Oddbean new post about login | logout My 35,000 sats became 15,000 due to a closed channel on Breez. Never ever happened on any other wallet. And I can't transfer them due to high fees Lesson learnt the hard way. @Roy https://image.nostr.build/15570e85ce8939f2750ea25f9e9be1fcd954749d9ea04b0c8f173fd87f817746.jpg#m=image%2Fjpeg&dim=864x1920&blurhash=%5B54Vd%25t7MuWB-eofktWB%25jfQRMfQRNWBkFj%5DM%7Baya%23j%5BNNfQabayI7WCtnayS%2CWBi%40fRMaWBtoj%5B&x=04e7ee234972a90a05e725f147a1d5437b3ddd93c808dc484438a500c9f90010
rough tell me we’re early af without telling me
There is no education on Bitcoin utxo management. Don't even get me started 😌
For non custodial mobile LN wallet that's easy to use, I prefer Phoenix, especially with channel splicing.
What is splicing. I shut down phoenix too. I guess store if Value is good use of btc 😄
Splicing is when you close and open channel at the same time so you can effectively enlarge or shrink channel. This way Phoenix maintains only one channel with the user so there will be no dead channels that will be susceptible to force closing, and even if they need to force close a channel, the cost will be much lower as it'll just be one channel. Tidy, clean, and efficient.
Nice 👍👍
I see the potentials for LSPs like phoenix to be decentralised groups of nodes selling LSPs services non custodiallly Another improvement for LSPs would be users being able to run or subscribe to a watchtower service, so the LSP cannot steal (potentially) a users bunds (with an old state signed tx)
Same happens with green wallet, thats the cost of doing business and going non-custodial I suppose, still way cheaper than dealing with on-chain
Still much work to be done regarding Lightning Net, LSPs, and other 2nd layer protocols.. Robust 2nd and 3rd layer self custody models MUST be created for Bitcoin scalability. Else we kinda going to loose our "not your keys, not your coin" moto..
Centralization is ok for scalability.
Lighting needs a lot of more work if it wants adoption. Honestly at current stage its super difficult to use with multiple problems. I almost stopped using lighting for business purposes, very inconvenient on multiple steps.
Unfortunately, you can't detach Lightning from the chain. Channel closures can happen in any non-custodial wallet (especially if you didn't use it for two years). Sweeping requires an on-chain transaction (that was the morning you saw). You will be able to redeem the funds once the mempool settles down.
Thanks Roy. And as for the future, fees would be higher only, with ordinals in play. Have considered this dust. As said lesson learnt. Would advice others with my experience:) good day.
