Author

Topic: Can tail emmision be a soft fork (Read 881 times)

legendary
Activity: 2898
Merit: 1823
October 22, 2023, 09:36:48 AM
#72
Achow and/or frankie

You're comparing the Bitcoin Core developer with probably the most commits and over all activity in the Bitcoin space, with a whiny, anti-freedom, incompetent liar who hasn't even comprehended lightning yet. That doesn't even pass the laugh test.


If you think about the context, I doubt that I am really comparing them, except putting them in the same sentence regarding members who Wind_FURY specifically named regarding who he wants to chime into this thread.  So it is not any kind of statement that should be analyzed too much in terms of substance.


Pardon me ser, but I never wanted franky1 to chime in this topic/thread, nor have I expressed that I wanted him to. But if I did post something, I was obviously being sarcastic, and/or doing it more with the awareness that he'll merely be looking like a fool again in front of our fellow posters. Plus it's also good to see that other forum members have started to post what they truly believe in regards to frankandbeans. Newbies and our fellow plebs shouldn't need to be deceived by him, and learn the hard way.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 19, 2023, 01:28:02 PM
#71
Achow and/or frankie
You're comparing the Bitcoin Core developer with probably the most commits and over all activity in the Bitcoin space, with a whiny, anti-freedom, incompetent liar who hasn't even comprehended lightning yet. That doesn't even pass the laugh test.

If you think about the context, I doubt that I am really comparing them, except putting them in the same sentence regarding members who Wind_FURY specifically named regarding who he wants to chime into this thread.  So it is not any kind of statement that should be analyzed too much in terms of substance.

I already addressed that in my superficial way of saying that it seems that you are just throwing out BIG words that don't really seem to apply very much to something like this.. and furthermore, I mentioned that probably node runners could just start to run the software that recognizes further digits down and that seems like a soft fork to me and also seems like ossification doesn't really apply.
"Seems" to you? Something is either a softfork, or it isn't. It's a matter of black or white. If the blockchain is the same to both post-fork and past-fork nodes and backwards-compatibility is retained, then it's softfork.

I don't claim to know all of the situations in which we might suggest that something is a softfork... but whatever you said sounds fair enough to me.

Ok.  I already have enough critical thinking skills to recognize and appreciate that many disinformation and misinformation efforts are going to contain elements of truth.
Do you? Because you made a ridiculous comparison.

We can agree to disagree regarding my self-proclaimed level of critical-thinking skills and/or what you believe my level might be and the extent to which such potentially existing critical-thinking skills might be better or worse in some subject matters/situations as compared with others, including that I deny making the kind of comparison that you suggested that I was making regarding frankie, achow and gmaxwell or whatever it might have been that you seemed to have thought that I was ridiculously comparing when I placed frankie in the same sentence as achow and gmaxwell..

Also it seems that this topic regarding who Wind_FURY is specifically is (or had been) requesting to come into this thread to participate is becoming more than old, worn out and largely irrelevant.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
October 19, 2023, 12:55:26 PM
#70
Achow and/or frankie
You're comparing the Bitcoin Core developer with probably the most commits and over all activity in the Bitcoin space, with a whiny, anti-freedom, incompetent liar who hasn't even comprehended lightning yet. That doesn't even pass the laugh test.

I already addressed that in my superficial way of saying that it seems that you are just throwing out BIG words that don't really seem to apply very much to something like this.. and furthermore, I mentioned that probably node runners could just start to run the software that recognizes further digits down and that seems like a soft fork to me and also seems like ossification doesn't really apply.
"Seems" to you? Something is either a softfork, or it isn't. It's a matter of black or white. If the blockchain is the same to both post-fork and past-fork nodes and backwards-compatibility is retained, then it's softfork.

Ok.  I already have enough critical thinking skills to recognize and appreciate that many disinformation and misinformation efforts are going to contain elements of truth.
Do you? Because you made a ridiculous comparison.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 19, 2023, 12:39:26 PM
#69
[edited out]
You make it sound like it's "simple", but I believe it's better that we get the opinions of more qualified individuals in the community, like gmaxwell.
I don't have any problem with having the more expert folks (especially in terms of the technicals to chime in)... I also have no problem asserting that recognizing further digits should be simple as fuck....including that it is likely not seeming to mess with anything, even in the original intents that seem to be present with bitcoin and its every 4-year halvening.. while at the same time I will admit that I don't actually know very much about coding...

Maybe I should take a few coding classes to become a real "know it all" arm-chair expert? since you are getting into credentializm nonsense, and even if your first request for gmaxwell, Achow and/or frankie did not seem like appeals to authority, but your trying to suggest that I don't know enough for your desires seems to be attempting to denigrate my assertions based on my supposed lack of authority, which even though it might be true that I don't know much or anything about this in terms of technicals, we have not had any real decent arguments suggesting that what I am saying is technologically problematic... especially in the way that I am framing it in terms of 1 more digit every 4 years starting from 2048.
Laughable that you include frankandbeans to be among the elite developers of Bitcoin Core. Hahaha. That person simply can't be trusted. I believe you would agree.

You must get some pleasure out of exaggerating what I said into something else... since largely I had been attempting to suggest that franky is one of the three forum members who you specifically requested to participate in this topic.... whether you personally consider him to have technical knowledge or not seems to be a bit of another story.. I did not make any representation in which I was either requesting his participation in this thread, and even though I acknowledged that he sometimes makes some decent points, I did not even make any kind of representation that he actually has any kind of technical knowledge that anyone should actually rely upon, especially since many of us already knows that he makes misrepresentations and frequently gets caught upon seemingly tangential and distracting spins of technical subjects - which seems to be part of the reason that his account likely continues to have restrictions in regards to forum admins considering some of his historical posts and/or behaviors problematic in regards to forum discussions.

Plus no, I'm not trying to denigrate your assertions. But like you, I'm also here to learn more about Bitcoin, and you told everyone yourself that you don't actually know much about coding/technical matters about Bitcoin. So do I, I too need to learn more. We need good people like gmaxwell and achow to guide/teach us.

There are other members who can fill such shoes.. but yeah.. no problem with the overall idea of technically smarter (or more experienced) members chiming in, but if they don't fucking chime in, then we gotta deal with what we got, which may well just be you, me and vjudeu staring at shadows in a cave and trying to figure out what they mean.. even though vjudeu does seem to know more technical angles than you and I.

Plus none of what you mentioned says or even debates that some of the parts of the network is starting to ossify/or has actually ossified and may never change. It's probably good for the network to have the stability.
I already addressed that in my superficial way of saying that it seems that you are just throwing out BIG words that don't really seem to apply very much to something like this.. and furthermore, I mentioned that probably node runners could just start to run the software that recognizes further digits down and that seems like a soft fork to me and also seems like ossification doesn't really apply.
That's not how soft forks work. We can't merely run full nodes with our own rules and call that a soft fork.

Perhaps.. but what if 10s of thousands of full nodes start running the "new implementation" that recognizes 9 digits after the decimal.. maybe even 80%.. then what is going to happen when 80% recognize the 9th digit, and 20% don't?  Are we forced into a split at that time?  I don't claim to know off the top of my head.  Do you know what happens?

Your example of ossification was about the 21 million being breached, and my example of recognizing digits does not change that 21 million limit, even if it would end up resulting in the recognition of coins (sats) that would not have otherwise have had been recognized within the 8 digit limit.
Let's not nitpick. Let me end the debate by saying that the longer the network exists, the more resistant it is to change. If you don't agree, then OK.

We seem to be repeating ourselves. I don't have anything to add or to subtract in regards to what I already said.

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool
That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.
I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.
That does not make much if any sense.  He must not yet know about this thread.
It's not about this topic, it's about all the topics where he posts.
 Cool
To me, it still does not make any sense.. and so maybe it is just me?
Perhaps, BUT are you actually saying that frankandbeans is NOT spreading disinformation? Disinformation like the Lightning Network is a network of IOUs?
Yeah.. but so what?  who cares?  You said that if he continues to post, then his posts will make him look dumber and dumber.. .and that assumes that everything that he posts is dumb.. which I am not going to go along with that presumption, even if I might be willing to go along with a presumption that he posts a lot of disinformation.. but that still does not mean that everything he posts is disinformation or going to be recognized as disinformation.  I have had about enough talking about your seeming loneliness in regards to franky.
That's because he's playing 4D Chess, ser. He needs to post some real information to mix in with his gaslighting, FUD, and the disinformation. Read his trust-rating as posted by gmaxwell and achow.

Ok.  I already have enough critical thinking skills to recognize and appreciate that many disinformation and misinformation efforts are going to contain elements of truth.  And sure sometimes we can conclude that some members are either completely disingenuous or close to completely disingenuous.  We are not necessarily going to come to the same conclusions regarding members to trust or what kinds of posts to merit.. otherwise each of us would have similar trust lists and/or be sending merits to the same posts.
legendary
Activity: 2898
Merit: 1823
October 19, 2023, 04:29:59 AM
#68
[edited out]
You make it sound like it's "simple", but I believe it's better that we get the opinions of more qualified individuals in the community, like gmaxwell.

I don't have any problem with having the more expert folks (especially in terms of the technicals to chime in)... I also have no problem asserting that recognizing further digits should be simple as fuck....including that it is likely not seeming to mess with anything, even in the original intents that seem to be present with bitcoin and its every 4-year halvening.. while at the same time I will admit that I don't actually know very much about coding...

Maybe I should take a few coding classes to become a real "know it all" arm-chair expert? since you are getting into credentializm nonsense, and even if your first request for gmaxwell, Achow and/or frankie did not seem like appeals to authority, but your trying to suggest that I don't know enough for your desires seems to be attempting to denigrate my assertions based on my supposed lack of authority, which even though it might be true that I don't know much or anything about this in terms of technicals, we have not had any real decent arguments suggesting that what I am saying is technologically problematic... especially in the way that I am framing it in terms of 1 more digit every 4 years starting from 2048.


Laughable that you include frankandbeans to be among the elite developers of Bitcoin Core. Hahaha. That person simply can't be trusted. I believe you would agree.

Plus no, I'm not trying to denigrate your assertions. But like you, I'm also here to learn more about Bitcoin, and you told everyone yourself that you don't actually know much about coding/technical matters about Bitcoin. So do I, I too need to learn more. We need good people like gmaxwell and achow to guide/teach us.

Plus none of what you mentioned says or even debates that some of the parts of the network is starting to ossify/or has actually ossified and may never change. It's probably good for the network to have the stability.

I already addressed that in my superficial way of saying that it seems that you are just throwing out BIG words that don't really seem to apply very much to something like this.. and furthermore, I mentioned that probably node runners could just start to run the software that recognizes further digits down and that seems like a soft fork to me and also seems like ossification doesn't really apply.


That's not how soft forks work. We can't merely run full nodes with our own rules and call that a soft fork.

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool
That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.
I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.
That does not make much if any sense.  He must not yet know about this thread.
It's not about this topic, it's about all the topics where he posts.
 Cool
To me, it still does not make any sense.. and so maybe it is just me?
Perhaps, BUT are you actually saying that frankandbeans is NOT spreading disinformation? Disinformation like the Lightning Network is a network of IOUs?

Yeah.. but so what?  who cares?  You said that if he continues to post, then his posts will make him look dumber and dumber.. .and that assumes that everything that he posts is dumb.. which I am not going to go along with that presumption, even if I might be willing to go along with a presumption that he posts a lot of disinformation.. but that still does not mean that everything he posts is disinformation or going to be recognized as disinformation.  I have had about enough talking about your seeming loneliness in regards to franky.


That's because he's playing 4D Chess, ser. He needs to post some real information to mix in with his gaslighting, FUD, and the disinformation. Read his trust-rating as posted by gmaxwell and achow.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 17, 2023, 03:01:03 PM
#67
[edited out]
You make it sound like it's "simple", but I believe it's better that we get the opinions of more qualified individuals in the community, like gmaxwell.

I don't have any problem with having the more expert folks (especially in terms of the technicals to chime in)... I also have no problem asserting that recognizing further digits should be simple as fuck....including that it is likely not seeming to mess with anything, even in the original intents that seem to be present with bitcoin and its every 4-year halvening.. while at the same time I will admit that I don't actually know very much about coding...

Maybe I should take a few coding classes to become a real "know it all" arm-chair expert? since you are getting into credentializm nonsense, and even if your first request for gmaxwell, Achow and/or frankie did not seem like appeals to authority, but your trying to suggest that I don't know enough for your desires seems to be attempting to denigrate my assertions based on my supposed lack of authority, which even though it might be true that I don't know much or anything about this in terms of technicals, we have not had any real decent arguments suggesting that what I am saying is technologically problematic... especially in the way that I am framing it in terms of 1 more digit every 4 years starting from 2048.

