Murch @murchandamus Twitter profile

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Murch

@murchandamus

3 years

So, this allegedly happened: 1) @binance announces they'll support Taproot. 2) User requests withdrawal to P2TR address, Binance creates P2WSH output instead, burning the funds. 3) @BinanceHelpDesk blames user for mistake, no refund. @cz_binance , you should make that user whole.

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Murch

@murchandamus

3 years

Last night, Bitcoin's difficulty went down by 27.94%. But what is difficulty in the first place? 🧵1/19:

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Murch

@murchandamus

3 years

Let's talk about Taproot🥕! I'll cover • New features enabled by Taproot • Things not included in Taproot 🧵1/X

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Murch

@murchandamus

3 years

"Proof of stake is not a substitute for proof of work." – @brianbrooksus at Hearing on Bitcoin and US energy policy

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@murchandamus

2 years

"bits" is a horrible name for a subunit of bitcoin. I'll die in that hill.

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@murchandamus

2 years

Omnivore, single, never shot a gun, don't own a Coldcard, never read “The Bitcoin Standard”, atheist—ah, I do use Twitter. Phew, I'm glad that the space is so tolerant that checking 1/7 boxes is enough to let me contribute to Bitcoin for almost a decade…

Skyler

@skyler_fs

2 years

Say yes #Bitcoin Fundamentalism

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Murch

@murchandamus

3 years

2015: ETH announces transition to PoS Has ETH switched to PoS and stopped relying on PoW? 2015: No. 2016: No. 2017: No. 2018: No. 2019: No. 2020: No. 2021: No. 2022: Heat up the marketing machine, this will be the year, for sure!¹ ---- ¹ Some open research questions unresolved

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Murch

@murchandamus

3 years

I just realized that I've written answers for one in every twenty-one questions on Bitcoin Stack Exchange. I've written 1,356 answers and we have 28,106 questions. 🤯

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Murch

@murchandamus

3 months

Bitcoin Core 27.0 released 🎉

Release Bitcoin Core 27.0 · bitcoin/bitcoin

Bitcoin Core version 27.0 is now available from: https://bitcoincore.org/bin/bitcoin-core-27.0/ For the release notes please see the git repository: https://github.com/bitcoin/bitcoin/blob/master/d...

github.com

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Murch

@murchandamus

3 years

That's right, it's empty. #mempoolreport

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Murch

@murchandamus

7 years

Batching in three sentences: • Payments are not equal to transactions. • A single transaction can facilitate multiple payments. • Making multiple payments in one transaction requires fewer inputs, creates fewer change outputs and puts less funds in unconfirmed state.

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@murchandamus

3 years

🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕 🥕🥕🥕🥕🥕TAPROOT IS LIVE🥕🥕🥕🥕🥕 🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕

Murch

@murchandamus

3 years

⛏️🥕: The last non-taproot block has been found. The next block should contain traces of Taproots.

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@murchandamus

2 years

Dear EU parliament members, please stop distorting the jargon. What you call a "hosted wallet" is a user account: a service relationship between a company and a customer. What you demean as an "unhosted wallet" is simply a WALLET—a means to self-custody your electronic cash.

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@murchandamus

1 year

Taproot activated 20+ months ago. Who can send to P2TR? #whentaproot • Software Wallets: 25 of 34 😀 • Hardware wallets: 8 of 16 🙂 • Exchanges: 18 of 55 😞 • BTMs: 0 of 4 😭 …

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Murch

@murchandamus

1 year

My Bitcoin Stack Exchange account is ten years old today. 🪇🥳🎉🎊 I wrote 1,589 answers, and 169 questions, edited 2,551 posts of others, cast 12,696 votes, and reached ~5.1m people—I hope it stays fun for a long time.

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@murchandamus

7 years

Have you seen the LN graph on testnet lately? I've taken a peak:

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@murchandamus

1 year

> “LN is not Bitcoin.” A lightning channel is an unbroadcast 2-of-2 multisig transaction that gets repeatedly updated—can’t think of how LN could be any more purely Bitcoin.

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Murch

@murchandamus

7 years

Like in Lego, big blocks are easier to use, but smaller blocks make for more sophisticated solutions.

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Murch

@murchandamus

17 days

Could you please not conflate the transphobia in your self-selected personal bubble with “Bitcoin’s ethos”? Just because we share Bitcoin as an interest doesn’t mean that we share other worldviews.

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@murchandamus

2 years

Tell me @mozilla has nobody that understands Bitcoin without saying that @mozilla has nobody that understands Bitcoin.

Mozilla

@mozilla

2 years

Thank you all for engaging in this important discussion about the impact of cryptocurrencies on the environment, and for pushing us to think critically about our climate commitments. Today we’re announcing an update to our cryptocurrency donation policy.

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Murch

@murchandamus

4 years

I am delighted to announce that I have joined @ChaincodeLabs , where I will contribute to the Bitcoin ecosystem to the best of my ability. Thanks to all people @BitGo for the three+ fruitful, inspiring, and fun years. It has been a pleasure to learn and collaborate with you.

Chaincode Labs

@ChaincodeLabs

4 years

Please join us in welcoming @murchandamus to the Chaincode team.

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Murch

@murchandamus

6 years

I just published “Excited for Schnorr signatures”

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Murch

@murchandamus

9 months

Happy anniversary! Taproot activated two years ago.

Murch

@murchandamus

3 years

🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕 🥕🥕🥕🥕🥕TAPROOT IS LIVE🥕🥕🥕🥕🥕 🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕🥕

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@murchandamus

7 months

GM, in contrast to a widespread myth, Bitcoin Core has never, does not, and does not need to store the entire UTXO set in memory.

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@murchandamus

4 years

I keep needing to look up these numbers, so I made a handy table of single-sig and 2-of-3 multisig input and output sizes for different address formats (repost for correction):

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@murchandamus

3 years

Announcement for Bitcoin Core 0.21.1 release:

Bitcoin Core 0.21.1 Released With Taproot Activation Code

bitcoincore.org

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@murchandamus

7 years

A pure blocksize increase would have been a bailout for big businesses that don't contribute to development, refuse to adopt best practices, and hold users hostage to push for externalizing the businesses' costs on the network. Happy to see some start hiring protocol developers.

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@murchandamus

6 years

Yes, LN is different technology but not an altcoin: 1. LN doesn't have an "alternative chain". 2. LN is not a consensus system. There is no need for all nodes to converge on a common state. It doesn't have a "consensus mechanism". LN is a payment protocol on top of BTC.

𝚃𝚒𝚏𝚏𝚊𝚗𝚢 𝙷𝚊𝚢𝚍𝚎𝚗

@haydentiff

6 years

@starkness @VivekKasarabada @WahWhoWah @MrHodl @paullinator @eric_lombrozo @udiWertheimer @SatoshiLite @EdgeSecure I look forward to you figuring out how to counter these points:

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@murchandamus

2 years

1/ It's not only about RPis at home. A 10 s block interval would mean that block propagation and block validation take a significant chunk of the interval. You'd get blockchain forks abound, poor block relay because of many competing chaintips, bad network convergence,…

Vlad Tenev

@vladtenev

2 years

Doge’s current block time is 1 minute. This is a bit on the long side for payments – a ten second block time would be more appropriate as it would be less than the typical time spent completing a debit card transaction.

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Murch

@murchandamus

7 years

If you've been wondering what Lightning Network Channel Factories might be, @Hrdng graced us with a kickass overview here:

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@murchandamus

2 months

Don’t know who needs to hear this, but: To recover a `k-of-n` multisig wallet, you need `k` of the private keys AND `n` OF THE PUBLIC KEYS. Do yourself a favor and include a backup of the output script descriptor (or all public keys) with each private key backup.

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@murchandamus

3 years

Finally heard back from @coinbase . As one might expect, "adding support for sending to bech32m addresses is currently not a priority".

