maret 2017-01-19 04:45:19
nkuttler: how does LN helps? doesn it save payment fees only if you trade with one party?
Xanather 2017-01-19 04:45:31
maret, bitcoin is undergoing a state of no consensus, changes in rules which allow more transactions per second on-chain are being disputed, discussion regarding this has been largely censored
nkuttler 2017-01-19 04:45:50
maret: no, you can route payments between people
maret 2017-01-19 04:47:02
nkuttler: could you elaborate? My understanding was that with LN you open channel with party X you send them as many payments as you wish and once you close channel the transaction for whatever amount of btc you traded will be transmitted to the network and you will pay for one transction
jamesstanley 2017-01-19 04:47:17
all of these open channels are linked together in a network
nkuttler 2017-01-19 04:47:36
maret: you -> x -> y -> z -> a, you can route a payment to a
nkuttler 2017-01-19 04:48:20
maret: kinda like routing works on the internet
nkuttler 2017-01-19 04:48:38
your computer is only connected to your isp
riclas 2017-01-19 04:48:54
maret what you describe is ONE payment channel. LN is a network of them
maret 2017-01-19 04:48:57
ok but wouldnt there be at the end at least same amount of transaction as there are party to which your btc was routed to?
maret 2017-01-19 04:49:08
or is there in the end only one per channel?
nkuttler 2017-01-19 04:49:12
maret: no, not at all, there could be zero tx
maret 2017-01-19 04:49:38
nkuttler: in case if the difference between what we sent to each other is zero?
nkuttler 2017-01-19 04:49:38
maret: you only need a tx to open and close a channel. you can do a million ln tx in between
maret 2017-01-19 04:51:02
and how does the close tx look like if I send btc in channel to 5 parties how is this transmitted to blockchain?
nkuttler 2017-01-19 04:52:09
maret: you might not have to do a tx, if your balance ends up the same
maret 2017-01-19 04:53:17
nkuttler: yes but let say it does, let say I would want to pay to 5 different shops like I do with credit card
cluelessperson 2017-01-19 04:53:56
Hi all, I'm trying to follow these instructions
cluelessperson 2017-01-19 04:53:57
https://en.bitcoin.it/wiki/Wallet_import_format
piqure 2017-01-19 04:53:58
^^^ WARNING: any URL may lead directly or indirectly to COIN-STEALING MALWARE! ^^^
riclas 2017-01-19 04:53:59
the txs won't get recorded in the blockchain. they will be settled between the peers
cluelessperson 2017-01-19 04:54:03
however I'm confused with this
cluelessperson 2017-01-19 04:54:11
Also add a 0x01 byte at the end if the private key will correspond to a compressed public key
grubles_ 2017-01-19 04:54:18
are there lightning related channels other than #lnd on freenode?
cluelessperson 2017-01-19 04:54:23
how do you know that the private key will go to a compressed public key?
nkuttler 2017-01-19 04:55:15
there's #lightning-dev
arubi 2017-01-19 04:55:55
cluelessperson, you decide, and you should probably always use compressed keys
jamesstanley 2017-01-19 04:56:10
cluelessperson: my understanding is there are 2 ways to represent a public key, compressed and uncompressed, you just have to decide which you want to use
maret 2017-01-19 04:56:13
nkuttler: thanks I will ask there
cluelessperson 2017-01-19 04:56:34
arubi, jamesstanley As long as it doesn't corrupt the private key when you use the WIF
nkuttler 2017-01-19 04:56:47
maret: basically, you six people can do a million tx between you, but only need five channels
arubi 2017-01-19 04:56:47
... why corrupt it?
grubles_ 2017-01-19 04:57:41
nkuttler, thx
cluelessperson 2017-01-19 04:59:57
arubi, jamesstanley Thanks :)
arubi 2017-01-19 05:00:07
np
maret 2017-01-19 05:02:31
nkuttler: ok but 5 means at least 5 or 10 transactions? (closing plus opening) meaning 5 or 10 fees at minimum?
moli_ 2017-01-19 05:03:52
maret, LN alpha was released and we're testing in channel #lnd
moli_ 2017-01-19 05:04:06
maret, http://lightning.community/release/software/lnd/lightning/2017/01/10/lightning-network-daemon-alpha-release/
piqure 2017-01-19 05:04:07
^^^ WARNING: any URL may lead directly or indirectly to COIN-STEALING MALWARE! ^^^
cluelessperson 2017-01-19 05:16:53
arubi, jamesstanley I'm still confused on the compressed public key thing
jamesstanley 2017-01-19 05:17:07
I googled it and found this: http://bitcoin.stackexchange.com/questions/3059/what-is-a-compressed-bitcoin-key#3062
piqure 2017-01-19 05:17:08
^^^ WARNING: any URL may lead directly or indirectly to COIN-STEALING MALWARE! ^^^
cluelessperson 2017-01-19 05:17:22
arubi, jamesstanley Changing that one byte before hashing, randomizes the entire hash so the checksum is COMPETELY different for the WIF
jamesstanley 2017-01-19 05:17:30
a key is a point on an elliptic curve, and for any given x (or y) coordinate, there are at most 2 points on the curve that can correspond to
jamesstanley 2017-01-19 05:17:43
I have no idea about WIF :)
arubi 2017-01-19 05:18:46
cluelessperson, that's the point
arubi 2017-01-19 05:19:18
also using a different version byte will cause the checksum to be different. the checksum is not for the key, it's for the encoding of the key
cluelessperson 2017-01-19 05:19:33
arubi, jamesstanley Why would you change the private key's checksum, when the public key is BOTH compressed and not?
jamesstanley 2017-01-19 05:20:07
I'm more clueless than you are
arubi 2017-01-19 05:20:26
cluelessperson, the checksum is there and changes to it are made to be triggered easily so software could tell you "this private key is invalid" when you import it as WIF
arubi 2017-01-19 05:21:29
otherwise there's no way to tell. a "private key" is just a bunch of bytes. there will be ambiguity between testnet and mainnet keys, the wallet will not know if to follow the compressed or uncompressed p2pkh scripts
arubi 2017-01-19 05:22:18
cluelessperson, lots of things have checksums
