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RE: 💬 A Simple Explanation Of The Lightning Network For Bitcoin, The Off-chain Solution To The Current Scalability Issues

in #bitcoin7 years ago (edited)

Thanks for your comment on this @tobixen! You seem to have put some though in this :-)

That split is a battle that will remain I guess. It is a dangerous combination of ideology, greed and pride. I haven't been deeply involved in the discussions, but it's just crappy to see that they seem to be some people's full-time job to defend 'a side'. Not adding much value to the world.

BTW, how will the costs for opening a payment channel be determined? Who decides on those fees?

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BTW, how will the costs for opening a payment channel be determined? Who decides on those fees?

One has to get a bitcoin transaction mined to be able to open a channel.

The cost for a bitcoin transaction depends on how much people are willing to pay for it.

There is currently a fee market with a fixed supply (1 MB block chain space every ~10 minutes) and variable demand - an often-used analogy is a bus with a fixed number of seats and people bidding for getting a place on the bus.

That split is a battle that will remain I guess. It is a dangerous combination of ideology, greed and pride. I haven't been deeply involved in the discussions, but it's just crappy to see that they seem to be some people's full-time job to defend 'a side'. Not adding much value to the world.

There seems to be a propaganda war going on ... while I think this can perfectly be explained without resorting to conspiracy theories, I do have my own conspiracy theory explaining why we have such a split.