[2021-11-16] Bitcoin Taproot Upgrade is ‘Useless, Minor Improvement’ of Outdated

NotATether

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Quote from: waybesuricata on November 16, 2021, 11:49:43 AM

This is the technology that was used in Monero years ago. ~snip

It (Ring confidential transactions where you insert dummy already-used inputs inside transactions) can also be broken in Monero and rendered the equivalent of Bitcoin transactions by spending a huge number of outputs at once, over a controlled period of time such as a few weeks.

DooMAD

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Quote from: bbc.reporter on November 18, 2021, 09:15:07 PM

Let us observe what type of reactions the bitcoin maximalists have. Especially those who say that Defi is a scam hehehe. If they begin larping positively about Defi on bitcoin in social media, I reckon this proves that hypocrisy is everywhere in the cryptospace.

If it is not my coin, it is a scam.

It's not that clear cut. There are a small number of legitimate DeFi projects, but there are sadly far more shameless cash-grabs taking advantage of the situation. Most of them are scams. Not all of them. But most of them.

bbc.reporter

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Quote from: LeGaulois on November 17, 2021, 11:16:19 AM

Quote from: bbc.reporter on November 16, 2021, 07:29:55 PM

@LeGaulois. However, will more efficient smart contracts help bring Defi to bitcoin?

Not only Defi but Dapps too. For sure Bitcoin will have its slot in this field because many people will switch to Bitcoin with their billions. Let's say Ethereum was just a lab Grin

No more the 10 000bits limit for Bitcoin Script and no more a limit for opcodes. That open a lot of new doors.

However, it's not going to happen after 1 month. It"s something that will take months

Let us observe what type of reactions the bitcoin maximalists have. Especially those who say that Defi is a scam hehehe. If they begin larping positively about Defi on bitcoin in social media, I reckon this proves that hypocrisy is everywhere in the cryptospace.

If it is not my coin, it is a scam.

Quickseller

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Quote from: ?? on ??

Quote from: waybesuricata on November 16, 2021, 11:49:43 AM

While other blockchains like Ethereum implement radical scalability solutions such as Layer 2 and sharding, Bitcoin is undergoing a minor upgrade.

This show how biased is the news source, they don't even mention Bitcoin also have Layer 2.

Crypto news is probably worse than MSM in trying to push some kind of agenda. Crypto reporters make very little, but what they write has the ability to potentially move markets, especially altcoin markets with lower market caps. I think it is probably fairly common for reporters to receive payments from third parties for writing specific articles (the payments would be hidden and would be from entities different than their employer or the publication the articles are being published on).

DooMAD

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Quote from: hv_ on November 17, 2021, 03:10:16 AM

It increases the chances btc will be treated / regulated like monero -> illegal and helps crime to mix coins and more

You do know taproot only obfuscate the script, right? Compared with Monero, Taproot is very minor improvement in terms of privacy.

I suspect they only know what they're indoctrinated to think. Just repeating what they're told by others. Like a parrot, only less intelligent. Cheesy

Or they do know what they're saying is a lie and it's willfully malicious. But based on previous encounters with them, I honestly wouldn't give them that much credit.

cr1776

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Quote from: LeGaulois on November 16, 2021, 12:46:24 PM

(What is useless here is you posting shits)

People expect Bitcoin to use "super" technologies, and on top of that, to be implemented in 1 week.

The person contradicts himself by first saying that this update is useless, but then he says it is interesting and going in the right direction.
It's a bit like with Debian, the mother of many OS behind, like Ubuntu, Mint, Kubuntu.... Debian tends not to release updates as quickly as Ubuntu for example. This requires a lot of maturities. However, Debian is still considered after years to be the most robust OS (of the ..buntu branches).

Taproot improves several things, more efficient smart contracts, more privacy, and other things. How that's just a minor improvement? People are just jealous like children when they didn't get lollipops like others.

Exactly. Bitcoin's value proposition also partially relies on the fact that it is secure and stable. You don't have one person who can say "we are doing this upgrade on December 1, 2021" - and consequently you have a much more secure ecosystem since there isn't a single point of pressure to force, blackmail etc.

Do you want your smart contracts or defi running on the most secure crypto or one that some of the larger bitcoin holders could buy up for a few hundred coins?

Quickseller

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Criticism should always be welcomed, but at least try to make it constructive.

