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11 sats \ 1 reply \ @nkmg1c_ventures 20 May 2023 \ parent \ on: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it? bitcoin

Tempted to agree. Am annoyed with Lightning being affected though.

The Lightning Network is usually touted as the solution, but Nostr creator Fiatjaf noted it has been unable to cope with the recent fee spike. “Channels are too fragile, it costs a lot to open a channel under a high fee environment, to run a routing node and so on,” he wrote, stating that users instead had to rely on the centralized Lightning providers.

He says it makes running a routing node too expensive. Why is that? The average people running routing nodes don't want to open new channels because of the fees? But companies like ACINQ do it anyway?

I noticed the fees on Phoenix Wallet (pretty sure they're an ACINQ product) to send money off of lightning to Bitcoin base layer are obnoxiously high for small amounts. Oh the sweet old days when you could get your bitcoin off lightning for like 60 cents.

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2 sats \ 0 replies \ @nerd2ninja 20 May 2023

Learn about payment batching. There really needs to be a larger community push for this.

https://payjoin.substack.com/p/interactive-payment-batching-is-better

nolooking: https://github.com/chaincase-app/nolooking

https://thebitcoinmanual.com/articles/open-multiple-lightning-channels/

"If you wanted to fund several channels, say 10 channels, this would traditionally take 11 transactions but using a combined transaction, you can do this in a single transaction – saving 1060 vB."

Additionally, we got a new layer 2 in development. Not promising anything. Its interesting enough for me to dive into it and test a demo wallet (when it comes out)
https://www.arkpill.me/

Ultimately, we need covenants though. Its just a matter of communicating to the wider community exactly how badly we need covenants. For channel factories and for Ark.

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