Running an LND (Lightning network node) AMA
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github.com
medium.com
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What do you want to be when you grow up?
do you route anyone?
want to make a channels with each other?
here's my node id
021a65664b2baff0eebabb55666df999cd225518d96bb48fc01d8b5537ecfdb48b@73.154.208.123:9735
So far I've forwarded 2 tx, one for 7 sats, and another one for much more. Seems to be fairly rare though.
I don't mind
Useful
yeah I didn't route anyone until I set my routing fee to 0
I had an error and had to pull info off my old node, restart from scratch, and put the important info back on
at the time I had like 1.5k stuck on my node got kind of worried
I closed all the channels and got my money back and proceeded with more caution
this 2nd time around I have a lot less errors and the I believe the software is getting better
Rene Pickhardt helped me a lot responding to a couple of my questions
It's amazing how helpful these LN devs are
What are you running?
I'm on vanilla bitcoind & lnd.
I haven't been running long enough to tell if it's better/worse.
I'm surprised that 1 sat/byte tx's confirm as often as they do nowadays, despite all the complaints about fees.
I followed this guide
github.com
That's pretty cool!
I've got a matrix server set up so I'm hoping to spend some time scripting a simple tip bot.
From the start it would be custodial, but what I find interesting is that non-custodial options are easier than they initially seem.
I really think more people should try it out.
yeah the mempool is regularly clearing it's nice
do you think LN is kind of clunky still?
it's cool technology but there needs to be some efficiency upgrades for it to be easy for the average user
Do you make money off the nodes? I'm working with solidity still but its getting boring, this looks like a fun project.
Why? No one uses it and it doesn't make any money, right?
that would be sweet
I didn't know anything about coding but followed the guide and got it working
it's a lot of fun and I still have a lot to learn
Total horseshit
FUCK OFF
Do you get a rebate for s o ylent if you prove you run a lnd node?
Did you set up your node in your cuck shed? Is the shed comfy? How many bitcoin stickers does it have?
I'd definitely say it's clunky, I thought I had a pretty good understanding of bitcoin/crypto until I got started.
In theory, if you have a set of large, well connected channels with decent uptime, you could make quite a bit of coin running an LN node.
Things working against this currently:
* Routing isn't perfect, lots of kinks to work out on that front
* With many small channels it's many large tx's fail, and therefore it's hard to collect high fees from those.
It seems you should prioritize getting your node used, then gradually rake up fees as you get established as a useful node.
Ideally with more users it would be more useful.
So for now you're mostly running this node for fun and to learn more about lightning?
Bingo, you never know what the future holds.
yeah
the game theory behind lightning nodes is you provide liquidity and earn fees for offering that liquidity
there's still data to be interpreted to figure out how your liquidity can be best used
efficiency upgrades like AMP will allow even small channels to participate in larger transaction routing
then we need some autopilot upgrades to fluctuate fees to naturally balance your channels
this is an interesting theory on how lighting will progress
medium.com
Absolutely pathetic, you guys have been tricked into grinding for pennies instead of making actual millions. You're the useful idiots that allows Blockstream to flourish. Good job.
lets say you have a channel between some economic nodes that's balanced
10--------------------10
if you route for a 1 satoshi fee but wind up with
0-------------20
it would be smart to change that channels fees to something smaller like 0 or some msats to re-balance it back to
10---------10 or 7------------13
fluctuating fees can maximize your routing by incentivizing more transactions to be put through
if you're stuck on a lopsided channel for some time you'll have to re-balance on the mainchain which incurs a transaction fee
the next step on that is they're developing submarine swaps so that mainchain interaction is also used as a lightning channel opening so you save some fees on that end
it's all about maturing the network and efficiency upgrades
eventually 1 on chain transaction could equal 10,000s of LN transactions consolidated into 1
>>eventually 1 on chain transaction could equal 10,000s of LN transactions consolidated into 1
Lots of privacy gains with that.
I'm sure it won't completely anonymize transactions, but private channels also make that kind of thing much easier
people reeing bitcoin is 3-7 tps with the most inefficient transaction schemes don't understand
with lightning it could be maybe averaging 20k-50k a second maybe more
you're layering out the network load allowing for an easily verifiable main chain and versatile 2nd layer
yeah exactly this network is so important useful
What's hilarious about this, is that I bet the recent rally was started by people moving more and more BTC to LN.
Whats the optimal amount of coin to have in each node your running right now? Who can you connect to currently? What are the mechanisms behind rating your node as trustworthy?
Sorry for the barrage of questions, I just never looked into LN but it looks really interesting.
it's hard to judge the optimal amount because there isn't enough data to go off of
obviously the more the better because it has the best chance of routing and collecting fees, but that is still inefficient because sometimes that coin can be allocated better by connecting to many nodes
you can connect to anyone you want, LND has an autopilot feature that tries to optimize your coin allocation but it's very new and mostly just connects to nodes that don't have a connection
this is something they're trying to improve upon to automate your liquidity distribution
the node rating is judged off of how often you're online, how balanced you channels are, how well connected you are, and how much liquidity you have to route
some nodes are routing for free to be become the most trustworthy nodes of the future and be able to charge a small fee from building that trust
kek
>Bitcoin’s antifragile protocol and its exponentially increasing network effects make it a behemoth, gradually swallowing up global economic activity. The latest of these network effects is a second layer protocol called Lightning Network, which uses bitcoin’s base layer protocol as its security. The concept of layered money is not new in monetary history. In this writing, I’ll be using gold as an analogy to describe why bitcoin will evolve in layers on its way to world reserve currency status.
lighting is going to provide game changing solutions and data that allow bitcoin to become a world reserve currency
read this:medium.com
thank you for the best thread in months
What a complete load of trash. You can't have a world reserve currency based on an zero-confirmation, micropayment system (Lightning Network).
With gold, there is no way to accrue positive interest on capital without surrendering the physical metal. This makes Lightning Network an absolute game changer for the entire concept of capital markets: income without explicit counterparty default risk.
If gold could only be used as a physical metal, global economic activity would have been prohibitive on a gold standard. Thankfully, paper gold satisfied the liquidity and capital market layer. Lightning Network ensures bitcoin’s path to global reserve currency because it makes bitcoin come alive. Once bitcoin can be transacted around the world without the constraint of a slow confirmation process, it can graduate from reserve asset to reserve currency. Lightning Network finally frees bitcoin from its base layer shackles.
Three observable variables are needed to calculate an interest rate: principal, cash flows, and time. In Lightning Network, the principal is the amount of bitcoin in a payment channel; cash flows are routing fees; time is the block-time in which the fee collection is measured. Wallet implementations should experiment with different interest rate calculation methods with the eventual goal of a consensus method. The US Dollar has Treasuries, Fed Funds, LIBOR, OIS, and SOFR all acting as reference rates within the capital market for lending, borrowing, and swapping cash flows. Bitcoin needs to establish a reference rate of its own, referred to in this writing as LNRR (Lightning Network Reference Rate).
how does it feel to support ISIS?