Topic: Why have the fees so drastically dropped ? (Read 709 times)

If the so called "lightning banking hubs" which is how some people call nodes with many channel connections as far as I can tell, become a treat to the community, namely, enforcing KYC, censoring transactions, reporting transaction data to feds and whatnot, they will simply get ignored and ostracized by the community, so unless they want their lightning operation to be rendered useless, they will behave. The free market will once again decide their viability.

So you cannot answer me when I point out that an LN node does not and cannot meet the definition of a bank. You switch to claim that larger nodes are run by miners but you cannot back that assertion up with any facts. Now you just go back to your incessant whining about fees and ignore that I called you out on your bullshit 'banking hubs' but continue to use it.

Explain how an LN node is "A financial establishment that uses money deposited by customers for investment, pays it out when required, makes loans at interest, and exchanges currency."

Provide evidence that "all the ones with more than 20 channels open, you know ran by the miners".

You make false assertions and then ignore it when you are challenged to back them up.


I didn't say whether you minded them I pointed out that you are too dumb to read, understand and follow them.

Unofficial list of (official) Bitcointalk.org rules, guidelines, FAQ


You keep breaking the rules and that's why your posts get deleted. There are 3 posts of yours on the last page including the one I just replied to that broke that rule and might get deleted. http://archive.is/Xjoly You could never post a coherent argument that anyone would consider a threat worth censoring. Don't flatter yourself by thinking you have anything to say anyone would want to suppress. All you can do is use a false analogy. There is nothing remotely similar about a bank and an LN node. Go back and read that dictionary definition of a bank again, then read it again and again until you finally figure out what it means.

Ah.  Now it makes sense.  I guess the Lightning Network is a pretty huge threat to Ripple.  I can see why you don't like it now. 

For someone who claims they don't like banksters, it's funny you should be a fan of the biggest barely-qualifies-as-crypto banker hub that exists in the world right now.  Thanks for playing, but I'm pretty sure you just lost.  Expect to see a link to this highly revealing and informative post when you start talking shit in future.

Tell me, as I'm assuming you're the expert, how many times does the word "fee" appear in the Ripple whitepaper?   

No i am not Mr Words Smith


Yes it does, miners who will be running the LN banking nodes have broken the trust, trust that is now called into question and only a fool
would want to forget history.


I have addressed this in detail already, read what i am saying, stop rewording it, gets boring it does.


Give over, everyone knows that in late December you paid $30 or more or your money went walk about so yes it was "Demanded"
and words smith won't change it.

No it's not, same people running it, same monopoly but the plan is more of a divide and conquer and I am dammed if I will pay
0.6% to send $1000 across the wire when my fiat bank will do it for free and other alt-coins will do it for next to nothing.  



Again I addressed this, see comments about competition not working in the past and stop repeating the same answer.


I am guessing you did not read or understand the LN white paper, try doing a word count on the term "Fee" because it pops up
45 times, ask mum to help if needs be will you and read the thing.

Lets have facts and for fiction stories we have already been feed the tripe about Bob buying a cup of Coffey from Alice
28 times in a month but it's obvious from the network map (I KEEP SENDING YOU) it is not Bob and Alice banking by any means.

VISA and Ripple have backup systems, replicated servers, Lightning hubs have nothing so what was you saying about apples and oranges
again.


Maybe hope for you yet.

You're comparing apples with oranges and, at the same time, somehow confusing oranges with coconuts.  

It doesn't matter what happened in the past with on-chain fees, because none of that has anything to do with what fees LN hubs might choose to charge, or what you choose to set your fee limit at.  It's an entirely different system.  One where you need to figure out how it works first, before you try and argue about what you think is wrong with it.

And, despite literally just explaining it to you, try to keep up, mining fees weren't "demanded" by anyone.  If you think they were, you're the one rewriting the history books here.  On-chain fees are like bids.  You want in urgently, you bid high.  Nothing is "demanded".

Thankfully, LN is pretty much the complete opposite of that bidding war.  Hubs will charge the lowest fees possible in order to attract your patronage.  They're effectively the ones bidding for your services now.  Doesn't that sound nice?  This is clearly an improvement, so it's mind-boggling that you're so averse to it.

I'm guessing all of this is new information for you, since you clearly don't understand anything I'm saying here.  Rather than me repeat myself a few more times, how about you spend some time actually trying to understand the meaning of the whitepaper and not just counting how many times certain words appear or looking at pictures of the network map and jumping to completely unrealistic conclusions?



It will make Bitcoin far more useful if large companies start accepting it, but they can't do that if we don't have any room in the blockchain for all the extra transactions that would be generated.  Joe Public will be glad to see new places where they can spend their BTC, whilst saving on fees at the same time.

