Bitcoin Forum
December 12, 2017, 06:45:24 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: LN devs on miners and the lightning network  (Read 623 times)
European Central Bank
Hero Member
*****
Offline Offline

Activity: 812



View Profile
March 23, 2017, 12:30:43 AM
 #1

https://medium.com/@rusty_lightning/miners-and-bitcoin-lightning-a133cd550310#.o47et1k9x

'TL;DR: The bitcoin userbase is tiny. If we finally make bitcoin catch on for daily usage, miners will be just fine…'

i'd like to know how well informed miners are about the lightning network and what it might mean for them. i kind of get the feeling they regard it as the tap that'll turn off their fees and nothing else.

the most interesting detail from the above article is that lightning network payments are capped at 0.042 btc. i didn't know that. i wonder if that's gonna disappoint or excite people.

       ▀
   ▄▄▄   ▄▀
   ███ ▄▄▄▄  ██
       ████
    ▄  ▀▀▀▀
▄▄
      ██    ▀▀
██▄█▄▄▄████████
▄▄▄▄▄▄▄▄▀▀███▀▀▀
██████████████████
████▄▀▄▀▄▀███▀▀▀▀▀
████▄▀▄▀▄▀███ ▀
████▄▀▄▀▄▀████████
▀█████████████████
]
,CoinPayments,
█████
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████
█████
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████
█████
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████
1513104324
Hero Member
*
Offline Offline

Posts: 1513104324

View Profile Personal Message (Offline)

Ignore
1513104324
Reply with quote  #2

1513104324
Report to moderator
1513104324
Hero Member
*
Offline Offline

Posts: 1513104324

View Profile Personal Message (Offline)

Ignore
1513104324
Reply with quote  #2

1513104324
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513104324
Hero Member
*
Offline Offline

Posts: 1513104324

View Profile Personal Message (Offline)

Ignore
1513104324
Reply with quote  #2

1513104324
Report to moderator
Janation
Hero Member
*****
Offline Offline

Activity: 546



View Profile
March 23, 2017, 12:45:09 AM
 #2

https://medium.com/@rusty_lightning/miners-and-bitcoin-lightning-a133cd550310#.o47et1k9x

'TL;DR: The bitcoin userbase is tiny. If we finally make bitcoin catch on for daily usage, miners will be just fine…'

i'd like to know how well informed miners are about the lightning network and what it might mean for them. i kind of get the feeling they regard it as the tap that'll turn off their fees and nothing else.

the most interesting detail from the above article is that lightning network payments are capped at 0.042 btc. i didn't know that. i wonder if that's gonna disappoint or excite people.

I think it will really dissapoint the miners, the transactions without confirmations. Users are excited with the fast transactions which users are really looking right now, low fees, though hearing it to be at that cap, for me it is a dissapointment. Still I am excited not because of its function, but what and how will it affect the users and the miners.



         ▄▄██████████▄▄
      ▄█████████████████                                ▄▄▄▄     ▄▄▄▄     ▄▄▄▄
    ▄███████▀▀   ▀▀██████                              ██████   ██████   ██████
   ▄██████▀        ██████                              ▀████▀   ▀████▀   ▀████▀
  ▐██████          ▀▀▀▀▀▀
  ██████
 ▐██████
 ██████      ███████████▌    ████████▄▄       ▄███▌     ▄██████████ ███████████▌
▐██████      ███████████    ▐███   ▀███▌     ▄████▌     ███▌           ▐███
██████▌          ██████▌    ███▌    ███▌    ███▀███     ███            ███▌
██████▌          ██████    ▐███▄▄▄▄███▀    ███  ███    ▐█████████      ███
███████         ███████    ████▀▀▀███▄    ███   ███▌   ███▀▀▀▀▀▀      ▐███
 ▀███████▄▄▄▄▄████████    ▐███     ███  ▄██████████▌  ▐███            ███▌
  ▀████████████████▀      ███▌    ▐███ ▄███     ▐███  ███▌           ▐███
     ▀▀███████▀▀▀         ▀▀▀     ▀▀▀▀ ▀▀▀       ▀▀▀  ▀▀▀            ▀▀▀▀

║▮
║▮
║▮

▮║
▮║
▮║



                 ▄████▄▄    ▄
██             ████████████▀
████▄         █████████████▀
▀████████▄▄   █████████████
▄▄█████████████████████████
██████████████████████████
  ▀██████████████████████
   █████████████████████
    ▀█████████████████▀
      ▄█████████████▀
▄▄███████████████▀
   ▀▀▀▀▀▀▀▀▀▀▀



       ▄▄▄▄▄▄
    ▄████████
    █████▀▀▀▀
   ▐████
   ▐████
████████████
████████████
   ▐████
   ▐████
   ▐████
   ▐████
   ▐████




                      ▄▄████
                ▄▄▄████████▌
          ▄▄▄███████▀▄█████
     ▄▄█████████▀▀ ▄██████▌
▄▄███████████▀  ▄█████████
 ▀▀▀█████▀    ▄██████████▌
       ██   █████████████
        █▄ █████████████▌
        ▐█▄███▀▀████████
         ███▀    ▀▀████▌
                    ▀▀█


                   ▄▄▄    ▄▄██▄▄
                   ██▀▀██████████
                  ██     ████████
                 ▐█▀      ▀████▀
   ▄▄▄▄    ▄▄██████████▄▄    ▄▄▄▄
 ▄████████████████████████████████▄
▐██████████████████████████████████▌
▐██████████   ▀██████▀   ███████████
 █████████▌    ██████    ██████████
  ▀██████████████████████████████▀
   ▀████████▀▀████████▀▀████████▀
     ▀███████▄        ▄████████▀
       ▀████████████████████▀
          ▀▀▀▀█████████▀▀▀▀
d5000
Legendary
*
Offline Offline

Activity: 1582



View Profile
March 24, 2017, 08:38:45 AM
 #3

the most interesting detail from the above article is that lightning network payments are capped at 0.042 btc. i didn't know that. i wonder if that's gonna disappoint or excite people.

