Oddbean new post about | logout
▲ ▼
9ueer | 1 years ago (raw) | root | parent | reply | flag 
 but a centralized service, ACINQ, controls the opening and closing of "your" channels, you will likely route through their node for most payments (for a fee).
▲ ▼
TeslaLiberty | 1 years ago (raw) | root | parent | reply | flag +1 
 It's good enough for now

At least take can't steal your funds
▲ ▼
9ueer | 1 years ago (raw) | root | parent | reply | flag 
 "probably won't steal" is more accurate. 

you *will* have a channel open with the ACINQ node. is your Phoenix node always online? are you using a watchtower? your own or from a service?

i am not saying ACINQ is going to steal channel balances. they are incentivized to support their customers.

using Phoenix is entering into a banking business partnership with ACINQ. they are making decisions about how to handle your payments, and you are paying them to do so.
▲ ▼
TeslaLiberty | 1 years ago (raw) | root | parent | reply | flag +1 
 Can't steal as they don't hold the private keys
▲ ▼
9ueer | 1 years ago (raw) | root | parent | reply | flag 
 i urge you to research what an LN payment channel is.

funds on LN don't sit "in a wallet." you do not have that sort of passive security.