Finally got the new Phoenix upgrade, splicing really makes UX 10x better \ stacker news ~bitcoin

Finally got the new Phoenix upgrade, splicing really makes UX 10x better

3916 sats \ 25 comments \ @BTC_Commons 21 Aug 2023 bitcoin

Finally got the notification to upgrade Phoenix and migrate to the new 3rd gen system with splicing. The takeaway? It's amazing!

One single channel is created with your available balance,
Phoenix pays for the miners fees of migrating (very nice of them), and
Right off the bat you have inbound liquidity roughly equal to your total balance. They did not mention this on the documentation, but they should. I was worried I would have no inbound once I migrated and the closed all my empty channels.

This thing is just phenomenal. I was one of the "users with dozens of channels." It was functional, but that's too many channels.

Congratz Asinq and Phoenix. This is the BEST lighting wallet yet, bar none. Looking forward to Blinded paths, BOLT 12/static invoices and Taproot! You guys are killing it.

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58 sats \ 0 replies \ @iguano 22 Aug 2023

I gave it a try , pretty cool stuff

64 sats \ 4 replies \ @02ad8239c2 21 Aug 2023

this post seems somewhat contrived, in the wake of the spicy comments around the same topics in another post from earlier today -

#230608

54 sats \ 2 replies \ @AllCatsAreEvil 21 Aug 2023

There seemed to be a lot of vitriol in that thread. Every time I read something from people hating on blockstream it always seems to be from bcashers.

5 sats \ 0 replies \ @iguano 22 Aug 2023

years of brainwashing in their echo chamber

They really believe that Bitcoin has been taken by the FED or something like that.

10 sats \ 0 replies \ @ryu 22 Aug 2023

You can like Bitcoin while disliking Blockstream, believe it or not.

The only reason Liquid wasn't fully propped up was because of the community, not in spite of it. It's why Blockstream shifted gears when they saw their intentional gimping of Lightning was going to become detrimental to their bottom line.

4 sats \ 0 replies \ @brandonsbytes 22 Aug 2023

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561 sats \ 1 reply \ @nym 21 Aug 2023

Sweet, are you on android or iOS?

52 sats \ 0 replies \ @BTC_Commons OP 21 Aug 2023

Android. I think iOS is not out yet, but soon

10 sats \ 1 reply \ @faithandcredit 22 Aug 2023

The new 0.4% fee on outgoing payments is a point of contention it seems.

91 sats \ 0 replies \ @clownworld 22 Aug 2023

The next block fee on chain is 33¢. That means any payment over $82.50 will cost more using lightning on Phoenix than on chain.

10 sats \ 0 replies \ @monaco 21 Aug 2023

Awesome!

10 sats \ 0 replies \ @eespn 21 Aug 2023

10 sats \ 5 replies \ @Zepasta 22 Aug 2023

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5 sats \ 4 replies \ @BTC_Commons OP 22 Aug 2023

Think about Lightning channels as boxes. In the past, u have fixed size boxes. U have more sats? You need more boxes. And u always kept a few empty ones just in case u needed to store more coins.

Also, if a box doesn't fit by just a little bit, u nees a whole new box. So every wallet has a lot of boxes, some sitting empty, and which u had to pay to get/open.

Now u have just 1 box. A single magical box that changes in size to fit ur needs. No more clutter. it's also arguably cheaper. Voila.

0 sats \ 3 replies \ @Zepasta 23 Aug 2023

How is it possible? Aren't LN channels fixed and require on-chain tx to open/close? How can this wallet magicly change the channel capacity?

0 sats \ 2 replies \ @BTC_Commons OP 23 Aug 2023

Splicing! which is basically on chain transactions. But I think what it does is allow for dinamic channels, instead of static channels capacity wise

0 sats \ 1 reply \ @Zepasta 23 Aug 2023

If i open a channel with 1 BTC, i have to create a on-chain TX with 1 BTC. How does it allow me to dinamicly increase channel capacity if LN always requires the same amount of BTC to be on-chain?

0 sats \ 0 replies \ @BTC_Commons OP 23 Aug 2023

https://voltage.cloud/blog/lightning-network-faq/what-is-splicing-lightning-network-how-it-works/?amp

6 sats \ 0 replies \ @siggy47 21 Aug 2023

I can't wait to check it out.

100 sats \ 0 replies \ @badabing 22 Aug 2023

Migrated yesterday. Went very smoothly. Fees for spending increased to .4%, but inbound onchain fees (1%) were dropped. Not sure if that evens out, but UX is so nice I don't care.

51 sats \ 0 replies \ @WeAreAllSatoshi 21 Aug 2023

I found Phoenix on iOS to be a pain to use. Not sure if it was because of the node going on and offline frequently or what. But this does make me want to try it again, once the update is live for iOS. The channel open fees were also obtrusive to me

1 sat \ 2 replies \ @Bear 22 Aug 2023

Don't migrate to the new Phoenix channel automatically!

If you have big channels that are mostly empty you will get one small channel that won't compensate for your current inbound liquidity. migrating only makes sense if you need to receive and don't have enough liquidity.

10 sats \ 1 reply \ @orthwyrm 22 Aug 2023

Huh? I had some large channels of like 0.2 BTC in-bound liquidity. Migrating seems to have kept it all.

0 sats \ 0 replies \ @Bear 22 Aug 2023

need more feedback from users then...

1 sat \ 0 replies \ @orthwyrm 22 Aug 2023

Migrated today, smooth process.