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0 sats \ 13 replies \ @moneroshill OP 18 Aug 2022 \ on: @moneroshill's bio bitcoin
also this is my first time using LN and it sucks. I can't set up a channel with <$3 worth of bitcoin, so I guess I just have to send bitcoin directly from my exchange. WTF guys
Sounds like you're stupid af
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If I can't figure it out, how do you expect normalfags to figure it out? Serious question.
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Most bitcoiners will agree that we have a ways to go to streamline the entire process from layer 1 to the Lightning Network. It is only 13 years old, bitcoin is still in its infancy.
Give the developers and coders another decade to streamline the entire process and it will be as seamless as getting on the internet today vs 1997.
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- Open a channel >$3
- send <$3
- ???
- Profit.
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LOL most shitcoiners are underpants gnomes
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The fees are like 3 bucks. The answer is to just spend more money? How is that sustainable in the long run?
Hypothetically, let's say bitcoin takes over the world in ten years: the fees will be astronomical. At some point "just spend more money" is no longer a practical solution for the majority of users.
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Opening a small channel doesn't make sense. Channels are meant to be used more than once. That's the whole point. If you have recurring purchases, you can open a channel to save on miner fees.
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It would be interesting to see a calculator that could estimate profit based off channel size and fee settings.
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Not very polite how you write but I'll see over that since I am interested in which wallet you used? Less than $3 should be about 12k sats. I funded my wallet here with 1k sats. I use Phoenix.
PS: I like monero. The only coin next to bitcoin that I do respect since it has actual use cases (DN, as you mentioned). No need to be a dick about it, though. Welcome
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I'm on electrum BTW. It says I can't make a request because "You must be online to receive Lightning payments.". I guess that means I have to open a channel? IDK that 3 bucks (12k sats) is gonna get eaten up by fees I think.
Basically, I was trying to fund my own (empty) wallet from my exchange, and then send from my wallet to stacker.news. You know, just to try out the LN and see if it lives up to the hype. Pretty disappointing that I had to just send it directly from my exchange. Maybe it's my wallet. I thought everyone used electrum or bitcoin-qt?
Fees are low though, so there's that.
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What you could have done was to fund your electrum onchain wallet from your exchange.
Then create lightning wallet (like Phoenix) and fund it with sufficient funds with another onchain tx. They'll create a LN channel for you with these funds. Then login here with your lightning wallet and fund your wallet here via lightning.
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You could use FixedFloat.com or CoinSwap.click to exchange Monero -> Bitcoin Lightning directly to your Stacker News wallet, or use a custodial Lightning wallet like BlueWallet (KYC-free).
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Not sure how electrum works as a lightning wallet. It probably needs a lightning node to work. Only used it for onchain txs.
If you use a lightning wallet like Phoenix, you use their lightning node/channels but it's still non-custodial since you own the private keys.
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