By Bitcoin Core has recently introduced version 25.0, which brings a host of fresh features, numerous bug fixes, and enhancements to its performance. In the meantime, long-time bitcoin skeptic Peter Schiff has announced his new NFT collection to be inscribed on the bitcoin blockchain, surprising his fans and critics alike.
Bitcoin Core Update
This update to Bitcoin Core includes improved translations for better accessibility, P2P and network modifications, and new and improved RPCs. In terms of P2P and network adjustments, the mempool and relay policies have been adjusted to allow non-witness transactions of 65 bytes and above.
Enabling greater flexibility for smaller transaction sizes, this update expands the range of use cases and strengthens the safeguards against CVE-2017-12842.
CVE-2017-12842 is a vulnerability in Bitcoin Core versions before 0.14 that allows an attacker to create an apparently valid SPV proof of payment, and present it to a victim who uses an SPV (light) wallet, even if that payment did not actually occur.
Completing the attack would cost more than a million dollars, requires a lot of time, and is relevant mainly only in situations where an autonomous system relies solely on a single SPV proof for transactions.
A detailed explanation of the old vulnerability can be found here.
The scanblocks RPC now facilitates the retrieval of relevant blockhashes from a set of descriptors by scanning all block filters within a specified range.
The release comes at an opportune moment as currently, the emergence of Ordinals has increased the incoming transaction count to the bitcoin network, causing the median required fee for rapid confirmation to rise significantly. This update addresses these issues effectively, providing timely solutions to enhance the network’s performance.
Peter Schiff’s NFT Announcement
In the meantime, Peter Schiff, a well-known critic of bitcoin, is now venturing into the world of NFTs by preparing to launch his own bitcoin-based NFT art collection. This move is quite interesting considering Schiff’s history of criticizing bitcoin and dismissing NFTs as lacking value.
He stated in a tweet: “I’m pleased to announce an art project with one of my favorite artists, Market Price. This collaboration features the original painting ‘Golden Triumph’ as well as a series of prints and Ordinals inscribed on the bitcoin blockchain”
The announcement triggered mixed reactions, leaving many surprised, particularly among fans of Ordinals, while others swiftly highlighted the apparent contradiction or hypocrisy involved.
Bitcoin podcaster Layah Heilpern commented: “You’ve always loved bitcoin; you pretend otherwise for clout.”
To which Schiff replied: “This is art, and it’s a tribute to gold. But there is something here for Bitcoiners as well. But I’m still not a member of that club.”
Another commenter didn’t believe this, and applauded Schiff, saying that this is indeed a good “trolling”.
A user asked Schiff in the comments: “So… it’s valuable to put your “gold” inscriptions on bitcoin, but bitcoin itself is not valuable?” — Peter Schiff settled with a simple answer: “correct”
In the comments, Bitcoin.rocks disputed that bitcoin can be sent over the internet, while gold can only be traded physically. Schiff replied to that saying: “Ownership of gold can also be sent over the internet. For using gold as money, proof of ownership is all that’s needed.”
What Schiff refers to as “proof of ownership” here might be paper golds, or more widely known as gold “IOU”s. The main problem that arises from trading gold IOUs is the ability of the large gold-holding entities to forge fake proofs of ownership if they are left unaudited for a long time, bringing up the issue of “trust” once more — An issue that will not happen with bitcoin.
