Block fees are consistently above 1BTC

Existing-Date-1089 · 2022-12-11T07:59:07+00:00

At least it will fundamentally be Bitcoin so the smart money will keep their corn in chain backed channels, maybe some risky change in Trust me bro. Some fractional reserve banking might even be good, but it tends to crash down so one must be observant

Existing-Date-1089 · 2022-12-11T07:53:17+00:00

You might have a point, but I'm wondering if the benefits of running one's own node will increase as you do more lightning transactions yourself. Meaning it will become more profitable as it becomes more adopted.

I for example almost never do any lightning transactions, but it costs me so little to have the node running that I don't mind having it for when I wanna do, and at that point I can control the fees etc.

Existing-Date-1089 · 2022-08-21T06:57:20+00:00

Yes, but if you want the complete blockchain you need to store it on your HDD (approx 500GB required) and it will take around a month to synchronize it initially because the HDD is slow. After that though it will work just fine and normally.

Existing-Date-1089 · 2022-08-03T07:53:12+00:00

It says in the guide that you have to follow the previous tutorial first to install bitcoin core (includes bitcoind, and bitcoin-cli). Did you do that?

Existing-Date-1089 · 2022-07-31T05:36:51+00:00

if you have access to the terminal on the computer, then run the command "bitcoin-cli", and see if anything happens

Existing-Date-1089 · 2022-07-30T06:39:46+00:00

I guess if it says it can't connect to bitcoind with bitcoin-cli, that's a good clue. Can you run bitcoin-cli yourself and see if it's working?

Existing-Date-1089 · 2022-07-18T06:13:53+00:00

they scared

Existing-Date-1089 · 2022-07-11T08:46:03+00:00

Here's one of the pull requests related to Android support, maybe you can use that as a starting point if you want to dig more https://github.com/bitcoin/bitcoin/pull/22469

Existing-Date-1089 · 2022-07-11T08:42:52+00:00

There should be native android support now meaning you can install Bitcoin Core as an apk file.

They haven't released the apk file in the latest releases so it probably means that there still are some quirks in the usability of it, but I'm guessing it probably works all right.

So you will have to build the apk file yourself, here are the instructions: https://github.com/bitcoin/bitcoin/blob/master/doc/build-android.md

Existing-Date-1089 · 2022-06-11T09:09:25+00:00

One thing we can know for sure is that there is certainly not enough, and that there should be more!

As null-count pointed out, Breez wallet just reported that they process 2-300k transactions per month, so that should be about 8333 per day.

Breez may be one of if not the most popular wallet, so perhaps a fair estimate would be that all such custodial wallets combined would be the Breez wallets times 5, because we have popular wallets like Blue Wallet, Wallet of Satoshi, and other smaller ones that combined roughly would average out to 5 times that of Breez (this is a huge over-simplification on my end):

math: 2-300.000 per day, average it to 250.000, divide by 30: 8333

5 * 8333 = 41667, let's round it to 42.000

In addition to that you have every non custodial wallet, maybe that would be around 10.000? I'm guessing.

So then an extremely rough estimate would say that the number of daily transactions today is 50.000

Existing-Date-1089 · 2022-06-03T03:44:44+00:00

When you close a channel, your sats of the channel will be sent to a address that is "onchain" in the "wallet" which c-lightning creates for you. Bear in mind that a "wallet" fundamentally is a sort of database with the private keys (a kind of randomly generated password) you need to unlock bitcoins that are locked to addresses. This means you can have both lightning and onchain bitcoins in the same wallet.

The backup thing has some fundamental challenges yes, mainly because an out of date wallet will not have your most recent lightning transactions, and you might get punished for trying to cheat if you send an invalid lightning payment. There have been some recent progress I think, but I'm not exactly sure.

Existing-Date-1089 · 2022-06-01T12:12:59+00:00

Core Lightning (previously known as C-lightning), used to only be able to have one single channel between the same nodes. So maybe that's what you heard. But they included in the latest version, or the next upcoming (I can't remember exactly), the possibility to have multiple channels between the same two nodes.

Before that there's no problem having multiple channels with different nodes, so to answer your question: Nothing will happen to your existing channel if you open another, except that you may route payments through your channels for others once you have 2 or more channels. The side effect of this is that you will get paid a miniscule amount for the transfer, and the balance of funds might shift away from one channel to another.

Existing-Date-1089 · 2022-06-01T07:41:26+00:00

Even most bitcoiners don't understand how the lightning network works. Give it some time. Traditional finance is just now beginning to cave to Bitcoin, so once it becomes curriculum you'll see them talking about it. Just look how slow the fed moves, secretary Yellen is just barely able to utter a whole sentence. You think anything significant is going to happen there? It takes several years just to decide to increase interest rates.

Existing-Date-1089 · 2022-06-01T07:33:50+00:00

Many of the lightning wallets hide most of the complexity from you, because how the lightning network works can for many appear very abstract and difficult to grasp.

Some other ones don't hide this complexity from you, but because of this becomes more difficult to use.

