Everyone asks wen moon, but nobody ever asks how moon is doing.
We always eat lunch up at Thunder Falls across the bridge and over hill in Jurassic Park. Best food in both parks, IMO.
The longer your prep time horizon, the more you need to get into production, not just hoarding.
Secure the means of production.
What are these? How do you use them?
Ok ok. It’s good that Bitcoin is sufficiently important that at least one serious candidate is courting the Bitcoin vote.
Having said that, I do not expect any politician to ever follow through on anything they say.
Thanks, will check it out. Thinking about shopping for a new one.
https://x.com/simplybitcointv/status/1800752758846636462 ops still be like, politics don’t matter. This changes nothing
Talk is cheap.
GECOME UNBOVERNABLE
Adding the extension blocks was not needed for Lightning, no. It was a concession to the parties who wanted bigger blocks. Ultimately it wasn’t enough, and they forked off anyway.
In retrospect, we probably should not have added that extra space, but it’s impossible to say with certainty how history would have unfolded if we hadn’t.
We could soft-fork in a reduction that cuts that back out, or makes it smaller. Or we could fork in a reduction to the main block size. It takes a hard fork to go from 1MB to 2MB, but only a soft fork to limit it to 500kb or less.
Here’s a great intro: https://youtu.be/j2AvU2cfXRk
If his Bitcoin is feature complete, then I guess he’ll be done using it by the year 2106.
Agreed that caution is warranted.
I’d push back though on wanting/expecting a perfect scaling solution. It doesn’t exist. Scaling comes piecemeal.
For example, SegWit transactions are denser than original transactions. Taproot transactions are denser still. Lightning introduced orders of magnitude more throughput, but with different tradeoffs (always online, coin locked in channels, etc.)
These scaling improvements make better use of block space and increase privacy to boot. But they’re not the end of the story. Likewise, whatever comes next won’t be the last word on scaling either.
Covenants are not a “solution” to high on-chain fees. I would not make that claim. If others are making that claim, I don’t know their rationale.
Covenants are a means of increasing the number of people who can hold keys on chain. If anything, this is likely to make fees higher on a per-UTXO basis. But hopefully lower on a per-person basis, as fewer transactions actually settle to chain.
For example, in Lightning, to update channel balances, peers share transactions that are valid but private. They aren’t broadcasted. You don’t open a LN channel just to do one transaction. Rather, you open a channel, do many transactions, then close.
By allowing people to share UTXOs in covenants, similar update schemes are possible. You wouldn’t just join a shared UTXO to immediately exit. That would be worse than just using a regular on-chain UTXO, just like it would be worse in Lightning to open a channel, do one TX and close.
So yes, in your example, the exit may be costly, especially in a high fee environment. But hopefully exit will not need to be frequent. If exits are frequent, then there’s little to no value in sharing (it may even be worse depending on the scenario).
Using your shared UTXO example, let’s say we’re using CTV, and you are guaranteed 1/10 of the coin. Somebody has to publish that transaction to get the coins out. For a miner to mine it, the fee must be paid by one or more child transactions whose fees cover both themselves and the parent withdrawal TX.
Now, if you’re in a hurry, then you’re the one who has to pay. But you could also coordinate with others to share the cost. This is indeed a problem. It’s an ongoing discussion to figure out how to make unilateral exit cheaper.
The point I was making about block space is not about increasing size. Keeping a small block size is important for decentralization. It keeps the cost of running a node down so more people will do it.
The point about block space being unbounded is that while the block subsidy will run out around the year 2140, there’s no limit to the number of blocks after that. In the fullness of time (centuries), block space continues to grow at 1MB+ per 10 minutes in perpetuity.
Bitcoin rewards patience with lower fees. If you wait, you can move coin more cheaply.