Topic: Lightning Network Observer - page 39. (Read 14150 times)

Shower thought for Lightning Network Observers, will Lightning fees be cheaper and cheaper as the network grows, and its participants increase? Or will it be higher and higher?

I believe it’s another important question before we assume anything about the Lightning Network.

Thank you!  And yes, Bos is killing it. I imagine he is actually making money running his nodes as well.  My humble little node is actually one of his "BOS" rated nodes.  I think I recently made it into the double digits, I was literally tied for 99 I think. lol.

I am glad folks like him can monetize their routing.  His fees are actually pretty high...
per tx: 1.000 sat  $0.000464888
per sat: 0.002500 sat  $0.000001162219

I imagine he is actually routing an occasional transaction that is MORE expensive than the base layer!  A $1000 transaction would cost more than $2 I think...  But then, why not use the base layer for a 2.2mm sat transaction.  And he is charging a premium for actually routing those payments.  He also has a amazingly high threshold size on his channels... I feel like the last time I looked he wanted ~ 16mm sats?  And although I might like to have another 16mm channel (I only have one), I doubt I would want to open it with Bosworth just because of the fees...

I am encouraged there is a low fee movement taking hold with us more ordinary nodes.  I believe it will benefit the network, and that is a good thing.  And I agree with Rene Pickhardt that zero base fees is a VERY good idea.  Not because I am against people making money... but because it really supports the idea of micropayments, and streaming payments.  I would also like to see a threshold.  Like <50k sats no fees.

I am starting to see lots of transactions to Podcast.info that are between 1-5 sats.  And a single sat base fee would possibly cost the same amount that the listener is sending.  I charge 0/0 on that node.

In a way it is an interesting problem for wallet makers.  A $100 lightning network payment could be free, or it could cost $1.  And you don't know what you've paid till the payment is sent.

Anyway... rambling now.

Anedotcical evidence of Lightning Network growing day after day is building up. Of course due to the privacy guaranteed by the protocol is very difficult to assess the growth without relying on unproven claims by node operators.

But when all go on the same direction the easiest explanations is probably the true one:


https://twitter.com/alexbosworth/status/1433988909600411649?s=21

Well done @cAPSLOCK

When I first spun up my lightning nodes in 2019 they would possibly route 2 or 3 transactions (not my own) each month.

In 2020 they would process 2-5 transactions a week.

In 2021 they would do 20-50 a month.

At THIS point (9/21) I am seeing HUNDREDS of transactions go through a DAY.

Do you want to work in Lightning?


https://www.lightningjobs.app/


Something caught my eye while casually browsing for jobs on a Strike work ad:


I can't think of anything more destructive than that.

So, protests have escalated in El Salvador ... as they say, the CIA is not asleep, meanwhile Twitter is launching a beta test of the bitcoin tipping service, and in parallel is developing Bluesky, ^{[I'll try to find out what people say about this on the Twitter forum, and what need to become a beta tester]}. Meanwhile, SEC continues to reject ETF requests ... I think a storm is coming.

Breaking news! TWITTER + STRIKE = LN TIPPING!

TWITTER BETA TESTING BITCOIN LIGHTNING TIPPING SERVICE

if you live not far from el salvador, you can buy some ticktes for the 'Adopting Bitcoin - A Lightning Summit 2021' in mid november and then visit this interesting conference
and what i find very good is that 100% of profits from the summit will be donated to support the lightning network development👌💪



https://adoptingbitcoin.org/

discussion about the lightning address maybe in this topic i opened about it

LN user experience is getting even better with Lightning Addresses:


https://lightningaddress.com/





https://twitter.com/PCristi7/status/1431531884778070025?s=20

Video:

https://twitter.com/andreneves/status/1431411673915592709?s=20

Official Repository: https://github.com/andrerfneves/lightning-address
Dev Documentation: https://github.com/andrerfneves/lightning-address/blob/master/README.md

Discover More Here:
[Lightning] The Lightning Address by ndalliard

There you go with my topic

• Lightning Network (Nodes, Channels) Observer
• Since June 2020, growth is speeding up but the growth of channels is bigger than growth of nodes
• Please drop your comments if you have, thanks.

Let's make this topic great with another informative article

• The Lightning Network Is Bigger Than You Think

This table is interesting, and I already downloaded data from BitcoinVisuals but for now I don't have time to play with it. Such table is great because it quantifies the growth of Lightning network.

Nice, emotional, two part video on Lightning network.


https://twitter.com/BitcoinIsaiah/status/1429983900043038721?s=20

Sorry for the initial caption... the video is better than that!

Everything's the important word here!
This is changing literally everything and anything. I'm not an expert on LN myself, I know I should be, but for the sake of what I need I prefer a custodial approach to LN.
Like those examples you mentioned that's what we need.
We only need more and more people to rely on it to see this revolution unfolding right before our eyes.
It's about time for the many, but for a few visionaries, this is changing everything.

When I started Lightning Network Observer I thought a thread to post not too technical content about LN, there are already superb threads dealing with those matters, inspiring people to join this solution showing how can effectively make the bitcoin user experience better and then making our beloved orange coin more suitable to help people solve problems.

Content like this:


https://twitter.com/jackmallers/status/1428429890957848591?s=20

Wow, so what? Jack sent 10 USD to a bloke using a couple of apps. WOW!

Obviously this is a very superficial way of looking at this.
It could be true for someone living in a fully banked world, having access to the banking system, visa and Paypal networks etc.

This reality is not so common in the world, as you might not imagine.

On the other end of the trade, there is a guy in Nigeria.

How does he see this?



https://twitter.com/Afo_Ogunnaike/status/1428447467771662343?s=20



Everything happened without authorisations, commercial relationships, license agreements, stamps, lawyers or other frictions.
Everything happened in a trustless, uncensorable, irreversible way.
Everything with instant settlement and no fees.

Firstly, I am full of enthusiasm to receive notifications from this thread, that's why I'm here ... secondly, having superficially looked at Jack's / Jay Graber new brainchild ^{[blueskyweb.org]}, I immediately think of the unsuccessful brainchild of Durov (TON). So I would be grateful if someone has a couple of minutes to enlighten me a little. Maybe I'm wrong but the other day I saw a mention in the spirit of "bluesky & light network" so I ask. ^{[besides the publications above]}

You might also consider adding Electrum Lightning Network walkthough to your list. If someone is using Electrum as their main wallet then they might give Lightning Network a try if they see that thread. Some people might find All Lightning Network Threads In One Place useful as well.

Oh, great suggestion.
Somehow I forgot to mention those threads before.
Added to OP together with some other useful resource.

Take a look at The Lightning Network FAQ and Basics of the Lightning Network.


Bitfinex already supports Lightning deposits and withdrawals. They have two really large nodes (bfx-lnd0, bfx-lnd1) which are well-connected. They charge only 0.000001 BTC (~$0.05) for Lightning withdrawals.

this is hard to measure - a similar question is: how many transactions per second can the internet do?
(of course both networks are not at the same scale at the moment, but the internet started somewhere too)

according to marty bent an exchange in nigeria and one in guatemala just added lightning to their exchanges