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Meetup # 15 – Aug 10, 2023
Meetup # 15 – Aug 10, 2023
2
Agenda
Agenda
Mission: “Our mission is to share bitcoin knowledge, tools, and resources creating a peer to peer network of local bitcoiners within the Round Rock community.”
Purpose
Grow bitcoin adoption by individuals and small businesses within our local community.
Timeline
●
Intros and Updates (6 – 6:30)
●
Discussion topics (6:30-7:30)
●
Bitcoin Happy Hour (7:30 – 8:30)
Participation encouraged:
Stay on topic
Respect others’ privacy (no video or pictures unless you ask)
Chatham house rules (speakers should not be attributed)
Opportunities:
Circular Economy (Satoshi Square) - Azteco Vouchers
Bitcoin Magazine Sponsorship
Propaganda from MVDEX & Lucho Poletti
Blockstream Store partnership – 10% with coupon code: ROUNDROCK
Ongoing call for speakers at our next meetup
Questions:
Who here has made an on-chain bitcoin transaction?
Who here has made a lightning transaction?
Who here is running a bitcoin full node?
3
Connect to our lightning node
Connect to our lightning node
02dd5649b3b872024e6c9cac775fdea95f08c05a5fa9575e96e214b6a90baed438@z7wmavvxd
irafksqhm2mwmfvujymsfzwyf7tzitmrzfgn6fynn2fioqd.onion:9735
Open a channel with us and we will open one with you
4
Connect with us
Connect with us
Website: https://roundrockbitcoiners.com
Twitter: https://twitter.com/RBitcoiners
Nostr: roundrockbitcoiners@nostrplebs.com
Nostr Relay:
wss://nostr.roundrockbitcoiners.com
Meetup:
https://www.meetup.com/round-rock-bitcoin-
node-runners/
BTC Pay: donate.roundrockbitcoiners.com
Lightning Node:
02dd5649b3b872024e6c9cac775fdea95f08c05
a5fa9575e96e214b6a90baed438@z7wmavvxd
irafksqhm2mwmfvujymsfzwyf7tzitmrzfgn6fyn
n2fioqd
Peer to peer both IRL and Online
5
Discounts
Discounts
-
Checkout our discounts page
Checkout our discounts page
6
Food and Drink Sponsor
Food and Drink Sponsor
B&H Tax Service
B&H Tax Service
-
Special thanks to Kipp!
7
Woocommerce webstore w/ BTCPay
Woocommerce webstore w/ BTCPay
https://roundrockbitcoiners.com/shop
Buy a hat, mug, or t-shirt to support your local meetup!
8
What is bitcoin?
What is bitcoin?
“A Peer-to-Peer
Electronic Cash System”
●
Open source software protocol
●
Released in 2009
●
Anonymous creator(s) Satoshi
Nakamoto
●
Solves the “Double spend” (digital co
py) problem
●
Open transaction ledger with
pseudonymity
Open source programmable money
9
What is bitcoin? - Prehistory
What is bitcoin? - Prehistory
Let’s take it back a step...
10
Bitcoin basics
Bitcoin basics
Software (code)
Implementations
Network (nodes)
Decentralized copies of the software
Transactions (blockchain)
Immutable ledger
Consensus Mechanism
Basic rules of the game
What is essential for bitcoin to work?
11
Bitcoin basics
Bitcoin basics
Software (code)
Bitcoin Core
- Reference implementation (C++)
btcd
- Can be used with LND (Golang)
Libbitcoin
- Alternate implementation by Amir Taaki & Erik
Voskuil (C)
Bitcoin-S
- (Scala implementation)
Can you name any other implementations?
