NN Taleb on writing books that last and probabilistic predictions of what seems likely to break within a decade

Thanks to @michaelfolkson and attendees for yesterday London Bitcoin Devs, we discussed Schnorr and Taproot in some detail.

@openoms was there, also I met a guy working on GoTenna with Richard Myers and crew. Cool meetup.

Next week we're apparently talking about PayJoin using bluetooth(?) which is certainly relevant to my interests!

@michaelfolkson I'd expect musig/schnorr/taproot to reduce onchain channel costs by half or more. That seems pretty significant to me. Miniscript can help cleanly separate the program that manages the LN protocol bits from the wallet that stores and signs with private keys, making it easier to use things like hardware wallets for keeping your hot LN funds safe. That also seems pretty significant to me. There's also much improved fungibility by making cooperative open/close look like P2PK.

@harding Greater benefits to Lightning could potentially become later e.g. cross input signature aggregation, NOINPUT or ANYPREVOUT from sighash changes. But for now limited wins for Lightning. (Of course wins for base layer are no less valuable than wins for Lightning especially if they could lead to Lightning wins in future)

@harding The more I look into Schnorr/Taproot/Miniscript, the more I think it is fascinating, brilliant and extremely useful on the base layer but the benefits to Lightning seem limited in comparison.

@harding Did you see this Reddit thread? It sounds like you wouldn't be able to do what you propose with the current BOLT 3 Lightning scripts? reddit.com/r/Bitcoin/comments/

@Sosthene @harding Interesting discussion and countersign gist.

Sosthene, great blog post you made today. FWIW since you're low on reading todos, one resource I should have linked to in the notes before the meeting yesterday is the kanzure transcript of the v2 p2p discussion at core-dev last June. Will add it to the notes:

diyhpl.us/wiki/transcripts/bit

Drafted this for Bitcoin Magazine on the Bitcoin Core PR review club. Posting here in case you want to take a look, suggest edits cc @orionwl @harding docs.google.com/document/d/1eZ

Submitted a doc PR on Bitcoin Core @jon. If I've done anything dumb can you let me know? Thanks :) github.com/bitcoin/bitcoin/pul

Posted this on the Bitcoin Stack Exchange after the Bitcoin PR review club. I think it should probably be added to the docs on the config file @jon bitcoin.stackexchange.com/ques

@jon I personally would have obviously benefitted from more comments 😉

@jon Testing cross server toots, please ignore :)

Gmax earlier today was telling me about this proposal for jeremy rubin on something that has been a "hot" (or at least lukewarm!) topic in bitcoin research for years, namely a scripting change for what's colloquially referred to as just "covenants": the ability to restrict the outputs to which a utxo can be spent.

github.com/JeremyRubin/bips/bl

It seems like a very good write up. Generally, if we had such an opcode it would open up vastly more interesting constructions than are currently possible.

Apparently we have Alex Bosworth coming to London Bitcoin Devs on July 3rd, heads up if you're interested.

h/t @michaelfolkson

Youtube up of Conner Fromknecht's deep dive into lnd 0.6 just released:

youtube.com/watch?v=XkyPw2_l6Y

(My PR is there, yay ... note this talk is pretty technical, I think the most interesting part is the modularised RPC subsystems, e.g. you can have someone with a macaroon that only allows them to do invoices, nothing else)

Also I've yet to see a SF meetup vid where you couldn't hear Murch in the audience. 😂

@michaelfolkson is bringing the Socratic Seminar format to London Bitcoin Devs, great idea and good topic:

meetup.com/London-Bitcoin-Devs

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