Customers can log into their Binance account, click on “Wallet” and then “Audit” to obtain their own Merkle Leaf and Record ID. 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. So, everyone should have a transaction they’re happy with now. Bastien Teinturier: Exactly. And on top of that, if you have both prepared two transactions, informative post 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. For instance, if you have two five dollar bills, one of which had been used for cocaine trafficking a few years ago, it’s important that despite that history the two bills are both still worth the exact same value. Risk Warning: Digital asset prices are subject to high market risk and price volatility.
Tip: Try using the Custom Orders feature to buy bitcoin; if the price of bitcoin falls, set a buy price lower than the current price. These people represent a group that is attracted to some feature of bitcoins, but feels locked out because the current exchange rate and holdings of bitcoins are unfavorable. While deposits are free, withdrawals are set at a standard rate of 0.1%. Binance is set up in a way that lets certain factors (mostly assets) affect this standard fee. And already, with only one side of a channel being able to send that message, it creates a lot of issues, because updating the fee of a commitment transaction while you have a lot of HTLCs in flight can actually make you deep into your reserve. 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? Yeah, I don’t understand why the balance is not – well, I guess in the initial balance all of the balance is on the side of the opener and that’s why they have to pay the fees.
But after that, there’s a reserve on each side. Bastien Teinturier: Because there’s only one other party can actually change the feerate of a commitment transaction and it’s the channel initiator. Bastien Teinturier: No, I don’t think so. 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. Please just give me a signature where you don’t pay any fee and the resulting transaction has the fee I’m proposing”. Please just give me a signature and I’ll pay that fee”. I will pay that fee. So, if I’m the initiator and I want to close the channel, I’m going to say, “I’m closing that channel with that fee that is taken from my output. So, this is basically a channel that cannot be used any more, there’s nothing urgent to do on it apart from closing, so having even a few more round trips is just not at all an issue.
Nothing is latency sensitive here, so this really isn’t an issue. 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. So in the end, you have two transactions that are negotiated with just one request and response, one where the initiator is paying the fee, one where the non-initiator is paying the fee, and each of them chose the fee they are ready to pay. Mark Erhardt: Okay, I have one more question. So, you can point out any output that has sufficient funds to have basically funded that channel; I assume that means enough or more. So, when you have a channel non-initiator, maybe you have more of an incentive to force close than to mutual close because this way it’s going to be the channel initiator that will pay the fees. Mark Erhardt: I really like that the person that wants to close the channel now has to pay for it, because it always baffled me that the person that started the channel also had to pay the closing fee.