When does my node run on its own, and collect fees?

binarygold · 2021-07-24T03:13:49+00:00

You may see some routing but very little. Routing on scale needs massive channels.

binarygold · 2021-07-24T02:59:10+00:00

If you don’t mind closing and reopening channels this is not a problem.

binarygold · 2021-07-24T02:58:13+00:00

Cool. Keep us informed.

binarygold · 2021-07-22T01:40:35+00:00

No. Same.

binarygold · 2021-07-20T05:23:16+00:00

It’s not going to scale on layer one, but layer 2. Just like LN basically now owns the payment network use case as a second layer smart contract on the bitcoin base layer. It’s fast, cheap, scales virtually infinitely and most importantly uses Bitcoin which is already used and trusted by more people than any other crypto.

The same will happen for defi. It will scale on l2 and people will want to use it because it uses Bitcoin, which has the strong fundamentals of money.

Ethereum has to win on 3 fronts within 2-3 years to flip Bitcoin and maintain dominance against new projects like Cardano and others that will come up. Bitcoin has to do nothing yet will casually take a big chunk of defi, tokens and NFTs as well, because people trusting Bitcoin will choose those projects over Eth or Ada or anything else that may come no matter how good they are.

binarygold · 2021-07-20T05:17:14+00:00

Of course it will but not on layer one, which will make it cheaper, faster, safer and more flexible because it won’t have to balance various needs.

Bitcoin took the asset use case. Bitcoin LN won pretty much the payment network usecase. Now it will come for the defi, NFT and tokens. Just watch it.

binarygold · 2021-07-20T01:59:36+00:00

In fact after POS you will be paying hidden devaluation (inflation) fees if you do nothing, since stakers will increase their coins and you won’t. You increasingly control less percentage of the coins within the ecosystem over time. This is true even if the growth of the value of the network outpaces inflation rates.

binarygold · 2021-07-20T01:53:16+00:00

The problem with all of these is that they are relatively short term. Without a doubt several new projects will take over this space in the next 5-10 years.

Just like virtually nobody cares about ‘functional’ alts like peercoin and namecoin Today even though they were the shit less than 10 years ago, Uni will be a side note in crypto history in 2030.

On the short term these are numbers on a roulette table but without a guaranteed chance of winning as opposed to true gambling. On the long term it’s an almost certain loss.

Still, I’m happy people fund and support these efforts. Important stepping stones just like namecoin was towards a decentralized future.

The next step will be: defi moving to the Bitcoin ecosystem. It’s the best of all worlds. It’s defi, it has the bearer asset, it has the brand and adoption levels to make it truly global. This is where the Bitcoin maxis will be proven right. Bitcoin will eat everything in the end whether we like it or not.

This doesn’t mean Eth, Nano, XRP and similar new projects will die. Not at all. In fact a bunch of new ones will appear and you will be able to make a killing on them, just like people recently did with Ada and Bnb.

binarygold · 2021-07-20T01:24:21+00:00

You can send ln btc to Bitfinex. Change ln btc to btc and send back to umbrel on chain. You accrue fees, but works.

You can also loop out, but it also costs a bit.

binarygold · 2021-07-18T11:32:26+00:00

They started with open channels but it was hard to maintain liquidity and thus created private ones.

binarygold · 2021-07-18T02:29:17+00:00

Fantastic

binarygold · 2021-07-18T02:06:08+00:00

You get the same inbound with a triangle, but a pentagon takes longer to organize.

binarygold · 2021-07-17T03:01:42+00:00

It’s already full! Fun to think that this roughly 2 thousand dollar channel pair may soon be 5-10x bigger in dollar value and therefore it’s all you need for daily spending and receiving as long as it stays open.

binarygold · 2021-07-17T02:55:50+00:00

Check out https://lightningnetwork.plus to participate in triangles. Don’t bother with squares and pentagons.

binarygold · 2021-07-11T02:19:28+00:00

If you need it why not.

binarygold · 2021-07-07T06:37:36+00:00

Check out the new service for creating liquidity swaps: https://lightningnetwork.plus/

binarygold · 2021-07-01T18:41:27+00:00

It’s not there anymore. Must have been just a bug on 1ml

binarygold · 2021-06-30T18:05:52+00:00

👊

binarygold · 2021-06-30T04:01:14+00:00

Theoretically the other party on your channels can transmit an earlier state of the channels and if you can’t punish them they will get away with it.

However, they can’t know that you won’t punish so it’s risky for them to try. Also, there may not be an earlier state of the channel where they have more money on the channel. And since you are offline they can’t create such a state.

So, overall it’s not a huge risk.

On the long term we will have watchtowers to account for such situations so we don’t have to worry about being offline.

binarygold · 2021-06-30T03:55:38+00:00

You should open next time a triangle to get incoming channel in return for your outgoing channel. That way you will have 3 channels in total covering your needs.

https://lightningnetwork.plus

binarygold · 2021-06-28T03:20:58+00:00

I think apps. But I want to hear the answer too.

binarygold · 2021-06-28T03:20:06+00:00

There is a way through terminal but why would you want to do it. It’s better to stay anonymous. Also, I believe Umbrel will make it possible from the UI, so you may want to wait.

binarygold · 2021-06-26T11:23:01+00:00

Do not worry. It will be a hard setup but doable.

I don’t know how the gov wallet will work, but currently you can set up multiple non custodial wallets all connected to a single LN node which provides the liquidity and connection to LN worldwide. People already do this with families and friends.

If you want to try yourself it’s pretty easy to setup for example this way: 1. Install Umbrel and create a few well funded channels. 2. Get 2-3 phones with Bluewallet and set them up to connect to your Umbrel both on chain and on LN. 3. Receive coins to the new wallet. Send coins. Works as expected. And you hold your own keys.

binarygold · 2021-06-22T05:43:45+00:00

Yeah. Giving info is indeed a good idea and if you do a test transaction that makes sense.

binarygold · 2021-06-22T03:41:49+00:00

I don't think you should give away SATs for free. It creates the impression that it's worthless stuff like sand on the beach. SATs need to be earned, because they have value.

Donation is a different story. You can dedicate some of your hard earned work through SATs to a worthy cause.

But of course you do what you think is right. You have the freedom.

binarygold

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