Thomas Zander [ARCHIVE] on Nostr: 📅 Original date posted:2015-08-10 📝 Original message:On Monday 10. August 2015 ...
📅 Original date posted:2015-08-10
📝 Original message:On Monday 10. August 2015 07.57.30 Rune K. Svendsen via bitcoin-dev wrote:
> What Lightning does is raise the value of a transaction on the block chain.
> Imagine you're a Lightning node, and in order to collect your fees, that
> you've earned over the past month, you have to settle on the blockchain. If
> you've earned, say, 0.5 BTC in fees, you can attach a huge 0.005 BTC fee to
> the Bitcoin settlement transaction. The miners earn a larger fee, and you
> make sure your transaction gets into the blockchain quickly, and you can
> afford to pay this fee because you've made much more on the Lightning
> transactions you've routed.
I don't buy that argument, you are saying a company will give away profits
because of... what? It can?
The reason of it being faster makes no sense, as your example the channel has
been open for a month then he really doesn't care it takes 1, 10 or 50 blocks
before his transaction is included. What is 5 hours wait on a month of profit?
--
Thomas Zander
📝 Original message:On Monday 10. August 2015 07.57.30 Rune K. Svendsen via bitcoin-dev wrote:
> What Lightning does is raise the value of a transaction on the block chain.
> Imagine you're a Lightning node, and in order to collect your fees, that
> you've earned over the past month, you have to settle on the blockchain. If
> you've earned, say, 0.5 BTC in fees, you can attach a huge 0.005 BTC fee to
> the Bitcoin settlement transaction. The miners earn a larger fee, and you
> make sure your transaction gets into the blockchain quickly, and you can
> afford to pay this fee because you've made much more on the Lightning
> transactions you've routed.
I don't buy that argument, you are saying a company will give away profits
because of... what? It can?
The reason of it being faster makes no sense, as your example the channel has
been open for a month then he really doesn't care it takes 1, 10 or 50 blocks
before his transaction is included. What is 5 hours wait on a month of profit?
--
Thomas Zander