Plus none of what you mentioned says or even debates that some of the parts of the network is starting to ossify/or has actually ossified and may never change. It's probably good for the network to have the stability.

I already addressed that in my superficial way of saying that it seems that you are just throwing out BIG words that don't really seem to apply very much to something like this.. and furthermore, I mentioned that probably node runners could just start to run the software that recognizes further digits down and that seems like a soft fork to me and also seems like ossification doesn't really apply.

Your example of ossification was about the 21 million being breached, and my example of recognizing digits does not change that 21 million limit, even if it would end up resulting in the recognition of coins (sats) that would not have otherwise have had been recognized within the 8 digit limit.

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool
That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.
I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.
That does not make much if any sense.  He must not yet know about this thread.
It's not about this topic, it's about all the topics where he posts.
 Cool
To me, it still does not make any sense.. and so maybe it is just me?
Perhaps, BUT are you actually saying that frankandbeans is NOT spreading disinformation? Disinformation like the Lightning Network is a network of IOUs?

Yeah.. but so what?  who cares?  You said that if he continues to post, then his posts will make him look dumber and dumber.. .and that assumes that everything that he posts is dumb.. which I am not going to go along with that presumption, even if I might be willing to go along with a presumption that he posts a lot of disinformation.. but that still does not mean that everything he posts is disinformation or going to be recognized as disinformation.  I have had about enough talking about your seeming loneliness in regards to franky.
legendary
Activity: 2898
Merit: 1823
October 17, 2023, 04:46:03 AM
#66
but still like others said it might not be justifiable without a certain value.. I doubt that it a dollar and I even doubt that is a penny.. so even 1/1000 of a penny might be justifiable to recognize such further down digits..
Quote
Then why not use the Lightning Network if an app or a project needs sub-satoshi units? It's there, it's ready.
but hey, I am just one person.  What do I know regarding what people want to do today as compared to what they might want to do in 2048 or times approaching 2048 when it might be considered if more than 8 digits might be justified to recognize on bitcoin's main chain.
That would be very low probability, in my opinion. Bitcoin's supply cap and units are ossifying towards 21,000,000 coins, with 8 decimal places.
It sounds to me like you are just making shit up.. regarding your ossification language.. but hey, if there is no perception of any need to recognize mining rewards into the 9th digits in 2048, then I doubt that I give too many shits.  We might have to reassess where people are at (including where the BTC price is at) when it comes closer to 2048. we are still 25 years out from there.. so a lot of thing can change in the next 25 years including what is the value of a satoshi and therefore what would be the value of units smaller than a satoshi (further dividing the satoshi in order to recognize the then mining reward, for example)..
But currently, am I? Haven't you been observing what's going on in the network in matters of development, proposals, and what changes are made in the protocol? Do you believe that the longer Bitcoin keeps chugging along, the more the Core Developers, the Economic Majority, and the large investors will be open to such changes like increasing the total supply, or the block size?

Yeah.. but we are not talking about changing the size.  We are talking about recognizing the 9th digit in 2048, the 10th digit in 2052, the 11th digit in 2056.. etc etc.. and it does not even seem very controversial.. especially if there were to be some kind of meaningful software that gets implemented and the peeps just start to run it.. ¡Viola!!!   softfork implemented.

Some parts of the network are ossifying/becoming impossible to change/update. Plus 21,000,000 Bitcoins has become like a social contract. Breaking it might have consequences.

You might be talking about increasing the number of coins.  I am not.  Increasing the recognized digits does not increase the number of coins.

Sure part of this topic is the idea of "tail emissions," which would be increasing the number of coins, but personally, I am not even talking about that part..

By the way, I agree with the overall idea that increasing the number of coins is not likely going to be very acceptable by hardly anyone already in bitcoin, and that idea had already been quite strong from the beginning of bitcoin, so hard to even hypothesize that anyone would want to change that or even consider scenarios that increasing the number of coins would be justifiable.. even if it might be through some kind of a fixed tail emissions..


You make it sound like it's "simple", but I believe it's better that we get the opinions of more qualified individuals in the community, like gmaxwell.

Plus none of what you mentioned says or even debates that some of the parts of the network is starting to ossify/or has actually ossified and may never change. It's probably good for the network to have the stability.

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool
That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.
I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.
That does not make much if any sense.  He must not yet know about this thread.
It's not about this topic, it's about all the topics where he posts.
 Cool

To me, it still does not make any sense.. and so maybe it is just me?


Perhaps, BUT are you actually saying that frankandbeans is NOT spreading disinformation? Disinformation like the Lightning Network is a network of IOUs?
hero member
Activity: 789
Merit: 1909
October 16, 2023, 06:35:05 AM
#65
This has been a monero marketing point for a long time.   To some extent I think it's kind of pointless navel gazing.
In general, you can follow the whole discussion between Peter Todd and Gregory Maxwell, to get the full context.
hero member
Activity: 714
Merit: 1298
Cashback 15%
October 16, 2023, 06:20:55 AM
#64
Hey,

I read a tweet from someone that said, a BTC tail emmision could be done as soft fork. I have some technically experiance in blockchain so..... the main reward scheme could of course only be changed by hard fork.

But as after Segwit and so on some more things are possible with BTC Script. For example LN gets BTC to one place to another without trust of the main chain

So may there be the possibltly that some kind of extra reward can be send by the Algo to the miners by Scrypt or anything else with only a soft fork?

Please technical informative replies only!

Thanks

Peter Todd, whose technical background doesn't  pose any   challenge to cryptocommunity, expressed his view on this matter saying that Bitcoin could add a tail emission via hardfork rather than soft fork due to the  vast full nodes network   the size of which  stands head and shoulders above ,say, Monero


hero member
Activity: 667
Merit: 1529
October 16, 2023, 12:46:45 AM
#63
Quote
Can you explain to me how the second implementation would be backwards compatible?
It is all about proportions. If you produce 0.5 satoshi out of thin air, then it means, you should map oldSupply into oldSupply+0.5. Or rather, if you want to use integers-only, then: 2*oldSupply to 2*oldSupply+1. Which means, if you produce more coins, then when you try to send them, you may see for example 1.00000000 BTC in the new network, but only 0.99999999 BTC in the old one.

Mapping 1:1 is trivial. Mapping 1:1000 is simple, but still requires some tricks. But here, in the endless halving model, you could have 2099999997690000 : 2100000000000000 mapping. Which means, every 1 BTC from the new network, would be visible as approximately 0.9999999989 BTC in the old one (and practically, it would mean switching between 0.99999999 BTC and 1.00000000 BTC, just the last satoshi may be owned by more than one person, maybe even by millions of people, if you want to address edge cases).

So, is it possible to have 2099999997690000 : 2100000000000000 mapping? Technically, and mathematically, yes. But practically, most people would vote against it, so it will not pass any signalling, in case of soft-fork, and may fail to be introduced on LN level, because then you have to explain, how it works, and when someone will understand it, then that person could be very disappointed, and ask questions like: "so, I have that endless halving, but the cost is to have that single satoshis, owned by half of my network?". And the answer is "yes" in this case: if you want to produce any new coins (no matter if it is only half of the satoshi for the whole network), then be prepared for troubles like that.
sr. member
Activity: 267
Merit: 268
October 15, 2023, 05:34:07 PM
#62
Quote
and I don't even understand why it could not be backward compatible
It could be backward-compatible. It depends on implementation.

1. If you want to change 0.04882812 BTC into 0.048828120 BTC, then there is no problem. LN changed it into 0.04882812000 BTC, and it works fine.
2. If you want to change 0.04882812 BTC into 0.048828125 BTC, then you just produced 0.5 satoshi out of thin air. You can do that as well, but then things are more complicated than in the previous case.

Can you explain to me how the second implementation would be backwards compatible?  That 0.5 satoshi will not be spendable in old clients.
hero member
Activity: 667
Merit: 1529
October 15, 2023, 02:28:12 PM
#61
Quote
and I don't even understand why it could not be backward compatible
It could be backward-compatible. It depends on implementation.

1. If you want to change 0.04882812 BTC into 0.048828120 BTC, then there is no problem. LN changed it into 0.04882812000 BTC, and it works fine.
2. If you want to change 0.04882812 BTC into 0.048828125 BTC, then you just produced 0.5 satoshi out of thin air. You can do that as well, but then things are more complicated than in the previous case.

Quote
Which means, it doesn't matter if you create a single additional satoshi, or if you want to double the supply. The code for both cases will be similar, and will require mapping the supply, by using appropriate proportions.
So, the big question is: Do you want to increase the supply, even by a single satoshi, or not at all? Because if you do, then it makes code much more complex. It is still possible, but then it is not a simple 1:1 mapping, because the old system does not allow you to produce that coin out of thin air, and you have to use some tricks, to make it compatible.

Also, in practice the whole implementation depends on what do you really want. Because if your only goal is to ensure that miners will get 0.04882812,5 BTC per block, and so on, then guess what: you can collect 0.0231 BTC, and timelock it into future blocks, by using OP_CHECKLOCKTIMEVERIFY. And the basic setup can be done here and now, because instead of sending half satoshi to every block, you can send one satoshi every two blocks, and it will also work.

And then, if additional precision will be available, you can fix it, and spread equally between blocks. Optionally, if you want to make it voluntarily, you can lock your coins using "my key or locktime" script, then you can have a chance to change your mind, if you want. Also note that Taproot can be used to make all of that, while also preserving your privacy. Because you can have your regular Taproot address, and create a TapScript, that could allow getting coins by locktime in the future. All of that is possible, because anyone can safely lock coins in a "spend by me, or by anyone after block 123,456,789".
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 15, 2023, 02:14:12 PM
#60
Quote
I cannot see why any of it really matters
Because it is backward-incompatible, if you implement it in the simplest possible way. Maybe I should display it more graphically:
Code:
50.00000000
25.00000000
12.50000000
 6.25000000
 3.12500000
 1.56250000
 0.78125000
 0.39062500
 0.19531250
 0.09765625

 0.048828120
 0.048828125
The question is: Do you want to keep block reward as 0.04882812 BTC, or do you want to increase precision by one bit, and give every miner 0.04882812,5 BTC, and consequently, increase the amount of coins in circulation, by printing half of the satoshi in every block, for the next 210,000 blocks, which will produce additional 105,000 satoshis during those four years?

So yes, if your answer is "miners should receive 0.04882812,5 BTC, because 0.09765625 BTC divided by two is exactly that", then I have bad news: that kind of change will increase the supply by this half of satoshi in every block, for the next four years (and will increase by more than that in the next years).

I will admit that I might not understand your point because, and maybe to some extent we are arguing about semantics.

I understand the difference between what is expected to be issued versus what actually would end up being recognized as issued if further digits beyond the first 8 were to be recognized starting from 2048, but it still does not fundamentally increase the supply - that is currently existing..

...but yeah, the expected supply ends up increasing, but in my thinking still seems to play out like a big so what because it is within the parameters of expectations of what could happen and stays within the math formula that was originally envisioned, but merely getting carried out by recognizing digits further down the chain.. and so then even in 2140, the mining reward continues after it has become sub-satoshi levels per each 10 minutes, but still those rewards would add up to more than 1 satoshi if considering the daily issuance or the yearly issuances or whatever other timeframe that we might want to consider in terms of that future issuance.. the issuance that is already there but not being recognized by the current software...

...so I might be too dumb, but I still don't consider those further digits as new supply even if they are adding up to greater than satoshi units when they are added over multiple blocks, and again, maybe we are arguing about semantics because I surely understand the point that you are making, but still I don't think that the more coins resulting from the sub satoshi recognition of coins matters if we were to label it as new recognized emissions or if we were to label it as staying within the rules while at the same time recognition of already existing emissions or whatever we choose to call it... we know that the coins will not go above 21 million under either of those kinds of formulations no matter what we call it because it is just a matter of continuing with the already agreed to pattern and merely recognizing coins of smaller sizes that end up adding up to larger sizes in the aggregate. .but still seems like a big so what that is more of a good thing than a bad thing..  and I see no meaningful change that prejudices anyone and I don't even understand why it could not be backward compatible. to merely start to recognize (in 2048 and thereafter) further digits beyond the contemplated 8 below the decimal place.
hero member
Activity: 667
Merit: 1529
October 15, 2023, 01:34:49 PM
#59
Quote
I cannot see why any of it really matters
Because it is backward-incompatible, if you implement it in the simplest possible way. Maybe I should display it more graphically:
Code:
50.00000000
25.00000000
12.50000000
 6.25000000
 3.12500000
 1.56250000
 0.78125000
 0.39062500
 0.19531250
 0.09765625

 0.048828120
 0.048828125
The question is: Do you want to keep block reward as 0.04882812 BTC, or do you want to increase precision by one bit, and give every miner 0.04882812,5 BTC, and consequently, increase the amount of coins in circulation, by printing half of the satoshi in every block, for the next 210,000 blocks, which will produce additional 105,000 satoshis during those four years?

