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107 sats \ 0 replies \ @BallLightning 11h \ on: Should Mars have its own Bitcoin chain? bitcoin
Maybe a new blockchain is the more logical choice. And it won't be bitcoin, it will be some other name coin. Unfortunatelly since everybody knows the game now, I am not sure if it is possible to grow organically like bitcoin without early martian settlers capturing it.
I have a little problem with this statement you made:
"Sure, on occasion someone might lose a few sats from a counterparty closing a channel at the right moment to steal a dust HTLC".
I specifically wrote about the future where this amount may not be trivial.
But yeah, I can see many people actually knew that there is such a thing. I didn't know until today..
Hm... It is trusted because it can be enforced by force close. Payments above the dust limit can be enforced by the HTLC when force closing. The payments below this as far as I see are added to the miners fee in the commitment transaction so you can't really enforce it by force close. This may or may not be a real problem, but I haven't really seen it discussed.
The current implementation adds the funds in flight to the miner fees (so that the receiver is not incentivised to close the channel), but he can still make the other side lose money (the the reason can be nonmonetary). And multiple small payments can pass through a node.
Well, the output of the updated channel balance is exactly that. As I already stated that I am talking about the time when the payment is in flight.
You do know that without payments in flight there are two outputs in the commitment transaction, right? It goes without sating that these two outputs can be way bigger than any individual payment and way bigger than the dust limit. You also know that lightning updates the commitment transaction differently for payments above and below the dust limit, right?
Actually payments via lightning below the dust limit are enforced, but only when the lightning payment is completed and the preimage has traversed the path to the sender and the channel states are updated. It is while the HTLC is in flight when what I am describing can happen.
Well, today I found out that no HTLC on lightning is created for payments below the on-chain dust limit. The channel is updated so that the funds in flight go to the miner fees instead of a HTLC contract. The receiver/forwarder can't steal these money, but he can force the sender to lose them to the miner. So he doesn't have a monetary incentive to do so, but nevertheless he can force the sender to lose money.
What are you talking about? I was asking how submitting new invoice works with the coordinator since it will have a different preimage, not the reasons why it fails.
What a long article. Anyway, Visa can start processing bitcoin payments by just adding it to the hundrets of currencies they process. And that is not what i think bitcoiners mean by layer 2
I personally and most of my close people won't be affected by the defunding of the government of the United States of America.
Actually I do see merit in ecash. I liked the idea of the mutiny wallet before it was discontinued (it uses fedimint, which is different from cashu, but the same idea basically). Note that if you want to cross the mint boundaries, you are still subjected to the lightning fees, and if you have base fees in your route, the problem is the same.
But the real advantage of ecash is that it works around the problem "you need to have money to receive money", which is very good. Unfortunately it comes at the expense of custody of your bitcoin. That said if you have only a small quantity in ecash, this, I think, is a completely acceptable tradeoff. Something like continuing the idea of the mutiny wallet, but where the wallet automatically allocates your funds to ecash, lightning or onchain depending on the amounts might just work for regular people. I hope developers will try to do it.
Sidenote: I remember when everybody was hating muun wallet because of the way it worked. Well, it did allow you to receive few sats just after you downloaded it and no amount of screaming that it's not a real.lightning wallet and that it is not scalable prevented people from using it. Well, instead of screaming, first acknowledge the problem and think about fixing or at leas working around it, instead of insulting users.
Bitcoin is very hard to use by most people. People aggressively argue with me about this, but try sending someone new 1 sat to demonstrate the technology? No you can't. (I've literally been accused of "missing the plot" (what plot, bro?) by pointing out that very small transactions on lightning may be extremely uneconomical due to base fees on routing nodes). The whole lightning "you need money to receive money, but don't worry, it's only at the start" betrays the great ignorance on the bitcoiners part.
Also people like DarthCoin love to insult people for being stupid and that he doesn't need them, but if you want widely accepted money you will need not only people you think are stupid, but actually stupid people to use it. Furthermore you need to accept that your actual enemies and people who you hate or they hate you should also be able to use it.
On the technical side I don't see a scalable solution that will scale for all the people on earth. But for this part I am hopeful that it is solved (once upon a time I didn't expect something like lightning either).