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Murch

@murchandamus

4 years

I just published "2-of-3 multisig inputs using Pay-to-Taproot".

2-of-3 multisig inputs using Pay-to-Taproot

Detailed exploration of the composition and virtual size of 2-of-3 Pay-to-Taproot inputs

murchandamus.medium.com

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Murch

@murchandamus

3 years

New block signaling readiness for Taproot by F2Pool! About 25% of hashrate signaling now.

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Murch

@murchandamus

9 months

12 years and 1761 answers: Congrats on 100'000 reputation, @pwuille .

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@murchandamus

3 years

Less than 1,000 blocks until #Taproot activates.

Murch

@murchandamus

3 years

Let's talk about Taproot🥕! I'll cover • New features enabled by Taproot • Things not included in Taproot 🧵1/X

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Murch

@murchandamus

3 years

Banning Bitcoin's PoW because PoS is more energy efficient is as sensible as shutting down nuclear power plants because cold fusion is safer.

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Murch

@murchandamus

2 years

It took only nine years and six months, but posts of mine have now been viewed over 5 million times. Thank you for reading Bitcoin Stack Exchange!

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Murch

@murchandamus

1 month

Bitcoin Core 27.1 released

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Murch

@murchandamus

7 years

Dear LN skeptics. Yes, we all would have liked having LN a year ago. —Segwit was just done then. Yes, LN is not ready to serve every soul on the planet over night. —It doesn't have to. It'll have utilty even for the first two that adopt it. Yes, there are open Qs. —It's WIP.

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@murchandamus

3 years

First Taproot transactions are in block 709635:

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@murchandamus

3 years

There is no economic incentive for reusing addresses. Spending two UTXOs costs the same whether they were received to one address or two separate addresses (given same type). Address reuse does not reduce transaction fees. Address reuse does NOT reduce transaction fees.

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@murchandamus

3 years

I like the smell of Taproot signaling in the morning—it smells like lock-in. (In the next period, this one's gone.)

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@murchandamus

3 years

GM, Taproot 🥕 is active now, but are exchanges ready? Next time you are DCAing, could you try putting a bech32m (P2TR) address as the withdrawal destination? Just check if it gets accepted, don't send to it (or only a small amount). Let us know what happened below (or dm).

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@murchandamus

7 months

Apparently, Murch’s position on the current thing is insufficiently obvious to some: Ordinals: 🤨 Inscriptions: 😕 BRC-20: 🤦 Stamps: 😬 SRC-20: 😱 Removing Witness discount: 🙄 Ordislow/Ordisrespector: 🤡 Hope this clears it up.

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@murchandamus

6 years

2018-01-19: 89 channels 2018-01-22: ? channels 2018-03-27: 2,500+ channels 2018-05-24: 6,600+ channels

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@murchandamus

6 years

I couldn't agree more. The irony of someone posting this who thinks that the whitepaper still has all the answers almost ten years into a highly experimental project is not lost. :)

Roger Ver

@rogerkver

6 years

Changing your opinion based on new evidence or ideas is smart. Preventing yourself from hearing new evidence or ideas is stupid.

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@murchandamus

6 years

I seem to remember claims that it would take _forever_ for anyone to adopt segwit. The network is at about 40% segwit txes. BitGo launched segwit support 1 year ago today () and we're now at 90% segwit txes. A week ago we saw a 2.26 MB block. Segwit works.

Transactions are getting cheaper— SegWit now on BitGo

SegWit has been live on the Bitcoin network for a few weeks. During this time, BitGo has been testing with select customers.

blog.bitgo.com

Murch

@murchandamus

6 years

In the past 24h, 90.0% of the Bitcoin transactions by Bitgo's customers were segwit transactions (i.e. had at least one segwit input). For Bitcoin transactions sent from the V2 platform, it's 92.5%. 😁 Native Segwit is still in works, mea culpa. 😓

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@murchandamus

2 years

@AriDavidPaul @PeterMcCormack @RyanSAdams TIL that "core devs are working on Bitcoin 2.0 and are set to deliver it as a soft fork in the next three years". 😆 @aridavidpaul : Taproot is out. The two soft forks I've been hearing about are anyprevout and CTV—neither fit a ₿2.0 label. What are you talking about?