So yes, if your answer is "miners should receive 0.04882812,5 BTC, because 0.09765625 BTC divided by two is exactly that", then I have bad news: that kind of change will increase the supply by this half of satoshi in every block, for the next four years (and will increase by more than that in the next years).
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 15, 2023, 01:20:32 PM
#58
Quote
You might be talking about increasing the number of coins.  I am not.  Increasing the recognized digits does not increase the number of coins.
Huh? So, tell me, what do you mean: do you want to increase the number of coins from 20,999,999,9769,0000 satoshis into 21,000,000,0000,0000 satoshis or not. Because, guess what, those fractions of satoshis, that will be rounded down, can be summed, and then we talk about 0.0231 BTC being produced because of those fractions.

But yes, if your answer is "just keep that 20,999,999,9769,0000", then things are much easier. Because you have three additional decimal places inside Lightning Network, here and now, without any forks, and without adding 0.0231 BTC (or rather, 0.02307060 BTC, if no further expansion is planned).

I hope some Sage script will help you:
Code:
total=0
coin=10000*10000
millisatoshis=1000
basic=50*coin*millisatoshis
blocks=210*1000
while(basic>0):
    total+=basic*blocks
    basic//=2
print(total)
Then, put "millisatoshis=1" to get the current amount of coins. Put "millisatoshis=1000" if you want to see, how many coins LN could introduce, if they would decide to increase the numbers. And if you expand it to infinity, without any truncation, like you see in "basic//=2", and if you guarantee that "basic" is always even, then you will really reach that 21 million coins.

I don't disagree with anything that you are saying vjudeu because I understand the idea that 21 million will never be reached, except in the hypothetical of infinite digits.. yet even if an extra digit is added every 4 years starting from 2048, I cannot see why any of it really matters, even if bitcoin might end up lasting another 10,000 years until the year 12048, and then by that time how many more digits would we have?  And would it even be necessary to continue adding another digit every 4 years after a certain point maybe it would not be worth it.

So if bitcoin were to continue to exist 10,000 years after 2,048, then every 4 years another digit would be added, then that would be "only" another 2,500 digits... at some point it seems like it would not be worth it.. but it is difficult to say at which point without seeing how bitcoin plays out in terms of its various human interactions in the coming 10, 20, 50, 100, 1,000 and more years prior to speculating out 10,000 years to 12048 which is way too far out there, anyhow.  I think that it partly goes to the problem of repairing the plane while it is flying but at the same time, we should not be adding some of the features until they are needed anyhow, and we are not going to know exactly which pieces might or might not be needed, so there will be some needs to add the parts (and pieces) as bitcoin goes rather than being to specific about its trajectory before it happens.
hero member
Activity: 667
Merit: 1529
October 15, 2023, 01:08:12 PM
#57
Quote
You might be talking about increasing the number of coins.  I am not.  Increasing the recognized digits does not increase the number of coins.
Huh? So, tell me, what do you mean: do you want to increase the number of coins from 20,999,999,9769,0000 satoshis into 21,000,000,0000,0000 satoshis or not. Because, guess what, those fractions of satoshis, that will be rounded down, can be summed, and then we talk about 0.0231 BTC being produced because of those fractions.

But yes, if your answer is "just keep that 20,999,999,9769,0000", then things are much easier. Because you have three additional decimal places inside Lightning Network, here and now, without any forks, and without adding 0.0231 BTC (or rather, 0.02307060 BTC, if no further expansion is planned).

I hope some Sage script will help you:
Code:
total=0
coin=10000*10000
millisatoshis=1000
basic=50*coin*millisatoshis
blocks=210*1000
while(basic>0):
    total+=basic*blocks
    basic//=2
print(total)
Then, put "millisatoshis=1" to get the current amount of coins. Put "millisatoshis=1000" if you want to see, how many coins LN could introduce, if they would decide to increase the numbers. And if you expand it to infinity, without any truncation, like you see in "basic//=2", and if you guarantee that "basic" is always even, then you will really reach that 21 million coins.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 15, 2023, 12:34:46 PM
#56
but still like others said it might not be justifiable without a certain value.. I doubt that it a dollar and I even doubt that is a penny.. so even 1/1000 of a penny might be justifiable to recognize such further down digits..
Quote
Then why not use the Lightning Network if an app or a project needs sub-satoshi units? It's there, it's ready.
but hey, I am just one person.  What do I know regarding what people want to do today as compared to what they might want to do in 2048 or times approaching 2048 when it might be considered if more than 8 digits might be justified to recognize on bitcoin's main chain.
That would be very low probability, in my opinion. Bitcoin's supply cap and units are ossifying towards 21,000,000 coins, with 8 decimal places.
It sounds to me like you are just making shit up.. regarding your ossification language.. but hey, if there is no perception of any need to recognize mining rewards into the 9th digits in 2048, then I doubt that I give too many shits.  We might have to reassess where people are at (including where the BTC price is at) when it comes closer to 2048. we are still 25 years out from there.. so a lot of thing can change in the next 25 years including what is the value of a satoshi and therefore what would be the value of units smaller than a satoshi (further dividing the satoshi in order to recognize the then mining reward, for example)..
But currently, am I? Haven't you been observing what's going on in the network in matters of development, proposals, and what changes are made in the protocol? Do you believe that the longer Bitcoin keeps chugging along, the more the Core Developers, the Economic Majority, and the large investors will be open to such changes like increasing the total supply, or the block size?

Yeah.. but we are not talking about changing the size.  We are talking about recognizing the 9th digit in 2048, the 10th digit in 2052, the 11th digit in 2056.. etc etc.. and it does not even seem very controversial.. especially if there were to be some kind of meaningful software that gets implemented and the peeps just start to run it.. ¡Viola!!!   softfork implemented.

Some parts of the network are ossifying/becoming impossible to change/update. Plus 21,000,000 Bitcoins has become like a social contract. Breaking it might have consequences.

You might be talking about increasing the number of coins.  I am not.  Increasing the recognized digits does not increase the number of coins.

Sure part of this topic is the idea of "tail emissions," which would be increasing the number of coins, but personally, I am not even talking about that part..

By the way, I agree with the overall idea that increasing the number of coins is not likely going to be very acceptable by hardly anyone already in bitcoin, and that idea had already been quite strong from the beginning of bitcoin, so hard to even hypothesize that anyone would want to change that or even consider scenarios that increasing the number of coins would be justifiable.. even if it might be through some kind of a fixed tail emissions..

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool
That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.
I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.
That does not make much if any sense.  He must not yet know about this thread.
It's not about this topic, it's about all the topics where he posts.
 Cool

To me, it still does not make any sense.. and so maybe it is just me?
legendary
Activity: 2898
Merit: 1823
October 14, 2023, 05:42:08 AM
#55

but still like others said it might not be justifiable without a certain value.. I doubt that it a dollar and I even doubt that is a penny.. so even 1/1000 of a penny might be justifiable to recognize such further down digits..
Quote
Then why not use the Lightning Network if an app or a project needs sub-satoshi units? It's there, it's ready.
but hey, I am just one person.  What do I know regarding what people want to do today as compared to what they might want to do in 2048 or times approaching 2048 when it might be considered if more than 8 digits might be justified to recognize on bitcoin's main chain.
That would be very low probability, in my opinion. Bitcoin's supply cap and units are ossifying towards 21,000,000 coins, with 8 decimal places.

It sounds to me like you are just making shit up.. regarding your ossification language.. but hey, if there is no perception of any need to recognize mining rewards into the 9th digits in 2048, then I doubt that I give too many shits.  We might have to reassess where people are at (including where the BTC price is at) when it comes closer to 2048. we are still 25 years out from there.. so a lot of thing can change in the next 25 years including what is the value of a satoshi and therefore what would be the value of units smaller than a satoshi (further dividing the satoshi in order to recognize the then mining reward, for example)..


But currently, am I? Haven't you been observing what's going on in the network in matters of development, proposals, and what changes are made in the protocol? Do you believe that the longer Bitcoin keeps chugging along, the more the Core Developers, the Economic Majority, and the large investors will be open to such changes like increasing the total supply, or the block size?

Some parts of the network are ossifying/becoming impossible to change/update. Plus 21,000,000 Bitcoins has become like a social contract. Breaking it might have consequences.

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool


That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.

I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.


That does not make much if any sense.  He must not yet know about this thread.


It's not about this topic, it's about all the topics where he posts.

 Cool
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 09, 2023, 09:05:18 PM
#54
Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just [edited out]
Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?
I did not consider anything that I was saying to be related exactly to what dollar value that the satoshi might have, but sure there is a bit of a presumption that if more digits are needed, then the sub-units represented by those extra digits would likely need to have some kind of a value. .even if only fractions of a penny, just like a satoshi is fractions of a penny currently yet some folks using the lightning network believe that there is some kind of value in terms of adding three more digits to recognize 1/1000 of a satoshi,
Then why not simply use the Lightning Network?
I thought that we were talking about various ways that tail emission might be achieved and/or justified.. or justifiable as potentially something that might be a good thing... It may not matter that much what lightning network does as long as it is not incompatible with the main chain in terms of how many BTC had been recognized.. but sure, we might say, that we do not need more than 8 digits if we can transact on the lightning network for smaller units, but that still does not seem to address the 2048 issue in which mining rewards will go down to 9 digits, and so should that value smaller than 8 digits be recognized or ignored?
That's with the presumption that a Satoshi would be worth at least a Dollar/near a Dollar. How can we call something "justified" if merely based on a presumption? We hard-fork/take the risk of a hard-fork because we presumed? It's safer to use the Lightning Network.
That hardly makes any sense to me that a satoshi would have to be worth a dollar or near a dollar in order for it to be worth it to recognize further digits.  You can keep repeating it, but it makes hardly any sense.
Because it would be such a waste of time and energy to change the rules on-chain, and taking the risks of those changes. What use would sub-satoshis be on-chain if they're worth a miniscule amount per unit?

It seems that i have adequately covered this point.. so I am not sure how much more needs to be said.. people will likely come to differing conclusions regarding how much value is necessary to exist to recognize, and I would think right around 1/100 or maybe 1/1000 of a penny and you are thinking more in line with around a dollar which is about 100,000 x difference between us.. maybe i am a bit too low and you are a bit too high.. so maybe the number would be somewhere between those amounts.

I doubt that any hardfork is necessary to recognize digits smaller than a satoshi..
Are you saying that if there proposals for sub-satoshi units, then it should be a soft fork, not a hard fork?

I am not really saying that I know much of anything regarding hardforks and/or softforks, but it seems to me that there hardly are any changes to merely be recognizing digits further down than 8 digits... so I could not imagine that a hardfork would be necessarily .. and it seems like a pretty easy and even non-controversial change.. especially if the BTC price starts to go up to significant values and even the mining rewards start to seem to justify going 1 more digit every 4 years starting in 2048.

but still like others said it might not be justifiable without a certain value.. I doubt that it a dollar and I even doubt that is a penny.. so even 1/1000 of a penny might be justifiable to recognize such further down digits..
Quote
Then why not use the Lightning Network if an app or a project needs sub-satoshi units? It's there, it's ready.
but hey, I am just one person.  What do I know regarding what people want to do today as compared to what they might want to do in 2048 or times approaching 2048 when it might be considered if more than 8 digits might be justified to recognize on bitcoin's main chain.
That would be very low probability, in my opinion. Bitcoin's supply cap and units are ossifying towards 21,000,000 coins, with 8 decimal places.

It sounds to me like you are just making shit up.. regarding your ossification language.. but hey, if there is no perception of any need to recognize mining rewards into the 9th digits in 2048, then I doubt that I give too many shits.  We might have to reassess where people are at (including where the BTC price is at) when it comes closer to 2048. we are still 25 years out from there.. so a lot of thing can change in the next 25 years including what is the value of a satoshi and therefore what would be the value of units smaller than a satoshi (further dividing the satoshi in order to recognize the then mining reward, for example)..
 
I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool
That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.
I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.

