Pardon my ignorance guys, But any of you heard about this so called: LSATs: Pseudonymous Authentication using Bitcoin Lightning Payments? What's your thoughts about this one? Good idea or what?
https://medium.com/tierion/lsats-pseudonymous-authentication-using-bitcoin-lightning-payments-459e209b4b36
Topic: The Lightning Network FAQ - page 70. (Read 33287 times)
Hi Dave,
Why not ? A channel opening to you does not require anything from your side (apart few bytes of RAM but....), people usually strive to have big inbound channels.
Well that is annoying. I can't believe that nobody thought someone might not want to have some unknown node open a massive channel to them.
Why not ? A channel opening to you does not require anything from your side (apart few bytes of RAM but....), people usually strive to have big inbound channels.
Seems to be something that should be looked at. Unless I am missing something it does seem to open up the possibility of abuse.
FWIW that's again somehing that can be done with C-lightning plugins, it's called the `openchannel` hook.If someone opens a channel that eats up your entire node's sending capacity, shouldn't that be handled by routing fees? Those should be high enough to pay for rebalancing your channels.
But a channel opening to you doesnt eat your sending capacity ?.. It just increases your receiving capacity (and potentially the number of routes we can reach you through). 
Well that is annoying. I can't believe that nobody thought someone might not want to have some unknown node open a massive channel to them.
Seems to be something that should be looked at. Unless I am missing something it does seem to open up the possibility of abuse.
If someone opens a channel that eats up your entire node's sending capacity, shouldn't that be handled by routing fees? Those should be high enough to pay for rebalancing your channels. Seems to be something that should be looked at. Unless I am missing something it does seem to open up the possibility of abuse.
Is there a way in lnd to set the option of max channel size that can be opened based on the node that is opening it?
As far as I know, the answer is no. You can only change the minimum size of any incoming channel in the config file (minchansize). It applies to every node; you can't whitelist them.
Well that is annoying. I can't believe that nobody thought someone might not want to have some unknown node open a massive channel to them.
Seems to be something that should be looked at. Unless I am missing something it does seem to open up the possibility of abuse.
-Dave
Is there a way in lnd to set the option of max channel size that can be opened based on the node that is opening it?
As far as I know, the answer is no. You can only change the minimum size of any incoming channel in the config file (minchansize). It applies to every node; you can't whitelist them.
With the acknowledgement that I should probably ask this on github:
Is there a way in lnd to set the option of max channel size that can be opened based on the node that is opening it?
i.e.:
You are an unknown node you can open up to 100k sat
I know you and have your node listed you can open up to 1M sat
Thanks,
Dave
Is there a way in lnd to set the option of max channel size that can be opened based on the node that is opening it?
i.e.:
You are an unknown node you can open up to 100k sat
I know you and have your node listed you can open up to 1M sat
Thanks,
Dave
I haven't seen any info about the announcing of Strike by Zap here on the forum except in the WO thread. Tried searching for it but 0 interest. It's a good new for the whole LN and Bitcoin in general so why not share the info here. I'll just quote the post from WO thread 
https://medium.com/@JimmyMow/announcing-strike-by-zap-4f578c7c8984
---SNIP---
Quote
an application that allows you to make Lightning payments with your bank account or debit card. Using Strike requires the following: a debit card or bank account. That’s it; no wallet, no node, no channels, no swaps, no liquidity management, no anything.
https://medium.com/@JimmyMow/announcing-strike-by-zap-4f578c7c8984
---SNIP---
Yeah, I saw that yesterday and wanted to play with it a bit before commenting on it. Going to see if I can get a few minutes this weekend and take a look.
I hope it's quick and simple, I have read nothing about setting it up. Not because I fear difficult, but I just don't have time.
Side note, my node is back up and stable for a few days now so if you were one of the people I closed a channel to feel free to open it again I think it should be good for a while now.