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@murchandamus

5 months

Shocker. Who would have thought… BRC-20 tokens are down to a couple percent of weight in blocks like one would expect for intellectually barren garbage.

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@murchandamus

7 years

Greg has left Blockstream, and of course some are celebrating that as a harbinger of Blockstream's demise and launching into new rounds of cryptspiracy theories. 🤪 Greg's contribution and passion for Bitcoin can't be overstated, and see what his colleagues have to say:

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@murchandamus

1 year

This morning at what appears to have been Block 791 417, timestamped 1:38Z, the Bitcoin network passed 100M UTXOs. via

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@murchandamus

3 years

16/ Altogether, we get: • Better privacy • Cheaper multisig • Single-sig and multisig will be mostly indistinguishable • Lightning improvements: PTLCs and aggregate keys as channel anchors • A boost for scripting with DLCs, Adaptor Signatures, and Taptrees

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@murchandamus

4 years

I just published UTXO Management for Enterprise Wallets

UTXO Management for Enterprise Wallets

We introduce two common wallet setups for enterprise operations and discuss how BitGo collaborated with clients to reduce fee expenditures.

blog.bitgo.com

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@murchandamus

11 months

“Bitcoin is the most important asset in crypto and we're excited to do our part to enable faster/cheaper Bitcoin transactions.” states Coinbase CEO 22 months after Taproot activated as Coinbase still hasn’t found the ~2 engineer days to support sending to Taproot. #whentaproot

Brian Armstrong

@brian_armstrong

11 months

The team did a great job digging into this, and we've made the decision to integrate Lightning. Bitcoin is the most important asset in crypto and we're excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient.

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@murchandamus

3 years

The hashrate is back to ATH-levels (via ):

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@murchandamus

2 years

@tante • Managing your own keys is hard • Not private/fungible enough • Inelastic blockspace supply • Transition to fee-based security throws up questions • Mining is still too centralized • Long-term oriented protocol development is slow and hard

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@murchandamus

8 months

GM, the increased blockspace demand begotten by inscriptions is providing a preview of the future network reality if Bitcoin the currency becomes as successful as many conjecture. If your processes are unmaintainable under this regime, you got your work cut out for you.

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@murchandamus

7 years

> Reckless, terrible user experience, mathematically proven to not work. Check back in 18 months, _maybe_! Oh, there are 89 channels on mainnet LN this morning by the way. Networks scale in layers and this one got me bouncing-on-the-balls-of-my-feet-excited. :)

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@murchandamus

3 years

The mempool has not cleared in 57 days. BTC is estimated to facilitate more on-chain payments than ever before. BTC has 98.3% of the SHA256d hashrate. The average blocksize is 1,320.39 kB for the past 30 days. Fees made up 16.13% of the past day's mining rewards. #mempoolreport

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@murchandamus

1 year

Phew, TIL that software maintains itself and we are finally free to get real jobs™. Thx for pointing out that nobody needs Vaults, Silent Payments, Lightning Network, APO, StratumV2, P2Pv2, BDK, LDK, BTCPay, MiniScript, DLCs, Fedi, Taro,… before more time was wasted on it. /s

Steve Barbour

@SGBarbour

2 years

Bitcoin development is not a job and never was a job and never should be a job.

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@murchandamus

6 years

The network just exceeded 35% of all transactions having at least one segwit input. We've come some way since the activation in August. I didn't realize there were so many blocks with 100% segwit transactions. Oh, and show the 3rd one to anyone talking about Bitcoin's 1MB blocks.

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@murchandamus

7 years

Some are now threatening to leave Bitcoin.🤷‍♂️ They, or others, will return when the intellectually barren copycoin they've chosen bumps into its untreated scaling issues whereas Bitcoin is evolving to deliver the actual request: ⚡️Instant Payments.