That does not make much if any sense.  He must not yet know about this thread.
legendary
Activity: 2898
Merit: 1823
October 09, 2023, 08:06:07 AM
#53

Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just [edited out]
Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?
I did not consider anything that I was saying to be related exactly to what dollar value that the satoshi might have, but sure there is a bit of a presumption that if more digits are needed, then the sub-units represented by those extra digits would likely need to have some kind of a value. .even if only fractions of a penny, just like a satoshi is fractions of a penny currently yet some folks using the lightning network believe that there is some kind of value in terms of adding three more digits to recognize 1/1000 of a satoshi,
Then why not simply use the Lightning Network?
I thought that we were talking about various ways that tail emission might be achieved and/or justified.. or justifiable as potentially something that might be a good thing... It may not matter that much what lightning network does as long as it is not incompatible with the main chain in terms of how many BTC had been recognized.. but sure, we might say, that we do not need more than 8 digits if we can transact on the lightning network for smaller units, but that still does not seem to address the 2048 issue in which mining rewards will go down to 9 digits, and so should that value smaller than 8 digits be recognized or ignored?
That's with the presumption that a Satoshi would be worth at least a Dollar/near a Dollar. How can we call something "justified" if merely based on a presumption? We hard-fork/take the risk of a hard-fork because we presumed? It's safer to use the Lightning Network.

That hardly makes any sense to me that a satoshi would have to be worth a dollar or near a dollar in order for it to be worth it to recognize further digits.  You can keep repeating it, but it makes hardly any sense.


Because it would be such a waste of time and energy to change the rules on-chain, and taking the risks of those changes. What use would sub-satoshis be on-chain if they're worth a miniscule amount per unit?

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool

That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.


I like him to post more because, the more he posts, the more stupid he looks and people are slowly seeing that.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 08, 2023, 10:19:14 AM
#52
Would changing the size to bigger blocks not require a hard fork too?
Did SegWit require a hardfork? No. In similar manner you can increase the block size via softfork means. It's debatable if the incapability of the old nodes to verify the new transactions is considered backwards-compatible, but it can be technically implemented via softfork.

That's actually why I was asking if adding sub-satoshis on-chain is possible through a soft-fork. Because in your other posts, or I might just be confused, it seemed like you said it was possible?
It is possible by representing fractional satoshis in difficulty-like format, but again, I don't find any reason for this to happen. Even if Bitcoin went to $10M, 1 sat would still only worth 10 cents.

10¢ is nothing to sneeze at.

Just like from my point of view 1/1000 of a cent is also nothing to sneeze at, even though it is currently not very valuable.

There are likely various levels of bullishness in regards, to bitcoin's price potential, and even if we had all of the 21 million bitcoin, it would take around a 2.1 quadrillion market cap for each satoshi to be worth a dollar.. and there are many theorist that suggest the current total addressable market for bitcoin is ONLY a bit less than 1 quadrillion, while at the same time, many of us should be able to imagine how new technologies and inventions and even something like the invention, discovery and better ways of harnessing energy can increase current value. .maybe not infinitely, but in various exponential ways in order to make the total addressable market in the future of bitcoin to become much greater than the current addressable (but still not realize) market...

In other words bitcoin is likely right around only 1/2000 of the size of its total addressable market.. and therefore likely around only 1/10,000 of some of its future addressable market - whether reaching these potentials is possible in 25 to 50 years or maybe more possible 100 to 200 years or it could take even longer.. and sure there is already some built in anticipation of bitcoin's incentives structured out for another nearly 120 years when we get to the mining reward going below satoshi levels in around 2140.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
October 08, 2023, 03:49:03 AM
#51
Would changing the size to bigger blocks not require a hard fork too?
Did SegWit require a hardfork? No. In similar manner you can increase the block size via softfork means. It's debatable if the incapability of the old nodes to verify the new transactions is considered backwards-compatible, but it can be technically implemented via softfork.

That's actually why I was asking if adding sub-satoshis on-chain is possible through a soft-fork. Because in your other posts, or I might just be confused, it seemed like you said it was possible?
It is possible by representing fractional satoshis in difficulty-like format, but again, I don't find any reason for this to happen. Even if Bitcoin went to $10M, 1 sat would still only worth 10 cents.
hero member
Activity: 667
Merit: 1529
October 08, 2023, 02:52:31 AM
#50
Quote
I believe gmaxwell and achow should get in the topic and give us the plebs their opinions.
Well, you can read some older posts of gmaxwell about tail supply: https://bitcointalksearch.org/topic/m.60542558
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 07, 2023, 11:28:15 PM
#49
the 2048 issue in which mining rewards will go down to 9 digits, and so should that value smaller than 8 digits be recognized or ignored?
There is no issue there. Satoshi decided 15 years ago that this fraction of a satoshi of block subsidy, which will be completely insignificant compared to the miner fees that make up most of the block reward, is to be ignored, as a natural consequence of having finite precision. Just like your computer computes 1/9 in 32-bit floating point as 0.11111111

No problem..  except that satoshi is not in charge of bitcoin...

and therefore, you engaged in a more proper use of the "appeal to authority" fallacy.

Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just [edited out]
Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?
I did not consider anything that I was saying to be related exactly to what dollar value that the satoshi might have, but sure there is a bit of a presumption that if more digits are needed, then the sub-units represented by those extra digits would likely need to have some kind of a value. .even if only fractions of a penny, just like a satoshi is fractions of a penny currently yet some folks using the lightning network believe that there is some kind of value in terms of adding three more digits to recognize 1/1000 of a satoshi,
Then why not simply use the Lightning Network?
I thought that we were talking about various ways that tail emission might be achieved and/or justified.. or justifiable as potentially something that might be a good thing... It may not matter that much what lightning network does as long as it is not incompatible with the main chain in terms of how many BTC had been recognized.. but sure, we might say, that we do not need more than 8 digits if we can transact on the lightning network for smaller units, but that still does not seem to address the 2048 issue in which mining rewards will go down to 9 digits, and so should that value smaller than 8 digits be recognized or ignored?
That's with the presumption that a Satoshi would be worth at least a Dollar/near a Dollar. How can we call something "justified" if merely based on a presumption? We hard-fork/take the risk of a hard-fork because we presumed? It's safer to use the Lightning Network.

That hardly makes any sense to me that a satoshi would have to be worth a dollar or near a dollar in order for it to be worth it to recognize further digits.  You can keep repeating it, but it makes hardly any sense.

I doubt that any hardfork is necessary to recognize digits smaller than a satoshi.. but still like others said it might not be justifiable without a certain value.. I doubt that it a dollar and I even doubt that is a penny.. so even 1/1000 of a penny might be justifiable to recognize such further down digits.. but hey, I am just one person.  What do I know regarding what people want to do today as compared to what they might want to do in 2048 or times approaching 2048 when it might be considered if more than 8 digits might be justified to recognize on bitcoin's main chain.

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..
That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool

That's the spirit!!!!!  Even though I know that he can be annoying sometimes, especially when he starts spreading misinformation.. but hey, we cannot necessarily pre-judge what he might say... even though surely requesting Maxwell or Chow seems probably better to the extent that they might have opinions on this topic or even consider the topic to be of enough importance to chime in.
hero member
Activity: 667
Merit: 1529
October 07, 2023, 04:25:15 AM
#48
Quote
That's actually why I was asking if adding sub-satoshis on-chain is possible through a soft-fork. Because in your other posts, or I might just be confused, it seemed like you said it was possible?
Yes, it is possible, as well as many other things.

Quote
Including sub-satoshis? That would be debatable, no?
Quote
So what is a valid Bitcoin 2.0 block? It could be anything at all! For example, the inflation schedule can be changed to make the coin supply unlimited.
In that link I gave you, you can read, how it is possible to create a soft-fork, that could make infinite block rewards. And after reading that, you still have doubts, if sub-satoshis are possible? A lot of things are possible, including sub-satoshis. But if sidechains as a soft-fork were rejected, then I expect sub-satoshis will also be, which means you won't reach enough network support to successfully deploy that kind of soft-fork, even if technically you can do that, then practically people will simply disagree. And that means you are left with second-layer solutions, which requires no forks at all.

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I'm curious, are you a Bitcoin developer?
Not yet. You can easily check all Pull Requests, and see exactly, what nicknames are used, and which users deploy changes into production. Everything is public, and you can easily see, that I am not yet there. Of course, there is always a possibility, that I could be one of those users, that submit changes anonymously, or use alt-accounts, but believe it or not, this is not the case.

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I'm learning a lot from you and I merely wanted to know if you have GitHub.
I have it, but many things are private. Maybe I will publish more code in the future, we will see. But in the current state, I can still see some holes, and I don't want to deploy something, that will be turned into a scam, like many other projects were in the past. When it comes to blockchain-related development, your first version always have to be well-designed, because of backward-compatibility. And also, you need a lot of testing to cover many cases, because if your project will be valuable, then people will have a lot of incentive to attack it in every possible way.

My account is here: https://github.com/vjudeu/

As you can see, there is only "curves1000" project, that was needed to show some people, why elliptic curves have to be based on prime numbers. Other projects are now private, and some of them are outside GitHub, on other Git servers.

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But that also means it's another client, another community, and therefore an off-chain layer that doesn't/cannot connect with the Lightning network directly, no?
Why not? If you can translate "your network transaction" into "LN transaction", then it can be connected. It is all about backward-compatibility. You can have something like that:

1. Satoshis on mainchain.
2. Millisatoshis inside LN.
3. Microsatoshis in your own second layer.

And then, as you can see, your network can still talk with LN, as long as it can convert "your microsatoshis" into "LN-based millisatoshis", exactly in the same way as LN can translate millisatoshis into satoshis, when talking with the mainchain. That means, you can have one mainchain, and a lot of second layers, and they can talk to each other, when things are backward-compatible.
legendary
Activity: 2898
Merit: 1823
October 07, 2023, 04:02:10 AM
#47

Quote

are you saying that it's possible to change the rules and actually make the block size bigger through a soft fork too?


Quote

Also note that Segwit already did "changing the size to bigger blocks", and it was a soft-fork, so no hard-forks are needed in such cases.


Quote
Nodes that forked away from the Bitcoin network because they're incompatible?

Millisatoshis are not compatible with on-chain consensus. You can have more than one second layer.


That's actually why I was asking if adding sub-satoshis on-chain is possible through a soft-fork. Because in your other posts, or I might just be confused, it seemed like you said it was possible?

FrankAndBeans the 4D Chess Player would love to spread that disinforming narrative. Don't tell him about this topic.

Someone is missing franky.   Roll Eyes Roll Eyes


Where is frankandbeans? Tell him I miss him. Roll Eyes





Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just [edited out]


Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?


I did not consider anything that I was saying to be related exactly to what dollar value that the satoshi might have, but sure there is a bit of a presumption that if more digits are needed, then the sub-units represented by those extra digits would likely need to have some kind of a value. .even if only fractions of a penny, just like a satoshi is fractions of a penny currently yet some folks using the lightning network believe that there is some kind of value in terms of adding three more digits to recognize 1/1000 of a satoshi,


Then why not simply use the Lightning Network?


I thought that we were talking about various ways that tail emission might be achieved and/or justified.. or justifiable as potentially something that might be a good thing... It may not matter that much what lightning network does as long as it is not incompatible with the main chain in terms of how many BTC had been recognized.. but sure, we might say, that we do not need more than 8 digits if we can transact on the lightning network for smaller units, but that still does not seem to address the 2048 issue in which mining rewards will go down to 9 digits, and so should that value smaller than 8 digits be recognized or ignored?


That's with the presumption that a Satoshi would be worth at least a Dollar/near a Dollar. How can we call something "justified" if merely based on a presumption? We hard-fork/take the risk of a hard-fork because we presumed? It's safer to use the Lightning Network.

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.


You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..


That's what forums are for - Education and Learning from other people.

Plus let frankandbeans chime in, my "good buddy" the big blocker and BCash lover. Cool

I'm very confused. Hahaha. Pardon me ser, I'm still learning. Plus no one else is posting, does everyone else understand or is everyone as confused as me?
🤔

No.  You are the only one in the whole world who is confused.

Sorry to mention it.


👍
legendary
Activity: 978
Merit: 1080
October 07, 2023, 03:17:03 AM
#46
the 2048 issue in which mining rewards will go down to 9 digits, and so should that value smaller than 8 digits be recognized or ignored?
There is no issue there. Satoshi decided 15 years ago that this fraction of a satoshi of block subsidy, which will be completely insignificant compared to the miner fees that make up most of the block reward, is to be ignored, as a natural consequence of having finite precision. Just like your computer computes 1/9 in 32-bit floating point as 0.11111111
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 06, 2023, 07:50:53 PM
#45
FrankAndBeans the 4D Chess Player would love to spread that disinforming narrative. Don't tell him about this topic.

Someone is missing franky.   Roll Eyes Roll Eyes

Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just [edited out]
Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?
I did not consider anything that I was saying to be related exactly to what dollar value that the satoshi might have, but sure there is a bit of a presumption that if more digits are needed, then the sub-units represented by those extra digits would likely need to have some kind of a value. .even if only fractions of a penny, just like a satoshi is fractions of a penny currently yet some folks using the lightning network believe that there is some kind of value in terms of adding three more digits to recognize 1/1000 of a satoshi,
Then why not simply use the Lightning Network?