-Dave
I haven't seen any info about the announcing of Strike by Zap here on the forum except in the WO thread. Tried searching for it but 0 interest. It's a good new for the whole LN and Bitcoin in general so why not share the info here. I'll just quote the post from WO thread
WO thread is a greatly undervalued source of information.
Having said that, I posted something in the Italian section about this, and in my very humble opinion is a big step ahead because I recall, when I used to do my monthly commentaries, to write LN needed a decent user experience to be in real competition to Credit Cards (LN main competitor, i think).
This is a big step in the right direction: flawless execution, limited/no existent hassle.
--
The coins you collect from routing fees can support the expenses/costs of running your Lightning node? Hard to believe, but that's good.
It's not hard to believe that the fees you collect from forwarding can support your paying fees. You just need to not connect to 4999ppm fees charging peers...
Moreover I've no infrastructure cost. And not doing altruistically takes the service or instant non-censurable payments into account
.Plus do you think that Lightning's fee-structure now is in its final form? It won't increase depending on demand? Because it's very hard to assume that it won't if the economic cost is scarce.
I'm not sure so.. I don't know.
Visualize this. Bitcoin's adoption rate reached 10% of the world's population, the Lightning Network is the standard for instant payment, demand for inbound capacity has increased exponentially, economic cost for it is a scarce/valuable asset.
Ok, I think (/hope?) that at some point the demand will switch from inbound to outbound capacity.
I haven't seen any info about the announcing of Strike by Zap here on the forum except in the WO thread. Tried searching for it but 0 interest. It's a good new for the whole LN and Bitcoin in general so why not share the info here. I'll just quote the post from WO thread
https://medium.com/@JimmyMow/announcing-strike-by-zap-4f578c7c8984
pretty good
edit https://twitter.com/JackMallers/status/1222941238279708674?s=20
Quote
an application that allows you to make Lightning payments with your bank account or debit card. Using Strike requires the following: a debit card or bank account. That’s it; no wallet, no node, no channels, no swaps, no liquidity management, no anything.
https://medium.com/@JimmyMow/announcing-strike-by-zap-4f578c7c8984
Quote
Bank accounts and debit cards can now speak to nodes all over the world, and nodes all over the world can now speak to bank accounts and debit cards. The possibilities are endless and the sky is the limit.
pretty good
edit https://twitter.com/JackMallers/status/1222941238279708674?s=20
--
The coins you collect from routing fees can support the expenses/costs of running your Lightning node? Hard to believe, but that's good.
It's not hard to believe that the fees you collect from forwarding can support your paying fees. You just need to not connect to 4999ppm fees charging peers...
Moreover I've no infrastructure cost. And not doing altruistically takes the service or instant non-censurable payments into account
.Plus do you think that Lightning's fee-structure now is in its final form? It won't increase depending on demand? Because it's very hard to assume that it won't if the economic cost is scarce.
I'm not sure so.. I don't know.
Visualize this. Bitcoin's adoption rate reached 10% of the world's population, the Lightning Network is the standard for instant payment, demand for inbound capacity has increased exponentially, economic cost for it is a scarce/valuable asset.
--
The coins you collect from routing fees can support the expenses/costs of running your Lightning node? Hard to believe, but that's good.
[/quote]
It's not hard to believe that the fees you collect from forwarding can support your paying fees. You just need to not connect to 4999ppm fees charging peers...
Moreover I've no infrastructure cost. And not doing altruistically takes the service or instant non-censurable payments into account
.Plus do you think that Lightning's fee-structure now is in its final form? It won't increase depending on demand? Because it's very hard to assume that it won't if the economic cost is scarce.
I'm not sure so.. I don't know.
Who among the consistent Lightning users here have been running a node, specialized specifically for routing transactions/providing liquidity, how long have you been running it, and what's the averge cost of running it?
I've been running one (C-lightning) for almost two years now, and it costs me barely nothing : just setup on top of my old computer which already ran core.
So it costed me a low end computer which I had for free (I'm in the process of changing it, but I'm not that well connected after all) and electricity cost for an idle computer.