12
Bitcoin basics
Bitcoin basics
Network (nodes)
Mining Nodes (Proof of work)
- ASICs
- Mining Pools
Economic Nodes (Transaction
verification)
- Start 9, Umbrel, MyNode, Bitcoin Core
- Lightning Nodes Core Lightning, LND, Eclair
Wallets (private keys, signatures, xpubs)
- How users interact with the network
- Samourai, GreenWallet, Sparrow
- Signing devices and hardware wallets
Mining vs. Economic nodes
13
Bitcoin basics
Bitcoin basics
Transactions (blockchain)
Decentralized Ledger
- Triple Entry Accounting
- Immutable
- Public
UTXOS – Unspent Transaction Outputs
(denominations)
- Fractions of bitcoin spent to an address
- Locking, unlocking scripts
- Like melting down and reconstituting gold
Smallest unit is a satoshi (~2.1 quadrillion)
- Divisible up to 1:100 million or .00000001 bitcoin
- Can be divided up to sub-satoshi on lightning
What are the privacy implications?
14
Bitcoin basics
Bitcoin basics
Consensus Mechanism
Hard cap 21m bitcoin (~19m already mined)
- Instant Auditability
- Verify with getutxoutsetinfo
Nakamoto consensus (e.g. PoW & longest valid
chain)
- SHA256 Hashing Algorithm
- Proof of Work
- Longest chain is legitimate chain w/ largest amount of computation
Byzantine Fault Tolerance
- The Byzantine Generals Problem
- Arriving at consensus without a centralized third party
- Solved through proof of work mechanism
What happens when the software forks?
15
Bitcoin components
Bitcoin components
Software (code)
Bitcoin Core - reference implementation (C++)
Libbitcoin - alternate implementation by Amir Taaki (C)
Bitcoin-S (Scala implementation)
Network (nodes)
Mining Nodes (Proof of work)
Economic Nodes (Transaction verification)
Wallets (private keys, signatures, xpubs)
Transactions (blockchain)
Decentralized Ledger
UTXOS – Unspent Transaction Outputs (denominations)
Smallest unit is a satoshi (~2.1 quadrillion)
Consensus Mechanism
Hard cap 21m bitcoin (~19m already mined)
Nakamoto consensus (e.g. PoW & longest valid chain)
Byzantine Fault Tolerance
Can you think of any more bitcoin components?
16
Bitcoin – Educational Opportunities
Bitcoin – Educational Opportunities
PlebLab Nostr Dev Course:
Beginner friendly Udemy developer course for building NOSTR applications - $59.99
Base58 Bitcoin Developer Basics: Transactions, Scripts + SegWit
11 hour beginner bitcoin developer course with 7 coding exercises – Only $129.99
Brought to you by PlebLab
17
Why bitcoin?
Why bitcoin?
Separation of Money and State:
Friedrich A. Hayek - 1984
18
Bitcoin – Art & Culture
Bitcoin – Art & Culture
Break The Frame
Music Video by TIP_NZ
Asanoha Treasure Hunt
Unlock the private key to win 1.2m sats
Support freedom oriented bitcoin content creators
19
Bitcoin – Controversy
Bitcoin – Controversy
‘Bitcoin Twitter’ raging as Samourai wallet se
eks Monero-based privacy boost
- “Cross-chain atomic swaps between BTC and XMR are here, we’ve
been hard at work to make it a reality, wipe the tears from your
delicate little laser eyes”.
Should they be cancelled? What about LBTC?
20
Bitcoin – In the News
Bitcoin – In the News
KPMG Bitcoin Report
- Glowing report on Bitcoin’s positive contributions to ESG including renewable
energy, demand response, recycled heat, methane reduction, facilitation of
cross-border payments, fundraising, electrical grid expansion in Africa, financial
inclusion, and Bitcoin’s inherent decentralization.
Bitcoin's Carbon Footprint Revisited
- “Overall, the paper suggests a re-evaluation of the environmental impact of
Bitcoin mining, highlighting its potential role as a facilitator for renewable energy
expansion, and decarbonization more broadly.”
Block Reports $5.5 Billion in Q2 Revenue
- $2.4 Billion
- Almost half from Bitcoin
- 34% increase over 2022
Bitcoin could soar to $180,000 before the halving
- A potential BlackRock ETF helps drive demand, Fundstrat says
- Sees a 75% probability that a spot bitcoin ETF is approved in the near term as a
number of firms, including BlackRock and Fidelity, await word from the SEC.
