The commonest Mistakes People Make With Bitcoin

Kassa does have concerns and fears about Bitcoin. And in the interim, you can reduce your exposure by essentially reducing the amount of HTLC exposure you have in total, which is a configurable parameter, which I think all implementations do now. Maybe it’s a little too many steps back, but I don’t think we see a ton of pinning on the network right now. If this is your first deposit, it’s better to transfer only a small amount, wait until it’s received (you’ll be notified by email, and you will see it on the coin’s wallet page on your Binance), and only after that send the main part. Bastien Teinturier: Okay, so for now, the first thing we are doing with taproot is just moving the funding transactions, the channel output to use the MuSig2 taproot output. Because it’s one thing to have the code, let’s say, launched and Bitcoin Core nodes get updated, and eventually the network updates enough where you can rely upon it. Greg Sanders: Well, statechains is another thing that needs - It’s any time-based contract, right? Greg Sanders: Well, with penalties, maybe it’s less of a problem, but also pinning is a problem in lots of other scenarios too, Discreet Log Contracts (DLCs), any sort of time-sensitive contract, right?

Monero has variable block size that avoids this issue as well, as long with a disincentive for large blocksizes to prevent spurious transactions (that could otherwise be theoretically used in an attack to compromise network privacy). In addition to discussion about whether or not it’s good to have a large test chain for experimentation, it was also suggested that a future testnet might want to use signed blocks instead of proof of work to allow the chain to operate more predictably than the current testnet3, which is prone to wild hash rate oscillations. It’s, I would say, in the garden-path case, where the nice case where your counterparty just went offline and won’t talk to you anymore, it would become more expensive to resolve these HTLCs in an unpinnable way. The block header is "solved," and a new block is created for more transactions to be encrypted and verified. Bastien Teinturier: Yeah, I think also one of the reasons we don’t see pinning is that really, it’s harder to pin right now and make it work your while, because right now, commitment transactions do pay some fees. But there’s also the specification work as well. AMP invoices are currently an LND-only feature and only accept HTLCs that have the AMP feature bits set as well as an AMP payload.

With future updates to the mempool, hopefully we get around that just basically for free, where any channels that have already updated with v3 and ephemeral anchors will benefit from these other background updates as well. So statechains, spacechains, Ruben Somsen’s saying it needs ephemeral anchors. Basically, I think there’s some basic agreement on this line that we’re shooting for with package relay, v3, and ephemeral anchors, where the commitment transaction can get a very nice cleanup and improvement and kind of confirmation requirements, while the rest, there’s still some pinning vectors beyond that with HTLC transactions. So, a number of people have been working on this package relay and v3, ephemeral anchors, cluster mempool, all this stuff. So, I would talk to Bastien quite a bit, I would talk to the statechains people. I don’t know, maybe Bastien has another opinion on that. When it was three months ago and sources the mempool was really full for a long while with high-fee transactions, then there was an opportunity to do pinning, but I don’t think any attackers were really ready to actually do that. What is taproot and MuSig2 fitting in; and then maybe contrast that a bit with PTLCs?

And if mempool stays full with a very high feerate for a few months, then there’s an incentive to start attacking, and I think we should be ready for that before it happens. There are a few cypto exchange platforms that you can consider. And basically, there’s some choices to be made there. So basically, it’s kind of a trade-off between the case where your channel partner falls over versus they’re trying to pin you and steal your funds. You will always face the trade-off between Bitcoin and another best-performing altcoin in the market. We will remind users of this change as the date approaches. Both of these issues will ultimately prove to be left on the wrong side of history. But that doesn’t mean they won’t be ready for the next time this happens. At a time when Gox's business was falling apart, this insider says, the project was a major distraction. 1. He actually defends the current banking system of money transfer between banks that take three to five business days.