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From: shymaa arafat <shymaa.arafat@gmail.com>
Date: Sun, 13 Feb 2022 07:19:04 +0200
Message-ID: <CAM98U8=Skhz8ETxHd+aBZssHDcj3qNikDa_JYuR5dcSMUJP32g@mail.gmail.com>
To: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>,
lightning-dev <lightning-dev@lists.linuxfoundation.org>
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Subject: Re: [bitcoin-dev] A suggestion to periodically destroy (or remove
to secondary storage for Archiving reasons) dust, Non-standard UTXOs,
and also detected burn
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I just want to add an alarming info to this thread...
*There are at least 5.7m UTXOs=E2=89=A41000 Sat (~7%), *
*8.04 m =E2=89=A41$ (10%), *
*13.5m =E2=89=A4 0.0001BTC (17%)*
It seems that bitInfoCharts took my enquiry seriously and added a main link
for dust analysis:
https://bitinfocharts.com/top-100-dustiest-bitcoin-addresses.html
Here, you can see just *the first address contains more than 1.7m dust
UTXOs*
(ins-outs =3D1,712,706 with a few real UTXOs holding the bulk of 415 BTC)
https://bitinfocharts.com/bitcoin/address/1HckjUpRGcrrRAtFaaCAUaGjsPx9oYmLa=
Z
=C2=BB=C2=BB=C2=BB=C2=BB=C2=BB
That's alarming isn't it?, is it due to the lightning networks protocol or
could be some other weird activity going on?
.
The following address are similar but less severe
~394k UTXOs, 170k, 92k, 10*20k, 4or5 *14k,...etc
add at least 2.7m UTXOs coming from addresses with a higher balance to the
interval numbers here (calculated & mentioned in my previous email)
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
I think it seems bitInfoCharts will probably make their own report about it
soon
Regards
Shymaa M. Arafat
On Wed, Feb 9, 2022, 07:19 shymaa arafat <shymaa.arafat@gmail.com> wrote:
> If 1 Sat reached 100$, you may adjust the delete( or call it omitting or
> trimming) threshold, since you will need to acquire decimal places inside
> the Sat variable too ( people may have TXs less than 100$)
>
> -Talking with today's numbers,
> https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
>
> it is hard to imagine that someone's all holdings in Bitcoin is just =E2=
=89=A41000
> Sat (3.15 m address) or even =E2=89=A410,000 Sat (4.1$, with currently 7.=
6m
> addresses in addition to the 3.15m)
> So we'll just incentivise those people to find a low fee time in say a 6
> month interval and collect those UTXOs into one of at least 5$
> (10.86m=E2=89=A44.1$) or 1$ (5.248m=E2=89=A41$) your decision.
>
> -During 4 days after showing the smaller intervals, those =E2=89=A41000Sa=
t
> increase by ~2K everyday with total holding increased by 0.01BTC. Address=
es
> in millions:
> 3.148, 3.1509, 3.152895, 3.154398
> Total BTC:
> 14.91,14.92,14.93,14.94
>
> -The number of =E2=89=A410,000 Sat increases by 4-8 k per day.
> Addresses in millions:
> 7.627477, 7.631436, 7.639287, 7.644925
> Total BTC
> 333.5, 333.63, 333.89, 334.1
>
> -remember that no. of addresses is a lowerbound on no. of UTXOs; ie., the
> real numbers could be even more.
> .
> + There's also non-standard & burned , yes they're about 0.6m UTXOs, but
> they're misleading on the status of the value they hold.
> .
> At the end, I'm just suggesting...
> .
> Regards,
> Shymaa
>
> On Wed, Feb 9, 2022, 00:16 <damian@willtech.com.au> wrote:
>
>> Good Morning,
>>
>> I wish to point out that because fees are variable there is no reason
>> fees could not be less than 1 sat in future if fees climb. You may
>> consider this optimistic but I recall in the first days of Bitcoin when
>> fees were voluntary. It is not unreasonable provided the fungibility
>> (money-like-quality) of Bitcoin is maintained for 1 sat to be worth over
>> $100.00 in the future.
>>
>> KING JAMES HRMH
>> Great British Empire
>>
>> Regards,
>> The Australian
>> LORD HIS EXCELLENCY JAMES HRMH (& HMRH)
>> of Hougun Manor & Glencoe & British Empire
>> MR. Damian A. James Williamson
>> Wills
>>
>> et al.
>>
>>
>> Willtech
>> www.willtech.com.au
>> www.go-overt.com
>> duigco.org DUIGCO API
>> and other projects
>>
>>
>> m. 0487135719
>> f. +61261470192
>>
>>
>> This email does not constitute a general advice. Please disregard this
>> email if misdelivered.
