📅 Original date posted:2015-08-10
📝 Original message:On 08/10/2015 05:39 AM, Thomas Zander via bitcoin-dev wrote:
> 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?
>
I guess the assumption here is a full-block scenario where users of LN would be
willing to pay 100 times the fees users of crude transactions would be willing
to pay for the same limited space in the blockchain, simply because LN would
group 100 real world payments into 1 crude transaction.
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Leo Wandersleb [ARCHIVE] /
npub13l…skwkm
2023-06-07 15:46:32
in reply to nevent1q…muy9
Author Public Key
npub13lchmhzu8cv25gxwcksn6jymnlvlu3zzh4az5aa3h799evyw6kdq7skwkmPublished at
2023-06-07 15:46:32Event JSON
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"content": "📅 Original date posted:2015-08-10\n📝 Original message:On 08/10/2015 05:39 AM, Thomas Zander via bitcoin-dev wrote:\n\u003e On Monday 10. August 2015 07.57.30 Rune K. Svendsen via bitcoin-dev wrote:\n\u003e\u003e What Lightning does is raise the value of a transaction on the block chain.\n\u003e\u003e Imagine you're a Lightning node, and in order to collect your fees, that\n\u003e\u003e you've earned over the past month, you have to settle on the blockchain. If\n\u003e\u003e you've earned, say, 0.5 BTC in fees, you can attach a huge 0.005 BTC fee to\n\u003e\u003e the Bitcoin settlement transaction. The miners earn a larger fee, and you\n\u003e\u003e make sure your transaction gets into the blockchain quickly, and you can\n\u003e\u003e afford to pay this fee because you've made much more on the Lightning\n\u003e\u003e transactions you've routed.\n\u003e I don't buy that argument, you are saying a company will give away profits \n\u003e because of... what? It can?\n\u003e\n\u003e The reason of it being faster makes no sense, as your example the channel has \n\u003e been open for a month then he really doesn't care it takes 1, 10 or 50 blocks \n\u003e before his transaction is included. What is 5 hours wait on a month of profit?\n\u003e\nI guess the assumption here is a full-block scenario where users of LN would be\nwilling to pay 100 times the fees users of crude transactions would be willing\nto pay for the same limited space in the blockchain, simply because LN would\ngroup 100 real world payments into 1 crude transaction.\n\n-------------- next part --------------\nA non-text attachment was scrubbed...\nName: signature.asc\nType: application/pgp-signature\nSize: 473 bytes\nDesc: OpenPGP digital signature\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150810/0fee3843/attachment.sig\u003e",
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