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Newsletters: add 2018-07-10 #14

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merged 6 commits into from Jul 10, 2018

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harding commented Jul 8, 2018

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harding commented Jul 8, 2018

Note: I checked the "allow edits from maintainers" box, so anyone with commit access should be able to push changes directly to https://github.com/harding/bitcoinops.github.io/tree/2018-07-10-newsletter

Note that multiple people pushing to the same branch can get hairy fast. If you have to force-push, it's recommended to use --force-with-lease to avoid overwriting work pushed to a branch since the last time you pulled from it.

lang: en
version: 1
---
## Welcome

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@jnewbery

jnewbery Jul 9, 2018

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I suggest we remove the welcome / optech workshop sections.

block efficiency for your node.

minrelaytxfee=0.00001000
incrementalrelayfee=0.00001000

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jnewbery Jul 9, 2018

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I think only minrelaytxfee needs to be set. incrementalrelayfee is for BIP125 replacement deltas.

This didn't cause significant problems when fee estimates were high,
but now that fee estimates are near the default minimum relay fee of
1 satoshi per byte, any transactions created with a fee slightly
below that aren't being relayed to miners and so remain unconfirmed

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jnewbery Jul 9, 2018

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Changing aren't being to may not be, since transactions may be relayed depending on node policy.

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jnewbery commented Jul 9, 2018

I've added some commits:

  • jnewbery fixups is fixups. The only thing I'm not sure about is the stuff about incrementalrelayfee.
  • Add Building on Bitcoin talks adds some content around the Building on Bitcoin talks.
  • Add intro adds a short intro.

@harding @moneyball - I'd appreciate some review before I send this out tomorrow if possible.

single-sig and increasing their privacy by making multisig look like
single-sig. However, the scheme requires multistep interaction
between the wallets participating in the multisig, both for creating
the public key and the signature.

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@jamesob

jamesob Jul 9, 2018

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Non-blocking, but it may be worth noting that this functionality creates huge fee incentives for exchanges et al to start batching withdrawals.

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jamesob Jul 9, 2018

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Ah nevermind - this isn't actually the case (as you mention below) because we're still unable to aggregate a signature across inputs within a txn.

(services that wait for something to happen in real life, like which
team wins the world cup, and then provide a signature committing to
that outcome, e.g. allowing Alice and Bob to settle a bet onchain or
in a LN channel). Many of these cases also improve efficiency

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jamesob Jul 9, 2018

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Worth linking to the DLC paper (https://adiabat.github.io/dlc.pdf)?

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jamesob commented Jul 9, 2018

Another great newsletter! Really nice job, @harding @jnewbery.

exposes you to bandwidth-wasting attacks and reduces BIP152 compact
block efficiency for your node.

minrelaytxfee=0.00001000
incrementalrelayfee=0.00001000

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harding Jul 9, 2018

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I think this is wrong, the actual minimum feerate is the greater of those two settings. Consider the return for GetMinFee():

return std::max(CFeeRate(llround(rollingMinimumFeeRate)), incrementalRelayFee);

Also, the reason I think this is wrong is because I tried setting minrelaytxfee below the minimum on my node a few months ago and, after a day, I observed that I had no below-default-fee transactions. So I poked around and added incrementalrelayfee with the same setting, and within minutes started to receive below default-min transactions. Feel free to try the same experiment yourself.

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jnewbery Jul 9, 2018

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hmmm, yes it looks like you're right, but I can't understand why that code is like that. I think it effectively makes incrementalrelayfee a floor for the minrelaytxfee.

It was changed here: bitcoin/bitcoin@7b1add3#diff-ca74c4b28865382863b8fe7633a85cd6R1084

I'm going to investigate whether that change was intentional. For now, I'll revert the newsletter to your version since that's the current behaviour.

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harding left a comment

I think this comment needs to be addressed: #14 (review)

Otherwise, edits through to eaeb29d LGTM with some fix-if-you-want nitpicks.

- [**Merchant adoption**][bitrefill video] - [Sergej Kotliar][sergej], CEO of
Bitrefill gave a personal account of the fee market spike at the end of last
year, important UX considerations for Bitcoin and and lightning payments, and
Bitrefill's experiences in integrating lightning. I found this talk

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harding Jul 9, 2018

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Maybe clarify who "I" is here (maybe in the section introduction), or since there don't seem to be any other personal pronouns in this section, revise it out.

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jnewbery Jul 9, 2018

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Yes, you're right - will remove personal pronoun

[patricia]: https://twitter.com/patestevao

- [**Blind Signatures in Sciptless Scripts**][blind signatures video] -
[Jonas Nick][jonas] spoke about using schnorr signatures as the basis

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harding Jul 9, 2018

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I think I used uppercase "Schnorr" in the earlier section about Wuille's proposed BIP, but this is lowercase. They should probably be consistently capitalized (I don't have a preference).

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Will capitalize

This week's newsletter includes news and action items about minimum fees and
the upcoming Bitcoin Core release, a special feature on a Schnorr signature
proposal, and a write-up of the recent Building on Bitcoin conference in
Lisbon. *Divertam-se!*

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harding Jul 9, 2018

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I had to Google "Divertam-se", which is not necessarily a bad thing, but it feels not quite right to me. Up to you if you want to keep it.

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jnewbery Jul 9, 2018

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You don't speak Portuguese? ;)

Will remove.

@jnewbery jnewbery force-pushed the harding:2018-07-10-newsletter branch from eaeb29d to 0abdc42 Jul 9, 2018
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jnewbery commented Jul 9, 2018

Fixed @harding's comments.

Will merge tomorrow and send the newsletter out in the morning. Thanks all!


- [**Merchant adoption**][bitrefill video] - [Sergej Kotliar][sergej], CEO of
Bitrefill gave a personal account of the fee market spike at the end of last
year, important UX considerations for Bitcoin and and lightning payments, and

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@moneyball

moneyball Jul 9, 2018

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"and and" typo

Also there are several spellings of Lightning with a lower case l.

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@moneyball

moneyball Jul 9, 2018

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FYI I attempted to make these changes myself in the GitHub editor, but I get a 404 when trying to create a PR...

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harding commented Jul 10, 2018

Made edits suggested by @jamesob and @moneyball. Also gave it a final proofread on a local preview. Thanks!

@jnewbery jnewbery merged commit 83c5c62 into bitcoinops:master Jul 10, 2018
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jnewbery commented Jul 10, 2018

Merged. Thanks all!

harding added a commit to harding/bitcoinops.github.io that referenced this pull request Sep 24, 2018
jnewbery added a commit that referenced this pull request Sep 25, 2018
Newsletters: add #14 (2018-09-25)
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