Bitcoin Node Privacy

Slide Deck by nostr:npub17777777tpz9x2dcvvlw37sgk5gmpffexl0u30gjjgcd59ty92vrs0atnu0 for our space this evening 🔥

Apologies we couldn’t dual-steam on #nostr nests this week, hopefully next week!

😉

Thank you, looking forward! Share both of those hesitations around it

So curious to hear what you think of it. I don’t like the biometric part but afaik one doesn’t need to use it?

Tomorrow Oct 31!

8pm ET

Bitcoin4Beginners Book Club ~ Reading of ‘21 Lessons’ by nostr:npub1dergggklka99wwrs92yz8wdjs952h2ux2ha2ed598ngwu9w7a6fsh9xzpc continues with nostr:npub1dpna3xwwddnhhzg9ycpvlcz2ze0jdwm2rf3eqd2lf9leaewtq7tqhw0ef2 and nostr:npub1djh0dle9f4txy8qyn59zkd68n8r8c9d8zupz8csxn7t98340q52svdt7xs

Dual-streamed on #nostr 💜🧡

Just keeps getting weirder over there

Slippery slope and all that..

There is just so much epic detail to explore here! 🔥Thanks nostr:npub1jdgclywl55wc4neey97de57jenghsseuh8njx6z5f2kdwsfvk5xqhd2mys https://timechaincalendar.com/

So sorry! One of the things that red pilled me long before bitcoin was even created was realizing we are not free to move across this beautiful earth :/

nostr:npub1jk9h2jsa8hjmtm9qlcca942473gnyhuynz5rmgve0dlu6hpeazxqc3lqz7

Wait wtf!! 🤣🤣

🤣

(Posting in full since when I ‘Copy Link’ and paste it opens in Snort?)

In response to nostr:npub180cvv07tjdrrgpa0j7j7tmnyl2yr6yr7l8j4s3evf6u64th6gkwsyjh6w6 asking whether ppl think Phoenix fees are too high:

Would appreciate hearing thoughts. While I love the new splicing, it appears to come at quite a cost if I am doing the math correctly.

While I don’t mind paying for a service, I made a full tutorial

for noobs on Phoenix right before the update rolled out and then updated it (the next day lol) and noticed the new fees.

Old fees: 0.05-.5%

1st Channel Open: 10,000 sats

Subsequent Channel Opens: 3000 sats

New fees: .4% plus 4 sats

One Time Channel Open: 1000 sats

- I have since done the math, and if it is correct, (pls can someone check!) the first 2.5 million sats one sends incurs 10,000 sats in fees at .4%, so one *could* say that is in place of the original 10k sats channel open fee.

Two points here:

- It is impossible however to know how many +4 sats are embedded there as it would depend entirely on how many transactions were sent.

For argument, let’s say it was x1000 2,500sat payments, then that would be an extra 4000 sats of fees on top of the first 2.5mil sent.

If it was x10,000 250 sat pmts, then it would be an extra 40,000 sats of fees on top of the first 2.5mil sent.

And if it was x100,000 25sat zaps for eg, it would be an extra 400,000 sats of fees on top of the first 2.5mil sent!!

Ofc there are many variables here, since the old fee structure included 3000 sats for each new channel open (after the initial 10k for the first channel). This could be lessened or avoided though by opening a larger first channel.

- Second point: After the first 10k sats are accounted for, one continues to pay 4 sats (sometimes 5, see pics) per transaction forever.

In the end, if I am thinking about it correctly, I think the main issue is the ‘plus 4 sats’ on *every* transaction.

This makes it especially unusable for zapping or for micropayments of any kind.

Note: I haven’t mentioned miner fees as those are obviously added when funds are spliced in.

Final note: I am aware there are obviously many variables as to how Lightning is used, which would also change all the numbers a lot

This is why we #bitcoin.

We really have no idea when this will happen to the USD, but at $33 trillion in debt, and over $200 trillion in unfunded liabilities, it is sadly only a matter of time.

Stack sats for your grandkids 🧡💜 nostr:note15k5lxcgua45hn3g0r04aeqm8s097xzkqf9mgxq0mrt8uyx0k8f0sz9fznf

Thanks for the zap! 🙏💜

Yep :/

Would appreciate thoughts on this. I want devs and operators to be fairly compensated, and I also want Lightning to be usable for micropayments.

Thankfully there is and will always be competition,

so we can choose which wallets to use.

Very much appreciate all the work all the devs do every day!! 🙌🙏🧡💜

https://damus.io/note1lfkngdfzsr7ynr6952myxxgawkpwgvvr9t46l6xdxnmxpagpwfeqeycuqs

While I don’t mind paying for a service, I made a full tutorial

for noobs on Phoenix right before the update rolled out and then updated it (the next day lol) and noticed the new fees.

Old fees: 0.05-.5%

1st Channel Open: 10,000 sats

Subsequent Channel Opens: 3000 sats

New fees: .4% plus 4 sats

One Time Channel Open: 1000 sats

- I have since done the math, and if it is correct, (pls can someone check!) the first 2.5 million sats one sends incurs 10,000 sats in fees at .4%, so one *could* say that is in place of the original 10k sats channel open fee.

Two points here:

- It is impossible however to know how many +4 sats are embedded there as it would depend entirely on how many transactions were sent.

For argument, let’s say it was x1000 2,500sat payments, then that would be an extra 4000 sats of fees on top of the first 2.5mil sent.

If it was x10,000 250 sat pmts, then it would be an extra 40,000 sats of fees on top of the first 2.5mil sent.

And if it was x100,000 25sat zaps for eg, it would be an extra 400,000 sats of fees on top of the first 2.5mil sent!!

Ofc there are many variables here, since the old fee structure included 3000 sats for each new channel open (after the initial 10k for the first channel). This could be lessened or avoided though by opening a larger first channel.

- Second point: After the first 10k sats are accounted for, one continues to pay 4 sats (sometimes 5, see pics) per transaction forever.

In the end, if I am thinking about it correctly, I think the main issue is the ‘plus 4 sats’ on *every* transaction.

This makes it especially unusable for zapping or for micropayments of any kind.

Note: I haven’t mentioned miner fees as those are obviously added when funds are spliced in.

Would appreciate hearing thoughts. While I love the new splicing, it appears to come at quite a cost if I am doing the math correctly.

Final note: I am aware there are obviously many variables as to how Lightning is used, which would also change all the numbers a lot