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January 13, 2020, 12:33:11 PM Last edit: January 13, 2020, 12:47:36 PM by mocacinno Merited by ABCbits (10), NotATether (5), JayJuanGee (4), nc50lc (2), n0nce (2), d5000 (1), Wind_FURY (1), Pmalek (1), psycodad (1), Heisenberg_Hunter (1), ndalliard (1) |
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bitcoind, c-lightning and RTL on centos 7 (walktrough)I decided to write down some documentation on how to rebuild some of my services in case i ever faced a system crash, and because i more or less had all documentation on my system, i decided to update everything and publish it on this forum AND my blog... This way everybody could use my documentation to setup their own services of they ever wanted to. some remaks: - I'm not taking any political stance here... The lightning network has pro's and con's, it's not completely mature (yet). This thread is NOT for discussing LN merits or shortcomings, but merely a technical walk-trough on how to get things up and running
- my system specs: Centos 7, KVM VPS, 3 Gb RAM, 3vCPU's... The most important spec, however, is the disksize... A full node requires 278G at this moment, and there is a (theoritical) growth potential of ~17 Gb/month. Add some space for binaries, updates, builds, logs,... So you'll need at very least 350 Gb of free space on your filesystem
- not all VPS providers will deliver a VPS that has the same configuration... It's possible some prereqs were already met in my basic image, while you have to install them yourself (or vice-versa)
- i didn't document the firewall rules, because there are several possible firewall-implementations, and basically, if i'd have to go into the details of setting up firewallrules, i'd need a completely seperate firewall tutorial alltogether. If you have a clean (unused) VPS or you're installing a server in your HOME network (behind your own firewall), you *might* want to disable the firewall for testing puposes (re-enable it afterwards tough!!!)
- i didn't document the backup procedures. Always make sure you backup wallets, seeds,...
- no guarantee... If you follow these steps and lose money: don't blame me
- no help... Sure, i might try to help you out if you run into problems, but i'm under no obligation to do so. Best effort only, and only when i have time to help you
- no docker. Sure, docker is great, but if you run docker containers, you'll never know what's under the hood
. It's easy to download and spin up a docker container, but you'll learn little (or nothing). Don't get me wrong, if you're building your own containers or if you don't want to learn how to setup your service, docker is great... Just not if you want to get your hands dirty ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
- bitcoin core, c-lightning and RTL are built from source in this walktrough... It's up to you to periodically perform updates (not only for these binaries, but for all packages on your system)
- this tutorial is a work in progress... There are many other steps (hardening, cleanup,...) that could happen. I'll probably edit these steps when i get input, or when i think about something myself. This is also why i split up this thread, this way every step has the chance/space to grow in the future...
Overview Of what we'll be installingBitcoin Core: a full node implementation and wallet, sometimes called the reference client. This node fetches all blocks and unconfirmed transactions from the peers it's connected to, parses and verifies everything and has a full wallet functionality C-lightning: a Lightning Network implementation in C. Create lightning channels, create or pay lightning invoices. RTL: Ride the lightning: one of the best GUI's that can be used on top of an existing c-lightning daemon. No extra functionality, but a lot easyer to use than using lightning-cli
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January 13, 2020, 12:33:29 PM Last edit: September 27, 2021, 05:37:20 AM by mocacinno Merited by LoyceV (4), ABCbits (2) |
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Bitcoin coreprereqs: running (base) systemstep 1: create service user, install prereqs adduser bitcoin passwd bitcoin usermod -aG wheel bitcoin yum -y install epel-release yum install -y autoconf automake boost-devel gcc-c++ git libdb4-cxx libdb4-cxx-devel libevent-devel libtool openssl-devel wget nano python3 su - bitcoin
