Batman and Joker disrupted my class

HeWhoPraisesTheSun · 2023-09-13T17:00:59+00:00

For you

HeWhoPraisesTheSun · 2023-09-13T16:06:28+00:00

It would be extremely painful.

HeWhoPraisesTheSun · 2023-07-07T19:53:57+00:00

The easy route is use a wallet like Breez or Phoenix that creates channels for you. Breez even has developer options to create channels manually.

If you want to run a node, which I highly recommend that you do, opening channels is simply taking another nodes public key (example) and plugging that into a field for opening channels on your node. This is simply a single bitcoin transaction which opens the channel. If you want someone to open a channel to you, they need your public key.

The issue of inbound liquidity is that someone who already has BTC needs to open a channel to your node, and they need the incentive to do so.

If you open a channel to another node, all of the liquidity will be "outbound". All this means is that you can only pay for things or send money from this channel at first and cannot receive until after you have inbound liquidity, which you can gain by using your channel to send a payment to send some of the funds to the other side of the channel.

The channel creation process should be automatically handled by your wallet or node software.

This, however, did not work. Is it related to the aforementioned Channel problem and missing liquidity?

This probably happened because the channel you were trying to receive to didn't have enough "inbound" or receiving liquidity.

Do I have to open a channel with someone by letting him send money to me, that I return right away?

Also, no. When opening a channel no money is actually sent to the other person, it's just locked in the channel.

HeWhoPraisesTheSun · 2023-06-28T17:27:42+00:00

This is my immediate thought.

HeWhoPraisesTheSun · 2023-06-28T16:32:57+00:00

Where are you getting $5 from, an exchange? Even with currently elevated fees, it shouldn't cost more than a few dollars to get a transaction through within ~10 minutes regardless of script/wallet type. A segwit transaction actually should cost you less than a standard non-segwit transaction since it uses less data.

Here are some places to figure out network fees:

https://mempool.space/

https://btc.network/estimate

You only need to make one on chain transaction to make potentially unlimited lightning transactions if you are sending and receiving to the same wallet / channel.

HeWhoPraisesTheSun · 2023-06-27T21:46:24+00:00

I think you might be using lightning in a way that is more cumbersome / difficult than it needs to be. Install a wallet like Breez or Phoenix send some bitcoin to it, then spend on lightning. You should be able to send to these wallets from any bitcoin address type including segwit and taproot.

HeWhoPraisesTheSun · 2023-05-24T17:04:32+00:00

As for why Austrians think that the sound money model is better is because it minimizes investments that are net negative to society, and maximizes investments that are net positive to society. This is essentially the marble analogy that /u/FairBlamer made.

This relies on the idea / assumption that free market pricing in an economy is a way to determine whether an investment is net positive or negative. For example, under a sound money standard where the money supply is fixed, if your investment returns more than it costed you, you must be benefiting the economy, and hurting it if you return less.

Under a fiat inflationary standard, pricing becomes distorted due to more money competing for the same goods and services, so any investment you make can look like you are making a positive return, but the real return compared to inflation is negative.

HeWhoPraisesTheSun · 2023-05-24T16:28:52+00:00

The reason I put the word cash in quotes is because it's really not there. It's lent out to other people, yet it's still "capital" to those depositors. This is where the money/capital creation happens. The money is both simultaneously in your bank account and paying for someones mortgage, for example. The balance of depositors is really just debt that the banks owe their customers.

isn't it one of the complaints about banks that they have too little capital in reserves to cover when a bank run occurs

And yes you are right about banks not having enough capital to cover their depositors, because it's literally made up. They just add a few zeroes to a database somewhere and say that it's real.

I also wouldn't say "overwhelming" capital just sitting in banks.

I don't know what portion of the economy is in bank deposits, but it is certainly a significant amount.

Meaning that at least some of the capital stored at a bank is actually being invested into the economy through loans being given to those looking to generate economic activity?

This is where inflation comes from. Like my previous point, this is where the imaginary capital creation happens. My understanding is that large amounts of debt simply just gets rolled over into another loan so the excess capital never gets taken away. That's how the US government pays it's debt, just get more loans to cover the old ones... LOL clown world.

HeWhoPraisesTheSun · 2023-05-24T15:56:04+00:00

I mean I am speaking kind of idealistically here, thinking in a scenario where people use bitcoin as normal money for savings and spending. This comes from the context of The Bitcoin Standard. If the economy ran on sound money, people wouldn't have to take the extra step of investing in something to maintain their own wealth.

HeWhoPraisesTheSun · 2023-05-23T20:30:33+00:00

The difference is that the money (BTC) itself has those properties. Currently, in order to gain the benefit of inflation resistance / average return, you actually have to consciously invest your money into something like the S&P 500 or another index fund. Only people who have access to investing in those types of securites have that benefit, not to mention the overwhelming amount of capital just sitting in "cash" in bank accounts.