When card payment systems go down, the user is down too.  Nothing new there.  I can think of at least a dozen times in the last few years where the place I work hasn't been able to take anyone's fiat money for a few hours due to some system bug or another.  Yet strangely, the internet usually stayed on, so perhaps LN might even be more stable than my employer's card system.



Nope.  Straight away recognised mining for the arms race it is and wanted no part of it.  I don't want to be lumbered with outdated hardware that functions purely as an inefficient space heater.  I leave that game of chance to others.  There's a mining subforum here on the boards and I can't imagine I've made more than 5 posts in it since I arrived here in 2013, unless perhaps the threads were moved to those boards after my reply.

Yes we had that option with some wallets on BTC but if you didn't pay the crazy fees demanded then your money went
walk about for days so lets forget about "Market Forces" and "Competition" between miners because clearly it was not working
and the reason is because ten big mining pools account for 90% of all miners or would you like a link with that one.

Your argument "Any hub that charges too much won't get any fees at all" is blown out the water unless you want to
re-write the history books here.


Large companies are not the major users here, Joe public is and he's afraid to open more than one channel because fees to close and settle "On-Block"
can reach as high as $55 on top of the fees charged by banking hubs which all so put paid to any debate about bitcoin still being decentralized because if
the hub is down then the user is down too.


Do save the "Spend to save" argument because it's cheaper today than it was yesterday because we were happy when fees were $0.01 and didn't even kick up
much at $0.50 but then they went too far, feed you problem-reaction-solution and your "loving it" so I have to ask if your a miner or not ?

Again, there's a preference to set your desired fee limits.  You won't be forced to pay what any given hub might want to charge.  And it's in the hubs' best interest to not get greedy.  Any hub that charges too much won't get any fees at all because people simply won't use them.  They'll have to compete with all the other hubs.  You will be in full control of what you choose to pay.  There will likely be "negative fees" where you actually get paid to go through certain hubs as they try to rebalance their channels.  Your wallet software will always find the optimal route.

And it's not propaganda about Alice and Bob running the hubs.  Every single person with bitcoin can choose to run one if they want.  With banks, there's only a limited number you can open an account with in any one area.  With Lightning, you won't have those restrictions.  

You wouldn't be allowed to open a bank.  Law enforcement agents will come crashing through your door if you tried.  But you can run a Lightning hub, or multiple hubs, no one can stop you.



Again you're just repeating the same thing when your point has already been countered.  How many times do I have to explain it?  I've addressed this point here and here.  Large companies will naturally have lots of channels open.  That's the whole idea you utter simpleton.  It categorically does not make them banks.  It just means they have lots of customers with channels open.  Customers who saved money on fees by making repeated purchases and not having to pay a new, separate fee each time they want to buy something.  Why won't you address that point?

Do you want a pop or do you want to hide up your mother skirt or not ?


No bullshit is not accepting that Tx Fees + Interest fees =Bankers as can be seen from the lightning network map
or do you also have trouble understanding pretty picture too.
https://lnmainnet.gaben.win/

Your words smith does not cut it here, facts win every time and the news is out anyway
https://www.youtube.com/watch?v=UYHFrf5ci_g with lots of people agreeing with my view
on things so what are you trying to achieve.

I must say sorry for that one, thought my reply had been deleted as is often the case here but I was mistaken, another two post got deleted instead but
the field is not level here, I am not sorry for that bit.

Wot you mean like $0.01 per transaction like it was not so long ago on Bitcoin but instead I am reading that the LN charge is
0.6% per transaction instead so thats like much cheaper than it was when tx fees hit $55 and killed Bitcoin but you still want me
to be happy about it.

Remember the bit about "Virtually free transaction fees" well that was a lie as is the whole of the lightning network
with it's banking hubs not being as described in the official propaganda sheet about Alice and Bob running the hubs.

People are voting with their feet over the way they have been treated by the development team and miners and poor
excuses from the party faithful here won't bring them back.

That's strange.  I can still see them (with the notable exception of the one you clearly just deleted yourself).  They probably deserve to be deleted, but they're still there.  Maybe you're just avoiding the fight because you know you can't win, so you have to keep lying and playing the victim when someone calls you out on your bullshit.

You can't address any of the points thrown back at you.  You simply don't possess the understanding to counter valid arguments, so you just keep repeating how many times the word "fee" appears in the whitepaper and calling hubs "banks" when they aren't.  

I understand perfect well, thank you.  And I hope one day you develop the understanding to see what you did wrong here and why no one's falling for it.

I addressed them here and then you didn't reply to me.

But what you fail to address, every single mind-numbingly stupid time, is that the fees will be lower for transacting over LN than they will be on-chain.



