Great work as always! Would you ever consider doing a 30-60 minute RU-vid Livestream like many other RU-vidrs? A few of my other favorite RU-vidrs will do these once in a while. Could be a great way to speak more casually about things, and you could do it as new breakthroughs are discovered, or offering a theme for each discussion. Just a thought!
In the bowls example, if you have N channels open you'll have N bowls on your side (and N on the other sides), but the problem is you can't move peanuts between your bowls. So you may be able to receive 3 peanuts from Alice, but if you dont have other 3 peanuts in your Bob bowl you cant route the payment. Is there any tools that will allow you to send funds from one channel and receive from another, rebalancing without making a main chain transaction?
For the bar example, the cost of the drink is the fee for the on chain transaction to open the channel which gives you the peanuts. So it actually works even better as an analogy 😂
I am an early Bitcoin user, but I still can’t quite get my head around this. Kinda want to jump in, but at the same time it just does not sound like an elegant solution - yet.
I taught I had to made my channels with score 1, even as possible and send with a certain first outgoing channel to try to achieve score 1, but wasted my time and is not nessesary. still need to learn a lot
It'll be so cool when wallets open channels for you automatically, and time it when fees are low. Or just do a 1sat/bit fee and just wait until network mempool is empty. That's when I send my girlfriend money or others who aren't in a rush.
Channels are confusing thingies. The perfect channel for routing would be one with an even local and remote balance so that it can serve in both directions. On the other hand, say, my "buy stuff channel", which is mostly used for payments to merchants by myself, does not require a remote balance at all (it will build up once I use the channel, of course). The local balance is all that is important to me. So, to have a smoothly working routing network, there must be quite some in advance funding on both ends of a channel and this always requires two parties to cooperate. I still don't get my head around all the implications of this design.
They would need the consensus of at least 51% of the hash rate which would then create a fork. It's very doubtful they could achieve that and given how contentious such a fork would be, it's most likely self defeating. It would end up costing them more than $40 million.
Can they do it Yes. Will they do it NO as it defeats the who purpose of "Immutability" & "Decentralisation" If they were to do it now they will have to do it in future too based on government/ political pressure. Andreas has a video titled governance which covers most of it & about what happened in Ethereum DAO attack
It sounds to me like the lightning network is going to take to long to become popular and user friendly. Other coins might take off first. Last night I easily sent money back and forth in seconds at very low fees with Bitcoin Cash.
Yves Nicollier Yes..was thinking the same thing....for your average jo they are not going to want to get into all this...so either BCH or even better DGB
