Lightning Strikes Twice!Second week into this Lightning Network Saga. Real Life work has been a priority so I haven’t had much time to invest in this Lightning Node or follow-up on the previous post.
So I have taken some of my advice and thought seriously about where to position my node in the grand scheme of things and have decided I do want to be a routing node. I have decided to raise the fees to hopefully break even, and reduce the fees along the way when the channel has paid for itself. Will also be throwing another 5-10BTC into this venture, depending on how the next few weeks go... Not ready to pack it in yet!
My OP may have sounded negative, but in no way am I discounting Lightning Network. My expectation is in no way a reflection of the Lightning Network Bitcoin Scaling Solution.
This was a point of view from a LN node that was more focusing on Routing Payments than Retail Payments/Usage; the latter of which I strongly believe should be the primary reason for Lightning Network Layer 2 Scaling Solution.
I think there will be some sort of balance between OnChain and OffChain when lightning has critical mass, and in turn make it more profitable to run a lightning node.
I can definitely see the huge potential for micro transactions and general low value transactions but I cannot see any business case to "starting a routing node" in the hopes to turn a profit or break even, as it stands, without significant amount of capital/BTC. Remember 1BTC just isn’t going to cut it!
My expectation of being able to route thousands of transaction from the get go may have attributed to the less than favourable experience, but again that was me and not Lightning Network.
I am going to try and use it as a consumer and see how the experience is, although very limited support here in Australia. It may have to be virtual usage.
Final thoughts and comments....Sorry Bob for getting you back into this Lightning Network Saga! Just when you thought you were out, they pull you back in!
It is very addictive and euphoric opening new channels. Not sure what it is, but every time a new channel is opened I feel like a kid in a candy shop again!
I have also “bit the bullet” and moved from command line to GUI (Ride The Lightning). Managing 60 Channels via CLI was starting to hurt the eyeballs and the JSON output was really starting to annoy me!
Now is a good time to start your own LN node, especially being able to open channels for 1SAT/vByte. If anyone wants and/or needs help. More than happy to help and don’t forget to join the WO LN Hub! Send me a PM for the required LN Node PubKeys.
I have given up on trying to re-balance the channels and just let it be. As an experiment, I have adjusted the current fee structure, and this in turns has made things lot quieter.
Last week, we had routed about 148 payments and collected approx 230SATS.
This week we have only routed 18 payments but have collected a significantly more amount for fees, approx. 2,761 SATS, and while it helps cover cost, I cannot help but feel bad for the person routing the payments (maybe because I know how it feels, kind of like being ripped off...)
I think part of the other issue I have is not having enough visuals on what is going on within the Lightning Network. Where payments are being routed, who is spending and where are they spending from etc. All we get to see is a transaction coming in and going out. It would be nice to see the start and end of that transaction. It sometimes feels like you are fishing in the middle of the ocean, all alone, waiting for something to bite, very lonely
I have always advocated for the notion of “don’t just judge it for what it is now”, “but for what it could potentially be”. And I still do strongly believe LN will be the future of Bitcoin.
Poll
