Subject: Re: [bitcoindev] A Taproot-native (re-)bindable transaction bundle proposal

From: Peter Todd <[email-masked]>
Date: Thu, 17 Jul 2025 09:05:20 +0000

On Fri, Jul 11, 2025 at 06:59:18PM -0400, James O'Beirne wrote:
> Hi Antoine,
> 
> > You state that between 0.1% and 0.75% of all bitcoins in existence are
> > held in P2TR outputs, and use this figure to conclude the
> > "overwhelming majority of **value transfer** in bitcoin is still
> > happening in a pre-Taproot script context".
> 
> I think you might have misparsed my email; I wasn't using one
> observation to justify the other.
> 
> I ran a script[0] to tally the value of newly created outputs by address
> type, and the node tells me that 93.5% of all output-value created over
> the last three months is non-P2TR.

The total output value created that is non-P2TR is irrelevant here: all those
outputs are being created by existing production systems. Obviously, they have
no reason to rush to implementing taproot. Heck, as I just mentioned elsewhere,
even P2PKH addresses are *still* fairly commonly used even though there are
significant fee savings to upgrading. People just don't like upgrading existing
- working - code unless there is a really good reason.

What we're discussing here is a new scripting feature, that inevitably are only
useful for brand new code. There are no sigificant obstacles to new code making
use of taproot.

ACK new opcodes being taproot only.

-- 
https://petertodd.org 'peter'[:-1]@petertodd.org

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