Your Weakest Link: Use It To Bitcoin

Bitcoin is promoted by the Bitcoin Foundation, but the foundation also does not control or manage Bitcoin's trading or value. These days, Bitcoin mining (and other coins that use Bitcoin's algorithm) is only profitable using ASIC miners, which are highly specialized and expensive machines that are typically deployed by the thousands by huge corporations like Bitmain. Other ideas for using Bitcoin-inspired technology include systems for better medical and property record keeping to building things like carbon markets. However, when using anti-fee-sniping, nodes that have been offline for a while don’t know what block is at the tip of the chain and so they could create multiple transactions offline that would all use the same very old nLockTime value, linking those transactions together in block chain analysis. Osuntokun’s pull request for LND is still marked as a work in progress as of this writing, so we don’t know yet when the feature will become generally available to LND users or whether other LN implementations will also provide the same feature in a compatible way.

2249 enables plugins by default on C-Lightning again, but a note is added to their documentation indicating that the API is still "under active development". For tracking specific payments, users should still continue to generate invoices which can be uniquely associated with particular orders or other expected payments. This week’s newsletter describes a proposal to tweak Bitcoin Core’s relay policy for related transactions to help simplify onchain fees for LN payments, mentions upcoming meetings about the LN protocol, and briefly describes a new LND release and work towards a Bitcoin Core maintenance release. This week’s newsletter announces the newest version of LND, briefly describes a tool for generating bitcoin ownership proofs, and links to an Optech study about just click the next web page usability of Replace-by-Fee. ● Tool released for generating and verifying bitcoin ownership proofs: Blockstream has released a tool that helps bitcoin custodians, such as exchanges, prove that they control a certain number of bitcoins without creating an onchain transaction. Testing by businesses and individual users of both the daemon and the GUI is greatly appreciated and helps ensure the highest-quality release. ● Allocate time to test Bitcoin Core 0.17RC2: Bitcoin Core has uploaded binaries for 0.17 Release Candidate (RC) 2. Testing is greatly appreciated and can help ensure the quality of the final release.

Anyone intending to take this version is encouraged to review the list of backported fixes and help with testing when a release candidate is made available. ● Upgrade to LND 0.5.2: this minor-version release fixes bugs related to stability and improves compatibility with other LN software. This fixes a problem where the node was miscalculating fees. This can be a major problem for protocols like LN that rely on timelocks-if a transaction isn’t confirmed before the timelock expires, the counterparty can take back some or all of the funds they previously paid. Created in late 2008, by a group of developers or a developer named Satoshi Nakamoto, Bitcoin now represents the concept of alternative currency which plays an important role in today’s zeitgeist - so much so that terms like cryptocurrencies and Bitcoin are synonymous. The examples of problems are not made to criticize the pioneering developers of those systems, but to help all Bitcoin developers learn how to master the powerful fee-management capability that RBF provides. If you’re new to bitcoin, this guide provides an introduction and points you to more information about bitcoin and its risks. 14982 adds a new getrpcinfo RPC that provides information about the RPC interface.

14667 adds a new deriveaddress RPC that takes a descriptor containing a key path plus an extended public key and returns the corresponding address. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. Steve Wright and John Stoll: The Dam Masters Wright, left, and Stoll, pictured at the Rocky Reach Dam, are general manager and head of customer utilities with the Chelan County Public Utility District, respectively. For users fee bumping their own transactions, the limits are high enough to rarely cause problems. However, to make this safe for LN no matter how high fees get, nodes need to also support relaying packages of transactions that include both low-feerate ancestors plus high-feerate descendants in a way that doesn’t cause nodes to automatically reject the earlier transactions as being too cheap and so not see the subsequent fee bumps. This protocol requirement means that a spending transaction with a high feerate can, through averaging, make it profitable to mine its unconfirmed parent transaction even if that parent has a low feerate.