>> --------------
>> On 2022-02-06 09:39, Pieter Wuille via bitcoin-dev wrote:
>> >> Dear Bitcoin Developers,
>> >
>> >> -When I contacted bitInfoCharts to divide the first interval of
>> >> addresses, they kindly did divided to 3 intervals. From here:
>> >> https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
>> >> -You can see that there are more than 3.1m addresses holding =E2=89=
=A4
>> >> 0.000001 BTC (1000 Sat) with total value of 14.9BTC; an average of 47=
3
>> >> Sat per address.
>> >
>> >> -Therefore, a simple solution would be to follow the difficulty
>> >> adjustment idea and just delete all those
>> >
>> > That would be a soft-fork, and arguably could be considered theft.
>> > While commonly (but non universally) implemented standardness rules
>> > may prevent spending them currently, there is no requirement that such
>> > a rule remain in place. Depending on how feerate economics work out in
>> > the future, such outputs may not even remain uneconomical to spend.
>> > Therefore, dropping them entirely from the UTXO set is potentially
>> > destroying potentially useful funds people own.
>> >
>> >> or at least remove them to secondary storage
>> >
>> > Commonly adopted Bitcoin full nodes already have two levels of storage
>> > effectively (disk and in-RAM cache). It may be useful to investigate
>> > using amount as a heuristic about what to keep and how long. IIRC, not
>> > even every full node implementation even uses a UTXO model.
>> >
>> >> for Archiving with extra cost to get them back, along with
>> >> non-standard UTXOs and Burned ones (at least for publicly known,
>> >> published, burn addresses).
>> >
>> > Do you mean this as a standardness rule, or a consensus rule?
>> >
>> > * As a standardness rule it's feasible, but it makes policy (further)
>> > deviate from economically rational behavior. There is no reason for
>> > miners to require a higher price for spending such outputs.
>> > * As a consensus rule, I expect something like this to be very
>> > controversial. There are currently no rules that demand any minimal
>> > fee for anything, and given uncertainly over how fee levels could
>> > evolve in the future, it's unclear what those rules, if any, should
>> > be.
>> >
>> > Cheers,
>> >
>> > --
>> > Pieter
>> >
>> > _______________________________________________
>> > bitcoin-dev mailing list
>> > bitcoin-dev@lists.linuxfoundation.org
>> > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>
--000000000000f0a4dd05d7df7073
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
<div dir=3D"auto">I just want to add an alarming info to this thread...<div=
dir=3D"auto"><br><div dir=3D"auto"><b><font color=3D"#f44336">There are at=
least 5.7m UTXOs=E2=89=A41000 Sat (~7%),=C2=A0</font></b></div><div dir=3D=
"auto"><b><font color=3D"#f44336">8.04 m =E2=89=A41$ (10%),=C2=A0</font></b=
></div><div dir=3D"auto"><b><font color=3D"#f44336">13.5m =E2=89=A4 0.0001B=
TC (17%)</font></b></div><div dir=3D"auto"><br><div dir=3D"auto">It seems t=
hat bitInfoCharts took my enquiry seriously and added a main link for dust =
analysis:<br><div dir=3D"auto"><a href=3D"https://bitinfocharts.com/top-100=
-dustiest-bitcoin-addresses.html" target=3D"_blank" rel=3D"noreferrer">http=
s://bitinfocharts.com/top-100-dustiest-bitcoin-addresses.html</a></div><div=
dir=3D"auto">Here, you can see just <u><b>the first address contains more =
than</b> <b>1.7m dust UTXOs</b></u></div><div dir=3D"auto">(ins-outs =3D1,7=
12,706 with a few real UTXOs holding the bulk of 415 BTC)=C2=A0</div><div d=
ir=3D"auto"><a href=3D"https://bitinfocharts.com/bitcoin/address/1HckjUpRGc=
rrRAtFaaCAUaGjsPx9oYmLaZ" target=3D"_blank" rel=3D"noreferrer">https://biti=
nfocharts.com/bitcoin/address/1HckjUpRGcrrRAtFaaCAUaGjsPx9oYmLaZ</a></div><=
div dir=3D"auto"><br></div><div dir=3D"auto">=C2=BB=C2=BB=C2=BB=C2=BB=C2=BB=
</div><div dir=3D"auto">=C2=A0That's alarming isn't it?, is it due =
to the lightning networks protocol or could be some other weird activity go=
ing on?</div><div dir=3D"auto">.</div><div dir=3D"auto">The following addre=
