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0 sats \ 0 replies \ @BTC_LN 27 May 2024 \ on: Is It Better to Open Few Large or Many Small Channels on Bitcoin Lightning? lightning
A bit of an odd way to summarize the post, but thanks for posting!
That's a really good point. I should not only mention it here, but also write another blog post about the difference between public and private.
So let me get this straight:
- 1 satoshi is written as 1 ₿, pronounced as "1 satoshi".
- Current 1 BTC would be: 100M ₿, pronounced as "hundred million satoshis".
- We don't refer to bitcoins the money as "bitcoins" anymore, only Bitcoin the network. Less confusion long term.
- No decimals, no 2 types (btc, sat) of denominations, just ₿, pronounced as "satoshis".
- ₿ does look like the "b" from bitcoin, but it's not a problem that it's actually pronounced "satoshi" because $ has nothing to do with the "dollar" either.
I think this is a reasonable idea, but we're so used to SAT and to the kebab to a smaller degree that many us will resist the change. Also, a handful of people will misunderstand this to be "printing" more bitcoin.
If we adopt this, we need a specific date when most sites switches over, ex. Jan 3, 2025.
Temporarily we could do this to be super clear: 1,000 ₿ (SAT). Then after a year drop (SAT).
Let's hope that's not your actual seed! 😅
In basic terms:
The seed words are like a trunk of a tree. You must keep them confidential and never reveal to anyone.
The public addresses are like leafs on that tree generated from the seed. You can share these addresses so people can send you money.
In a bit more advanced terms:
The seed on its own is not sufficient to generate your wallet, you also need a passphrase if you set one and you also need a derivation path.
The derivation path is like main branches of the tree. You decide which version you gonna use. You own all the leafs on all the branches, but you typically only use one branch.
The leafs can be imagined as having two sides. Each public address you generate has a corresponding private address technically, but this complication is hidden in most wallets. All you see if the seed (to be kept secret) and the public addressed (to be shared).
Great writeup! You helped me resolve two channels closures that were pending for a long time.
What if I have force closed channels that are still showing as pending in Thunderhub, even though they are confirmed and many weeks or even months old? How can I force LND to recognize them as closed channels? I did try to restart LND. Do you have any recommendation?
Yes, ideally all these layers work together and it won't matter what you're using as long as it's bitcoin satoshis. The wallet can even choose automatically the most appropriate method of payment based on a universal QR code that presents all the available options and hints for submarine swap services.
I hear you, but what about this:
#356487
An important thing to know regarding Liquid is that the block size CAN BE increased to any practical size, without the need for the bitcoin community risking the base layer.
Since there is no fee pressure, the fees will likely not increase with more usage.
The blocks could be 400MB each in a few years, and since the block time is 1 minute, it could process 1,000 times more transactions compared to the base layer bitcoin. That's appr. 400M transactions per day.
And this block size increase won't affect the base chain negatively. The base layer decentralization will not suffer.
So, while Liquid has some added risks due to the federation needing to approve when you move from L-BTC to BTC, it still could be part of the solution for small and frequent amounts.
Women have the same organs as men except for one organ. (Gonads) funny word.
Men specific: Testes, prostate gland, seminal vesicles, penis
Women specific: Ovaries, fallopian tubes, uterus, cervix, vagina, breasts
It's also not just organs, there is significant hormonal difference, which is important when it comes to diet.
Men: Higher levels of testosterone
Women: Higher levels of estrogen and progesterone
Thank you! So in your view based on your research humans are not omnivores but carnivores?
So we evolved from monkey like creatures that almost only ate fruit. More recently from ape like creatures that only ate plants and bugs. And, then a few million years ago we started becoming carnivores, I assume because of the pressures of the Ice Age which forced us to consume animals (hunting is a dangerous and difficult task). And the reason we don't have carnivore teeth is because we didn't hunt animals down with our jaws but with our spears, and then cut them up with our premordial axes, and cook them on fire. I guess it's plausible.
Speed Wallet: https://www.speed.app
Blink (former Bitcoin Beach): https://blink.sv/