Murch

@murchandamus

7 years

1/ Some #no2x proponents may not realize yet: If #no2x succeeds, it will change Bitcoin. Some investments will migrate away, …

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@murchandamus

3 years

Good morning. Did you know that I am available to advise one Bitcoin company per week on UTXO Management and/or Coin Selection? Please reach out if you are working on a project in this area and would like to bounce some ideas around.

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@murchandamus

3 years

And @mempool is now ready for bech32m.

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@murchandamus

3 years

If you make a Bitcoin wallet, please make all txns RBF by default. Traditionally, wallets must overestimate fees or risk stuck txns. RBF massively reduces fee costs by mitigating that need. Enable users to optionally finalize txns on creation or replacement if there is demand.

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@murchandamus

2 months

Happy 11th birthday to my Bitcoin Stack Exchange account. 🥳

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@murchandamus

3 years

@nikzh What a lazy pot shot. 🥱 Adoption of new features in a distributed system takes time. Last year, you were decrying that only 50% of all transactions were using segwit—now it's 82%. Likewise, in a few years most transactions will use P2TR.

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@murchandamus

2 years

My love-language is removing query strings before sharing links.

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@murchandamus

4 years

Can someone explain why so many bitcoiners use Telegram? I don't get it. Its centralized server is closed source, it doesn't have a built-in E2E authentication mechanism, group chats are not E2E, you need a phone number to register, and it backs up messages in the cloud.

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@murchandamus

7 years

On the Testnet LN of the nodes 35.4% have 1, 28.8% have 2 or 3, 35.8% have 4 or more channels. 13.6% have 10+. Channels: Count 1: 258 2: 137 3: 73 4: 72 5: 45 6: 19 7: 9 8: 8 9: 9 10: 11 11-19: 41 20-29: 15 30-39: 10 40-49: 4 50-59: 5 60-69: 5 90-99: 3 100-125: 3 154: 1 221: 1

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@murchandamus

7 years

3 days ago transactions with <40 satoshis/byte started clearing. Today there are still new transactions with 1,000+ satoshis/byte being created. Please don't complain about fee levels when you're asleeep at the wheel.

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@murchandamus

9 months

Bitcoin Stack Exchange’s site description has not changed since 2011: “Q&A for Bitcoin crypto-currency enthusiasts”. What do you think about “Q&A for Bitcoin users, developers and enthusiasts” instead?

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@murchandamus

7 years

@brian_armstrong Hey @brian_armstrong , have you considered @BitGo for @Coinbase 's hot wallet? You can have segwit in a few days, batching is easy with our sendmany API call, you also get LTC, BCH, BTG, XRP and ETH out of the box. Probably can save a million bucks a day. Call us maybe?

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@murchandamus

3 years

⛏️🥕: The last non-taproot block has been found. The next block should contain traces of Taproots.

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@murchandamus

3 years

The third set of transactions makes use of stupendous vanity addresses:

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@murchandamus

7 months

. @rot13maxi ’s bitcoin-purifier is my favorite contribution to the ordinals debate in the past weeks. It’s hilarious and on-point.

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@murchandamus

3 years

The miner-reported hashrate is back to 157 EH/s (via ), and blocks are even faster currently. The mempool was reduced by ~25 blocks depth in the past day, reducing the tail feerate in blocks from 250+ sat/vB to below 50 sat/vB this morning. #mempoolreport

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@murchandamus

4 years

Mempool cleared for the first time since October 20th in the weee morning hours.

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@murchandamus

6 years

@dirk_fn_anger @JaimeMortimer @pastasauca Actually, more like "Too. Few. Kiwis.", right?

