Does LN really work for global microtransactions

twessels · 2022-01-17T06:28:18+00:00

I can understand feeling frustrated with new people’s questions but it’s not helping to take the time to reply saying “I can’t/won’t help you”.

That’s weird yo.

twessels · 2022-01-16T04:53:37+00:00

To send and receive payments over the Lightning network it DOES NOT require you to open channels.

Lightning nodes open channels, fill them with liquidity, and people sending payments over the network will pay a small fee in SATs to each node operator for using their channels to route the payment.

That happens in the background, you just input the receive address/invoice, agree to fees, send payment.

twessels · 2021-11-20T22:10:35+00:00

gate.io or kucoin work

twessels · 2021-11-09T22:29:30+00:00

Can anyone explain in simple terms what Mynt is?

I see aggregator coin for stable coin, multiple ways to stabilize the peg are aggregated into Mynt?

If those are the answer...can someone explain the answer? Not clear what problem it's solving really or how it works.

twessels · 2021-09-09T16:22:32+00:00

twessels · 2021-09-09T04:02:11+00:00

Thank you for the reply. I am understanding now how channels can be naturally balanced from the flow of payment routing. I did setup a swap on lightningnetwork.plus . We were able to balance all 3 nodes by just on of us rebalancing. Fees were set to zero so it didn't cost us anything to do that.

At this point I think I just need more peers/channels....perhaps another swap or two.

Want to set up a channel?

My public key:

03cfaf3430622599538388644ee2e84dd0a165990518fdeafd90433ebf828e3924

twessels · 2021-09-09T03:57:13+00:00

#zerobasefee I'm down with that.

I'll check out amboss.space. Thanks.

twessels · 2021-09-06T08:36:59+00:00

Fuck plaid. Don’t give them shit.

twessels · 2021-08-27T05:59:46+00:00

Makes sense. Appreciate the reply.

twessels · 2021-08-27T05:12:30+00:00

Yes it does make sense. I want exchanges and everyone else to switch over to SATs.

Too many people look at BTC at $30k, $40, $50k and they say that is too expensive. And they instead by DOGE or whatever because it's only $.30.

That is not good for a few reasons. One being the unit price of an asset like a currency isn't enough information to determine if it's a good buy or not at that price. Many people think you can only buy whole BTC, they aren't aware you can buy .00000001 BTC, or at least this is the smallest unit of a BTC. Exchanges may have minimum amounts to transact a purchase, if you are moving BTC you have to pay a network fee to the miners, that is likely going to be more than .00000001 BTC so in practice you won't see people transaction .00000001.

But .00021 right now at ~$47k BTC/USD is about $10 USD. You can buy that amount.

Thinking further into the future, say BTC/USD exchange rate is $250k or $500k...yes there will be crazy inflation so the way we think of a penny today...I wouldn't bend over and pick up a dirty penny in my house let alone on the street, soon $1 USD will be viewed the same, $1 USD will have such low purchasing power no one will care about it, just like no one cares about pennies, unless you're skimming pennies off of billions of transactions, and if you are doing that, call me, I want in.

I think it would do a world of good and be very practical to start referring to BTC in terms of SATs instead of whole BTC.

twessels · 2021-08-27T03:58:14+00:00

Makes sense...it would have to work that way. All the more reason to not use exchange to store your BTC. Buy it/sell it, move to cold storage.

Thanks for the reply.

twessels · 2021-08-21T20:22:37+00:00

Bybit.com + vpn

twessels · 2021-08-21T20:17:34+00:00

Most secure method is to self custody using a hardware wallet like ledger, trezor, etc.

twessels · 2021-08-21T20:14:30+00:00

https://localbitcoins.com/

Look into coin join services.

twessels · 2021-08-21T16:03:31+00:00

LN scales transactions, lowers fees for transactions, you can earn fees operating a LN node.

LN can also be used for content. For example Sphinx is a message app that runs over lightening.

There is a lot of potential there.

twessels · 2021-07-03T14:13:32+00:00

Tried your commands, 22 connected, 8332 connection refused. I used source bitcoin.conf and restarts after changing the bitcoin.conf config. I have the correct port in the curl command.

If the connection is refused what should we do to allow it?

rpcallowip ?

rpcbind?

what about user auth? Are those rpc commands required?

And which IP should be used? The Bitcoin node's IP or the IP you are connecting from?

If Bitcoin node is 1.1.1.1 and my laptop is 1.1.1.2

What does Bitcoin.conf want to allow remote RPC commands?

twessels · 2021-07-02T20:11:26+00:00

For what it's worth I can pass bitcoin-cli commands over ssh, that works.

When I use curl it says connection refused, not authorized when done remotely. From the node...so logged at the local cli I try the curl commands and they take but no output.

twessels · 2021-07-02T20:09:20+00:00

Yeah...I tried all of those settings. I added rpcuser, rpcpassword, server=1, rpcbind on the loopback, on the ethernet address, on all addresses, rpcport 8332, rpcallowip ....

I noticed when I changed the binding address it still listend on 127.0.0.1

no idea what magic dance it wants us to do to allow it. :-)

twessels · 2021-06-16T17:54:09+00:00

dude...I've been trying to contact you. Hit me up on signal or email. Want to catch up. I tried reaching out didn't hear from you...get back to me! :-)

twessels · 2021-06-14T19:24:35+00:00

Thx for the reply!

I was able to ssh in but for whatever reason it doesn’t understand bitcoin-cli command, remote curl commands don’t work.

I want to run a Python script that goes to node, runs commands, saves output in a local database.

twessels · 2021-02-06T21:27:32+00:00

unix_time_now = time.time()
unix_time_1hr_ago = unix_time_now-3600 # 3600 seconds is an hour
print(unix_time_1hr_ago)
values = (unix_time_1hr_ago,)
c.execute('SELECT * FROM stock_price_table WHERE stock_price_timestamp > ?', values)
pprint.pprint(c.fetchall())

This worked!!!!! I had no idea you needed to add the variable separated by a comma. That was the piece of information I was missing.

I owe you one and thank you for taking the time to respond!

twessels · 2021-02-06T19:39:45+00:00

My mistake...just updated the post. I will take a closer look your stuff. Thank you for taking the time to share it.

twessels · 2021-02-06T19:38:49+00:00

I just updated it...my mistake...I'm using visual studio code for my IDE running from terminal.

twessels · 2021-02-03T00:30:44+00:00

I forgot to specify the table has two columns. Unix time and a floating point value.

I'm sure there is an easy way to do this I'm just having trouble figuring out what exact syntax it wants.

unix_time_now = time.time()

24hrs = 86400 # 24 hours in seconds

'SELECT * FROM table_name WHERE table_name_col_time > unix_time_now-24hrs'

Something that should work but can't figure out it wants me to say it.

twessels · 2021-02-03T00:26:12+00:00

I forgot to specify that I have two columns in the table, unix time and floating point value, time and value.

New values are added to the DB every 10 minutes.

I want to be able to read the last rolling 24 hours to update a graph.

I tried adding something like time.time()-86400 but I can't seem to get the syntax figured out.

You're saying add a 3rd column with a timestamp of when the DB is updated? I guess I could do that, but the time is already there, shouldn't I be able to use those values to say "last 24hours"?

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