reply on: My first experience with 'Attach Wallet' at SN — Blink and LN Address issues \ stacker news ~meta

302 sats \ 15 replies \ @k00b 23 Aug \ on: My first experience with 'Attach Wallet' at SN — Blink and LN Address issues meta

Thanks for the trip report!

I started recieving various amounts in my Blink wallet and it went on for at least a minute until my SN wallet became empty. I couldn't understand why so many transactions?

You had many autowithdraw txs because we don't know how much fees will cost when paying you. So we send you your_balance - your_balance * max_fee_percent, then if the fees were less than your_balance * max_fee_percent we do it again with the remaining balance, and so on, until it fails or your desired balance is reached.

From my 11.7k sats, I only received 11.4k sats. The rest were gone in fees.

We don't control the fees to your wallet. If you run your own lightning node, this is something you can take into your own control. If you only want to autowithdraw when the fees are lower, you can set your max fee percent lower.

(For p2p non-custodial zaps - which will replace autowithdraw fully before too long - we will pay the fee to your wallet, up to a reasonable level and taken from our sybil fee. If we can't get you your money with reasonable fees, we'll give you cowboy credits.)

Then, I started zapping directly from Blink wallet and one thing that again baffled me was 1Sat fee on every transaction for zaps. My default zap is 13 and to pay 1 sat makes it around 8% in fees.

When you make lightning txs you are using other people's resources to get the money to the destination (SN's node in this case). Most people won't let you use their stuff for free.

316 sats \ 13 replies \ @ek 23 Aug

When you make lightning txs you are using other people's resources to get the money to the destination (SN's node in this case). Most people won't let you use their stuff for free.

Adding to this:

When you run your own node, you can open a direct channel to SN. The fees will be zero then.

307 sats \ 11 replies \ @TheMorningStar OP 23 Aug

Thank you so much!

So, what's required to run a node? Is it easy or complicated?

131 sats \ 5 replies \ @ek 23 Aug

It depends a lot on your technical skills 👀

phoenixd might be the easiest to setup (and we will support it soon) since it manages liquidity automatically but that comes with additional cost again. Since your only peer will be the ACINQ node, you will also still have tx fees. I believe they are the same as the tx fees with phoenix wallet but not confirmed.

So if you want to run your own node and open a direct channel to SN for 0 tx fees (you will need to pay open+close fees to miners though), you will need to run LND or CLN and manage the node yourself.

As @k00b mentioned, you can do that with Umbrel and Start9. There is also @Alby Hub but you need an Alby invite for it.

104 sats \ 4 replies \ @TheMorningStar OP 23 Aug

I've listened a lot about ALby Hub but can't get my hands on it because of the same 'I don't have invite'.

you will need to pay open+close fees to miners though

How much that would be approximately if it's not fixed?

34 sats \ 3 replies \ @ek 23 Aug

How much that would be approximately if it's not fixed?

I used the channel open tx of this channel between SN and not @benthecarman to get an estimate for the tx size. So if we use the same virtual size (211.5 vB) but assume 10 sat/vB instead of 34 sat/vB, you would be looking at 2115 sats to open a channel.

125 sats \ 2 replies \ @TheMorningStar OP 23 Aug

Thanks!

By looking at your answer, I think I need to learn a lot. I even don't know what's vB. I'll learn it though in a few days' time.

This 2115 Sats is a one time fee to open a channel or it's recurring?

13 sats \ 1 reply \ @ek 23 Aug

By looking at your answer, I think I need to learn a lot. I even don't know what's vB. I'll learn it though in a few days' time.

No worries, I unfortunately had to mention them since fees depend on them. It's only really relevant for fees though.

If you want to learn more, you will need to learn about Segregated Witness since SegWit introduced them. It's pretty technical though, so don't worry if you don't understand most initially.

If you have questions, you can always ask them in ~bitcoin_beginners.

This 2115 Sats is a one time fee to open a channel or it's recurring?

one time fee to miners to mine the channel open tx (so just like any other onchain tx)

84 sats \ 0 replies \ @TheMorningStar OP 23 Aug

Thank you so much! I'll try my best yo learn it in very less time. If running a node is the best solution, I'll attempt for it.

reply on another page

93 sats \ 4 replies \ @k00b 23 Aug

I'd say it's advanced rather than complicated but products like Umbrel and Start9 make it easier.

81 sats \ 3 replies \ @TheMorningStar OP 23 Aug

Thanks! I'm reading the links you just gave.

Can I run a node on my mobile?

13 sats \ 2 replies \ @k00b 23 Aug

Yes, you can but it's not a great solution for zapping on SN yet.

463 sats \ 1 reply \ @TheMorningStar OP 23 Aug

Thanks! I got it. For umbrella and start9, I need a computer which I'll have in 1 months time. So, till then I'll be learning how to run my own node.

Thanks for your time sir! I'll ask again if I have a confusion or question.

100 sats \ 0 replies \ @028559d218 23 Aug

It's a little bit of an 'upfront' cost... But start9 and umbrel are nodes in a box, are reasonably priced in my opinion, and add a huge amount of usability to bitcoin in general.

You can run a node on one, open your own lightning channels, do coinjoins, host your own media, have your own 'blockchain' explorer, plus some social media stuff if you're interested in that - it's basically a packaged deal.

90 sats \ 0 replies \ @WeAreAllSatoshi 23 Aug

This seems like a good idea!

200 sats \ 0 replies \ @TheMorningStar OP 23 Aug

Thanks for a detailed reply! Sir, I have no complains about SN and I understand why we need to attach external wallet. I've gone through previous posts and came to know about the right thing. But. I just don't wanna give up 1 sat everytime I zap or recieve Sats.