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@murchandamus

1 month

Some new BIPs were merged, by the way: • BIP 328: Derivation Scheme for MuSig2 Aggregate Keys • BIP 373: MuSig2 PSBT Fields • BIP 379: Miniscript • BIP 390: musig() Descriptor Key Expression

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@murchandamus

3 years

This morning, after 62 days, transactions paying 5+ sat/vB got cleared from the mempool for the first time since February 8th. #mempoolreport

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@murchandamus

2 years

Bitcoin's supply inflation will drop below 1% in 2025.

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@murchandamus

2 years

The mempool has a depth of over sixty blocks. But it's almost all below 3 ṩ/vB. #mempoolreport

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@murchandamus

3 months

The first block with a lower reward than the previous block subsidy was now found. 840,104 "only" collected 5.913 BTC.

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@murchandamus

1 year

The mempool has not cleared in a bit over 31 hours. It has currently a depth of 26 blocks and a surprisingly large amount of the transactions waiting bid the minimum feerate of 1 ṩ/vB. 🤪🖼️🪨😶‍🌫️ At the moment, 3 ṩ/vB suffice to get in the next block. #mempoolreport

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@murchandamus

1 year

There are still over 300k transactions waiting for confirmations, but the feerates have been coming down from the craze. The miners are now chewing through the 40–50 ṩ/vB band. Depth: 187 blocks Next block: 43 ṩ/vb+ #mempoolreport

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@murchandamus

3 years

Sources: ¹ ² ³ Provided by asker in comments on ²:

Is it possible to convert a taproot address into a native segwit address?

A few days ago I requested a BTC withdrawal on Binance, I used a bc1p address and the request went through as usual without any issue or warning. (my first time using taproot address). Binance chec...

bitcoin.stackexchange.com

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@murchandamus

3 years

520 blocks until #Taproot activation. Let's check on the remaining libraries' statuses. (All infos best effort, updates/corrections by contributors welcome.) 🧵

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@murchandamus

2 years

GM, adding further divisibility to on-chain Bitcoin would require a hard fork and a massive overhaul of all existing Bitcoin software. The myth that it would be an easy protocol change to introduce fractions of satoshi is not true.

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@murchandamus

7 months

Fifteen years ago: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

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@murchandamus

3 years

The mempool last cleared 24h ago. Might have to start doing the #mempoolreport again. 🧐

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@murchandamus

3 years

My Bitcoin Stack Exchange posts have been read about 3 million times since May 12, 2017.

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@murchandamus

6 years

Upgrading to 32MB was a real power move. BCH blocksize utilization is now below 0.2% in average over the last 7 days. Meanwhile BCH fans claim that they'll "continue to prove that on-chain scaling is the future". To that end, how about maintaining 8MB+ blocks for a couple months?

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Murch

@murchandamus

7 months

GM, A 🧵 on node behavior concerning data: 1/16: All full nodes process the entire blockchain and keep a complete copy of the UTXO set. The UTXO set contains the current state of the Bitcoin ledger and is necessary to validate transactions or build blocks.

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Murch

@murchandamus

3 years

I just added columns for Bech32m sending support and P2TR receive addresses to . Keep us in the loop whether you're ready for Taproot activation.

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Murch

@murchandamus

4 years

Mempool cleared below 4 sat/vB. 60 blocks to go, but I think it should mostly or completely clear this weekend. At the very least I would expect the mempool to clear 2+ sat/vB.

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Murch

@murchandamus

2 years

Ah, the classic "off by three magnitudes" mistake. The prevalence of both "ṩ/vB" and "ṩ/kVB" is why wallets should warn for feerates over 1,000 ṩ/vB.

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Murch

@murchandamus

6 years

Spam attack? No, this is what we want power users to do: make the smallest possible batched transactions at current fees to conduct their business, and sweep up all the excess UTXOs at 1 sat/byte, correctly signaling the low time preference the consolidation has.

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Murch

@murchandamus

1 year

Good morning, the mempool has been growing quickly since last clearing on the 23rd. The next block minimum feerate is now 62 ṩ/vB, and the mempool depth is at 104 blocks. This is even while we had over 8 blocks per hour over the last six hours. #mempoolreport

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