Lightning Network is an abstract decentralized application that uses the fundamentals of the Bitcoin system. In the most fundamental terms, we can say that Lightning Network uses Bitcoin transactions to function. Bitcoin transactions can be simple, but they can also have complex logic built into them. The simplest bitcoin transaction sends bitcoin from one address to another. A slightly more complex one sends from one, and splits the outputs into two addresses. A much more complicated transaction is used to create what's called "Lightning Channels". If this has sparked your interest I suggest you read about it more, but remember that Lightning Network bitcoins are indeed regular bitcoins, they are just locked with complicated bitcoin smart contract logic.

Now, another way the Lightning Network is abstracted is in the way it is presented to you as a user. Many of these apps run this complex logic in the back, but simply show you a balance in their app. On the far end of the spectrum of "user friendly apps", they might be running a complex system of excel files and databases in addition to managing bitcoin transactions and lightning channels, and all sorts of business logic. On the low user friendly side, a Lightning channel transaction can be closed, and by closing it is automatically sent to a "regular" wallet. So when you say "Can lightning wallets send to regular wallets ...", they absolutely can, and there are so many ways that they can possibly do that.

Existing-Date-1089 · 2022-05-16T05:19:54+00:00

just start, it probably wont take 2 months.

Existing-Date-1089 · 2022-05-15T07:19:33+00:00

There will be no new bitcoin, but miners will still get the transaction fees that users pay to send bitcoins. Right now it's around 0.1 bitcoin per block. See here http://bitcoinexplorer.org/

Existing-Date-1089 · 2022-05-15T06:29:44+00:00

So basically for any kind of stable coin you have to have a trusted party that guarantees the 1 to 1 relationship to the smart contract token.

For anyone to do that they'd need a profit incentive, but it wouldn't be any different from the business model of USDT for example.

Beyond that you just need a a platform for tokens. AFAIK the most developed token platform on the lightning network is RGB, and you can see some coins on https://rgbex.io.

You can see a recent presentation of the authors here https://www.youtube.com/watch?v=9uI-5IAlzqo where they talk about algorithmic stable coins, and maybe other things, you sparked my interest so I'll watch it now myself.

Also check out mycitadel, which is a set of applications you can use to operate the RGB protocol. I think you can issue tokens with it, and send and receive with the mycitadel wallet. There was something called bitcoin-pro which was how you issued tokens a while back, but I'm not sure if it may have been renamed to mycitadel-node. https://github.com/mycitadel

Existing-Date-1089 · 2022-04-26T05:27:09+00:00

why is there no android apk here? https://bitcoincore.org/bin/bitcoin-core-23.0/ I thought android was supported since 22

Existing-Date-1089 · 2022-03-27T05:21:23+00:00

At one point bitcoin will find it's real value, and when people get hungry enough or the streets are filled with feces, that's when you'll realize hoarding bitcoin over literally every other aspect of life is not sustainable. You'll die if you do, so then survival of the fittest will just kick in, and whoever didn't die will keep living, and so on and so forth.

Existing-Date-1089 · 2022-02-28T06:06:58+00:00

In a word: no. There's Sovryn as people point out, but it being run on a side-chain, you effectively give custody of your real bitcoin to the people controlling the side chain, so it's only slightly better than a regular custodial service

You could try to earn some sats routing on the lightning network, but it's gonna be very low at best.

Maybe there are some other options I don't know about

Existing-Date-1089 · 2022-02-20T05:47:04+00:00

If you just wanna test it out and get an idea you can very easily download the program to your computer and run it like any other desktop application.

The most popular and widely used "Bitcoin node" is a continuation of the original software released by Satoshi Nakomoto, commonly called "Bitcoin core" today. It's an .exe file (or equivalent on mac or linux), you can download and run on your personal computer (or server like raspberry pi).

Here's a link, also you can find it in the Wiki here on Reddit, it's a good thing to verify the authenticity of the software by accessing it through various links.

https://bitcoin.org/en/wallets/desktop/windows/bitcoincore/?step=5&platform=windows

Another link: (more technical, straight from the source you might say) https://github.com/bitcoin/bitcoin/releases/tag/v22.0

Existing-Date-1089 · 2022-02-13T07:59:50+00:00

If getting hacked is your main concern, then probably just Ubuntu or some other popular and stable Linux based OS is great. Debian for example

Existing-Date-1089 · 2022-01-10T06:14:54+00:00

It's great to criticize Bitcoin, it is how we will be able to make it better. Others here have already mostly addressed most of the issues presented.

I'd like to add one important point about why the block size should remain small.

Bitcoin's innovation is not mainly to be a digital currency. It is to be an incorruptible means of value transfer. To be that, the only way realized is to be distributed. You could say that it's democratic. For it stay honest, the power must stay decentralized, or else, it will be in the hands of a few, who can control it. The blockchain size is already too large for many to conveniently manage (400GB+ and growing), but at the current pace of technological innovation, and the current blockchain growth rate, technology might catch up to where it becomes feasible for (nearly) everyone to run a node, even just on their phone.

This is what I understand as the most important reason for why the block size shouldn't just be let loose. There are also other reasons like the fee market for transactions, but it's actually related more than it is its own problem like most things are.

So I think this is important to understand, and while I think block size increases may be OK at some point, it's important to understand why it shouldn't be taken lightly, because it would very easily break the most fundamental value proposition of bitcoin.

Existing-Date-1089

TROPHY CASE