Insights from the 4th Largest Lightning Network Node

[@DestructorEFX]

Really like his presentation, thanks for sharing!

[@samwouters2624]

Thanks for having me Bitcoin Amsterdam and thanks for the kind words in the comments!

[@xentagz]

Great talk!

[@PlanetFrosty]

Really enjoying the conference-Lightning Network Engineer CTO for an International Telecom

[@SafeForge-w9n]

These price swings keep my heart racing! 😅

[@spx730]

Good one

[@BlackPrimeMinister]

Lightning Network is just like the banking system. So much for decentralised electronic money.

[@BertisAU]

What's your favourite solution?

[@BlackPrimeMinister]

@@BertisAU What an absolute mess these people made of Bitcoin. Lightning is an absolute shambles. The idea that you can keep a node online with 100% uptime when most of the world actually lacks stable electricity is fantasy. I don't have a favoured solution. I'm not tribal about Bitcoin; I am pragmatic. BCH is the best implementation of Bitcoin, but it has no adoption of note. You get one chance to make a first impression and when retailers raced to accept this new currency and then bailed when it became slow and expensive, it was over. They are not coming back. Blockstream and the greedy side-chain obsessed idiots killed it. There is no mainstream use case. Bitcoin is done.

[@TimJSwan]

@@BertisAU well, scaled blocks work perfectly.. bsv

[@BertisAU]

​@@TimJSwan No one wants, knows about or respects BSV though. The future is either Bitcoin as a viable currency or we surrender to a CBDC with BTC being a forever store of value.

[@nnannagift4535]

Can't wait to start using the lightning network on btcpayserver through gateio exchange.

[@foxbox2879]

Nice

[@VantaBlackSheep]

How does more transactions on the lightning network affect the security of bitcoin and the value of bitcoin itself in the long term and the transaction fees on bitcoin

[@chiptrip1984]

The base layer security is not affected at all

[@jitanforcier3598]

Main chain security isn't impacted - which is why Lightning is a much better alternative than bigger block sizes on the main chain. As for Value - more adoption implies more growth. Lightning is definitely a huge step forward for Bitcoin. A lot more can be built on second layers and I can't wait to see what comes next.

[@VantaBlackSheep]

@@jitanforcier3598 what is required for btc mining to become profitable after the next halving. Does the price have to go up or efficiency of new ASICS go up to make the many old ones obsolete and if there’s a point we reach where there isn’t continuous growth in asic efficiency will that mean that there could be a situation where there’s too many people and trying to mine which makes the ROI so long that it isn’t feasible. What would have to happen for it to remain profitable over the next three halvings. Also if lightning is taking potential transaction fees away (which I still think is great as long as it’s built on btc) wouldn’t that mean there’s less fees which means there’s less people willing to mine hence less miners securing the network? Also I saw someone criticise segwit can you give me your opinion on that and also do you guys think taproot will bring smart contracts to btc.

[@jitanforcier3598]

@@VantaBlackSheep I do not know much about taproot nor if it will be implemented. I think as long as it doesn't reduce security the community might take it in. But I also think Smart contracts do not need to be on the main layer, they can be built over Bitcoin. Your question about Miner reward lowering is a very common question and the truth is that there is no answer yet. It is impossible to predict how Bitcoin will be when that happens because we're too far away from it. A lot can change on the network by then and the community will be adjusting accordingly. Miners are finding cheaper and cheaper energy sources - as you can see, even if the price is falling, hashrate have recently reached a new all time high. I am not concerned about this as the network is already over protected imo. After many halvings, reward will go down and so price must go up for reward to be the same but it does not mean it will directly affect hashrate as miners have always found a way so far. We might see bigger blocks eventually when technology becomes even more accessible, who knows. Contrary to general belief, Bitcoin CAN and WILL change if need be - we just haven't reached that point yet and the community doesn't want to sacrifice security as it doesn't NEED to yet­. Common conclusion seems to point to the fact that fees will replace reward. Fees are still super low on the main chain considering the current adoption and security so it wouldn't be that much of an issue if they go up by a lot. Lightning transactions will remain affordable. Main chain will most likely become settlement layer and other layers for smaller transactions, kinda how the current banking system work. As of lightning "stealing away" transactions from the main layer, I think that's a misguided question. Lightning needs to settle on the main chain once in a while. So if lightning gain adoption, it will still bring more transactions to the main chain.

[@sportshighlights5398]

@@VantaBlackSheep bitcoin's road ain't fast and flawless, there are many possibilities that could keep the same network distribution of mining profitable after the halving: - price rises - technology gets better and old techs gets pushed out by both market's and bitcoin's mechanisms - tx amounts increase (adoption) - cheaper energy (renewable) for those who didn't have it. - combinations of all of the above That's just what I think balances the market, I always suggest to do your own researches

[@hjb8505]

Lol, years later all fundamental objections to the lighting network are still there. Has the routing problem been solved yet?

[@Bushido-jin]

lightning is a threath to bitcoin... as seen with the bug last week..

[@thomasmullee3049]

Which bug ? 🤔

[@marcel5011]

$5per transaction? How is this usable?

[@richierich8245]

Where did you even get $5 from..... It's only a few cents.

[@QShaker]

5$ is the mediane of the transaction SIZE

[@richierich8245]

@@QShaker oh, I thought he was talking about fees, although I think the transaction size will continue to increase with time on lighting.

[@marcel5011]

@@richierich8245 i thought that actually, guess i misunderstood!

[@JunkBondTrader]

all I heard was $5 fee lol. You can send XRP for 2 cents and it's less than 1 minute. XRP is just one example of dozens.. ADA same deal, ETH same deal although the speed it a bit slower than XRP and ADA, but soon will upgrade.

[@jacklayyt]

can you read?

[@rc1982]

Touché.

[@waynesagich]

Nice