one zero-value output.

Today, these four users can create a P2TR (taproot) output whose keypath spend allows them to use a protocol like MuSig2 to efficiently spend that output if they all participate in creating a signature. This would allow Alice, Bob, and Carol to spend the group UTXO at any time without Dan’s cooperation by creating a transaction with the output Dan previously signed, providing Dan’s signature for that output, and providing a signature Alice, Bob, and Carol dynamically created over the entire spending transaction (which would cover the fees they chose to pay and allocate the remaining funds however they chose). Creating a new bitcoin wallet takes literally a few seconds. Her email provides background on the main page the current policy, enumerates several problems discovered with it over the years (such as pinning attacks), examines how the policy affects wallet user interfaces, and then describes several possible improvements. This new field indicates whether the wallet is configured to use an external signer such as a hardware signing device.

BIP326 also describes how the use of nSequence can provide an alternative to anti fee sniping protection currently enabled through the transaction locktime field. However, ZmnSCPxj describes why this might be unsafe given Wagner’s algorithm as described in last week’s newsletter. The blockchain is the reason why Bitcoin is so popular. Pieter Wuille lists the reasons why the genesis block’s coinbase “Chancellor… Wuille also notes the reason for the genesis block’s unspendability is unrelated to this discussion and involves the original Bitcoin software not adding the genesis block to its internal database. ● Fulcrum 1.6.0 adds performance improvements: Address indexing software Fulcrum adds performance improvements in the 1.6.0 release. EVICT opcode and includes our regular sections with summaries of new releases and release candidates and notable changes to popular Bitcoin infrastructure software. These devices look closer to a USB stick than your parent’s leather bi-fold and connect via software on your computer, which allows you to transfer your coins across.

Then there’s the Auditable, Anonymous Electronic Cash paper from 1999. Introduces Merkle trees to represent coins and Zero Knowledge Proofs to display ownership. Kraken creates digital signatures to prove onchain address ownership, produces a merkle tree of Kraken user account balances, asks an auditor to certify onchain balances are greater than account balances, and provides tooling for users to verify their balance was included in the tree. ● Kraken announces proof of reserves scheme: Kraken details their proof of reserves scheme involving a trusted auditor, also noting shortcomings and future improvements. Since the last release covered by Optech, support has been added for CPFP fee bumping, the ability to use additional features of LN URLs, plus multiple UI improvements. ● BTCPay Server 1.4.6 is this payment processing software’s latest release. While sending bitcoin, you must enter their phone number and email address; after that, the receiver gets prompted to create an account to accept the payment. Third is that, for non-taproot inputs, the requirement of a single element on the stack after execution is only a policy rule, not a consensus rule.

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