What part of being infinitely better than banks don't you quite understand?  There will be no fractional reserve.  There will be no bail-ins or bail-outs.  There will be no central bank.  There will be no quantitative easing.  There will be no KYC/AML.  There will be no bank holidays.  None of your mindless bleating about fees will change that.  Yes, there are fees.  I think we've clearly established that.  But again, lower fees.

Why would you incessantly bitch and moan about fees when talking about the very thing that can save people money on fees?  And then as a bonus, you get all those other advantages of not using banks.



If you had even the slightest clue about how Bitcoin works, you would be aware of the fact that miners don't determine the fee.  It's down to each user how much they're willing to pay for a fast confirmation.  However, in Lightning, you'll be able to set a preference to simply not route through channels exceeding your desired fee.  If there is a hub charging more than you're willing to pay, you won't be routed through it.  Problem solved.

---

Now just for a change, try to address those points, with an actual, rational argument.  Not just coming back with the number of times the word "fee" appears in the whitepaper.  Just once, rather than accusing other people of not addressing the points, you address them.  Respond to each of those three points I've raised.  I eagerly await a coherent and sensible reply.

Whenever are seen the bitcoin transaction before the peak value touched in November and october month. All happening because of mass mining migration on various coins especially bitcoin cash.
That drastically bitcoin transaction fee has been increased but now again back the right level we were before. Segwit is enough for the current usage of bitcoin. I know that lighting may speed up the transaction but until many legalization been done they we go towards it.

That website is outdated, use this one:

https://rompert.com/recksplorer/

It has more nodes noted, I think the old site is not caching all of them. We are at 1777 with 5926 channels, it looks good.

I see LN as a viable way to transact in small amounts, say of $100 and below that. The safety and decentralization levels are away higher than those found in the legacy banking system. For transactions of higher value on-chain should be viable for most people.

It's still the best approach i've seen to "mass scaling" a coin, because the layer 0 is not involved. Let's see who can do better.

0.6% I think is the rate but lets think back, yes I remember "Virtually free transaction fees" and we watched as
these fees hit $55 per transaction and have no guarantee that the same scam won't happen again from the miners who
are hosting the lightning network banking hubs.


I don't mind rules so much but clearly here we have one set of rules for the party faithful spreading FUD
and another set of rules for everyone else so save the bullshit because I am not taking it.

No need to given the facts that clearly you cannot address.

What part of charging transactions fees and interest on BTC needed to keep channels open don't you quite understand when I like many
more people call the lightning hubs "Banks" 

The deception has been blunted and will get turned back because truth tends to stand up to the test of time.

Let me get this straight. You use the pejorative term 'banking hubs' so I ask you to point out any lightning node owned and operated by a bank. So you then say that any node with more than 20 channels open is 'ran by miners' (sic). Leaving aside how laughable it is to call someone running an S9 a financial institution I ask you if you have any evidence to support that claim. You come back with the number of times 'fees'  is mentioned in the whitepaper and the link to a network map. ROFL.

Looking at the network map there is an interesting data box in the top left corner.


Your inability to follow a simple set of forum rules != censorship.

Try coming up with a new argument.  Preferably one that in reality qualifies as an argument.  Regardless of how many time you repeat it, the number of times the word "fee" appears in a whitepaper is not evidence of anything, except perhaps proof that you can't comprehend the meaning of the whitepaper, so all you can talk about are the fees.  Fees which, in many cases, will be lower than using mainnet alone.  The main reason your failed attempt at an argument never makes an ounce of sense is because people will generally only be using Lightning when it saves them money on fees.



If a company has 100 customers who happen to be using LN, they might have have lots of channels open.  Large companies may eventually have thousands of customers with channels open with them.  Doesn't mean they're a bank.  Doesn't mean it has anything to do with miners.  Chances are, it doesn't mean anything you're ever likely to think it means, because all your thoughts are insane.  You constantly linking to the network map is also not evidence of anything, except perhaps proof that you can't comprehend the meaning of the network map.  

Perhaps your efforts would be better suited to continuing to pretend you're a competent developer and actually trying to code something useful.  I mean, I'm not really expecting you to contribute something of worth to the community, so it's probably a long shot.  But debate clearly isn't one of your strong suits.  I still haven't figured out what it is you're actually good at, so all I can go by is telling you what you suck at.  Which mostly includes posting.  Maybe do less of that.

Yes lots, try looking at the word "Fees" in this document https://lightning.network/lightning-network-paper.pdf
or see the network map that is sure as hell is not mama and poppa small time banking you know.
https://lnmainnet.gaben.win/

Still lost then watch the video https://www.youtube.com/watch?v=I6RoG2L7Qsw&feature=youtu.be or pop outside
this site where we can have a real debate on the subject without having a bent moderators with a vested interest in this subject

 

I think they dropped because the rate of the coin has dropped