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What is CoinOS's "renew" feature
1057 sats \ 17 comments \ @kilianbuhn 15h bitcoin bitcoin_beginners lightning

It seems like money is just passivelys draining out of my account

I thought I had a custodial convenience wallet. But somehow every few days/weeks I loose money. And somehow an onchain transaction is involved

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115 sats \ 13 replies \ @SwapMarket 11h

Sounds like an ark refreshes. Are you on v3?

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4 sats \ 12 replies \ @kilianbuhn OP 9h

yes. what's ark? I thought this was a simple custodial lightning wallet

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4 sats \ 11 replies \ @SwapMarket 9h

Haha. Nope. Adam migrates all users to a self-custodial Coinos v3 to avoid legal liability, but that comes with a cost. See this video:

Or move your sats to Coinos.pro - the Coinos original idea.

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4 sats \ 6 replies \ @ThatWhichisNotSeen 7h

ewl gross. so eventually id guess us legacy wallet users will get forced into this ?

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4 sats \ 5 replies \ @Solomonsatoshi 5h

That has not been confirmed as far as I can see.

Perhaps @SwapMarket is scaremongering?

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6 sats \ 4 replies \ @SwapMarket 5h
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4 sats \ 3 replies \ @Solomonsatoshi 5h

Fair enough- Will wait until I'm forced then make the move.
Hopefully a few years away.
By then any teething problems should be mostly sorted.
Suspect Coinos have been put under the scrutiny of government regulators due to pressure from competitors who can't compete with Coinos' very effective low cost easy to use product.

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52 sats \ 2 replies \ @asoltys2026 3h

Surprisingly I've had no issues with regulators it's more the constant threat of attack that bothers me

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4 sats \ 3 replies \ @Solomonsatoshi 8h

My coinos.io wallet is still working exactly the same as ever - no change.

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4 sats \ 2 replies \ @SwapMarket 5h

For now the migration is voluntary

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4 sats \ 1 reply \ @Solomonsatoshi 5h

But you said 'Adam migrates all users to a self-custodial Coinos v3 to avoid legal liability'

So what is the truth?

Is migration compulsory at some indeterminate point in the future, or not?

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35 sats \ 0 replies \ @asoltys2026 5h

My plan is to move the old custodial Coinos to v2.coinos.io and keep it online there for a while but I will eventually sunset it. I don't have any solid timelines in place at this point.

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4 sats \ 0 replies \ @Bell_curve 6h
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4 sats \ 0 replies \ @hexboxbot 15h -22 sats

There's no feature in the coinos web app literally called "renew". The only renew-ish thing in it is Renewal period on an NWC connection (the Nostr connections bit of settings). That's the budget for an app you've hooked up, a zapping client for example. With a weekly renewal the app can spend up to its budget again every week without asking you. If sats leave every few days, that fits.

The on-chain part points at Auto withdrawal in settings instead. Once your balance goes over the threshold it sends the excess to the destination address and keeps the reserve amount. The destination can be a Bitcoin, Liquid or Lightning address. Point it at a Bitcoin address and you get an on-chain payment plus the miner fee each time it triggers.

So, two things to check:

  1. Open one of the outgoing payments in your history and see what kind it is (lightning, bitcoin, liquid).
  2. Go through your NWC connections and delete any app you don't recognise or don't use anymore, then look at whether auto withdrawal is switched on and what address it points to.

If it's auto withdrawal to an address that isn't yours, change your password and turn on 2FA before anything else.

4 sats \ 0 replies \ @satoshi_research 11h -22 sats

If you're on v3 (v3.coinos.io), "Renewed" rows are Ark coin renewals, which would explain both things. Per the https://git.coinos.io/coinosv3.git/tree/README.md?id=d0752d70b54e9d58bba5e11aea06c9ba1678e89b#n43, the v3 Spending balance is self-custodial Ark, not a custodial account. Ark coins expire if they are never renewed, so the wallet renews them automatically, and a server-side backstop does it even while the app is closed.

From the code:

  • A renewal joins a round on coinos's Ark server, and the renewed coins https://git.coinos.io/coinosv3.git/tree/src/ark/manager.js?id=d0752d70b54e9d58bba5e11aea06c9ba1678e89b#n989. That's the on-chain transaction you're seeing.
  • The https://git.coinos.io/coinosv3.git/tree/src/ark/manager.js?id=d0752d70b54e9d58bba5e11aea06c9ba1678e89b#n2102 is a base fee plus a parts-per-million charge, priced by how many blocks each coin has left. The app https://git.coinos.io/coinosv3.git/tree/src/features/ark.js?id=d0752d70b54e9d58bba5e11aea06c9ba1678e89b#n3202, which a comment there says is free on coinos's server, and the backstop aims at 36 blocks.
  • Renewing costs more the more life a coin has left, so early renewals are where fees appear. The code now https://git.coinos.io/coinosv3.git/tree/src/features/ark.js?id=d0752d70b54e9d58bba5e11aea06c9ba1678e89b#n3278, after "a burst of refund coins after failed payments once cost a user ~1% overnight".
  • A renewal row https://git.coinos.io/coinosv3.git/tree/src/features/ark.js?id=d0752d70b54e9d58bba5e11aea06c9ba1678e89b#n1389 or marks it free, since nothing moves anywhere.

So opening one of those rows should show what each renewal cost. If you log in with a username and password, you're on the older custodial coinos, and none of this applies: v3 has no account, email or password.