step 2: verify you should see you're "bitcoin" and your current working directory is "/home/bitcoin" step 3: build ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) git clone https://github.com/bitcoin/bitcoin.git cd bitcoin git checkout v0.19.0.1 ./autogen.sh ./configure make -j $(nproc) sudo make install
make sure you checkout the latest release (at the time of writing, this is v0.19.0.1, but later on this number will increase) step 4: create password hash cd share/rpcauth/ python3 rpcauth.py the_username_of_the_user_you_want cleartext_password_unique_long
Caveat: the plaintext password will be saved in your history!! pick a unique one and/or clean up your history afterwards!!! step 5: make dir, create conf mkdir ~/.bitcoin nano ~/.bitcoin/bitcoin.conf
step 6: fill bitcoin.conf daemon=1 server=1 maxmempool=50 mempoolexpiry=2 rpcauth=user_chose_in_step_4:hash_created_in_step_4 dbcache=2048 banscore=10 datadir=/home/bitcoin/.bitcoin/
step 7: create service file sudo nano /usr/lib/systemd/system/bitcoind.service
step 8: file bitcoind.service [Unit] Description=Bitcoin daemon After=network.target
[Service] ExecStart=/usr/local/bin/bitcoind -daemon -conf=/home/bitcoin/.bitcoin/bitcoin.conf
# Make sure the config directory is readable by the service user PermissionsStartOnly=true
# Process management ####################
Type=forking Restart=on-failure
# Directory creation and permissions ####################################
# Run as bitcoin:bitcoin User=bitcoin Group=bitcoin
# Hardening measures ####################
# Provide a private /tmp and /var/tmp. PrivateTmp=true
# Mount /usr, /boot/ and /etc read-only for the process. ProtectSystem=full
# Disallow the process and all of its children to gain # new privileges through execve(). NoNewPrivileges=true
# Use a new /dev namespace only populated with API pseudo devices # such as /dev/null, /dev/zero and /dev/random. PrivateDevices=true
# Deny the creation of writable and executable memory mappings. MemoryDenyWriteExecute=true
[Install] WantedBy=multi-user.target
step 9: enable and start bitcoind service sudo systemctl enable bitcoind.service sudo service bitcoind start
step 10: final step: check if your node is syncing tail -f ~/.bitcoin/debug.log
once everything seems to be working, press "Ctrl-C" step 11: (optional), re-visit step 6 and remove the banscore variable and decrease dbcache Finished... Now you'll have to wait several hours for your node to sync... You can only proceed to the next step once this process is finished ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.mocacinno.com%2Fhotlinkimages%2Fbitcoind%2F1.png&t=665&c=AjiuexdbQPx-GA)
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January 13, 2020, 12:33:39 PM Last edit: September 27, 2021, 05:37:45 AM by mocacinno |
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c-lightningprereqs: running and synced bitcoin corestep 1: make sure you're user bitcoin, make sure you're in the home folder, install the prereqs whoami pwd cd ~ sudo yum install -y autoconf automake boost-devel gcc-c++ git libdb4-cxx libdb4-cxx-devel libevent-devel libtool openssl-devel wget libsodium-devel gmp-devel sqlite-devel python34 asciidoc clang python2-devel pythong34-devel python34-pip sudo pip3 install Mako
step 2: clone and build c-lightning git clone https://github.com/ElementsProject/lightning.git cd lightning git checkout v0.8.0 ./configure make -j $(nproc) sudo make install
make sure you checkout the latest release (at the time of writing, this is v0.8.0, but later on this number will increase) step 3: create the service sudo nano /usr/lib/systemd/system/lightningd.service
step 4: fill lightningd.service [Unit] Description=C-Lightning daemon Requires=bitcoind.service After=bitcoind.service Wants=network-online.target After=network-online.target
[Service] ExecStart=/usr/local/bin/lightningd --daemon --conf /home/bitcoin/.lightning/bitcoin/lightningd.conf
User=bitcoin Group=bitcoin Type=forking Restart=on-failure