I would argue that in general, changes should be incremental, rather than revolutionary. Incremental changes allow for additional improvements along the way, while revolutionary changes more or less will lock you into a concept.

Both Taproot and SegWit are incremental improvements whose ultimate goal is to solve the scaling problem with some type of L2 solution. Currently, LN is the leading contender to be the solution to the scaling problem, however we are not "locked in" to using LN. It is very well possible the ultimate scaling solution will not be LN, although it is likely to at least somewhat resemble LN.

BTW, the article cites "cryptowhale" (whoever that is) as saying the improvements that Taproot offers are already available on 99% of altcoins. My response would be that bitcoin (and litecoin) is(are) the only cryptocurrency that supports LN, or any L2 scaling solution that I am aware of. If it is true that 99% of altcoins already are implementing the features that Taproot offers, they are clearly not doing a very good job of implementing the features, nor leveraging the features to turn their altcoin into something useful.

Just my two cents...

DooMAD

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Quote from: hv_ on November 17, 2021, 03:10:16 AM

It increases the chances btc will be treated / regulated like monero

That's not even remotely true, but keep up the lame forkcoin propaganda. It's a good laugh if nothing else. Do you believe everything Calvin Ayre and Faketoshi tell you?

LeGaulois

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Quote from: bbc.reporter on November 16, 2021, 07:29:55 PM

@LeGaulois. However, will more efficient smart contracts help bring Defi to bitcoin?

Not only Defi but Dapps too. For sure Bitcoin will have its slot in this field because many people will switch to Bitcoin with their billions. Let's say Ethereum was just a lab Grin

No more the 10 000bits limit for Bitcoin Script and no more a limit for opcodes. That open a lot of new doors.

However, it's not going to happen after 1 month. It"s something that will take months

hv_

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Quote from: bbc.reporter on November 16, 2021, 07:29:55 PM

Taproot improves privacy. I reckon any privacy improvements on bitcoin would make an argument that it is also an improvement on the cryptocoin’s fungibility.

@LeGaulois. However, will more efficient smart contracts help bring Defi to bitcoin?

It increases the chances btc will be treated / regulated like monero -> illegal and helps crime to mix coins and more

bbc.reporter

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Taproot improves privacy. I reckon any privacy improvements on bitcoin would make an argument that it is also an improvement on the cryptocoin’s fungibility.

@LeGaulois. However, will more efficient smart contracts help bring Defi to bitcoin?

LeGaulois

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(What is useless here is you posting shits)

People expect Bitcoin to use "super" technologies, and on top of that, to be implemented in 1 week.

The person contradicts himself by first saying that this update is useless, but then he says it is interesting and going in the right direction.
It's a bit like with Debian, the mother of many OS behind, like Ubuntu, Mint, Kubuntu.... Debian tends not to release updates as quickly as Ubuntu for example. This requires a lot of maturities. However, Debian is still considered after years to be the most robust OS (of the ..buntu branches).

Taproot improves several things, more efficient smart contracts, more privacy, and other things. How that's just a minor improvement? People are just jealous like children when they didn't get lollipops like others.

waybesuricata

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Analysts have criticized the Bitcoin Taproot upgrade as a “minor improvement to a technology that is already obsolete.”

Taproot went live on Nov. 13. This is Bitcoin Core’s first “major” upgrade since 2017, according to proponents. With the update, users can expect to see transactions become cheaper, faster, more secure and private, they say. Taproot will also improve smart contracts functionality on the network.

“The Taproot upgrade is interesting and a step in the right direction, but it does not change the fact that Bitcoin is technologically far behind other blockchains,” said Marek Kirejczyk, CTO of TrustToken, which operates decentralized finance (DeFi) lending protocol TrueFi and stablecoin TUSD.

Marek, a software developer who founded a few like-minded startups, argues that the new technology “improves privacy and throughput slightly, but nothing fundamentally.” He told Beincrypto:

This is the technology that was used in Monero years ago. While other blockchains like Ethereum implement radical scalability solutions such as Layer 2 and sharding, Bitcoin is undergoing a minor upgrade.

Source and continuation of news: https://beincrypto.com/bitcoin-taproot-upgrade-is-useless-minor-improvement-of-outdated-tech-say-critics/

Topic: [2021-11-16] Bitcoin Taproot Upgrade is ‘Useless, Minor Improvement’ of Outdated (Read 181 times)