Bitcoin Optech #155: Proposed BIPs And Bitcoin Stack Exchange
This week’s newsletter describes two proposed BIPs related to wallet support for Taproot, and features Q&A from Bitcoin Stack Exchange.
Written by @bitcoinoptech
Welcome aboard, Sidecar channels are here! 🚆
Sidecar channels make it easy to onboard new users to Lightning without requiring funds, and to create dual-funded channels!
We're one step closer to bringing #bitcoin to a billion people. 🌍
http://BTC.com pool has activated the vote of Taproot’s upgrade in all servers since 25th May of 2021.
Another two blocks mined by Marathon with its OFAC nonsense. Not signaling taproot, of course. No time for that.
The negative trend in #Bitcoin reserves on spot exchanges continues, unfazed by the price dip 🤷♂️
Remarkable 💡 that there is apparently so much demand that exchange flows are negative despite this capitulation event
(Note: @cryptoquant_com sees Binance as a derivative exchange)
In both cases, a critic says: “I don’t recognize your subjective valuation as valid and admissible.”
In essence, there is no difference between ‘the intrinsic value fud’ some gold bugs promote and ‘the energy usage fud’ state-paid environmentalists promote.
Bitcoin had a price even before the famous pizza transaction. Miners traded electricity for bitcoin and the first transaction of this type was performed by Satoshi himself in the genesis block. The first price bitcoin had was the price in terms of electricity and computing equipment. And what Satoshi got from it? The pleasure of creation.
Since value is subjective one cannot categorize consumption or use-value as acceptable and unacceptable or admissible and inadmissible. Using a thing as a collectible is a consumption. There is no difference between people using a gold necklace for decorative purposes and people using bitcoin initially as a collectible and technology with great potential.
The regression theorem says: for a commodity to become money, i.e. a good people value for mere prospect of later exchange without consumption, in other words, for its exchange-value, it has to have market price first based on the subjective valuation of people using it for consumption, in other words, it has to have use-value before exchange-value.
MARA Pool mined its first 'clean' block today.
@4f5vpt84 No problem. Looks like Poolin are signaling on blocks mined using some of their nodes but not on others https://twitter.com/bitentrepreneur/status/1389592547123769346?s=20
Bitcoin Maston Instance