How do fees work when opening and closing Lightning channels, or when making payments? Can payments on the Lightning Network be censored by nodes?
This question is from the September monthly Patreon session, which took place on September 29th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
RELATED:
Bitcoin, Lightning, and Streaming Money – https://youtu.be/gF_ZQ_eijPs
The Internet of Money: Five Years Later – https://youtu.be/6xIq0FdmsIA
The Lightning Network – https://www.youtube.com/playlist?list=PLPQwGV1aLnTurL4wU_y3jOhBi9rrpsYyi
Advanced Bitcoin Scripting, Part 1: Transactions and Multisig – https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting, Part 2: SegWit, Consensus, and Trustware – https://youtu.be/pQbeBduVQ4I
The Lightning Network – https://youtu.be/vPnO9ExJ50A
Lightning’s security model – https://youtu.be/_GNsT_ufkec
Misconceptions about the Lightning Network – https://youtu.be/c4TjfaLgzj4
Eltoo, and the early days of Lightning – https://youtu.be/o6eFZ5aI9N0
Lightning Network scaling – https://youtu.be/4KiWkwo48k0
Lightning Network interoperability – https://youtu.be/1HYMWcJHGXc
Lightning Network game theory – https://youtu.be/7if0DuTtozY
Atomic swaps – https://youtu.be/fNFBA2UmUmg
Running nodes and payment channels – https://youtu.be/ndcfBfE_yoY
What is Segregated Witness (SegWit)? – https://youtu.be/dtOjjB4mD8k
SegWit and fork research – https://youtu.be/OorLoi01KEE
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
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19 hops seems insufficient. If you have about 3 hops for every level of house, neighborhood, town, county, region, state, continent, planet, then a payment to Mars would take about 48 hops. I don't think the dynamic decentralized network will be an order of magnitude better organized than an optimally centrally planned network, so 19 seems too optimistic to me. This reminds me of the CISCO/SPRINT/DISA takeover of the Internet: keeping unnecessary technical restrictions in place, lying about them (Tony Li at CISCO), and using them to take over power (Sean Duran, SPRINT, Clinton era DISA attack lawyers, etc.).
We should start to see this limitation exactly when LN gets to the point that it is actually useful, i.e., right when it is most vulnerable to be "proven wrong". The same thing happened with the Internet. In fact, I suspect the number 19 was picked for this very reason by moles.
Already we have seen USENET and Bittorrent all but disappear, and are no longer the social freedom they used to be. Granted, Bittorrent made Netflix and Amazon Prime Video, but neither of those are bastions of freedom.
Andreas, so we just need to make sure that the nodes in LN are not hold by several big parties but by a lot of small players?
The true BTC Guru. Informative as usual Andreas. Thank you for your time and sharing this. Go crypto!
Bitcoin vs XRP, would love for you to do a video on that with all the talk about Ripple and XRP these days, thanks for what you do..
Imagine if all the wallets on Earth of every coin on Earth had one more button in them – an "Escrow" button, which would be as natural to any wallet as the "Send" button now.
If blockchain can safely swap values between addresses in a trustless system, why don't we use the same mechanism to safely escrow the values in a trustless system to safely meet the conditions of the swap? … and then we don't need exchanges any more. Then you have a total peer-to-peer society simply because every single person or entity on Earth could now safely agree and then safely swap values between them.
I'd love that as a user! Can LN do that ?
Por Favor señor Andreas
Aqui en Latinoamérica lo seguimos, Peru – Lima
Envíanos todo sus videos con traducción en español
La moneda Bitcoin debe llegar a todo el países de Latam
Lo que usted nos enseña dia a día
Es democratizar el dinero de una forma única y humanamente justa,
Todo lo que usted hace es tipo un angel que llego a liberarnos
Nice one. Again. So That addresses the worry that side chains are being "bought out" by Visa et al which I think was the questioner's intention. (see https://youtu.be/2fiTliA0SIk ) This could all go the wrong way so easily so let's make sure it doesn't!
Bitcoin reached the age of 10 today.
Happy birthday Bitcoin !
Wonder what the industry will look like in 10 more years…
Does the Lightning mainet network work? Because I have setup my own lightning node and connected to it via a VPN because I can't connect using same network because the lightning port is being used by my node. I have tried to make payments using the Eclair mobile wallet but I have had no luck so far. Just pending transactions and one failed with the error Payment failed 10 attempts made "processing node does not know the next peer in the route" or "channel currently unavailable"
But it's is showing connected to my node ok normal
What I am doing wrong?
Thanks for the videos Andreas
Thank you for explaining the fee structure and their insignificance.
can hackers make a 50% attack to Lightning Network.
Great video, as usual.
Grt, now I can sleep better
It sounds like Bitcoin will have to find a new balance between POW and LN. The free market will decide the amount of security of the network vs. the fees/speed. The cool part is that BTC always relies on fair competition. Neat!
Smashed the like
First!