According to one estimate from 2014, Bitcoin miners collectively consumed as much power as the whole of Ireland3. But the current LN as of today is 100% penalty-based, and it doesn’t seem like it’s going to change much. Relative mining difficulty is defined as the ratio of the difficulty target on 9 January 2009 to the current difficulty target. Bitcoin’s biggest problem is perhaps not even its massive energy consumption, but the fact most mining facilties in Bitcoin’s network are powered by fossil fuels. This way, we can let this run on the network for a while, evaluate how it works in real life, and once it’s in implementation, that way we can also start doing some research on regtest where we simulate networks where attackers are trying different kinds of behaviors and see how the local reputation algorithms work with those type of attacks. But actually, I think that at that point, latency shouldn’t be that much of an issue, but that’s something that we’ll see once we actually have implemented it and have some figures running on the real netw
So basically, it’s not quite latency optimal, but if you’re not doing anything or if you have a pending update you want to give, you can prompt a yield from them to take your turn. Since the intended $200,000 purchase was overseas, he suggested they pay with Bitcoin, but due to its volatile nature, what would have been a simple $200,000 transaction could easily turn into one where the value of the coin went down to $160,000, youtu.be so he’d have to insure the value of the Bitcoin, which isn’t possible and/or defeats the purpose of ease. If a txid mutation happens, then the pre-signed refund transaction is not valid, so the user can’t get their funds back. 2134 enables anchor outputs by default, allowing a commitment transaction to be fee bumped should its feerate be too low at broadcast time. " Or, is it just generally that everybody should only take as little time as possible, as in, "I propose this and we wrap it up immediately, we finish up our commitment transaction", and then it’s nobody’s turn for a while until somebody starts taking a turn again; or, how is it ensured that everybody can take turns when th
eed to?
I propose some updates, then it’s your time to propose some updates, then it’s my time, so that it’s not as efficient in terms of latency, because if you want to propose an update and it’s not your turn to propose them, you’ll have to wait for a bit. But that means it’s hard to reason about the state because at any point in time, you have a correlation between what’s signed in your commitment and what’s in your peer’s commitment. A32. Your basis in virtual currency received as a bona fide gift differs depending on whether you will have a gain or a loss when you sell or dispose of it. Q16. Will I recognize a gain or loss if I exchange my virtual currency for other property? Q43. Where do I report my capital gain or loss from virtual currency? Mike Schmidt: But it doesn’t prevent that information, that local information, from being shared outside of
protocol, right?
And for this, one of the promising solutions is to use local reputation, where you track how much fee revenue every one of your peers has generated for you in the past, and you only allocate them liquidity bandwidth for something that would lose less than what they made you earn in the past basically. Since you’re taking liquidity from the order book, you’re a taker. Mike Schmidt: Greg, did you have anything to add? Greg, or t-bast, any other comments on channel jamming discussion? But the harder thing to fix was the slow jamming issue, where you send an HTLC that takes a lot of liquidity, or a few HTLCs that take a lot of liquidity, and you just hold them for a very long time. The basic concept is to make small purchases of the investment spread over a long time. For small pledges fees can grow up to 30-40%. If you want to use PayPal anyway, click here. So, since we’re still a very small team, maybe at some point, I hope that we are way too many specification writers, and then we need to split into different working groups.