I thought that we were talking about various ways that tail emission might be achieved and/or justified.. or justifiable as potentially something that might be a good thing... It may not matter that much what lightning network does as long as it is not incompatible with the main chain in terms of how many BTC had been recognized.. but sure, we might say, that we do not need more than 8 digits if we can transact on the lightning network for smaller units, but that still does not seem to address the 2048 issue in which mining rewards will go down to 9 digits, and so should that value smaller than 8 digits be recognized or ignored?

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.

You are using the expression "appeal to authority" with a kind of literalness that seems to devolve into nuances of incorrect usage, and sure no problem that we might want to have (invite) some forum members who better "know technical things" to chime in on this particular topic.. someone other than your good buddy, franky..

I'm very confused. Hahaha. Pardon me ser, I'm still learning. Plus no one else is posting, does everyone else understand or is everyone as confused as me?
🤔

No.  You are the only one in the whole world who is confused.

Sorry to mention it.
hero member
Activity: 667
Merit: 1529
October 06, 2023, 11:50:11 AM
#44
Quote
are you saying that it's possible to change the rules and actually make the block size bigger through a soft fork too?
Quote
Also note that Segwit already did "changing the size to bigger blocks", and it was a soft-fork, so no hard-forks are needed in such cases.

Quote
Nodes that forked away from the Bitcoin network because they're incompatible?
Millisatoshis are not compatible with on-chain consensus. You can have more than one second layer.

Quote
I misread, I thought you said adding decimal points onchain doesn't require a hard fork, and that it could be done througn a soft fork?
Well, you can change a lot of rules by using soft-fork, see: https://petertodd.org/2016/forced-soft-forks#radical-changes

Quote
How, currently, is there some "dishonesty" in the Lightning Network?
It is not about "current LN vs some other second layer". It is about "hard fork vs some other second layer". In that case, building a second layer is "more honest" than doing some hard-fork, because then people can explicitly see, how many "second layer coins" are mapped to how many "mainchain coins".

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Plus no one else is posting, does everyone else understand or is everyone as confused as me?
If you want to be less confused, then write some code to see, what you can change, and what is coded as a hard consensus rule. You could be surprised, how many things can be changed by some second layers. Also, if you start with just two nodes, forming a channel, then you notice they can agree on any rules, no matter what the rest of the LN thinks about it. They have a direct channel, so they can implement any rules they want, and then build a bigger network, if that idea will spread.
legendary
Activity: 2898
Merit: 1823
October 06, 2023, 09:54:33 AM
#43
Quote
Would changing the size to bigger blocks not require a hard fork too?

It depends, what do you mean by "bigger blocks", because inside Lightning Network, you don't have "blocks", and there is no mining. But if you want to change the size of the blocks in a backward-compatible way, you can do so with sidechains, because there are "blocks", and there is a "sidechain", which is different than in LN.

Also note that Segwit already did "changing the size to bigger blocks", and it was a soft-fork, so no hard-forks are needed in such cases.


Because you said that it's possible to change the rules and add more decimal points in Bitcoin onchain through a soft fork, therefore, in that context, are you saying that it's possible to change the rules and actually make the block size bigger through a soft fork too? Roll Eyes

Quote

Quote

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions.


You don't have to trust me. You can see, how 1:1000 peg is implemented, and try writing your own M:N peg implementation, then you will see, how all of that is possible without any forks. And then, if you use M=1,N=1000, you will reach Lightning Network, but if you use different parameters, you can form a different network, with any properties you want. And if you change that proportions in a volatile way, you can have "tail supply", "burn supply", or any other model. It is all about building a network of nodes, that enforce the same consensus rules, and then it is all about translating "layer 2 coins" into "mainchain coins", and getting all needed signatures.


Nodes that forked away from the Bitcoin network because they're incompatible?

Quote

Quote
I don't know if that question should be taken seriously.

Why not?


I misread, I thought you said adding decimal points onchain doesn't require a hard fork, and that it could be done througn a soft fork?

Quote

If Lightning Network will upgrade in the future to some constant 1:1,000,000 peg, and introduce microsatoshis, instead of millisatoshis, would you notice then, that you can technically introduce any proportions you want? As long as they are constant, it is not about "tail supply" at all, and everything is as good, as it is inside LN. The only dangerous thing is volatile peg, where you start taking coins from users, without their consent, by creating inflation. But then, using some hypothetical network, similar to LN, is "more honest", because then you can see exactly, what proportions are used to exchange coins between mainchain, and some second layer.


How, currently, is there some "dishonesty" in the Lightning Network?

Quote

While in hard-fork scenario, everything is hidden, and some people may not be aware, that newly produced coins would cause inflation, in the same way as many fiat users are unaware of that.


I'm very confused. Hahaha. Pardon me ser, I'm still learning. Plus no one else is posting, does everyone else understand or is everyone as confused as me?

🤔
hero member
Activity: 667
Merit: 1529
October 06, 2023, 09:25:29 AM
#42
Quote
Would changing the size to bigger blocks not require a hard fork too?
It depends, what do you mean by "bigger blocks", because inside Lightning Network, you don't have "blocks", and there is no mining. But if you want to change the size of the blocks in a backward-compatible way, you can do so with sidechains, because there are "blocks", and there is a "sidechain", which is different than in LN.

Also note that Segwit already did "changing the size to bigger blocks", and it was a soft-fork, so no hard-forks are needed in such cases.

Quote
I believe gmaxwell and achow should get in the topic and give us the plebs their opinions.
You don't have to trust me. You can see, how 1:1000 peg is implemented, and try writing your own M:N peg implementation, then you will see, how all of that is possible without any forks. And then, if you use M=1,N=1000, you will reach Lightning Network, but if you use different parameters, you can form a different network, with any properties you want. And if you change that proportions in a volatile way, you can have "tail supply", "burn supply", or any other model. It is all about building a network of nodes, that enforce the same consensus rules, and then it is all about translating "layer 2 coins" into "mainchain coins", and getting all needed signatures.

Quote
I don't know if that question should be taken seriously.
Why not? If Lightning Network will upgrade in the future to some constant 1:1,000,000 peg, and introduce microsatoshis, instead of millisatoshis, would you notice then, that you can technically introduce any proportions you want? As long as they are constant, it is not about "tail supply" at all, and everything is as good, as it is inside LN. The only dangerous thing is volatile peg, where you start taking coins from users, without their consent, by creating inflation. But then, using some hypothetical network, similar to LN, is "more honest", because then you can see exactly, what proportions are used to exchange coins between mainchain, and some second layer. While in hard-fork scenario, everything is hidden, and some people may not be aware, that newly produced coins would cause inflation, in the same way as many fiat users are unaware of that.
legendary
Activity: 2898
Merit: 1823
October 06, 2023, 05:18:01 AM
#41
Quote
Are you sure about that? That requires a hard fork, no?


Why do you think that Lightning Network with 1:1000 peg requires no hard fork, but 20,999,999,9769,0000 : 21,000,000,0000,0000 peg would suddenly require it? It is all about proportions, nothing more, nothing less. If they are constant, it is as good as inside LN. If they are volatile, then you can reach "tail supply", or "burn supply", it depends if you increase your numerator, or your denominator in "numerator : denominator" peg.


I don't know if that question should be taken seriously.

OK, but why? Because Lightning doesn't break the rules of the protocol/network. Would changing the size to bigger blocks not require a hard fork too? FrankAndBeans the 4D Chess Player would love to spread that disinforming narrative. Don't tell him about this topic.

 Cool


Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just [edited out]

Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?


I did not consider anything that I was saying to be related exactly to what dollar value that the satoshi might have, but sure there is a bit of a presumption that if more digits are needed, then the sub-units represented by those extra digits would likely need to have some kind of a value. .even if only fractions of a penny, just like a satoshi is fractions of a penny currently yet some folks using the lightning network believe that there is some kind of value in terms of adding three more digits to recognize 1/1000 of a satoshi,


Then why not simply use the Lightning Network?

I believe gmaxwell and achow should get in the topic and give us the plebs their opinions. I know someone will argue "Appeal to authority", no, it's merely asking and learning from the smartest people in the room.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 05, 2023, 04:31:01 PM
#40
You may well be correct, and maybe even the milli-satoshi on the lightning network is not necessary or helpful, even though it seems that some people already had decided to add such feature because they thought that it might be useful to add an additional three digits in order to divide satoshis into 1,000 pieces.
I presume the reason it exists in lightning, is that the 1 satoshi must be cut in several pieces, because nodes charging 0 sat base fee are attractive, and need to find an income elsewhere (i.e., variable fee). Transaction fees can sometimes be even 1 satoshi, so it's reasonable to have more flexibility with units.

Surely I am not going to claim to know if the satoshi might start to have enough of a value that it would be better to continue to recognize further subdivisions of it by the time that the mining reward splits in half down to such an amount that more digits become relevant.  2048 is quite a ways off, but I could imagine sats having a decent amount of value by 2048, even though surely we cannot have a lot of confidence until maybe we start to get closer to such date, and maybe there would become a kind of sense of necessity to be able to recognize value beyond 8 digits, especially if the accuracy of the mining reward might seem to justify it..
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
October 05, 2023, 04:21:04 PM
#39
You may well be correct, and maybe even the milli-satoshi on the lightning network is not necessary or helpful, even though it seems that some people already had decided to add such feature because they thought that it might be useful to add an additional three digits in order to divide satoshis into 1,000 pieces.
I presume the reason it exists in lightning, is that the 1 satoshi must be cut in several pieces, because nodes charging 0 sat base fee are attractive, and need to find an income elsewhere (i.e., variable fee). Transaction fees can sometimes be even 1 satoshi, so it's reasonable to have more flexibility with units.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 05, 2023, 11:52:57 AM
#38
But why not just continue to recognize infinite digits..
Because that would probably break a lot of software, and either implemented via softfork or hardfork, there will be bad consequences. Turn your question the other way around: why should there be infinite digits? Clearly, 1 sat is of little value, and it will probably be of little value in a couple of decades as well. Even if 1 BTC = $1M, 1 sat is still only worth $0.01.

You may well be correct, and maybe even the milli-satoshi on the lightning network is not necessary or helpful, even though it seems that some people already had decided to add such feature because they thought that it might be useful to add an additional three digits in order to divide satoshis into 1,000 pieces.

So sure, maybe I took it too far... but surely starting in 2048, all of the digits of the block reward are not going to be recognized if the current system stays at ONLY recognizing 8 digits instead of the 9 digits that would be needed to recognize all of the block reward, and every 4 years an additional digit would be needed merely to recognize the block reward.. but yeah, if it clearly does not have any value, then sure, maybe it is not a problem to fail/refuse to recognize any digits beyond the current 8 that are recognized on chain.. and the 11 that are recognized off chain, but those recognition of 11 digits off chain would not affect onchain, unless onchain started to recognize more digits.

I don't presume to know the answer for sure, but it does seem that with the passage of time, that bitcoin is likely going to continue to go up in value (designed to pump forever), so it seems that there could be some justificiation in terms at least minimally recognizing the block rewards all the way down to the proper number of digits, which would mean starting to add one additional digit every 4 years starting in 2048.

Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just [edited out]
Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?

I did not consider anything that I was saying to be related exactly to what dollar value that the satoshi might have, but sure there is a bit of a presumption that if more digits are needed, then the sub-units represented by those extra digits would likely need to have some kind of a value. .even if only fractions of a penny, just like a satoshi is fractions of a penny currently yet some folks using the lightning network believe that there is some kind of value in terms of adding three more digits to recognize 1/1000 of a satoshi, even though that is currently pretty damned small values in terms of current dollars.. and so yeah, the less valuable the units representing the further digits down, then the addition of digits might not be necessary and merely taking up band-with (space) as vjudeu had mentioned... so I suppose that there is a bit of a presumption that the dollar value of bitcoin, satoshis, milli-satoshis and any further digits added thereafter are going to go up sufficiently in order to justify their being represented, and that was part of the reason I mentioned adding 8 more digits every 32 years to merely make sure that the mining rewards are accurately depicted.. but at the same time, if those micro-units further down do not really have any value, then even my proposal to add 8 more digits every 32 years may well not be something that is worth putting into practice.
hero member
Activity: 667
Merit: 1529
October 05, 2023, 10:31:03 AM
#37
Quote
Are you sure about that? That requires a hard fork, no?
Why do you think that Lightning Network with 1:1000 peg requires no hard fork, but 20,999,999,9769,0000 : 21,000,000,0000,0000 peg would suddenly require it? It is all about proportions, nothing more, nothing less. If they are constant, it is as good as inside LN. If they are volatile, then you can reach "tail supply", or "burn supply", it depends if you increase your numerator, or your denominator in "numerator : denominator" peg.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
October 05, 2023, 09:02:00 AM
#36
You understand it correctly. If tail supply will be deployed in any way you want (hard-fork, soft-fork, no-fork, sidechain, whatever), that would mean BTC-with-tail-supply will have more inflation than BTC-without-tail-supply.
Which is my point. BTC-without-tail-supply, which is the current currency, cannot be inflated in a no-fork way.