ss are similar but less severe</div><div dir=3D"auto">~394k UTXOs, 170k, 92=
k, 10*20k, 4or5 *14k,...etc</div><div dir=3D"auto">add at least 2.7m UTXOs =
coming from addresses with a higher balance to the interval numbers here (c=
alculated & mentioned in my previous email)</div><div dir=3D"auto"><a h=
ref=3D"https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html" ta=
rget=3D"_blank" rel=3D"noreferrer">https://bitinfocharts.com/top-100-riches=
t-bitcoin-addresses.html</a><br></div><div dir=3D"auto"><br></div><div dir=
=3D"auto"><br></div><div dir=3D"auto">I think it seems bitInfoCharts will p=
robably make their own report about it soon</div><div dir=3D"auto"><br></di=
v><div dir=3D"auto">Regards</div><div dir=3D"auto">Shymaa M. Arafat</div></=
div></div></div></div><br><div class=3D"gmail_quote"><div dir=3D"ltr" class=
=3D"gmail_attr">On Wed, Feb 9, 2022, 07:19 shymaa arafat <<a href=3D"mai=
lto:shymaa.arafat@gmail.com" target=3D"_blank" rel=3D"noreferrer">shymaa.ar=
afat@gmail.com</a>> wrote:<br></div><blockquote class=3D"gmail_quote" st=
yle=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div =
dir=3D"auto">If 1 Sat reached 100$, you may adjust the delete( or call it o=
mitting or trimming) threshold, since you will need to acquire decimal plac=
es inside the Sat variable too ( people may have TXs less than 100$)<div di=
r=3D"auto"><br><div dir=3D"auto">-Talking with today's numbers,=C2=A0</=
div><div dir=3D"auto"><a href=3D"https://bitinfocharts.com/top-100-richest-=
bitcoin-addresses.html" rel=3D"noreferrer noreferrer" target=3D"_blank">htt=
ps://bitinfocharts.com/top-100-richest-bitcoin-addresses.html</a></div><div=
dir=3D"auto"><br></div><div dir=3D"auto">it is hard to imagine that someon=
e's all holdings in Bitcoin is just =E2=89=A41000 Sat (3.15 m address) =
or even =E2=89=A410,000 Sat (4.1$, with currently 7.6m addresses in additio=
n to the 3.15m)</div><div dir=3D"auto">So we'll just incentivise those =
people to find a low fee time in say a 6 month interval and collect those U=
TXOs into one of at least 5$ (10.86m=E2=89=A44.1$) or 1$ (5.248m=E2=89=A41$=
) your decision.</div><div dir=3D"auto"><br></div><div dir=3D"auto">-During=
4 days after showing the smaller intervals, those =E2=89=A41000Sat increas=
e by ~2K everyday with total holding increased by 0.01BTC. Addresses in mil=
lions:</div><div dir=3D"auto">3.148, 3.1509, 3.152895, 3.154398</div><div d=
ir=3D"auto">Total BTC:=C2=A0</div><div dir=3D"auto">14.91,14.92,14.93,14.94=
</div><div dir=3D"auto"><br></div><div dir=3D"auto">-The number of =E2=89=
=A410,000 Sat increases by 4-8 k per day.</div><div dir=3D"auto">Addresses =
in millions:</div><div dir=3D"auto">7.627477, 7.631436, 7.639287, 7.644925<=
/div><div dir=3D"auto">Total BTC</div><div dir=3D"auto">333.5, 333.63, 333.=
89, 334.1</div><div dir=3D"auto"><br></div><div dir=3D"auto">-remember that=
no. of addresses is a lowerbound on no. of UTXOs; ie., the real numbers co=
uld be even more.</div><div dir=3D"auto">.</div><div dir=3D"auto">+ There&#=
39;s also non-standard & burned , yes they're about 0.6m UTXOs, but=
they're misleading on the status of the value they hold.</div><div dir=
=3D"auto">.</div><div dir=3D"auto">At the end, I'm just suggesting...</=
div><div dir=3D"auto">.</div><div dir=3D"auto">Regards,</div><div dir=3D"au=
to">Shymaa</div></div></div><br><div class=3D"gmail_quote"><div dir=3D"ltr"=
class=3D"gmail_attr">On Wed, Feb 9, 2022, 00:16 <<a href=3D"mailto:dam=
ian@willtech.com.au" rel=3D"noreferrer noreferrer noreferrer" target=3D"_bl=
ank">damian@willtech.com.au</a>> wrote:<br></div><blockquote class=3D"gm=
ail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-le=
ft:1ex">Good Morning,<br>
<br>
I wish to point out that because fees are variable there is no reason <br>
fees could not be less than 1 sat in future if fees climb. You may <br>
consider this optimistic but I recall in the first days of Bitcoin when <br=
>
fees were voluntary. It is not unreasonable provided the fungibility <br>
(money-like-quality) of Bitcoin is maintained for 1 sat to be worth over <b=
r>
$100.00 in the future.<br>
<br>
KING JAMES HRMH<br>
Great British Empire<br>
<br>
Regards,<br>
The Australian<br>
LORD HIS EXCELLENCY JAMES HRMH (& HMRH)<br>
of Hougun Manor & Glencoe & British Empire<br>
MR. Damian A. James Williamson<br>
Wills<br>
<br>
et al.<br>
<br>
<br>
Willtech<br>
<a href=3D"http://www.willtech.com.au" rel=3D"noreferrer noreferrer norefer=
rer noreferrer noreferrer" target=3D"_blank">www.willtech.com.au</a><br>
<a href=3D"http://www.go-overt.com" rel=3D"noreferrer noreferrer noreferrer=
noreferrer noreferrer" target=3D"_blank">www.go-overt.com</a><br>
<a href=3D"http://duigco.org" rel=3D"noreferrer noreferrer noreferrer noref=
errer noreferrer" target=3D"_blank">duigco.org</a> DUIGCO API<br>
and other projects<br>
<br>
<br>
m. 0487135719<br>
f. +61261470192<br>
<br>
<br>
This email does not constitute a general advice. Please disregard this <br>
email if misdelivered.<br>
--------------<br>
On 2022-02-06 09:39, Pieter Wuille via bitcoin-dev wrote:<br>
>> Dear Bitcoin Developers,<br>
> <br>
>> -When I contacted bitInfoCharts to divide the first interval of <b=
r>
>> addresses, they kindly did divided to 3 intervals. From here:<br>
>> <a href=3D"https://bitinfocharts.com/top-100-richest-bitcoin-addre=
sses.html" rel=3D"noreferrer noreferrer noreferrer noreferrer noreferrer" t=
arget=3D"_blank">https://bitinfocharts.com/top-100-richest-bitcoin-addresse=
s.html</a><br>
>> -You can see that there are more than 3.1m addresses holding =E2=
=89=A4 <br>
>> 0.000001 BTC (1000 Sat) with total value of 14.9BTC; an average of=
473 <br>
>> Sat per address.<br>
> <br>
>> -Therefore, a simple solution would be to follow the difficulty <b=
r>
>> adjustment idea and just delete all those<br>
> <br>
> That would be a soft-fork, and arguably could be considered theft.<br>
> While commonly (but non universally) implemented standardness rules<br=
>
> may prevent spending them currently, there is no requirement that such=
<br>
> a rule remain in place. Depending on how feerate economics work out in=
<br>
> the future, such outputs may not even remain uneconomical to spend.<br=
>
> Therefore, dropping them entirely from the UTXO set is potentially<br>
> destroying potentially useful funds people own.<br>
> <br>
>> or at least remove them to secondary storage<br>
> <br>
> Commonly adopted Bitcoin full nodes already have two levels of storage=
<br>
> effectively (disk and in-RAM cache). It may be useful to investigate<b=
r>
> using amount as a heuristic about what to keep and how long. IIRC, not=
<br>
> even every full node implementation even uses a UTXO model.<br>
> <br>
>> for Archiving with extra cost to get them back, along with <br>
>> non-standard UTXOs and Burned ones (at least for publicly known, <=
br>
>> published, burn addresses).<br>
> <br>
> Do you mean this as a standardness rule, or a consensus rule?<br>
> <br>
> * As a standardness rule it's feasible, but it makes policy (furth=
er)<br>
> deviate from economically rational behavior. There is no reason for<br=
>
> miners to require a higher price for spending such outputs.<br>
> * As a consensus rule, I expect something like this to be very<br>
> controversial. There are currently no rules that demand any minimal<br=
>
> fee for anything, and given uncertainly over how fee levels could<br>
> evolve in the future, it's unclear what those rules, if any, shoul=
d<br>
> be.<br>
> <br>
> Cheers,<br>
> <br>
> --<br>
> Pieter<br>
> <br>
> _______________________________________________<br>
> bitcoin-dev mailing list<br>
> <a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" rel=3D"norefe=
rrer noreferrer noreferrer noreferrer" target=3D"_blank">bitcoin-dev@lists.=
linuxfoundation.org</a><br>
> <a href=3D"https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-=
dev" rel=3D"noreferrer noreferrer noreferrer noreferrer noreferrer" target=
=3D"_blank">https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev<=
/a><br>
</blockquote></div>
</blockquote></div>
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