# Hardening measures ####################
# Provide a private /tmp and /var/tmp. PrivateTmp=true
# Mount /usr, /boot/ and /etc read-only for the process. ProtectSystem=full
# Disallow the process and all of its children to gain # new privileges through execve(). NoNewPrivileges=true
# Use a new /dev namespace only populated with API pseudo devices # such as /dev/null, /dev/zero and /dev/random. PrivateDevices=true
# Deny the creation of writable and executable memory mappings. MemoryDenyWriteExecute=true
[Install] WantedBy=multi-user.target
step 5: create conf file nano /home/bitcoin/.lightning/bitcoin/lightningd.conf
step 6: fill conf file network=bitcoin log-level=debug log-file=/home/bitcoin/.lightning/debug.log daemon alias=alias_for_your_node
step 7: enable and start the service sudo systemctl enable lightningd.service sudo service lightningd start
step 8: monitor the startup progress tail -f /home/bitcoin/.lightning/debug.log
press "Ctrl-c" to stop the tail, after a while you might decide to decrease the log level (step 6) Finished... ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.mocacinno.com%2Fhotlinkimages%2Fclightning%2F1.png&t=665&c=up3Ge7Ozc10WvQ)
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January 13, 2020, 12:33:57 PM Last edit: September 27, 2021, 05:38:14 AM by mocacinno |
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RTLprereqs: running and synced bitcoin core, running lightningd (c-lightning)step 1: make sure you're user bitcoin, make sure you're in the home folder, install the prereqs whoami pwd cd ~ sudo yum install -y gcc-c++ make sudo curl -sL https://rpm.nodesource.com/setup_12.x | sudo -E bash - sudo yum install nodejs
step 2: clone and build c-lightning-REST (this is a prereq for RTL) git clone https://github.com/saubyk/c-lightning-REST cd c-lightning-REST npm install cp sample-cl-rest-config.json cl-rest-config.json sudo lsof -i :3001 sudo lsof -i :4001
if the lsof command return nothing, the cl-rest-config.json should not be edited, if an other service is listening to port 3001 or 4001, you'll need to edit cl-rest-config.json step 3: create a service file for c-lightning-REST sudo nano /etc/systemd/system/c-lightning-REST.service
step 4: fill c-lightning-REST.service [Unit] Description=c-lightning-REST daemon Wants=lightningd.service After=lightningd.service
[Service] ExecStart=/usr/bin/node /home/bitcoin/c-lightning-REST/cl-rest.js User=bitcoin Group=bitcoin Restart=always TimeoutSec=120 RestartSec=30
[Install] WantedBy=multi-user.target
step 5: enable and start the service sudo systemctl enable c-lightning-REST.service sudo service c-lightning-REST start
step 6: make sure you're back into your home folder step 7: clone and build RTL git clone https://github.com/Ride-The-Lightning/RTL.git cd RTL npm install cp sample-RTL-Multi-Node-Conf.json RTL-Multi-Node-Conf.json
step 8: edit RTL-Multi-Node-Conf.json { "multiPass": "very_strong_password", "port": "3000", "defaultNodeIndex": 1, "SSO": { "rtlSSO": 0, "rtlCookiePath": "", "logoutRedirectLink": "" }, "nodes": [ { "index": 1, "lnNode": "C Lighting", "lnImplementation": "CLT", "Authentication": { "macaroonPath": "/home/bitcoin/c-lightning-REST/certs/" }, "Settings": { "userPersona": "MERCHANT", "themeMode": "NIGHT", "themeColor": "TEAL", "channelBackupPath": "/home/bitcoin/RTL/", "bitcoindConfigPath": "/home/bitcoin/.bitcoin/", "enableLogging": true, "fiatConversion": false, "lnServerUrl": "https://127.0.0.1:3001/v1" } } ]
step 9: create service file sudo nano /etc/systemd/system/RTL.service
step 10: fill RTL.service [Unit] Description=RTL daemon Wants=c-lightning-REST.service After=c-lightning-REST.service
[Service] ExecStart=/usr/bin/node /home/bitcoin/RTL/rtl.js User=bitcoin Group=bitcoin Restart=always TimeoutSec=120 RestartSec=30
[Install] WantedBy=multi-user.target
step 11: enable and start RTL service sudo systemctl enable RTL.service sudo service RTL start
At this point, you have RTL up and running... If you surf to https://127.0.0.1:3000 you'll be able to login and manage your lightning node. HOWEVER, if you've installed RTL on a server without a desktop environment and/or without proper x server forewarding, you'll need to execute the following steps in order to be able to surf to RTL (the RTL daemon only listens on localhost port 3000, so i't not accessible on an external portstep 1: register a tld. If you don't want to spend any money, a .tk domain is free. Make sure there's an a-record for this domain that points to your server. If you really don't have a domain, contact me and i'll give you a free [yourname].mocacinno.com subdomain step 2: request a certificate for this domain using certbot sudo yum install nginx certbot sudo certbot certonly