Does Bitcoin even need an ETF?
21
Fiat – In the News
Fiat – In the News
Dr. Joseph Mercola Bank Accounts Cancelled
- “Last month, JP Morgan Chase Bank canceled all my business bank accounts, along with the personal accounts of our CEO, CFO and their respective spouses
and children.”
Fitch's historic U.S. downgrade & now Moody’s Downgrade of 10 US Banks
- U.S.’s credit rating to AA+ from AAA,“expected fiscal deterioration,” a “high and growing” government debt burden, and an “erosion of governance”
Wells Fargo customers report missing deposits from bank accounts:
- Some customer deposits were not credited due to a processing error Thursday & Friday
PacWest to be sold to Banc of California in rescue deal
- Run on deposits for smaller banks after treasury losses due to rising interest rates
Will rates remain higher for longer?
22
ChatBTC Demo
ChatBTC Demo
Your bitcoin companion:
https://chat.bitcoinsearch.xyz/
- Learn about bitcoin tech & history
- Data sourced from bitcoin-dev mailing list, Lightning dev mailing list, Bitcoin StackExchange, Bitcoin Optech, and BTC Transcripts.
- Uses small lightning invoices to mitigate spam
- Is there anything you’d like to ask?
Bitcoin Trained Chat Bot
23
Taproot – A SCHNORR SIGNATURE THREAD:
Taproot – A SCHNORR SIGNATURE THREAD:
The privacy tools are evolving
The privacy tools are evolving
From LN Capital (Torq):
“Taproot unlocked the future of #Bitcoin Privacy
But most Bitcoiners have no idea how.”
24
Lets Ask ChatBTC – What are the benefits of
Lets Ask ChatBTC – What are the benefits of
Schnorr signatures?
Schnorr signatures?
Multi-party transactions look like a single transaction
Multi-party transactions look like a single transaction
Schnorr signatures provide several benefits in the field of cryptography and digital signatures. One major advantage
is improved efficiency. Schnorr signatures are more compact than traditional signature schemes, which leads to
smaller transaction sizes and reduced data storage requirements. This can result in faster processing times and lower
fees for transactions.
Another benefit of Schnorr signatures is increased privacy. These signatures support a feature called "key
aggregation" (a.k.a. MuSig) which allows multiple keys to be combined into a single aggregated key. This means that
when multiple parties sign a transaction, their individual keys can be merged into one, making it harder to identify the
specific participants involved. This enhances privacy by reducing the amount of information leaked through
signatures.
25
What’s a MuSig?
How does key aggregation work?
How does key aggregation work?
26
The home mining journey cointinues...
The home mining journey cointinues...
Securing a miner from KaboomRacks
- Miners are cheapest in the depths of a bear market
- S19J Pro+ 120Th miners are now ~$2000
ComparePower
- Zero fees
- Ability to compare power plans across a wide number of providers,
find the best rates, and switch anytime.
- Easy to read: Facts Label, ToS, YRAAC
- Was able to save ~ 5c /KwH
27
Noise and Heat Solutions
Noise and Heat Solutions
AC Infininity
- Cloudline 8” Fan
- Inline Duct Silencer
Fruition Designs
- ASIC Silencing and Cooling Kit
- 60mm for S19
- Replacement screws provided
- High heat 3-D printed design
Home mining is full of learning opportunities
28
What’s next?
What’s next?
Njord Fan Control PCB
- Enables Bitmain miners to automatically
control the speed of an AC Infinity Cloudline fan
- Uses the control board's native temperature
control algorithm.
BRAAINS OS+
- Higher Hashrate
- Low Power Mode
- 0% Pool Fee if using Braiins Pool
- Stratum V2
- Autotuning power consumption
Home mining is full of learning opportunities
29
Next Month
Next Month
Hodl Up - A Bitcoin Mining Game
Travel the time chain from the
Genesis block in 2009 through
2140 when the last bitcoin -
ever - is finally mined:
●
Base bitcoin Terminology
●
Simplified blockchain
understanding
●
New Bitcoins are mined by
players
●
21M hard cap
●
Players protect their stack
through “Cold storage”
Watch the video here - How to Play

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Meetup #15 - 2023-08-10

  • 1. Meetup # 15 – Aug 10, 2023 Meetup # 15 – Aug 10, 2023
  • 2. 2 Agenda Agenda Mission: “Our mission is to share bitcoin knowledge, tools, and resources creating a peer to peer network of local bitcoiners within the Round Rock community.” Purpose Grow bitcoin adoption by individuals and small businesses within our local community. Timeline ● Intros and Updates (6 – 6:30) ● Discussion topics (6:30-7:30) ● Bitcoin Happy Hour (7:30 – 8:30) Participation encouraged: Stay on topic Respect others’ privacy (no video or pictures unless you ask) Chatham house rules (speakers should not be attributed) Opportunities: Circular Economy (Satoshi Square) - Azteco Vouchers Bitcoin Magazine Sponsorship Propaganda from MVDEX & Lucho Poletti Blockstream Store partnership – 10% with coupon code: ROUNDROCK Ongoing call for speakers at our next meetup Questions: Who here has made an on-chain bitcoin transaction? Who here has made a lightning transaction? Who here is running a bitcoin full node?
  • 3. 3 Connect to our lightning node Connect to our lightning node 02dd5649b3b872024e6c9cac775fdea95f08c05a5fa9575e96e214b6a90baed438@z7wmavvxd irafksqhm2mwmfvujymsfzwyf7tzitmrzfgn6fynn2fioqd.onion:9735 Open a channel with us and we will open one with you
  • 4. 4 Connect with us Connect with us Website: https://roundrockbitcoiners.com Twitter: https://twitter.com/RBitcoiners Nostr: roundrockbitcoiners@nostrplebs.com Nostr Relay: wss://nostr.roundrockbitcoiners.com Meetup: https://www.meetup.com/round-rock-bitcoin- node-runners/ BTC Pay: donate.roundrockbitcoiners.com Lightning Node: 02dd5649b3b872024e6c9cac775fdea95f08c05 a5fa9575e96e214b6a90baed438@z7wmavvxd irafksqhm2mwmfvujymsfzwyf7tzitmrzfgn6fyn n2fioqd Peer to peer both IRL and Online
  • 5. 5 Discounts Discounts - Checkout our discounts page Checkout our discounts page
  • 6. 6 Food and Drink Sponsor Food and Drink Sponsor B&H Tax Service B&H Tax Service - Special thanks to Kipp!
  • 7. 7 Woocommerce webstore w/ BTCPay Woocommerce webstore w/ BTCPay https://roundrockbitcoiners.com/shop Buy a hat, mug, or t-shirt to support your local meetup!
  • 8. 8 What is bitcoin? What is bitcoin? “A Peer-to-Peer Electronic Cash System” ● Open source software protocol ● Released in 2009 ● Anonymous creator(s) Satoshi Nakamoto ● Solves the “Double spend” (digital co py) problem ● Open transaction ledger with pseudonymity Open source programmable money
  • 9. 9 What is bitcoin? - Prehistory What is bitcoin? - Prehistory Let’s take it back a step...
  • 10. 10 Bitcoin basics Bitcoin basics Software (code) Implementations Network (nodes) Decentralized copies of the software Transactions (blockchain) Immutable ledger Consensus Mechanism Basic rules of the game What is essential for bitcoin to work?
  • 11. 11 Bitcoin basics Bitcoin basics Software (code) Bitcoin Core - Reference implementation (C++) btcd - Can be used with LND (Golang) Libbitcoin - Alternate implementation by Amir Taaki & Erik Voskuil (C) Bitcoin-S - (Scala implementation) Can you name any other implementations?