The bigger cost is the coins to open channels.
Practically speaking, how long, do you believe, can you stake your Bitcoins, and altruistically continue running your node, rebalance channels, to provide liquidity without incentives?
I've been doing this for more than a year now, with rebalance fees at my charge. I've stopped doing this by closing channels to peers charging too much fees and connecting to peers charging little fees (which I found thanks to a little plugin I wrote). This way, not only I'm no longer altruistically running my node (since I make use of rebalanced channels) but I can also earn some (milli)sats if I happen to charge less fees than my neighbors.
The coins you collect from routing fees can support the expenses/costs of running your Lightning node? Hard to believe, but that's good.
Plus do you think that Lightning's fee-structure now is in its final form? It won't increase depending on demand? Because it's very hard to assume that it won't if the economic cost is scarce.
My node just started throwing hardware errors.
I am in the process of closing all the channels that I had open. I know there were some people here who I had some open with, if there are any problems let me know, should just close gracefully but if they don't I'm going to force close them.
-Dave
I am in the process of closing all the channels that I had open. I know there were some people here who I had some open with, if there are any problems let me know, should just close gracefully but if they don't I'm going to force close them.
-Dave
Who among the consistent Lightning users here have been running a node, specialized specifically for routing transactions/providing liquidity, how long have you been running it, and what's the averge cost of running it?
I've been running one (C-lightning) for almost two years now, and it costs me barely nothing : just setup on top of my old computer which already ran core.
So it costed me a low end computer which I had for free (I'm in the process of changing it, but I'm not that well connected after all) and electricity cost for an idle computer.
The bigger cost is the coins to open channels.
Practically speaking, how long, do you believe, can you stake your Bitcoins, and altruistically continue running your node, rebalance channels, to provide liquidity without incentives?
Who among the consistent Lightning users here have been running a node, specialized specifically for routing transactions/providing liquidity, how long have you been running it, and what's the averge cost of running it?
I've been running one (C-lightning) for almost two years now, and it costs me barely nothing : just setup on top of my old computer which already ran core.
So it costed me a low end computer which I had for free (I'm in the process of changing it, but I'm not that well connected after all) and electricity cost for an idle computer.
The bigger cost is the coins to open channels.
Practically speaking, how long, do you believe, can you stake your Bitcoins, and altruistically continue running your node, rebalance channels, to provide liquidity without incentives?
C-lightning can run against a pruned node for example, so you can have a full Bitcoin-today setup for 30GB of storage (or even less).
I had been using LND for most of the time; that's why I mostly mention features available only for it. Thanks for bringing it up. Running a pruned node sounds more appealing than experimental software. What other c-lightning features are worth paying attention to?
If you are a regular user, you can choose from a constantly growing list of community-curated C-lightning plugins.
If you are a developer, or at least know a bit of Python or other high-level language (there are libs for Python, JS, Go, C, C++), you can script a C-lightning plugin really quickly that fits your needs. The C-lightning server (`lightningd`) will send to plugins notifications about events (like, "an invoice has been paid") or hooks (like, "I got an HTLC, its details are {}, what do I do with it ?"), and allow it to register new RPC commands (for example the summary plugin adds the `summary` command which give a higher level summary of your node's status).
Otherwise, not that many features as C-lightning aims to only implement the core functionalities : anything higher-level belongs to plugins.
C-lightning can run against a pruned node for example, so you can have a full Bitcoin-today setup for 30GB of storage (or even less).
I had been using LND for most of the time; that's why I mostly mention features available only for it. Thanks for bringing it up. Running a pruned node sounds more appealing than experimental software. What other c-lightning features are worth paying attention to?
Quote
The only alternative that comes to my mind is neutrino
I know you are talking about LND, but for reference that's not specific to all LN nodes. C-lightning can run against a pruned node for example, so you can have a full Bitcoin-today setup for 30GB of storage (or even less). Jump to: