Published on: 2021-02-28T19:45:23+00:00
The ongoing debate on whether to activate Taproot with LOT (LockinOnTimeout) set to true or false has sparked arguments from both sides. Those against setting LOT=false argue that it poses a risk by forcing the community to place extra trust in miners, as there is a small probability that Taproot may not be activated by them. This could also set a precedent that miners cannot be relied upon to activate soft forks, even if there is overwhelming community consensus. The worst-case scenario would be waiting over a year for Taproot to be activated, but redeployment could lead to confusion among users who have already upgraded once.On the other hand, proponents of LOT=true argue that it sets clear expectations for miners and allows them to cooperate as they do day-to-day. They believe that claims of being "forced" to accept the soft fork are baseless, as BIP 8 provides an easy way for people to reject it if they don't like it. They emphasize that any deployment, including the status quo, can be spun negatively, so objective criteria should be considered. Additionally, they note that developers releasing software is not enough; the community must actively choose to run the software and accept the protocol change.In a recent discussion on Reddit, users raised points related to Taproot activation pools. One user argued that avoiding rules that harm users is more important than quickly deploying new useful rules. Another user highlighted the importance of defaulting to LOT=false, as it allows for non-activation even if people run the code provided by developers. This supports the decentralized ethos of Bitcoin and reduces the chance of unwanted changes being pressured onto developers. They also noted that Bitcoin Core being free software gives users the right to modify, run, and share additional copies, which demonstrates their ability to resist changes if necessary.The Taproot activation meeting took place on February 3rd, and another meeting has been scheduled for February 16th. The main topic of discussion is whether to set LOT to true or false in a Bitcoin Core release. Arguments for LOT=true include eliminating the risk of Taproot failing to activate within a year, avoiding confusion among users, and not forcing them to change LOT. Arguments for LOT=false highlight the small probability of non-activation by miners, the precedence it sets if miners fail to activate despite community consensus, and the importance of avoiding rules harmful to users. Other parameters, such as activation threshold and start time, will also be discussed. It is important to note that the discussion on LOT should not derail the overwhelming consensus that Taproot will be activated this year.
Updated on: 2023-08-02T03:04:07.963790+00:00