step 3: open nginx.conf nano /etc/nginx/nginx.conf
step 4: edit nginx.conf user nginx; worker_processes auto; error_log /var/log/nginx/error.log; pid /run/nginx.pid;
# Load dynamic modules. See /usr/share/doc/nginx/README.dynamic. include /usr/share/nginx/modules/*.conf;
events { worker_connections 1024; }
stream { upstream RTL { server 127.0.0.1:3000; }
server { listen 3002 ssl; proxy_pass RTL;
ssl_certificate /etc/letsencrypt/live/yourdomain.tld/fullchain.pem; ssl_certificate_key /etc/letsencrypt/live/yourdomain.tld/privkey.pem; ssl_session_cache shared:SSL:1m; ssl_session_timeout 4h; ssl_protocols TLSv1 TLSv1.1 TLSv1.2; ssl_prefer_server_ciphers on; } }
step 5: restart nginx sudo service nginx restart
step 6: you now have RTL up and running: https://yourdomain.tld:3002![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.mocacinno.com%2Fhotlinkimages%2FRTL%2F1.png&t=665&c=CU3EG1ctoqu5ig) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.mocacinno.com%2Fhotlinkimages%2FRTL%2F2.png&t=665&c=jNvW53QhyC4qdA) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.mocacinno.com%2Fhotlinkimages%2FRTL%2F3.png&t=665&c=c2caHJcu1Odrnw) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.mocacinno.com%2Fhotlinkimages%2FRTL%2F4.png&t=665&c=7hXQwDf9vQGYug) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.mocacinno.com%2Fhotlinkimages%2FRTL%2F5.png&t=665&c=KZbXy1z0Z9QgaA)
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mocacinno (OP)
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January 13, 2020, 12:34:09 PM |
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I'm thinking about adding a walktrough on how to install btcpayserver on top of the above stack... But i haven't written any documentation about this process (yet)... So i'll either update this post in the future, or i'll remove it (if i decide adding btcpayserver is to much work)
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January 14, 2020, 06:29:17 AM Merited by JayJuanGee (1) |
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How much would your average monthly cost be for electricity, internet connection, maintenance, if you keep your Lightning node running for 24/7 that specializes in providing liquidity?
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mocacinno (OP)
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January 14, 2020, 06:41:47 AM |
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How much would your average monthly cost be for electricity, internet connection, maintenance, if you keep your Lightning node running for 24/7 that specializes in providing liquidity?
To be honest, i hire a dedicated server which i've partitioned into smaller VPS's. A dedicated box costs me €40/month, but i would be able to install 5 or 6 full stacks on such a dedicated server, so if you pool your resources with 3 other forum members, you'd have a nice VPS with plenty of resources for €10/month if you'd want to. If you want to do a home setup, much depends on the power draw of your machine... An avarage laptop draws 60 Watts (according to google), beause there's a lot of IO and system load, i'd guess a laptop running such a stack would draw a little bit more. 80 Watt * 24 hours * 31 days =~ 60 Kwh. In my country i pay about 30 cents per Kwh, so the cost of running a node on a home laptop would be ~€18/month, not including the wear and tear of the hardware. As you can see in the screenshot, i'll never break even (my node has been online for about 1 year and 3 months, and i've earned 1.2 satoshi's in routing fees)
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Wind_FURY
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January 14, 2020, 10:54:32 AM |
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How much would your average monthly cost be for electricity, internet connection, maintenance, if you keep your Lightning node running for 24/7 that specializes in providing liquidity?
