Daki Carnhof [ARCHIVE] on Nostr: 📅 Original date posted:2021-08-14 📝 Original message: This text was brought to ...
📅 Original date posted:2021-08-14
📝 Original message:
This text was brought to life by repelling magnet forces of reading
ZmnSCPxj's Algorithm For Channel Fee Settings. Thank you, Zmn! Bitcoin has
taught me to just do nothing and it would probably be preferable in this
case as well, but here is my 5msat.
# Introduction
Zero Fee Lightning Network Routing (both 0/0) is an alternative way of
looking at channel fee settings. The philosophical idea behind it is based
on the fact that by encouraging individuals to do their own (automated) fee
management we are actually forcing everyone individually to do the
decisions which are are currently done in fiat (and altcoin) standard
through interventions. And which we oppose by Bitcoin.
# Reasoning
See discussion with Jordan P. Peterson and guests at
https://www.youtube.com/embed/iVym9wtopqs
Our computers are running anyway for the Bitcoin nodes. They do quite a lot
of simple computations for free* already. If it did not make sense, the
nodes would not be run. The same reasoning extends to zero fee routing on
LN. In our opinion it is much more straightforward to not ask for fees on
LN. The higher interest of the community will just melt into the overall
price, like Proof-of-Work does. Using an algorithm like Hill Climbing would
just make our computers compute even more and with uncertain results.
* Without any immediate effect on the amount of satoshi the operator of the
node owns.
That's it. If I Had More Time, I Would Have Written a Shorter Letter.
Regards,
Daki
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📝 Original message:
This text was brought to life by repelling magnet forces of reading
ZmnSCPxj's Algorithm For Channel Fee Settings. Thank you, Zmn! Bitcoin has
taught me to just do nothing and it would probably be preferable in this
case as well, but here is my 5msat.
# Introduction
Zero Fee Lightning Network Routing (both 0/0) is an alternative way of
looking at channel fee settings. The philosophical idea behind it is based
on the fact that by encouraging individuals to do their own (automated) fee
management we are actually forcing everyone individually to do the
decisions which are are currently done in fiat (and altcoin) standard
through interventions. And which we oppose by Bitcoin.
# Reasoning
See discussion with Jordan P. Peterson and guests at
https://www.youtube.com/embed/iVym9wtopqs
Our computers are running anyway for the Bitcoin nodes. They do quite a lot
of simple computations for free* already. If it did not make sense, the
nodes would not be run. The same reasoning extends to zero fee routing on
LN. In our opinion it is much more straightforward to not ask for fees on
LN. The higher interest of the community will just melt into the overall
price, like Proof-of-Work does. Using an algorithm like Hill Climbing would
just make our computers compute even more and with uncertain results.
* Without any immediate effect on the amount of satoshi the operator of the
node owns.
That's it. If I Had More Time, I Would Have Written a Shorter Letter.
Regards,
Daki
-------------- next part --------------
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