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192 sats \ 1 reply \ @Scoresby 12 May
I concur. Use Phoenix a lot. It's very simple LN with a focus on ease of use.
accidentally expensive
Because you have only the one channel with acinq's node, if you receive more than your inbound, it will automatically splice for you (even if on chain fees are high). If you aren't paying attention a small LN receive can cause an on chain txn. They have a setting for limiting how much you are willing to pay in fees, but it can be a footgun if you aren't careful.
Also, because they allow you to send out to on chain from your LN channel (via splicing) you might wreck your inbound if you don't understand LN liquidity.
I've seen people pay for inbound liquidity, receive maybe half, and then send out to on chain not understanding that the splice will resize their channel and decrease their inbound. They could explain it better in the app.
Overall though, its a good wallet that rarely has issues with failed payments. Highly recommend.
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I understand the simplicity of a single channel.
Buuut a single channel is a dead end. You need at least 2 channels for sats to have the ability to be moving at all. Otherwise someone is investing in my channel with no return. It's wasted and locked up money.
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It's not about me and not about "earning". A word I did not use but it says a lot about you that that's where your mind goes.
Sats in channels that are a dead end are a waste for the network.
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127 sats \ 1 reply \ @orthwyrm 12 May
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I literally have a masters degree in IT sec. What are you talking about.
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Are you using Phoenix for sending and receiving here once they do the switch-over?
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Switch-over?
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