To be honest, i hire a dedicated server which i've partitioned into smaller VPS's. A dedicated box costs me €40/month, but i would be able to install 5 or 6 full stacks on such a dedicated server, so if you pool your resources with 3 other forum members, you'd have a nice VPS with plenty of resources for €10/month if you'd want to. If you want to do a home setup, much depends on the power draw of your machine... An avarage laptop draws 60 Watts (according to google), beause there's a lot of IO and system load, i'd guess a laptop running such a stack would draw a little bit more. 80 Watt * 24 hours * 31 days =~ 60 Kwh. In my country i pay about 30 cents per Kwh, so the cost of running a node on a home laptop would be ~€18/month, not including the wear and tear of the hardware. As you can see in the screenshot, i'll never break even (my node has been online for about 1 year and 3 months, and i've earned 1.2 satoshi's in routing fees)That was going to be in my next question. But, that reinforces the belief that the nodes in the Lightning Network will evolve to become more specialized, and routing fees becoming higher than they are now. It also takes a valuable commodity, Bitcoins, staked in channels.
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January 14, 2020, 11:42:16 AM Merited by JayJuanGee (1) |
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I'm a bit curious, 1. What is average RAM usage after install all of these tools? 2. Does Bitcoin Core use most of the RAM in your case (since you use value 2048 for you dbcahce) ?
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mocacinno (OP)
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January 14, 2020, 12:26:48 PM |
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That was going to be in my next question.
But, that reinforces the belief that the nodes in the Lightning Network will evolve to become more specialized, and routing fees becoming higher than they are now. It also takes a valuable commodity, Bitcoins, staked in channels.
My main idear wasn't to make a profit, but rather learn the "new" (at that time) lightning protocol... I do hope that sooner or later, the fees might increase a little bit, but as for now: nobody knows ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I'm a bit curious, 1. What is average RAM usage after install all of these tools? 2. Does Bitcoin Core use most of the RAM in your case (since you use value 2048 for you dbcahce) ?
Yup, dbcache was set to 2048 to speed up the intial sync, afterwards it's perfectly fine to remove this parameter. Here you go (i've snipped all processes that had nothing to do with this particular stack) ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) ps -o pid,user,%mem,command ax | sort -b -k3 -r PID USER %MEM COMMAND 13827 bitcoin 18.3 /usr/local/bin/bitcoind -daemon -conf=/home/bitcoin/.bitcoin/bitcoin.conf 22686 bitcoin 0.7 /usr/bin/node /home/bitcoin/RTL/rtl.js 20476 bitcoin 0.6 /usr/local/bin/lightningd --daemon --conf /home/bitcoin/.lightning/bitcoin/lightningd.conf 21778 bitcoin 0.6 /usr/bin/node /home/bitcoin/c-lightning-REST/cl-rest.js 20487 bitcoin 0.0 /usr/local/libexec/c-lightning/lightning_hsmd 20489 bitcoin 0.0 /usr/local/libexec/c-lightning/lightning_gossipd 20488 bitcoin 0.0 /usr/local/libexec/c-lightning/lightning_connectd 20478 bitcoin 0.0 /usr/local/bin/../libexec/c-lightning/plugins/pay 20477 bitcoin 0.0 /usr/local/bin/../libexec/c-lightning/plugins/fundchannel 20479 bitcoin 0.0 /usr/local/bin/../libexec/c-lightning/plugins/autoclean 29533 nginx 0.0 nginx: worker process 29532 nginx 0.0 nginx: worker process 29531 nginx 0.0 nginx: worker process