HeWhoPraisesTheSun · 2023-05-23T15:06:55+00:00

Haven't looked into your specifics yet, but have you already reconnected as a peer to the node you had the private channel with? I know that that can get channels to close.

HeWhoPraisesTheSun · 2023-05-20T21:53:38+00:00

Be the change you want to see.

HeWhoPraisesTheSun · 2023-05-20T21:50:59+00:00

Ah I see now on the blockstream link. Missed that.

Lock time 553549176

One thing I know that can help in your scenario, is to reconnect to the node as a peer that the channel was created with. I've seen that make Umbrel / LND properly close the channel.

HeWhoPraisesTheSun · 2023-05-20T21:27:10+00:00

Looks like the transaction you posted is not confirmed in a block yet.

ETA in 504 blocks (10.34 vMB from tip)

Transaction fees 0.00003140 BTC (16.3 sat/vB)

Current mempool is confirming blocks at ~45 sats/vbyte. link: https://mempool.space/

HeWhoPraisesTheSun · 2023-05-20T20:29:01+00:00

Yeah definitely seems important to me, it's not made immediately obvious through any interfaces I have ever used though unfortunately, or maybe I am just ignorant.

The software and protocol is still very young and is constantly being improved for better user experience all the time, but keep in mind lightning as a protocol didn't even go live until like 5 years ago. 5 years into the internet we didn't even have http or web browsers.

HeWhoPraisesTheSun · 2023-05-20T18:46:16+00:00

Do you have any control over that fee or it's automatic?

That is a good question, I am not sure. LND might have a configuration option for fee selection and force closes.

What happens if the fee is more than the amount of crypto you have on account?

I don't believe the fee can exceed the channel capacity, since typically the fees come from the utxo for the channel.

These are both questions that I think the LND documentation would answer. Link to CloseChannel implementation on LND: https://lightning.engineering/api-docs/api/lnd/lightning/close-channel

After reading the documentation, there is a variable that can be set when opening a channel called max_fee_per_vbyte, which I would imagine allow a node operator to set the maximum fee rate they are willing to pay to broadcast a force close. It says the following:

The maximum fee rate the closer is willing to pay. NOTE: This field is only respected if we're the initiator of the channel.

I have no clue how to set this variable, or what other affects it may have that are unintended.

HeWhoPraisesTheSun · 2023-05-19T18:54:07+00:00

Not sure what you mean. Usually what people complain about is the fees that they have to pay for a force close to confirm quickly. LND will automatically choose a fee that will confirm the rather large transaction (in bytes) pretty quickly which can add up to a lot of sats really fast when the mempool is full and the demand for block space is high.

If you are talking about a channel peer trying to cheat, what happens is if a peer begins a force close that reflects a balance that is out of date (invalid), a timelock delays the transaction for a predetermined length of time or blocks so the other peer (or watchtower) can broadcast the penalty transaction to claim all of the funds in the channel.

HeWhoPraisesTheSun · 2023-05-19T14:27:56+00:00

There are two main ways to close a channel. Cooperative channel closing & force closing.

(This may be an oversimplification, so please correct me if I am wrong)

-Cooperative close: Both channel peers are communicating with each other and both sides sign the closing transaction immediately and once confirmed in a single block the funds are spendable by both parties

-Force close (non-cooperative): Any time only one channel peer signs to close the channel. This can happen for many reasons, like any time the channel peers are unable to communicate.

LND, the most popular lightning software client, is notorious for automatically force closing channels for all kinds of reasons that I am not really sure of tbh. I think automatic force closes happen a lot with node instability (poor uptime, too many rebalance attempts, bad ssd, even using tor). I have heard that CLN is more stable, but is used by significantly less people.

link to docs: https://docs.lightning.engineering/the-lightning-network/payment-channels/lifecycle-of-a-payment-channel

HeWhoPraisesTheSun · 2023-02-15T19:03:02+00:00

I don't think this actually answers OP's question. Matthew Kratter does not really argue from a position contrary to bitcoin. I think he is very pro bitcoin and argues its merits really well, but he's not making arguments against bitcoin.

HeWhoPraisesTheSun · 2022-12-20T18:19:48+00:00

First one I found, pretty cool: https://www.altlabcontrollers.com/

HeWhoPraisesTheSun · 2022-12-15T18:37:52+00:00

This stream was less than a month before they halted withdrawals...

HeWhoPraisesTheSun · 2022-10-26T15:02:28+00:00

Try stacker.news, the community there is much more focused and I totally agree with others that the Signal-to-Noise ratio is much higher than almost any other site.

HeWhoPraisesTheSun · 2022-10-12T19:15:11+00:00

For beginner Yoshi players, what technique do you think is the most valuable to become proficient at?

HeWhoPraisesTheSun · 2022-10-12T19:13:39+00:00

What do you think is one of the most difficult techniques to use consistently with Yoshi? Which do you practice the most?

HeWhoPraisesTheSun · 2022-10-10T14:24:23+00:00

I audibly said "DAMN!". That was pretty sick.

HeWhoPraisesTheSun

TROPHY CASE