[bitcoin-dev] Off-chain transactions and miner fees
leo at LeoWandersleb.de
Mon Aug 10 15:53:33 UTC 2015
On 08/10/2015 05:39 AM, Thomas Zander via bitcoin-dev wrote:
> On Monday 10. August 2015 07.57.30 Rune K. Svendsen via bitcoin-dev wrote:
>> What Lightning does is raise the value of a transaction on the block chain.
>> Imagine you're a Lightning node, and in order to collect your fees, that
>> you've earned over the past month, you have to settle on the blockchain. If
>> you've earned, say, 0.5 BTC in fees, you can attach a huge 0.005 BTC fee to
>> the Bitcoin settlement transaction. The miners earn a larger fee, and you
>> make sure your transaction gets into the blockchain quickly, and you can
>> afford to pay this fee because you've made much more on the Lightning
>> transactions you've routed.
> I don't buy that argument, you are saying a company will give away profits
> because of... what? It can?
> The reason of it being faster makes no sense, as your example the channel has
> been open for a month then he really doesn't care it takes 1, 10 or 50 blocks
> before his transaction is included. What is 5 hours wait on a month of profit?
I guess the assumption here is a full-block scenario where users of LN would be
willing to pay 100 times the fees users of crude transactions would be willing
to pay for the same limited space in the blockchain, simply because LN would
group 100 real world payments into 1 crude transaction.
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