Met a (very clever and committed) miner who believes the lightning network is stealing his fees
I don’t agree but I learned a lot from our conversation
Good reminder that there are many, many kinds of Bitcoiners and that we need a strong marketplace of competing ideas to push everything forward
They can take your fees, but they can't take your reward
I don't even know how much fees they're really losing realistically.
It might even be that LN has increased the number of on-chain transactions & thus fees.
What did you respond to that assertion?
I use Bitcoin to facilitate transactions in the system I have created. It will show that Bitcoin can truly help those in need right now, and I will find a way to take my project to a global level.
he can always run a LN node or LSP and get some of the routing fees.
a good signal that LN is working👌
Stealing seems not the correct word here. Miners always paid by the market price.
He is referring here to the stealing in context of Bitcoin's original usage without the lightning network.
Yes not the correct word
lol
Miners get paid for the channel creation.
The LN is a network of routed payment channels.
Each bitcoin sector is important and everyone has different needs. The miners, the developers, the popularizers, the hodlers 🤷♂️ what I think that we have to stay united to bring bitcoin where it deserves. You have to act for the good of ₿ even if sometimes it can go against your direct interests 😉🤟⚡️
It does offload demand for certain transaction types. But they should think of Lightning as a cryptographic accumulator. Eventually, liquidity imbalances require buying some block space.
However, MANY THINGS reduce demand for block space WITHOUT acting as an accumulator.
That includes ETFs, third party custodians, and other networks that are faster / cheaper / offer different functionality.
I mine. I also haven't sent an on chain TX that wasn't a channel action in ages. I don't think the two are at odds.
I think the promise of higher fees in future is stealing fees. Behaviors which would currently be economically reasonable have been beaten out of people by runs of high fees and the foreshadowing of higher feerates they represent.
Nobody is bringing back Satoshidice: they know it will be a brief summer fling at best!
As Bitcoin for smaller and smaller quantities buys more and more his hypothesis is based on Fiat and not Bitcoin.
He's over invested in Bitcoin mining and he's not able to recover his Fiat investment fast enough.
He can welcome himself to the club of greed and like the rest of us learn the lesson that Bitcoin is not the liquidity for buying everything. It's better but still is not the liquidity.
The majority of services we use still do not accept Bitcoin. Even Bitcoin people do not want to give you their addresses to large purchases.
Fear is very high for transactions that are large and affordable. There is no fear for transactions that are small and infinitely inexpensive.
Now that the government has a confiscated Bitcoin fund businesses will still not want to disclose their holdings. Some will not want it published at all.
It will take mass confusion before Bitcoin will be valuable and useful. Large miners will go broke. Small miners will become like toasters.