Thanks, didn't know about the cap. For me it's a good thing. Lightning Network should never be used for large and important transactions like salary, but for microtransactions it's great, if it works like expected.

For larger transactions being scalable I have more hopes in sidechains and other "sharding" techniques, but I know that they are not trivial to realize.

Regarding miners I agree with the article. I think LN can give us more use cases for Bitcoin if we don't cap the actual on-chain transaction density too hard. So miners should be actually fine with the fees they will earn.

       ▀
   ▄▄▄   ▄▀
   ███ ▄▄▄▄  ██
       ████
    ▄  ▀▀▀▀
▄▄
      ██    ▀▀
██▄█▄▄▄████████
▄▄▄▄▄▄▄▄▀▀███▀▀▀
██████████████████
████▄▀▄▀▄▀███▀▀▀▀▀
████▄▀▄▀▄▀███ ▀
████▄▀▄▀▄▀████████
▀█████████████████
]
,CoinPayments,
█████
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████
█████
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████
█████
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████ ██
█████
Carlton Banks
Legendary
*
Offline Offline

Activity: 1848



View Profile
March 24, 2017, 09:47:06 AM
 #4

the most interesting detail from the above article is that lightning network payments are capped at 0.042 btc. i didn't know that. i wonder if that's gonna disappoint or excite people.

Thanks, didn't know about the cap. For me it's a good thing. Lightning Network should never be used for large and important transactions like salary, but for microtransactions it's great, if it works like expected.


Been trying to explain this for months, but it gets drowned out in a sea of "you want mining to die, LN to send all transactions and centralise Bitcoin"

And you've been no help at all, d5000. But in fairness, I had no idea a cap on Lightning transaction amounts was being touted.

For larger transactions being scalable I have more hopes in sidechains and other "sharding" techniques, but I know that they are not trivial to realize.

Regarding miners I agree with the article. I think LN can give us more use cases for Bitcoin if we don't cap the actual on-chain transaction density too hard.


I hope you are also going to begin to understand that shrinking transactions is the only scaling paradigm possible (whereas you've been another voice in the crowd shouting about the un-scalable blocksize increase paradigm).



Changing to Schnorr signatures (instead of the current ECDSA sigs) and changing to a more efficient transaction encoding scheme could turn 300,000 tx/day into 400,000 tx/day on-chain. More can be done, there's plenty of true on-chain scaling ideas on the shelf.

That's the responsible way to do it, we can think about doing the high-wire dangerous blocksize increases once there's actually a safety net to break any falls.

Vires in numeris
spartacusrex
Hero Member
*****
Offline Offline

Activity: 610



View Profile
March 24, 2017, 10:09:51 AM
 #5

WHO can read that and NOT be turned on by the idea of LN ??

It. sounds. amazing..

I weep at the thought it may never come to pass..  Cry

Xester
Hero Member
*****
Offline Offline

Activity: 672


★YoBit.Net★ 350+ Coins Exchange & Dice


View Profile
March 24, 2017, 10:42:25 AM
 #6

https://medium.com/@rusty_lightning/miners-and-bitcoin-lightning-a133cd550310#.o47et1k9x

'TL;DR: The bitcoin userbase is tiny. If we finally make bitcoin catch on for daily usage, miners will be just fine…'

i'd like to know how well informed miners are about the lightning network and what it might mean for them. i kind of get the feeling they regard it as the tap that'll turn off their fees and nothing else.

the most interesting detail from the above article is that lightning network payments are capped at 0.042 btc. i didn't know that. i wonder if that's gonna disappoint or excite people.

If the fees are that high then that is very disappointing. That is a huge amount and we only earn a small amount of satoshi. If that is true the probably I will transfer my bitcoins only every six months si as not to suffer from the killer fees. I am earning 0.06 btc weekly and only 0.018 btc will go to my wallet since 0.042 btc will be eaten by the miners. Many will leave bitcoins if that will come true.

Carlton Banks
Legendary
*
Offline Offline

Activity: 1848



View Profile
March 24, 2017, 10:44:22 AM
 #7

the most interesting detail from the above article is that lightning network payments are capped at 0.042 btc. i didn't know that. i wonder if that's gonna disappoint or excite people.

If the fees are that high then that is very disappointing.

That's the maximum per transaction, not the fee

Did you not read the article?

Vires in numeris
RawDog
Legendary
*
Offline Offline

Activity: 1162



View Profile WWW
March 24, 2017, 10:48:29 AM
 #8

WHO can read that and NOT be turned on by the idea of LN ??

It. sounds. amazing..

I weep at the thought it may never come to pass..  Cry


It will come to pass - as an alt.  Why don't they just go do LN on a bitcoin fork?  Just call it: LNBTC.  Now go do this amazing project. 

Oh wait, LN won't work unless we fuckup and cripple the throughput of the real bitcoin first.  No one needs LN unless we first destroy the capacity at Bitcoin. 

It is all becoming clear now.

*Image Removed* *Expletive Removed*  *Obsenity Removed*
What's going on - Slavetards?!!!
Watch my videos: https://www.youtube.com/watch?v=oE43M1Z8Iew  1FuckYouc6zrtHbnqcHdhrSVhcxgpJgfds
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!