When you mention you can effectively aggregate 5 transactions into one with Taproot. Was 5 just a number you used as an example or is that a hard limit of taproots aggregation ability? If taproot is adopted and implemented how much lower will the fees for baselayer transactions get as throughput increases?
Thanks for the interesting talk and for sharing your vast knowledge with us. May I ask, would you expect the increasing security aspects of BTC to affect the price and use case for Monero XMR ?
Question for you if you have the time to answer it (thanks for your time in advanced!). What advice do you have for crypto novices who are looking to secure a career in the crypto industry? I’ve gone full fledged down the rabbit hole and I want to help build this concept. Thank you!
I would say that first you need to become 'not a novice'. Not many people can move their hobbies or passions into productive work, so be careful, or rather, give it 100% 247.
What about the lightning example? If you close a channel, you get two outputs, one for each participant. How is that not showing that there were two people involved?
Taproot obfuscates amount of keys used to sign a transaction, to close a traditional lightning channel, you have to make a public signature with two keys and produce two outputs, also you can send regular transaction with 1, 2, 10 etc outputs With taproot the amount of signatures used in tx are hidden As person above said most regular transactions have more than one output, if you not spending whole amount, you are splitting the coins and sending change to your another address
Could an old wallet that doesn't know about tapRoot accidentally use a tapRoot address? If it does, will the transaction still be plausible? Or will it fail because it doesn't follow the new tapRoot rules?
It seems like they're saying Ledger would update their wallet to transfer your ₿ to a Segwit v1 (aka Taproot) account. Ledger already has Segwit v0, so moving it to Segwit v1/Taproot should be an easy transition
Hi Andreas With this "new" digital signature protocol - what would happen with the seed phrase? Since a Private Key 🗝️🔐 generates a Public Key 🗝️🔐 and then there is hashing process of the Public Key to generate 🧬 the BTC address. Does that mean I need to generate a new private keys? Sorry for the silly question ⁉️❓ I was not into the crypto space 🌌🚀 when Segwit was implemented.
@@jllarivee60 AND most node operators have to accept it Also bitcoin only does soft forks, so you can even download version of 'Bitcoin core' from 2009 and it still sync and you will be able to interact with the network All new updates have to be compatible with previous software
@@andresfranco645 I think that's the *actual* reason why this technology was delayed. I think Satoshi knew governments would never be ok with exchanges offering an anonymous coin. But now, after everyone already has bitcoin (well, enough people anyway), we can implement anonymous layers to bitcoin, including taproot and lightning network. So now it's too late for governments to do anything about it, so they're much less likely to be so aggressive about it. I like the fact that bitcoin is advertised as "open transparent blockchain", because it's actually BS. You can totally use CoinJoin such as whirlpool. So I'm optimistic about governments not even trying too hard to go against it. Too many people already have or at least value bitcoin.
@@dutch-manlets be realistic if we give them a reason (and i belive being full anonymous about bitcoin is a good one) they will definently will shot it down. Because weather we like it or not they can follow criminals by following money transfers. 1 law like : anyone who sends, recieve , and hold bitcoin is judged as enemy of the state and may be sentenced 20 years in prison is enough.... No apps No hardwallets No exchanges No mining allowed No mining equipment allowed And then we will see how many of us will turn cyberpunk mode on.... believe me its very few......end of crypto We dont like to be watched by cameras but city is full of cameras . Can we make them turn off, no... it doesnt matter its my private life or not... We shouldnt mess with goverment, ABOUT WITH THIS TOPIC they have enough time and man power to stop us. Just being realistic.....
Guys being full anonymous about bitcoin is not a good idea . How many people will hold,send , recieve bitcoin if it is considered as criminal activity?
23 minutes talking about btc privacy and no mention of monero... sounds like talking about improving horses while we already have tesla electric cars....
I have monero, and I like it. But if bitcoin, the king, will be private-ish, I don't feel confy holding xmr... What is the pont holding an altcoin for privacy, when the most liquid coin will be that too? Its the same with digital cameras dropped hard, after smartphones with cams came out. What do you think?
@@SzCsaba I see Monero's existence as a way to draw legislative fire away from Bitcoin's privacy aspects. It's really tough because the more private a coin is, the more nefarious actors will be drawn to it. I like Bitcoin to be pseudonymous rather than completely anonymous so that the justice system can do what it needs to do, when it needs to do it. It's a tough compromise.
