If the regulations are appropriately set, indeed people looking for the bitcoin latest news today can stay assured. So, the downside of this approach is that this sort of scheme is open to a long-term attack, where people just build up a reputation and then, at some point, attack and take a lot of resources and jam. We’re going to be able to deploy those in shadow mode to collect data, I think, in a few months on nodes on the network, and then I hope that researchers pick that up and try to attack those algorithms by stimulating some attacker behavior. We’ve had a few of those discussions over maybe six or nine months, and I’m curious how you all would summarize the jamming discussions from the LN Summit meeting. And we’ve simplified commitments. Next item from the LN Summit that we highlighted in the newsletter was Simplified commitments. Currently in Lightning, either channel peer can propose a new commitment transaction at any time, and this can be simplified by introducing this notion of turn-taking. T-bast, can you talk about the issues with either peer being allowed to propose a commitment transaction and why turn-taking may be a good idea?
Greg, or t-bast, any other comments on channel jamming discussion? Because right now, we have to set static limits right from the beginning when we establish the channel. But maybe with splicing and I’ll need to make some of those static parameters dynamic, maybe this is becoming more important. If you can keep the single private key safe, everything’s fine; if you lose it the funds are gone, and if someone else gains access to it your funds are gone too – essentially, the exact same security model that we have with physical cash, except a thousand times more slippery. “Apple frequently pushes myths about user privacy and security as a shield against its anti-competitive App Store practices,” said Meghan DiMuzio, executive director of the Coalition for App Fairness, which was formed to fight Apple’s power over its App Store. So, they basically allow heavy users, sort of regular customers, access to more resources, and that will basically ensure that the peers that your node always interacts with and continues to have a good relationship with, continue to be able to send, even if a new user that hasn’t established themselves starts taking a lot of resources.
For example, you cannot add more than 30 HTLCs to a commitment. 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. So this is more of a UX issue, but on the technology side, it’s somewhat easy to fix. 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 network. It’s always been quite unclear how much priority we should assign to that, because now that we have a protocol that everyone’s implemented and works, when is it going to be worth changing? So, we’re going to be able with that to make good progress and hopefully, at some point, have a good enough solution to fix all those jamming issues. It makes it hard to debug, it’s something where we had a lot of compatibility bugs over the years, and it created a lot of force close a few years ago because there were compatibility issues when many updates were in flight, and just because that protocol was complex to get right.
So, I think that now we have fixed most of these issues, we haven’t seen in the past one or two years any issues related to the implementation of that protocol. The share of the cryptocurrency that’s traded via China’s mainland currency escalated over the past few years, overtaking the US dollar as the dominant currency. You can invest small amounts every few days or weekly which is referred to as Dollar-cost averaging (DCA). And then we’ll have a better idea of whether anyone can do their own thing and still be protected, or if it’s better that everyone applies the same reputation algorithm to make it work. It’s really hard to find a good reputation algorithm that would seem to work. So, for the most part, that should just work. So, this is really making progress. Be that as it may, what they won’t have represented is the amount of a vitality suck the PC arrange behind bitcoin might one be able to day progress toward becoming. Binance allows its users to sign up for a limited account without KYC – i.e. providing verification documents like a passport copy – which allows trading but limits withdrawals to two Bitcoin per day.
