What makes Bitcoin valuable? Amir reza Riahi wonders why the Bitcoin Core wallet rebroadcasts transactions and why there is a delay. A standardized export format could in theory allow two pieces of wallet software that used the same BIP32 account hierarchy to open each others’ backups and recover not just funds but all of the information the user manually entered about their transactions. Developers Clark Moody and Pavol Rusnak each replied with a reference to SLIP15, which describes the open export format developed for Trezor brand wallets. ● Wallet label export format: Craig Raw posted to the Bitcoin-Dev mailing list a proposed BIP to standardize the format wallets use to export labels for their addresses and transactions. ● Reputation credentials proposal to mitigate LN jamming attacks: Antoine Riard posted to the Lightning-Dev mailing list a proposal for a new credential-based reputation system to help prevent attackers from temporarily blocking payment (HTLC) slots or value, preventing honest users from being able to send payments-a problem called channel jamming attacks. ● Previous success: if a payment that Alice sent through Bob’s node is successfully accepted by the ultimate receiver, Bob’s node can return a credential token to Alice’s node-or even more tokens than were previously used, allowing Alice’s node to send additional value through Bob’s node in the future.
2499 allows specifying a blinded route to use when using a BOLT12 offer to request payment. That means a node which wants a reply to its onion message needs to provide hints to the receiver about what path to use for sending a reply. She also asked how they would work with blinded paths where a spending node wouldn’t know the full path to the receiving node. The onion message protocol doesn’t require a node which relays an onion message to track any information about that message after relay, so it can’t automatically send a reply back along the path the original message took. Riard proposes that each forwarding node should only accept the relay instructions if they include one or more credential tokens that were previously issued by that forwarding node. ● UTXO ownership proofs or other alternatives: although not necessary for Riard’s initial proposal, some forwarding nodes may experiment with giving credentials to everyone who proves they own a Bitcoin UTXO, perhaps with modifiers that give older or www.youtube.com higher-value UTXOs more credential tokens than newer or lower-value UTXOs. ● UTXO spendable by me or deposit to exchange after 5 years? ● What was the bug for the Bitcoin value overflow in 2010?
Andrew Chow summarizes the value overflow bug and its multiple inflationary effects: the large outputs created as well as the miscalculated transaction fee. Even if the new feerate isn’t entirely safe, its higher value means it’s safer than what the node had before, so it’s better to accept it than try to close the channel with its existing lower feerate. 1852 accepts a feerate increase proposed by a channel peer even if that feerate isn’t high enough to safely keep the channel open at present. A future change to LDK may close channels with feerates that are too low, and work on proposals like package relay may make anchor outputs or similar techniques adaptable enough to eliminate concerns about present feerates. Pieter Wuille points out the P2P network’s lack of transaction propagation guarantee as the reason for rebroadcasting being necessary and notes work done to remove rebroadcasting responsibilities from the wallet to the mempool. There is no inflation in crypto world, also because there is a limit on the quantity of certain kind of crypto assets, which prevents the supply from going out of control. The route may include a route leading up to the user’s node plus additional hops going past it.
The hops going past the node won’t be used, but they will make it harder for the spender to determine how many hops the receiver is from the last non-blinded forwarding node in the route. They create a set of trustless instructions that describes where each forwarding node should next relay the payment, encrypting those instructions so that each node receives only the minimum information it needs to do its job. For example, if Bob’s node issues a new credential to Alice, who then tries to sell the credential to Carol, there’s no trustless way for Alice to prove she won’t try to use the token herself even after Carol has paid her. 23202 extends the psbtbumpfee RPC with the ability to create a PSBT that fee bumps a transaction even if some or all of the inputs to the transaction don’t belong to the wallet. When you buy from online exchanges it directly goes to the exchange wallet and as long as your account is safe, then no one can steal your bitcoins. ● Deribit supports bech32 withdrawals: Deribit announced that its exchange users can now withdraw bitcoins to bech32 native addresses.