  • 12. 12 Bitcoin basics Bitcoin basics Network (nodes) Mining Nodes (Proof of work) - ASICs - Mining Pools Economic Nodes (Transaction verification) - Start 9, Umbrel, MyNode, Bitcoin Core - Lightning Nodes Core Lightning, LND, Eclair Wallets (private keys, signatures, xpubs) - How users interact with the network - Samourai, GreenWallet, Sparrow - Signing devices and hardware wallets Mining vs. Economic nodes
  • 13. 13 Bitcoin basics Bitcoin basics Transactions (blockchain) Decentralized Ledger - Triple Entry Accounting - Immutable - Public UTXOS – Unspent Transaction Outputs (denominations) - Fractions of bitcoin spent to an address - Locking, unlocking scripts - Like melting down and reconstituting gold Smallest unit is a satoshi (~2.1 quadrillion) - Divisible up to 1:100 million or .00000001 bitcoin - Can be divided up to sub-satoshi on lightning What are the privacy implications?
  • 14. 14 Bitcoin basics Bitcoin basics Consensus Mechanism Hard cap 21m bitcoin (~19m already mined) - Instant Auditability - Verify with getutxoutsetinfo Nakamoto consensus (e.g. PoW & longest valid chain) - SHA256 Hashing Algorithm - Proof of Work - Longest chain is legitimate chain w/ largest amount of computation Byzantine Fault Tolerance - The Byzantine Generals Problem - Arriving at consensus without a centralized third party - Solved through proof of work mechanism What happens when the software forks?
  • 15. 15 Bitcoin components Bitcoin components Software (code) Bitcoin Core - reference implementation (C++) Libbitcoin - alternate implementation by Amir Taaki (C) Bitcoin-S (Scala implementation) Network (nodes) Mining Nodes (Proof of work) Economic Nodes (Transaction verification) Wallets (private keys, signatures, xpubs) Transactions (blockchain) Decentralized Ledger UTXOS – Unspent Transaction Outputs (denominations) Smallest unit is a satoshi (~2.1 quadrillion) Consensus Mechanism Hard cap 21m bitcoin (~19m already mined) Nakamoto consensus (e.g. PoW & longest valid chain) Byzantine Fault Tolerance Can you think of any more bitcoin components?
  • 16. 16 Bitcoin – Educational Opportunities Bitcoin – Educational Opportunities PlebLab Nostr Dev Course: Beginner friendly Udemy developer course for building NOSTR applications - $59.99 Base58 Bitcoin Developer Basics: Transactions, Scripts + SegWit 11 hour beginner bitcoin developer course with 7 coding exercises – Only $129.99 Brought to you by PlebLab
  • 17. 17 Why bitcoin? Why bitcoin? Separation of Money and State: Friedrich A. Hayek - 1984
  • 18. 18 Bitcoin – Art & Culture Bitcoin – Art & Culture Break The Frame Music Video by TIP_NZ Asanoha Treasure Hunt Unlock the private key to win 1.2m sats Support freedom oriented bitcoin content creators
  • 19. 19 Bitcoin – Controversy Bitcoin – Controversy ‘Bitcoin Twitter’ raging as Samourai wallet se eks Monero-based privacy boost - “Cross-chain atomic swaps between BTC and XMR are here, we’ve been hard at work to make it a reality, wipe the tears from your delicate little laser eyes”. Should they be cancelled? What about LBTC?
  • 20. 20 Bitcoin – In the News Bitcoin – In the News KPMG Bitcoin Report - Glowing report on Bitcoin’s positive contributions to ESG including renewable energy, demand response, recycled heat, methane reduction, facilitation of cross-border payments, fundraising, electrical grid expansion in Africa, financial inclusion, and Bitcoin’s inherent decentralization. Bitcoin's Carbon Footprint Revisited - “Overall, the paper suggests a re-evaluation of the environmental impact of Bitcoin mining, highlighting its potential role as a facilitator for renewable energy expansion, and decarbonization more broadly.” Block Reports $5.5 Billion in Q2 Revenue - $2.4 Billion - Almost half from Bitcoin - 34% increase over 2022 Bitcoin could soar to $180,000 before the halving - A potential BlackRock ETF helps drive demand, Fundstrat says - Sees a 75% probability that a spot bitcoin ETF is approved in the near term as a number of firms, including BlackRock and Fidelity, await word from the SEC. Does Bitcoin even need an ETF?