cat /proc/meminfo MemTotal: 2913960 kB MemFree: 79220 kB MemAvailable: 1919348 kB Buffers: 3020 kB Cached: 2067608 kB SwapCached: 11496 kB Active: 1341376 kB Inactive: 1354236 kB Active(anon): 362948 kB Inactive(anon): 375720 kB Active(file): 978428 kB Inactive(file): 978516 kB Unevictable: 4 kB Mlocked: 4 kB SwapTotal: 1048568 kB SwapFree: 741632 kB Dirty: 64 kB Writeback: 0 kB AnonPages: 615284 kB Mapped: 105608 kB Shmem: 113628 kB Slab: 59592 kB SReclaimable: 36760 kB SUnreclaim: 22832 kB KernelStack: 5104 kB PageTables: 21064 kB NFS_Unstable: 0 kB Bounce: 0 kB WritebackTmp: 0 kB CommitLimit: 2505548 kB Committed_AS: 2735808 kB VmallocTotal: 34359738367 kB VmallocUsed: 13956 kB VmallocChunk: 34359720444 kB HardwareCorrupted: 0 kB AnonHugePages: 20480 kB CmaTotal: 0 kB CmaFree: 0 kB HugePages_Total: 0 HugePages_Free: 0 HugePages_Rsvd: 0 HugePages_Surp: 0 Hugepagesize: 2048 kB DirectMap4k: 182144 kB DirectMap2M: 1914880 kB DirectMap1G: 1048576 kB
top - 07:27:07 up 4 days, 4:39, 1 user, load average: 0.00, 0.03, 0.05 Tasks: 140 total, 1 running, 139 sleeping, 0 stopped, 0 zombie %Cpu(s): 0.0 us, 2.1 sy, 0.0 ni, 97.9 id, 0.0 wa, 0.0 hi, 0.0 si, 0.0 st KiB Mem : 2913960 total, 85292 free, 727596 used, 2101072 buff/cache KiB Swap: 1048568 total, 741632 free, 306936 used. 1919012 avail Mem
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Carlton Banks
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But, that reinforces the belief that the nodes in the Lightning Network will evolve to become more specialized, and routing fees becoming higher than they are now. It also takes a valuable commodity, Bitcoins, staked in channels.
why? it's a supply and demand equation, but with privacy incentives distorting the supply-side. It seems more likely to me that the market will always tend toward liquidity over-supply (which is obviously better than under-supply), and so fees will frequently or always be at or lower than any "specialized" node could tolerate
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January 15, 2020, 05:34:36 AM |
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But, that reinforces the belief that the nodes in the Lightning Network will evolve to become more specialized, and routing fees becoming higher than they are now. It also takes a valuable commodity, Bitcoins, staked in channels.
why? it's a supply and demand equation, but with privacy incentives distorting the supply-side. It seems more likely to me that the market will always tend toward liquidity over-supply (which is obviously better than under-supply), and so fees will frequently or always be at or lower than any "specialized" node could tolerate In theory, I could be wrong. Because I don't believe that the people running LN nodes will continue doing so altruistically forever, not especially when it requires staking a valued commodity, and some level of specialization.
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Wind_FURY
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January 16, 2020, 08:21:25 AM |
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@mocacinno RAM usage is lower than i expected, i'll consider running similar setup if i have good reason to do so. But, that reinforces the belief that the nodes in the Lightning Network will evolve to become more specialized, and routing fees becoming higher than they are now. It also takes a valuable commodity, Bitcoins, staked in channels.
