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0 sats \ 2 replies \ @Brunswick 2 Jun 2022 \ parent \ on: I'd like to set the default fee rate to 10,000ppm and the default base fee to 0 bitcoin
I mean it will render the network useless because the fees will exceed a tolerable level. Is it reasonable to pay $2 to transfer $100? One of the saleable points of lightning was to allow fast AND CHEAP transfers of bitcoin balances. By raising the cost, you're only reducing usage of the network and not necessarily improving it. Sure more transactions will succeed theoretically, but render the network useless and you lose the network effect and you get less liquidity not more.
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1 sat \ 1 reply \ @south_korea_ln 3 Jun 2022
The point is not to keep it at that value. It's just to start high and bring the values down until payments flow, rather than start very low and have it depleted before you can even raise it to a normal value. FYI, normal values are between 5 and 300 ppm for most of my channels, so not at all partisan of high static fees.
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0 sats \ 0 replies \ @Brunswick 3 Jun 2022
That makes sense.
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