But why not just continue to recognize infinite digits..
Because that would probably break a lot of software, and either implemented via softfork or hardfork, there will be bad consequences. Turn your question the other way around: why should there be infinite digits? Clearly, 1 sat is of little value, and it will probably be of little value in a couple of decades as well. Even if 1 BTC = $1M, 1 sat is still only worth $0.01.
legendary
Activity: 2898
Merit: 1823
October 05, 2023, 07:57:03 AM
#35
Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just keep wondering about the idea sub-satoshi digits being recognized, and it seems to me that tail emissions could already be built into bitcoin, "as is" except for the seemingly mere fact that the code does not recognize less than a satoshi units... so why not just add another 3-8 digits to the recognition on the main blockchain, and then just continue to have halvenings (blockrewards) forever. 

Why can't something like that work?  I am pretty sure that I asked the question before, and I am pretty sure that the answer was merely based on the satoshi being the smallest unit recognized and therefore there is no recognition of rewards (splits) that happen below those 8 digits, once the number of digits starts to get down to that level.. .. and right now we are only going from 6.25 to 3.125 (2 digits after the decimal to 3 digits

2024  = 3.125  (3 digits)

2028  = 3.5625  (4 digits)

2032  = 0.78125  (5 digits)

2036  = 0.390625  (6 digits)

2040  = 0.1953125  (7 digits)

2044  = 0.09765625  (8 digits)

2048  = 0.048828125  (9 digits)   or 0.04882812  (8 digits)

My understanding is that right now the current bitcoin software variations do not recognize beyond 8 digits, so in 2048 the 9th digit is not going to be recognized, so it gets cut off.. but why not just continue to recognize infinite digits.. that recognition of further digits beyond 8 digits is not creating more bitcoin and/or satoshis beyond the original contemplation, so the total will never go above 21 million even though the recognition will continue to go to smaller and smaller subunits. in order to have the halvening and the reward forever.. even though the smaller units might not be worth much of anything.. but that seems to be a question for the future rather than the present... but such recognition of more than 8 digits does seem to be affected in the current reward set-up starting in 2048.. and to me it seems like it could be a soft fork to merely add further recognition of bitcoin of smaller values than a satoshi (or with more than 8 digits after the decimal).


Wouldn't that be just "with the presumption" that a Satoshi would be worth at least a Dollar/near a Dollar? What value would that bring to the miners if a tail-emmission or an inflationary model, assuming it could get community consensus, would better incentivize the miners, immediately, after the fork?

Quote
Adding digits forever to spread out a the last 210000 satoshis (i.e. 2.1 mBTC) of supply over infinitely many blocks is *NOT* a tail emission.


True, which means there are more chances to get it implemented. Because it is a difference between constant peg, and volatile peg. If you have Lightning Network, you have 1:1000 peg. It is fine. In "infinite halvings" model, you have constant 20,999,999,9769,0000 : 21,000,000,0000,0000 peg. This is also fine. In "tail supply", you start from 1:1 peg, but it is volatile, and it is changed by each and every overprinted satoshi, first from 20,999,999,9769,0000 : 20,999,999,9769,0001, and then the denominator is just incremented with each satoshi, created by "tail supply" supporters.


Are you sure about that? That requires a hard fork, no?
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 03, 2023, 04:19:16 PM
#34
I just keep wondering about the idea sub-satoshi digits being recognized, and it seems to me that tail emissions could already be built into bitcoin, "as is" except for the seemingly mere fact that the code does not recognize less than a satoshi units... so why not just add another 3-8 digits to the recognition on the main blockchain, and then just continue to have halvenings (blockrewards) forever.
A tail emission is an everlasting *fixed* block subsidy, that keeps on growing the supply beyond bound, and that guarantees a minimum level of security regardless of fees.

Adding digits forever to spread out the last 210000 satoshis (i.e. 2.1 mBTC) of supply over infinitely many blocks is *NOT* a tail emission. It's just pointlessly wasting bandwidth on unnecessary precision.

I am already questioning your presumption that extra digits beyond a satoshi would not have extra value, even though I can understand why infinite digits might not be a good place to stop, but instead attempt to figure out some number of digits (currently at 8 on chain and then 11 digits if we are referring to lightning network).

So it is difficult to presume in advance how far to go with the number of digits before they would not have value.. so maybe there is a need to ONLY go to 8 digits right now, but add another 8 digits every 32 years (that is 8 x 4) .. and if the extra digits do not have any value, then I can see the point that they are just taking up space, but I am having difficulties seeing the point of not being precise when we are not sure how much value sub-satoshis are going to have or how many digits we might need to go at any particular time before no more value is present. 

It seemed to me that ONLY one digit would need to be added every 4 years. but I suppose if we are considering backwards and forwards compatibility then there might need to be some kind of a forward projection of value (and/or considerations regarding how many digits to go in order to project out)..

In that regard, it seems that already on the lightning network, there has been some considerations that 1/1000 of a satoshi does have some value... and so by the time we start getting into more than 8 digit bitcoin block rewards in 2048 (as I pointed out in my earlier post), then at that point there likely would be some further needs for subsatoshis even going beyond three additional digits beyond the satoshi that the lightning network already shows.

I am starting to like my idea of adding 8 more digits every 32 years.. but then when to start?.. To me it seems that there would be some kind of a need to start prior to their being recognized in the block reward... but surely I can appreciate that at some point bitcoin is likely NOT going to be going up in value enough in order to justify adding more digits (or worthless bandwith consumption precision, as you suggested).
hero member
Activity: 667
Merit: 1529
October 03, 2023, 11:10:29 AM
#33
Quote
Adding digits forever to spread out a the last 210000 satoshis (i.e. 2.1 mBTC) of supply over infinitely many blocks is *NOT* a tail emission.
True, which means there are more chances to get it implemented. Because it is a difference between constant peg, and volatile peg. If you have Lightning Network, you have 1:1000 peg. It is fine. In "infinite halvings" model, you have constant 20,999,999,9769,0000 : 21,000,000,0000,0000 peg. This is also fine. In "tail supply", you start from 1:1 peg, but it is volatile, and it is changed by each and every overprinted satoshi, first from 20,999,999,9769,0000 : 20,999,999,9769,0001, and then the denominator is just incremented with each satoshi, created by "tail supply" supporters.

But anyway, it does not affect implementation that much. You could have "burn supply", instead of "tail supply" as well, and start from 20,999,999,9769,0000 : 20,999,999,9768,9999, and then decrease your denominator with each and every burned satoshi. That kind of consensus could work as well. Which means, if you can implement a constant peg, you probably can also implement any other volatile peg, because the whole implementation will be very similar, you will just change the exchange rate between the layers.
legendary
Activity: 978
Merit: 1080
October 03, 2023, 11:01:49 AM
#32
I just keep wondering about the idea sub-satoshi digits being recognized, and it seems to me that tail emissions could already be built into bitcoin, "as is" except for the seemingly mere fact that the code does not recognize less than a satoshi units... so why not just add another 3-8 digits to the recognition on the main blockchain, and then just continue to have halvenings (blockrewards) forever.  
A tail emission is an everlasting *fixed* block subsidy, that keeps on growing the supply beyond bound, and that guarantees a minimum level of security regardless of fees.

Adding digits forever to spread out the last 210000 satoshis (i.e. 2.1 mBTC) of supply over infinitely many blocks is *NOT* a tail emission. It's just pointlessly wasting bandwidth on unnecessary precision.

hero member
Activity: 667
Merit: 1529
October 03, 2023, 10:42:12 AM
#31
Quote
but why not just continue to recognize infinite digits
You can. But then, all overprinted coins should be backward-compatible. Which means, it doesn't matter if you create a single additional satoshi, or if you want to double the supply. The code for both cases will be similar, and will require mapping the supply, by using appropriate proportions. In this case, you will have it mapped in 20,999,999,9769,0000 : 21,000,000,0000,0000 constant proportions (while in LN, you have for example 1:1000 constant proportions).

Edit: More than that. I guess in the future we will see some altcoins, where Bitcoin miners could receive altcoin rewards, and get those fractional satoshis, halved "ad infinitum". But then, the exchange rate may be worse than 20,999,999,9769,0000 : 21,000,000,0000,0000 between Bitcoin, and such altcoin, unless you will have some decentralized two-way peg. Many people thought about infinite halvings before, but in the old times, if they wanted that, they often did hard forks, and then their altcoins became worthless. For example, there was a hard-fork, that disabled all halvings, and where altcoiners could get 50 ALTs "ad infinitum". But of course it died, and altcoins with infinite halvings will also die, unless someone will design them carefully, to reach a peg, and maintain it on a similar level as in Lightning Network.
legendary
Activity: 3710
Merit: 10196
Self-Custody is a right. Say no to"Non-custodial"
October 03, 2023, 10:07:47 AM
#30
Since you guys are talking so much about milli-satoshis and also the idea of being able soft fork for the purposes of a tail emmission, I just keep wondering about the idea sub-satoshi digits being recognized, and it seems to me that tail emissions could already be built into bitcoin, "as is" except for the seemingly mere fact that the code does not recognize less than a satoshi units... so why not just add another 3-8 digits to the recognition on the main blockchain, and then just continue to have halvenings (blockrewards) forever. 

Why can't something like that work?  I am pretty sure that I asked the question before, and I am pretty sure that the answer was merely based on the satoshi being the smallest unit recognized and therefore there is no recognition of rewards (splits) that happen below those 8 digits, once the number of digits starts to get down to that level.. .. and right now we are only going from 6.25 to 3.125 (2 digits after the decimal to 3 digits

2024  = 3.125  (3 digits)

2028  = 3.5625  (4 digits)

2032  = 0.78125  (5 digits)

2036  = 0.390625  (6 digits)

2040  = 0.1953125  (7 digits)

2044  = 0.09765625  (8 digits)

2048  = 0.048828125  (9 digits)   or 0.04882812  (8 digits)

My understanding is that right now the current bitcoin software variations do not recognize beyond 8 digits, so in 2048 the 9th digit is not going to be recognized, so it gets cut off.. but why not just continue to recognize infinite digits.. that recognition of further digits beyond 8 digits is not creating more bitcoin and/or satoshis beyond the original contemplation, so the total will never go above 21 million even though the recognition will continue to go to smaller and smaller subunits. in order to have the halvening and the reward forever.. even though the smaller units might not be worth much of anything.. but that seems to be a question for the future rather than the present... but such recognition of more than 8 digits does seem to be affected in the current reward set-up starting in 2048.. and to me it seems like it could be a soft fork to merely add further recognition of bitcoin of smaller values than a satoshi (or with more than 8 digits after the decimal).
hero member
Activity: 667
Merit: 1529
September 23, 2023, 08:43:00 AM
#29
Quote
That's inflation for the sidechain coin and deflation for bitcoin.
You understand it correctly. If tail supply will be deployed in any way you want (hard-fork, soft-fork, no-fork, sidechain, whatever), that would mean BTC-with-tail-supply will have more inflation than BTC-without-tail-supply. Which means that Not Surprisingly, Tail Emission is Inflationary, and a lot of people wrote well about it, including this topic on bitcointalk.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
September 23, 2023, 07:50:35 AM
#28
So, if you would have 42 million coins, then it would mean just 1:2 peg (or, you can just use LN with 500 millisatoshis granularity, and reach the same outcome, the only different thing will be the ownership of those coins).
Then, that is not inflation. If you create a new network, where people can exchange BTC for new-BTC, then that'd be an altcoin. Or rather, if to create new-BTC you must lock BTC, then that's sort of a sidechain. Inflation is when there is more money supply. If people suddenly wanted to use a centralized exchange as Bitcoin wallet, and that implemented fractional reserve, then the total bitcoin would increase, as now the total money would have to include checkable deposits. (It has happened with FTX)

Pegs aren't counted as more money supply. If you need to lock BTC to get new-BTC, then no money has been created. To have new-BTC you need to temporarily make the BTC unusable, you're just exchanging value between networks.

If you have tail supply, you start from 1:1 peg, but it becomes 1:2, 1:3, and 1:N peg over time.
That's inflation for the sidechain coin and deflation for bitcoin. If overtime the withdrawal amount in the main layer shrinks, then that means new-BTC loses value in comparison with BTC overtime.
hero member
Activity: 667
Merit: 1529
September 23, 2023, 07:07:36 AM
#27
Quote
there must be no going back in the main layer, because if everyone wanted to withdraw their new-BTC, they'd have to be less than 21 million in total
Why you want to block going back into the main layer? If you want to make a connection in a single direction, then you can just burn mainchain coins, and it would be much easier to deploy. Tracing all coins inside OP_RETURN, and making an altcoin out of that is easy.