why? it's a supply and demand equation, but with privacy incentives distorting the supply-side. It seems more likely to me that the market will always tend toward liquidity over-supply (which is obviously better than under-supply), and so fees will frequently or always be at or lower than any "specialized" node could tolerate In theory, I could be wrong. Because I don't believe that the people running LN nodes will continue doing so altruistically forever, not especially when it requires staking a valued commodity, and some level of specialization. At least for merchant and exchange, they could always increase their goods/service fees or burden the fee to user. IMO other specialized nodes will always have negative profit since, 1. LN client would use route with lowest fee or create new channel (if fees for existing routes is too high) 2. Merchant and exchange will keep routing fees low to take the advantage the fact many users (who only make few transaction) would connect to them directl Then, another theory, regular users/hobbyists won't maintain running a Lightning node for nothing forever, and running one would converge towards large merchants, which the costs are subsidized by their businesses, IF they adopt it. I like the other theory. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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ndalliard
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July 07, 2021, 08:02:20 PM |
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how is RTL secured? is there a password prompt when you access the site? if not - everyone who knows your domain (and port) can access your node or did i miss something?
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Rath_
aka BitCryptex
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how is RTL secured? is there a password prompt when you access the site? if not - everyone who knows your domain (and port) can access your node or did i miss something?
Yes, there is a password prompt. You can also set up two-factor authentication in the settings.
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psycodad
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精神分析的爸
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September 23, 2021, 09:04:10 AM |
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Thank you mocacinno for this excellent walk-through! I used it to setup my own lightning node on Devuan (hating systemd and the Poettering fuckwit so much I went that extra mile) and it's supported by my VPS host.
What was impressing with the latest bitcoin core v22.0 is that synching from scratch took less than 24hrs on a pretty low-end VPS with spinning rust. Last time I synched a bitcoin node in 2014 (on much more low-end HW) it took me 2 weeks.
Overall a very exciting experience thanks to your HowTo, I greatly appreciate the time you have taken and I am very pleased with the results so far!
Now I have to go to find out how I set the fees (working with the defaults so far) and what reasonable fees are. I don't want to go full free (because what's free is not worth anything) but to set very moderate/low fees. If anybody has any reading pointers on how fees work in lightning, what good settings are etc., I would be happy to hear about that. Also, I would be interested what the settings of "urgent", "normal", "slow" etc. mean when setting up a new channel, I guess urgent translates to high fees, but I am not sure yet.
Are people setting their fees on a per-channel basis or globally?
Again, thank you very much for the great HowTo, it gave me a great and easy start into the topic!
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Rath_
aka BitCryptex
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If anybody has any reading pointers on how fees work in lightning, what good settings are etc.
There are no good settings. If you open a channel between two large nodes then you will probably not route any payments unless you set your fees to zero. You have to experiment with your fee settings. I opened a large channel to Bitfinex and a small one to Nicehash. Even though my fees in that channel (Bitfinex) were high (1 sat base fee; 95 ppm), I routed quite a few payments. The largest one was ~950k satoshi and I earned ~91.5 sat in routing fees just for that single transaction. After some time I had to lower my fees since no one wanted to send their payment through that channel. Are you familiar with the way the fees are calculated or do you need an explanation? Also, I would be interested what the settings of "urgent", "normal", "slow" etc. mean when setting up a new channel, I guess urgent translates to high fees, but I am not sure yet.
Honestly, I would not use RTL to open and close channels. I overpaid a few times because of it. Also, you can open multiple channels in a single transaction via a command line! This way you can save a ton on money on the transaction fees. Are people setting their fees on a per-channel basis or globally?
Most people set their fees on a per-channel basis. If you are running a small node then you will very likely change them often. There is a plugin which automatically adjusts the fees for each channel but I am not sure how well it works. By the way, are you interested in opening a dual-funded channel at some point? It is still an experimental feature but I have successfully opened this type of channel with two other bitcointalk members. Here's my node for reference. Also, you might find The Lightning Network FAQ useful. Most of the LN related discussion is held there.
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NotATether
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In memory of o_e_l_e_o
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September 25, 2021, 03:14:35 PM |
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Just a minor issue, all the images in your guide are broken (maybe you removed them from your hosting server or changed their names/paths?)
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n0nce
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September 25, 2021, 08:38:47 PM |
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The whole nginx install and config is to be able to use a HTTPS certificate? I have not installed a node on a VPS, always in local networks that's why I ask, I just use the local IP.
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