It appears quite clear that ever since its launch in 2008, Bitcoin remains one of the most successful and fast-growing alternative currencies all around the world. So, whenever you say that you want to mutual close your channel, the only one who is going to pay the fees for that is the party who initially opened that channel, so they don’t have an incentive, they really don’t want to overpay the fee. Bastien Teinturier: Yeah, even though this creates also potential issues, because the commitment transaction right now, the fees are paid by the channel initiator. Why is the fee for the commitment transaction paid by the opener of the channel? So at some point, we added a small tweak to that to make it one round and a half of exchange, where the party who wants to close the channel sends a Type-Length-Value (TLV) saying, “I will accept any fee inside that range, and I am proposing that one”. Rusty’s proposal was that instead of creating one transaction and trying to negotiate the fees on it, we would actually create two transactions, one for the channel initiator, one for the non-channel initiator, where each one decides how much fees they’re ready to pay and what fees are taken from their output.
And honestly, the communication is really not an issue here, because you are actually closing that channel, you’ve already decided that you want it to close it, so you’re not relaying any Hash Time Locked Contracts (HTLCs) on it. But the issue is that since this is automated, actually in implementations, it’s already decided from the start what fee you’re going to accept and what fee you’re going to reject, so this negotiation was not actually very useful, and it created a lot of issues between those that couldn’t agree on fees. But FTX is mistaken to associate consensus and fees. Once a majority of the network has accepted the transactions, they become the de facto consensus history. Furthermore, it is also believed that it will gain legitimacy in the majority of the nations and there will be a stipulated framework in the financial system for the crypto currency to function side by side the traditional currencies. They claim that when their currency releases this summer, the quantity of SweatCoins you own will be converted 1 SweatCoin for each coin, and that this will only happen once! So, since we all want to move to taproot, and this was one of the blocking points for taproot, that we didn’t have a good way of closing taproot channels and exchanging the nonce securely beforehand, I think everyone will just implement that version.
In order to generate a new hash each round, a nonce is incremented. In the first thread, Johan Halseth posted an email about loosening mempool policy in order to make simplified commitments even simpler. ↑ “Order Form – BitForce SHA256 – Mini Rig”. Bots can gather market data, interpret it, and then calculate the potential risks, and further execute the buying and selling process. Mark Erhardt: I really like that the person that wants to close the channel now has to pay for it, 바이낸스 (Resource) because it always baffled me that the person that started the channel also had to pay the closing fee. Now we’ve got $10,000. As of this writing, here are what we think are some of the most significant bech32-related insights we’ve gleaned from creating and reviewing the Compatibility Matrix. And please just give me a signature where you won’t pay anything and I’m going to pay that fee so that we can RBF the mutual cost transaction”, which is also a good improvement because before that, I don’t think we had any way to do RBF right now. Bastien Teinturier: No, I don’t think so. Bastien Teinturier: Hi, I’m Bastian. Bastien Teinturier: Yeah, sure.
Bastien Teinturier: Exactly. And on top of that, if you have both prepared two transactions, published them, they’re not confirming, at any point in time, you can just resend that message that says, “I’m ready to pay that fee now. But we realized that this was causing issues for taproot because now that we are preparing a migration to taproot, whenever we sign a transaction, we will have to exchange nonces beforehand. So, everyone should have a transaction they’re happy with now. So, we really need the protocol to be request response, where we can always have an opportunity to share nonces before we actually sign the transaction. And since this is request response as well, this makes it easy to share nonces for MuSig to taproot funding outputs. Mike Schmidt: Okay, so each side gets a chance to propose and while you’re doing that communication, you’re also taking advantage of that interactivity point to also exchange nonces? Mike Schmidt: Well, it’s great to have some Lightning expertise for this newsletter, that’s for sure. Mike Schmidt: You mentioned in your outline of the current way that closing is done that there was a tweak to make it down to one-and-a-half rounds of exchange, I believe.