Going back is possible. But then, it wouldn't be just 1:1 peg (or more precisely, 1:1000 peg, as it is in LN), but the proportions will be different, and will depend on how many coins will be added. So, if you would have 42 million coins, then it would mean just 1:2 peg (or, you can just use LN with 500 millisatoshis granularity, and reach the same outcome, the only different thing will be the ownership of those coins).

Edit: Maybe that would help you: if you don't have millisatoshis, you have constant 1:1 peg. If you have millisatoshis, you have constant 1:1000 peg. If you have tail supply, you start from 1:1 peg, but it becomes 1:2, 1:3, and 1:N peg over time. Or maybe, more realistically: 1,000,000:1,000,001, then 1,000,000:1,000,002, and so on. But there is still a peg, and even if you won't create any, then it would be a similar situation as with altcoins, where you would have centralized parties in between, like exchanges, when you swap between those coins.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
September 23, 2023, 06:54:50 AM
#26
Don't the millisats go to the channel peer? Therefore the channel closer gets his sats rounded down, and the peer gets his sats rounded up in the Bitcoin blockchain?
Suppose I share a channel with you. I have 1,000,000,999 millisat in outgoing liquidity. That means this is the maximum amount I can send you (minus some small percentage of the amount which cannot be spent, to disincentivize fraud). If I close the channel, I'll get 0.01 BTC. You would get to keep the 1 sat; I would take it if I had earned 1 more millisat.

But there was nothing inflated by implementing millisats. 1 BTC still equals to 1 BTC in Lightning because it merely added decimal places going down. Adding decimal places won't make 1 BTC = 1.000000000001 BTC, no? Or am I wrong in my understanding how Lightning works?
No, you're right. But, read vjudeu's post:
Can tail supply be a soft fork? Yes, it definitely can. And if you use LN, then it can even be a no-fork, exactly in the same way as millisatoshis are. Because it is perfectly valid to form a network similar to LN, where instead of adding additional precision, you can print additional coins, and turn 21 million coins limit into 21 billion coins limit.

I can't imagine the design of such a network, but from my understanding, there must be no going back in the main layer, because if everyone wanted to withdraw their new-BTC, they'd have to be less than 21 million in total.
legendary
Activity: 2898
Merit: 1823
September 20, 2023, 05:45:12 AM
#25

So, going back to the topic: Can tail supply be a soft fork? Yes, it definitely can. And if you use LN, then it can even be a no-fork, exactly in the same way as millisatoshis are. Because it is perfectly valid to form a network similar to LN, where instead of adding additional precision, you can print additional coins, and turn 21 million coins limit into 21 billion coins limit.

But, as you covered at the start of your post, they won't really exist. Just as with 999 millisat, they only exist as long as we're in lightning. The moment you want to withdraw 1999 millisat, 999 millisat are rounded down to zero.


Don't the millisats go to the channel peer? Therefore the channel closer gets his sats rounded down, and the peer gets his sats rounded up in the Bitcoin blockchain?

Quote

It might work, but the sub-network will look like a fractional reserve system, where 1 BTC will be inflated as long as it stays in that sub-network, and the participants must remain in that network and not withdraw to main layer.



But there was nothing inflated by implementing millisats. 1 BTC still equals to 1 BTC in Lightning because it merely added decimal places going down. Adding decimal places won't make 1 BTC = 1.000000000001 BTC, no? Or am I wrong in my understanding how Lightning works?
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
September 19, 2023, 07:57:30 AM
#24
So, going back to the topic: Can tail supply be a soft fork? Yes, it definitely can. And if you use LN, then it can even be a no-fork, exactly in the same way as millisatoshis are. Because it is perfectly valid to form a network similar to LN, where instead of adding additional precision, you can print additional coins, and turn 21 million coins limit into 21 billion coins limit.
But, as you covered at the start of your post, they won't really exist. Just as with 999 millisat, they only exist as long as we're in lightning. The moment you want to withdraw 1999 millisat, 999 millisat are rounded down to zero.

It might work, but the sub-network will look like a fractional reserve system, where 1 BTC will be inflated as long as it stays in that sub-network, and the participants must remain in that network and not withdraw to main layer.

You can solve the problem of losing stray millisats by including then in the fee sent to the lightning router when you close the channel.
Millisats aren't lost in the sense that they disappear. It's just 1 sat changing hands. If you have 999 millisat outgoing in a channel, then closing it will mean you get to take the ~1 sat. Either rounding it down or up, someone is just taking a little bit more.
legendary
Activity: 2898
Merit: 1823
September 19, 2023, 07:32:45 AM
#23
Quote
Plus what's the problem with millisats?



The main problem is that they disappear, when you want to go on-chain. So, if you have a lot of users, and everyone owns 999 millisatoshis, then those coins can exist only in LN, and then you cannot go on-chain without losing them. But as I said, we are still far away from that.

But because satoshi is the smallest unit that matters on-chain, you have for example default fees of 1000 millisatoshis, and many amounts don't use those additional decimal places, because they are lost when going on-chain, so people don't want to end up with any non-zero amounts on those last three digits, because if you have a lot of them, then those coins are effectively worthless outside LN.


But it doesn't merely disappear into thin air, no? I believe someone in BitcoinTalk said the millisats go to the channel peer when a user closes the channel, and the peer's coins are rounded up to the nearest Satoshi when they settle in the Bitcoin blockchain.

Quote

Quote
That shouldn't actually count as a "new consensus rule", no?


Why not? This example can clearly show you, that even if some feature is not supported on-chain at all, you can still introduce it on some second layer, and leave it there. And this approach has its good and bad sides. The good news is that you can experiment, and introduce for example mining inside LN, and receive even single millisatoshis for the work done by your CPU through merged-mining. The bad news is that if something is not enforced on-chain, it is not fully used, as long as this support is missing. And then, technically you can have working millisatoshis, but practically everyone still count things in satoshis, and make sure to clear all additional features, just to be compatible with the first layer.


OK, I understand your viewpoint. But technically onchain where it truly matters and where the consensus rules are enforced, there are no rule changes.

Quote

So, going back to the topic: Can tail supply be a soft fork? Yes, it definitely can. And if you use LN, then it can even be a no-fork, exactly in the same way as millisatoshis are. Because it is perfectly valid to form a network similar to LN, where instead of adding additional precision, you can print additional coins, and turn 21 million coins limit into 21 billion coins limit. Of course, the market will react accordingly, but technically you can make some LN-like network with tail supply, and test how many people will support it. And you can adjust the numbers to make it better than 1000x supply increase.


There's no "tail supply" when the accounting adds millisats in Lightning. Everything still adds to 21,000,000 Bitcoins. IE it still adds to one pizza even though the slices are made smaller. Nothing was printed from thin air.
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
September 19, 2023, 06:34:00 AM
#22
Quote
Plus what's the problem with millisats?
The main problem is that they disappear, when you want to go on-chain. So, if you have a lot of users, and everyone owns 999 millisatoshis, then those coins can exist only in LN, and then you cannot go on-chain without losing them. But as I said, we are still far away from that.

But because satoshi is the smallest unit that matters on-chain, you have for example default fees of 1000 millisatoshis, and many amounts don't use those additional decimal places, because they are lost when going on-chain, so people don't want to end up with any non-zero amounts on those last three digits, because if you have a lot of them, then those coins are effectively worthless outside LN.

You can solve the problem of losing stray millisats by including then in the fee sent to the lightning router when you close the channel.
hero member
Activity: 667
Merit: 1529
September 18, 2023, 03:30:03 PM
#21
Quote
Plus what's the problem with millisats?
The main problem is that they disappear, when you want to go on-chain. So, if you have a lot of users, and everyone owns 999 millisatoshis, then those coins can exist only in LN, and then you cannot go on-chain without losing them. But as I said, we are still far away from that.

But because satoshi is the smallest unit that matters on-chain, you have for example default fees of 1000 millisatoshis, and many amounts don't use those additional decimal places, because they are lost when going on-chain, so people don't want to end up with any non-zero amounts on those last three digits, because if you have a lot of them, then those coins are effectively worthless outside LN.

Quote
That shouldn't actually count as a "new consensus rule", no?
Why not? This example can clearly show you, that even if some feature is not supported on-chain at all, you can still introduce it on some second layer, and leave it there. And this approach has its good and bad sides. The good news is that you can experiment, and introduce for example mining inside LN, and receive even single millisatoshis for the work done by your CPU through merged-mining. The bad news is that if something is not enforced on-chain, it is not fully used, as long as this support is missing. And then, technically you can have working millisatoshis, but practically everyone still count things in satoshis, and make sure to clear all additional features, just to be compatible with the first layer.

So, going back to the topic: Can tail supply be a soft fork? Yes, it definitely can. And if you use LN, then it can even be a no-fork, exactly in the same way as millisatoshis are. Because it is perfectly valid to form a network similar to LN, where instead of adding additional precision, you can print additional coins, and turn 21 million coins limit into 21 billion coins limit. Of course, the market will react accordingly, but technically you can make some LN-like network with tail supply, and test how many people will support it. And you can adjust the numbers to make it better than 1000x supply increase.
legendary
Activity: 2898
Merit: 1823
September 18, 2023, 02:32:48 PM
#20
Quote
The "check in Core code"? What does that mean?
I guess it means the code of the full node being aware of the internal state of any LN channel, to properly detect, if some closing channel transaction is the last one or not. But as I said, if this is the case, then we don't need it, and it should never be introduced.

Quote
"New consensus" where? No consensus rule was broken nor changed.


Technically, millisatoshis can be marked as "new consensus rule", because they don't have any on-chain representation. However, when we will get to the point, when on-chain millisatoshis will be needed, then we can introduce them as a soft-fork. But yes, today they don't have any on-chain representation.


But millisats are off-chain and doesn't break any of the consensus rules of the Bitcoin network. That shouldn't actually count as a "new consensus rule", no? The developers found a work around to go more than eight decimal points, off-chain, but when the channels are closed and the coins are settled in the blockchain, that's what truly matters.

Plus what's the problem with millisats?
hero member
Activity: 667
Merit: 1529
September 18, 2023, 02:01:43 PM
#19
Quote
The "check in Core code"? What does that mean?
I guess it means the code of the full node being aware of the internal state of any LN channel, to properly detect, if some closing channel transaction is the last one or not. But as I said, if this is the case, then we don't need it, and it should never be introduced.

Quote
"New consensus" where? No consensus rule was broken nor changed.
Technically, millisatoshis can be marked as "new consensus rule", because they don't have any on-chain representation. However, when we will get to the point, when on-chain millisatoshis will be needed, then we can introduce them as a soft-fork. But yes, today they don't have any on-chain representation.
legendary
Activity: 2898
Merit: 1823
September 18, 2023, 11:00:55 AM
#18
Here is the tweet I finally found it:

https://x.com/nikzh/status/1699980224610385983?s=20

I can't see how it's possible. Node which follow current Bitcoin protocol/consensus would treat block with reward higher than expected as invalid block. I believe someone else can show code of Bitcoin Core (or other full node software) which check whether total of newly mined Bitcoin on a block doesn't exceed current block reward.

As I said I am not talking of main Emmision, that would cause a hard fork. But you put BTC from one adress to another against UTXO consensus with LN.

And Sidechains etc will put their BTC also on a special adress without any UTXO proof of main chain


Confused what you're trying to make everyone believe by making everyone reading that. Don't the coins sent to "special addresses" like Lightning Channels require at least one confirmation in the Bitcoin blockchain?

Where is the check in core code where the closed channel TX come from? There is none, because the core dont know the input TX.


The "check in Core code"? What does that mean? You open a Lightning Channel it requires an onchain transaction, then you close the channel and it requires another onchain transaction.

Quote

its only new consensus how it is technically working


"New consensus" where? No consensus rule was broken nor changed.
hero member
Activity: 667
Merit: 1529
September 17, 2023, 04:14:59 PM
#17
Quote
Where is the check in core code where the closed channel TX come from?
It is never checked, and never should be. If we would have Lightning Network, sidechains, and all other second layers inside Core client, then it would mean every LN transaction, every sidechain transaction, and every L2 transaction will be traced on-chain. It doesn't scale, so I hope it will never happen (if it will, the size of your mempool will be measured in gigabytes, if not terabytes).

