Bitcoin Q&A: Running nodes and payment channels

Will i get rewarded to run a node

I got a Raspberry Pi 4 incoming just for this, so I can play around with the tech, maybe make $5 in fees per year LOL

Thank you!

So what happens when power gets cut off and channel was still active will you loose the $ you put up?

seems like it's impossible to check a transaction using bitcoin core, if that transaction isn't part of core's wallet!? lame!

Couple questions:
1. Why would you not run a full node on a VPS or remote web server?
2. Can you run multiple nodes off one IP address?
3. How well does the new raspberry pi 3 + that just came out a couple weeks ago run a node?
4. If you have a powerful computer and lots of internet speed & uncapped monthly bandwidth… How do you performance tune the node? Where are the settings located and what options would you change? Any info on this somewhere?
5. If blockchain is downloaded on one computer & running a node, and you want to copy the blockchain data &put that data on another computer to save download time can you do that? What files do you need to port over and where are they located?
6. Are all the nodes the same for the different Bitcoin coin forks? For example Bitcoin, Bitcoin cash, Bitcoin gold, Bitcoin diamond, Bitcoin private. Would one node support all these, or does each coin require one node? Can you run multiple nodes from same IP if they are needed?

Bitcoin + Satellite Comm + Solar energy = Freedom

Where do you make the changes to node setup?

I have a bit of a hard time following the argument here, Andreas says that the ability to gain capital by creating small channels doesn't apply to big capital, because the risk is greater, but if there is an optimal level of risk/reward, the very wealthy can always achieve it, whether it's big or small, on the other hand, people with small capital may not be able to achieve it, and it would be a relatively bigger risk for them, since it would represent a more significant part of their assets.

Also, creating/updating channels cost fees, so while i believe LN will reduce these (by pushing a lot of tx off-chain, hence reducing competition), it'll always be a better deal to be able to update infrequently with big amounts, than frequently with small amounts, which is also favoring people with lots of disposable assets. This will make big channels by big actors more efficient and more competitive with fees.

I don't think that's it's much of a problem if some hubs routes a lot of traffic, since we can always do without them, at a slightly higher cost, making censorship hard, and their censorship power is limited anyway, but I find it hard to believe that the money won't trickle to them.

Mr. Antonopoulos, this is NOT what Sitoshi wanted! I am feeling very confused, I have watched and supported you for a while now but why are you not screaming about BITCOIN BEING TAKEN OVER BY THE BANKING SYSTEM! BITCOIN IS BROKEN RIGHT NOW! THE FEES ARE RIDICULOUS! THIS SYSTEM IS SLOW AS SHIT! WHAT IS GOING ON!

Also, Lightning network is due by 2021 or sooner?

Why run a node for no financial reward? Wouldn’t it be beneficial to mine and get bitcoin in return? What is the point of nodes? Mining pools also have nodes.

Thank you so much for all the informative content you provide. It truly is helping shape the new world.

Was i the only one that noticed his third eye opening and shutting….

Andreas what are your thoughts on incentives for running nodes, if there is some kind of financial incentive to open up nodes, lots and lots of more decentralization would happen and tecnological innovations in search of profit will make it easier to run nodes and more accesable to everyone.

maybe fees should go to full nodes too and not just miners

Why is a Virtual Private Server not suitable for running a full node?

Is hacking a lightning channel a big concern ?

Andreas u the man!

Love your videos just one correction: Single wallets are not "harder" to hack than an exchange wallet, BUT less likely as there are so many (swarm effect) and less rewarding for the attacker. If lighting networks works and gives return on "working Bitcoins", price will shoot to 50k to 100k given basic logic of ROI and current yield hunger at low interest rates. Your take on this? Also if I have your attention: I believe current high fees of Bitcoin are partially due to profit greed by wallets and exchanges that love the ability to charge even on Segwit transactions up to $ 80. Why not when you can get away with it…

Litecoin $$

Andreas, you are a Legend. Super interesting topics provided by the Blockchain Wizard!

Thoughts on Raiblocks?

ALL OUR BASE BELONGS TO US … you know what I mean …

Andreas we need your help in retaining the bitcoin Twitter feed as Roger Ver has waged a full out war and has taken over the bitcoin Twitter and is spewing FUD. Just go look your self it’s pretty crazy. You are now the voice of the bitcoin community. We need you now

LN channel concern to me is: if payer and payee run compromised wallet that implements LN. later one, maybe month later, payee found out lots payment are not validate from main block chain and he loses lots of money. this is not a ideal situation for people use bitcoin.

these sources, talks and opinions are a great help to go further then only most short financial thinkings. just keep on going positive ahead andreas! a great thank for your support and engagement.

aantop, link video concerning you thoughts on taxes via coinbase or USD exchanges and how their bot can track your bitcoin.

We need to come out a first of the scaling solution faster and we need as well a kind of roadmap for 2018. The people lose trust in BTC. And without trust BTC will not make it

And just today I was thinking if to start a full node is a good idea!

Thank you very much Andreas! Could you give us a quick portrayal of a "best-case scenario" regarding Lightning Networks (LN) from a basic consumers point of view? E.g.: What would be the minimum steps involved for sending money using a LN transaction for 2 persons located in different countries (assuming they already have somehow bought BTC and it's stored in a regular wallet)? Thanks again for everything! 🙂

The 'rich will get richer' thing is a fallacy. Every investment competes with every other investment for capital, and if a certain investment is highly profitable, it invites capital to it until the interest difference is arbitraged and that investment ends with the same yield as the average. Investing in a lightning liquidity service is pretty unhampered and permissionless, so the tendency is for arbitrage to take place very quickly, such that the interest paid on capital will tend to be very low and similar to the returns from other investments. Someone who has 15000 BTC might invest it in providing lightning liquidity, at the OPPORTUNITY COST of not investing that capital in anything else, AND the mentioned risk of unrecoverable theft.

Andreas, are you in the elevator if you lair? In the BitCave?
Kidding. I love everything you do. Nice paneling.

Seriously where do you read all that stuff? I have nothing to do at work and tried to find something interesting about bitcoin today but all I found was people talking about bitcoin being dead and transaction fees.