U.Mutlu [ARCHIVE] / is on Nostr

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🗓️ Active from 2015-01-22 to 2017-12-11
💬 Posted a total of 3 messages
📚 Participated in the following categories: Lightning-dev
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2023-06-09 12:47:55

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📅 Original date posted:2017-12-11
📝 Original message:
Christian Decker wrote on 12/11/2017 11:59 AM:
> Not sure I fully understand the use-case you are referring to. Is this
> supposed to be a short-term loan to get a bill paid or is this supposed
> to facilitate muli-hop payments? In the former case there is no support
> for it yet, since all of the payments in LN are always fully backed by
> Bitcoin. In the latter case, I don't see how that differs from the
> multi-hop payments we already do.
I must admit I'm new to LN and don't know yet if it can be used
in setting up such a scenario:
A bitcoin transaction usually takes at least 10 minutes for confirmation.
An instant payment could be realised if a middleman pays out the amount
to the receiver immediately, and gets his money back from the original
sender the normal way (ie. waiting the 10+ minutes).
The middlemen (ie. other users) would announce their such service at
a marketplace (the highest amount he/she is willing to overtake plus
the fees he/she wants). With each transaction, Bitcoin would pick
the best offer from the orderbook of the maketplace and process the
transaction that way (ie. swapping the receiver by the middleman).
The advantages: the receiver gets the money instantly,
and any user can play middleman (hence an exchange for it),
the middlemen earn from the fees, exchanges get established, ...
Just an idea...

2023-06-09 12:47:55

- reply

📅 Original date posted:2017-12-09
📝 Original message:
Hi,
would LN allow the creation of marketplace(s) (ie. echanges)
where users can offer to overtake quasi-instantly the
payment obligation of someone else, for a little income
from the transaction fees?
Ie. then the regular network (bitcoin etc.) would optionally
first look whether there is an intermediary available in the "orderbook"
of the exchange that is willing to instantly overtake the payer's
obligation, and if yes then this transaction would be dealt by LN...
By this, the helping users (intermediary settlers, credit-givers)
would have a little income stream by helping with their own funds,
and w/o risking their funds.
I think many users would like such an idea for a small income,
and many such exchanges would open. They would announce their
service on the underlying network(s).
If such an exhange goes down then it shall have
no negative consequences for the participants.
Can such an infrastructure be built on top of LN?
Thx

2023-06-07 15:29:01

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📅 Original date posted:2015-01-22
📝 Original message:I don't know yet the details of how a wallet looks like internally,
but I think it should be possible to print the wallet incl. acct nbr
out on classical paper (as base16 or base64 etc.) for filing it
in a physical home or bank safe.
Later, typing it from paper to a small converter program that recreates the
wallet file.
IMO this is a good security against possible computer hardware disasters.
Of course one has to secure this further with encryption against bank
fraud/theft etc.
Ie. the output on paper should be encrypted, and the owner
should place the key somewhere else.
I would suggest the developers make such functionality available for the user.
cu
Uenal