What is needed instead, is for example transaction joining on mempool level. In this way, the whole additional traffic will happen only on unconfirmed transactions level. Then, it will be batched, and stored inside blocks after batching. Currently, we have full-RBF. The next step is to use it to batch some transactions, that could be batched. For example, if you have any one-input-one-output transaction, and if it uses SIGHASH_SINGLE|SIGHASH_ANYONECANPAY, then all of those transactions should be automatically collected by full nodes, and batched into a single transaction.
member
Activity: 636
Merit: 11
September 17, 2023, 03:37:44 PM
#16
Here is the tweet I finally found it:

https://x.com/nikzh/status/1699980224610385983?s=20

I can't see how it's possible. Node which follow current Bitcoin protocol/consensus would treat block with reward higher than expected as invalid block. I believe someone else can show code of Bitcoin Core (or other full node software) which check whether total of newly mined Bitcoin on a block doesn't exceed current block reward.

As I said I am not talking of main Emmision, that would cause a hard fork. But you put BTC from one adress to another against UTXO consensus with LN.

And Sidechains etc will put their BTC also on a special adress without any UTXO proof of main chain


Confused what you're trying to make everyone believe by making everyone reading that. Don't the coins sent to "special addresses" like Lightning Channels require at least one confirmation in the Bitcoin blockchain?
Where is the check in core code where the closed channel TX come from? There is none, because the core dont know the input TX.
its only new consensus how it is technically working
legendary
Activity: 2898
Merit: 1823
September 17, 2023, 11:56:12 AM
#15
Here is the tweet I finally found it:

https://x.com/nikzh/status/1699980224610385983?s=20

I can't see how it's possible. Node which follow current Bitcoin protocol/consensus would treat block with reward higher than expected as invalid block. I believe someone else can show code of Bitcoin Core (or other full node software) which check whether total of newly mined Bitcoin on a block doesn't exceed current block reward.

As I said I am not talking of main Emmision, that would cause a hard fork. But you put BTC from one adress to another against UTXO consensus with LN.

And Sidechains etc will put their BTC also on a special adress without any UTXO proof of main chain


Confused what you're trying to make everyone believe by making everyone reading that. Don't the coins sent to "special addresses" like Lightning Channels require at least one confirmation in the Bitcoin blockchain?
member
Activity: 63
Merit: 84
September 14, 2023, 06:13:48 AM
#14
Imagine there are 21 million coins, distributed to many different users, and the block reward is zero. Then, imagine that 21 million coins are produced, because of tail emission. Then, you can have two systems:
1) with fixed supply, where everyone will lose half coins in explicit way, and they will be taken by miners, because of tail emission: 10.5 million coins will remain in users' hands, 10.5 million coins will be taken by miners, 21 million coin limit is untouched
2) with infinite supply, users will have exactly the same amounts, but they will be worth 50% less than before, because miners will be always rewarded by new coins, because of tail emission
3. Introducing zero satoshis, and treating them as non-zero amounts:
So, you know what is needed: zero satoshis. Then, it is possible to create some additional outputs, send zero satoshis there, and use " OP_DROP" as an output script (or this " OP_DROP" could also be placed inside witness script, or as an input, many things are possible). It could be handled in the same way as Segwit vs NonSegwit: if it was possible to create a situation, where old nodes cannot see new signatures, then it is also possible to create a situation, where old nodes will not see new amounts (there could be many reasons, for example if hiding amounts will ever be introduced, then it is reasonable to put zero for backward compatibility, but the same solution can be used to introduce any coins to the system, because the size of the UTXO set is not limited). And then, it is all about human factor: if those zero satoshis will be really used to move real values, then they could be traded, bought, sold, and used in real life. If it is possible to create NFTs out of thin air and sell them for millions, then why producing coins out of thin air and selling them for real goods and services wouldn't work as well?
4. Something else. There were many ideas, just read the whole topic about tail emission: https://bitcointalksearch.org/topic/surprisingly-tail-emission-is-not-inflationary-a-post-by-peter-todd-5405755

Quote
They cannot verify the post-softfork transactions.
If you make it explicit, by taking single satoshis from users, instead of producing new coins, you will reach identical economy, while preserving backward compatibility.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
September 14, 2023, 05:13:45 AM
#13
In the proposed soft-fork, pre-softfork nodes don't see Alice sending coins to Bob, since they will see each block as *only* containing a coinbase transaction.
Pre-softfork nodes could be completely unaware of post-softfork coins, correct. Whether there exist transactions with 0 coins sent, or just a coinbase transaction to old nodes, the result is the same. They cannot verify the post-softfork transactions.

What the proposal shows is that the notion of soft-fork is not as clear cut as it seems at first, and is really more of a spectrum, based on how much of the new rules are being verified, or even visible, to old nodes.
A softfork is change(s) so that the client is backwards-compatible. Maybe what's more of a spectrum is the definition of backwards compatibility. For instance, one might argue that being unable to verify a post-softfork transaction is not backwards-compatible, even if it technically is, because verifying all transactions is considered the normal state.
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
September 14, 2023, 03:46:35 AM
#12
In the proposed soft-fork, pre-softfork nodes don't see Alice sending coins to Bob, since they will see each block as *only* containing a coinbase transaction. It will look to them like Bitcoin has become permanently untransactable.

What the proposal shows is that the notion of soft-fork is not as clear cut as it seems at first, and is really more
of a spectrum, based on how much of the new rules are being verified, or even visible, to old nodes.

I think what Peter Todd is trying to demonstrate is that the coinbase can be along with the rest of the transactions in a block, but the coinbase transaction has a new output that is spent in the autogenerated newCoinbase transaction that can be pretty much anything, as long as it's less than the current block reward.

This does not really create tail emission though, it creates temporary tail emission where part of the mining rewards have to be delayed so that they are received at a later block far past the year 2140. It is no longer possible to do once the block reward is completely exhausted.

But that's going to damage the economics of Bitcoin in the present, so I would not support such a fork.
member
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September 13, 2023, 03:23:28 PM
#11
Quote
Is it desirable, much less moral, for a percentage of the world's wealth to be in the hands of some early whales?
Imagine a system, where in every block, every miner could get one satoshi per 0.01 BTC on that address. In fact, there is no difference between a system with tail supply, and a system with fixed supply, where you can take someone's coins. Because that's what inflation is about: proportions. That's the only thing that matters. So, no hard forks are really needed to create a tail supply, you can instead force all users to pay a "tail supply fee", for example one satoshi per each 0.01 BTC. Then, miners could be forced by a soft-fork, to lock those "tail supply fees" to some future block number, just by using OP_CHECKLOCKTIMEVERIFY, to increase future block rewards.

And because it is something that can be solved by changing fee policy, no forks are needed to introduce that.

Quote
How would that even work technically? Coins whose keys have been lost cannot be moved...
You can always create a timelocked transaction, that could be mined after block number N. And then, you can publish it, then there are two options:
1) you will move your coins before block N, so the broadcasted version will be invalid
2) you will lose your keys, so after block N, miners will pick it (miners, if it will require no keys, but you can of course decide, what conditions are needed to take it)
legendary
Activity: 978
Merit: 1080
September 13, 2023, 03:16:42 PM
#10
Peter Todd says it's possible to change almost anything even if difficult https://petertodd.org/2016/forced-soft-forks
It can be done, but I presume that the post-softfork nodes will treat the units of the system differently than the pre-softfork nodes. So different, that the post-softfork transactions will not be validated by the pre-softfork. Pre-softfork nodes will receive something like Alice sends 0 coins to Bob (with an extra note indicating that it's a softfork), and in post-softfork nodes, these 0 coins will be accompanied by some signature that spends new, post-softfork coins.
In the proposed soft-fork, pre-softfork nodes don't see Alice sending coins to Bob, since they will see each block as *only* containing a coinbase transaction. It will look to them like Bitcoin has become permanently untransactable.

What the proposal shows is that the notion of soft-fork is not as clear cut as it seems at first, and is really more
of a spectrum, based on how much of the new rules are being verified, or even visible, to old nodes.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
September 13, 2023, 02:47:48 PM
#9
I believe someone else can show code of Bitcoin Core (or other full node software) which check whether total of newly mined Bitcoin on a block doesn't exceed current block reward.
Here you go: https://github.com/bitcoin/bitcoin/blob/f1a9fd627b1a669c4dfab797da42825230708f2a/src/validation.cpp#L2415

blockReward is a CAmount, and it is the sum of transaction fees plus the amount of GetBlockSubsidy. Provided that currently it start with 50 coins and is divided by 2^halvings, increasing the block subsidy would make this incompatible. However, resulting in less than 21 million coins can be soft forked.

Peter Todd says it's possible to change almost anything even if difficult https://petertodd.org/2016/forced-soft-forks
It can be done, but I presume that the post-softfork nodes will treat the units of the system differently than the pre-softfork nodes. So different, that the post-softfork transactions will not be validated by the pre-softfork. Pre-softfork nodes will receive something like Alice sends 0 coins to Bob (with an extra note indicating that it's a softfork), and in post-softfork nodes, these 0 coins will be accompanied by some signature that spends new, post-softfork coins.
legendary
Activity: 4298
Merit: 3209
September 13, 2023, 01:20:32 PM
#8
So may there be the possibltly that some kind of extra reward can be send by the Algo to the miners by Scrypt or anything else with only a soft fork?

The difference between a hard fork and a soft fork is compatibility. A soft fork is generally preferred because it is compatible with previous consensus rules, and that helps avoid an unintended chain split.

The idea that the difference between the two somehow limits which rules can be changed is misguided because, as Peter Todd demonstrated, anything can be changed with a soft fork.

As I said I am not talking of main Emmision, that would cause a hard fork. But you put BTC from one adress to another against UTXO consensus with LN.
And Sidechains etc will put their BTC also on a special adress without any UTXO proof of main chain

Without resorting to Peter Todd's hypothetical 2.0 soft fork, I suppose that it would be possible with a soft fork to create a new on-chain token that is pegged to satoshis.
hero member
Activity: 1111
Merit: 584
September 13, 2023, 12:59:31 PM
#7
Hey,

I read a tweet from someone that said, a BTC tail emmision could be done as soft fork. I have some technically experiance in blockchain so..... the main reward scheme could of course only be changed by hard fork.

But as after Segwit and so on some more things are possible with BTC Script. For example LN gets BTC to one place to another without trust of the main chain

So may there be the possibltly that some kind of extra reward can be send by the Algo to the miners by Scrypt or anything else with only a soft fork?

Please technical informative replies only!

Thanks

Peter Todd says it's possible to change almost anything even if difficult https://petertodd.org/2016/forced-soft-forks
member
Activity: 636
Merit: 11
September 13, 2023, 09:50:46 AM
#6
When it comes to changing Bitcoin's emission, a soft fork wouldn't cut it. The emission schedule is part of Bitcoin's consensus rules, and altering it requires a hard fork, which is a more significant network upgrade. Soft forks generally work within the existing rules, like adding new features. Keep in mind that any changes to Bitcoin's core must undergo extensive scrutiny to ensure the network's security and integrity.
Not main Emmision curve, another way using BTC Script or something else
member
Activity: 636
Merit: 11
September 13, 2023, 09:49:36 AM
#5
Here is the tweet I finally found it:

https://x.com/nikzh/status/1699980224610385983?s=20

I can't see how it's possible. Node which follow current Bitcoin protocol/consensus would treat block with reward higher than expected as invalid block. I believe someone else can show code of Bitcoin Core (or other full node software) which check whether total of newly mined Bitcoin on a block doesn't exceed current block reward.

As I said I am not talking of main Emmision, that would cause a hard fork. But you put BTC from one adress to another against UTXO consensus with LN.
And Sidechains etc will put their BTC also on a special adress without any UTXO proof of main chain
newbie
Activity: 54
Merit: 0
September 13, 2023, 07:38:52 AM
#4
When it comes to changing Bitcoin's emission, a soft fork wouldn't cut it. The emission schedule is part of Bitcoin's consensus rules, and altering it requires a hard fork, which is a more significant network upgrade. Soft forks generally work within the existing rules, like adding new features. Keep in mind that any changes to Bitcoin's core must undergo extensive scrutiny to ensure the network's security and integrity.
member
Activity: 636
Merit: 11
September 13, 2023, 03:39:58 AM
#3
Is anyone interested in this topic?
member
Activity: 636
Merit: 11
September 12, 2023, 05:22:04 AM
#2
Here is the tweet I finally found it:

https://x.com/nikzh/status/1699980224610385983?s=20
member
Activity: 636
Merit: 11
September 12, 2023, 05:12:46 AM
#1
Hey,

I read a tweet from someone that said, a BTC tail emmision could be done as soft fork. I have some technically experiance in blockchain so..... the main reward scheme could of course only be changed by hard fork.

But as after Segwit and so on some more things are possible with BTC Script. For example LN gets BTC to one place to another without trust of the main chain

So may there be the possibltly that some kind of extra reward can be send by the Algo to the miners by Scrypt or anything else with only a soft fork?

Please technical informative replies only!

Thanks
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