  • 21. 21 Fiat – In the News Fiat – In the News Dr. Joseph Mercola Bank Accounts Cancelled - “Last month, JP Morgan Chase Bank canceled all my business bank accounts, along with the personal accounts of our CEO, CFO and their respective spouses and children.” Fitch's historic U.S. downgrade & now Moody’s Downgrade of 10 US Banks - U.S.’s credit rating to AA+ from AAA,“expected fiscal deterioration,” a “high and growing” government debt burden, and an “erosion of governance” Wells Fargo customers report missing deposits from bank accounts: - Some customer deposits were not credited due to a processing error Thursday & Friday PacWest to be sold to Banc of California in rescue deal - Run on deposits for smaller banks after treasury losses due to rising interest rates Will rates remain higher for longer?
  • 22. 22 ChatBTC Demo ChatBTC Demo Your bitcoin companion: https://chat.bitcoinsearch.xyz/ - Learn about bitcoin tech & history - Data sourced from bitcoin-dev mailing list, Lightning dev mailing list, Bitcoin StackExchange, Bitcoin Optech, and BTC Transcripts. - Uses small lightning invoices to mitigate spam - Is there anything you’d like to ask? Bitcoin Trained Chat Bot
  • 23. 23 Taproot – A SCHNORR SIGNATURE THREAD: Taproot – A SCHNORR SIGNATURE THREAD: The privacy tools are evolving The privacy tools are evolving From LN Capital (Torq): “Taproot unlocked the future of #Bitcoin Privacy But most Bitcoiners have no idea how.”
  • 24. 24 Lets Ask ChatBTC – What are the benefits of Lets Ask ChatBTC – What are the benefits of Schnorr signatures? Schnorr signatures? Multi-party transactions look like a single transaction Multi-party transactions look like a single transaction Schnorr signatures provide several benefits in the field of cryptography and digital signatures. One major advantage is improved efficiency. Schnorr signatures are more compact than traditional signature schemes, which leads to smaller transaction sizes and reduced data storage requirements. This can result in faster processing times and lower fees for transactions. Another benefit of Schnorr signatures is increased privacy. These signatures support a feature called "key aggregation" (a.k.a. MuSig) which allows multiple keys to be combined into a single aggregated key. This means that when multiple parties sign a transaction, their individual keys can be merged into one, making it harder to identify the specific participants involved. This enhances privacy by reducing the amount of information leaked through signatures.
  • 25. 25 What’s a MuSig? How does key aggregation work? How does key aggregation work?
  • 26. 26 The home mining journey cointinues... The home mining journey cointinues... Securing a miner from KaboomRacks - Miners are cheapest in the depths of a bear market - S19J Pro+ 120Th miners are now ~$2000 ComparePower - Zero fees - Ability to compare power plans across a wide number of providers, find the best rates, and switch anytime. - Easy to read: Facts Label, ToS, YRAAC - Was able to save ~ 5c /KwH
  • 27. 27 Noise and Heat Solutions Noise and Heat Solutions AC Infininity - Cloudline 8” Fan - Inline Duct Silencer Fruition Designs - ASIC Silencing and Cooling Kit - 60mm for S19 - Replacement screws provided - High heat 3-D printed design Home mining is full of learning opportunities
  • 28. 28 What’s next? What’s next? Njord Fan Control PCB - Enables Bitmain miners to automatically control the speed of an AC Infinity Cloudline fan - Uses the control board's native temperature control algorithm. BRAAINS OS+ - Higher Hashrate - Low Power Mode - 0% Pool Fee if using Braiins Pool - Stratum V2 - Autotuning power consumption Home mining is full of learning opportunities
  • 29. 29 Next Month Next Month Hodl Up - A Bitcoin Mining Game Travel the time chain from the Genesis block in 2009 through 2140 when the last bitcoin - ever - is finally mined: ● Base bitcoin Terminology ● Simplified blockchain understanding ● New Bitcoins are mined by players ● 21M hard cap ● Players protect their stack through “Cold storage” Watch the video here - How to Play