Finally had some time to bring myself up to speed on UTXOs. Still quite confused about them actually, so I’m sure my DYOR notes are fallible. Please point out my mistakes and lapses in my thinking:
About UTXO
- UTXO refers to Unspent Transaction Outputs. It is an accounting method aimed to calculate the total balance in one’s wallet. In other words, your account balance is the sum of your UTXOs.
- It represents the amount of the Bitcoin that is left over after a transaction has been finalised.
- Operating on inputs and outputs, UTXO allows transactions to happen trustlessly. For instance, people can exchange non-fungible Ordinals for fungible Cardinals.
- Every transaction has a script - which denotes the conditions that must be met in order for a transaction to be validated - attached to it. Three factors are typically considered, namely privacy, computational efficiency and size.
- It is important to note that UTXOs are not divisible. This means that you send your entire UTXO to your recipient and receive your change back in the form of a new UTXO.
- The more UTXOs you have to send, the larger your transaction becomes and the more costly it consequently becomes to send.
- If you wish to carry out a CoinJoin so that your Bitcoin becomes untraceable, you have to move each UTXO you end up with individually - without mixing them - to a new unique address from your cold wallet.
- UTXO Dealership is a recent privacy tool that allows Bitcoin buyers who wish to safeguard their privacy an opportunity to buy history-free UTXOs from Bitcoin miners. (supertestnet.github.io/utxo-dealership/ ) Bitcoin miners consequently get higher returns for their newly mined UTXOs. It’s a win-win situation.
Heading on to week 3 of the BOLT🔩FUN Legends of Lightning ⚡️Tournament! 🎉
In case anyone wants to follow our progress, I've been adding weekly updates here on stacker.news
Week 1 - https://stacker.news/items/82384
Week 2 - https://stacker.news/items/84937
Hope everyone has a great week ahead.
This one hits home hard.
https://imgprxy.stacker.news/IVnPOcpE5IzZZQBzWPR4iaFORJvRDVE8UZUqUTMkRVM/rs:fit:600:500:0/g:no/aHR0cHM6Ly9pLmliYi5jby9Ua21KMmQzL2ZpbGUuanBn
I describe stacker news as a bitcoin information hub. You can ask specific questions and crowd source answers quickly (if your post gets some love lol). You can even earn and tip sats while you're at it!
Seems to be easier to ask questions and get answers here than twitter (in my experience).
Hack. If a coordinated global effort from governments to ban bitcoin was successful. If bitcoiners stopped caring about freedom and sound money, adoption, layer 2 development and only cared about getting rich in fiat terms. If a fork that inflates supply wins out. If the fee and block subsidy prove to be insufficient in the future to secure the network and a consensus is not reached to solve the issue.
I am sure I could come up with a few more. I am not suggesting these are likely by any means but they are some things that would at least cause me to reassess my thesis.
The Bitcoin Network Has Been Functional For 99.99% Of The Time
Since its inception on January 3, 2009 at 02:54:25 GMT bitcoin network had only 2 downtimes events:
Like every man of my age I have watched both movies probably close to 100 times. I still consider them my favorite movies. But, so much of the material has become cliche now that you may find it hokie. I first saw The Godfather with my father when I was a young teenager. It was a limited release so we had to drive to the city to see it. It had a real impact on me, since I was an Italian American kid. I also read the book at that time. I loved it, but later on I read Puzo's two earlier novels, The Dark Arena and Fortunate Pilgrim. They were much more what you might think of as serious fiction. I thought they were excellent. I learned that Puzo only wrote The Godfather because he knew a mafia book would pay the bills, and he was a young father. His first two novels didn't bring in much money.
If you decide to watch them, I would like to hear what you think.
I feel good. Looking at my monthly budget, I've cut expenses to the point where 50% of my salary goes into BTC.