Looking for some Lightning advice \ stacker news ~bitcoin

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1386 sats \ 15 comments \ @crrdlx 5 Oct bitcoin

I'm looking for some bitcoin lightning advice and Stacker News is the place with people who know what's up.

Mutiny wallet is shutting down at the year's end. I've been trying to get my sats off of it and I'm finding out it's not as simple as just: (a) enter amount, (b) send. Obviously, LN is not a strength of mine.

My goal is to get the entire balance off Mutiny, I've removed some, but am failing at getting all the sats off.

https://files.peakd.com/file/peakd-hive/crrdlx/23vsBSu29zDmxkHcxfUUDGvUTxg8YnSPkR1n5wCgy2NZNiw7JVvzgu645PdnRDYLWV59A

Seems to me that my balance is larger than my outbound limit and that's the issue. The error message reads "We do not have enough balance to pay the given amount," which is a little odd because the balance shown is way above the amount I tried to send. I tried several amounts, decreasing them each time, with the same message. When I finally entered an amount beneath the "outbound" threshold, then the error message does not appear. Then, it does seem like the tx would go through (I backed out).

My guess is that the error message should really say, "Whoops, you're trying to send more than your outbound limit allows," or something like that. Anyway, I'm stuck.

https://files.peakd.com/file/peakd-hive/crrdlx/23tRtVvNp1CzUALzsArDNRM9WM99M3uEkYKFypyxrywZGYraLgpCJRpvsUr7RfwUaCvDG

So, what are my options?

Open another channel?
Switch to on chain transfer?
Other option?

And what would be the benefits and detriments/costs of each?

I'd be appreciative of any help.

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42 sats \ 1 reply \ @justin_shocknet 5 Oct

See what the second screenshot says about channel balance reserve... That reserve is technically part of your balance, but you can't send it because as a sender you have to have more than you're sending to accommodate for fees

That channel is useless to you now anyway, close it. You should* be able to give an output address to another wallet but all you're doing is over dust at this point.

If you're balance is more than 3700 or so based on that screenshot then it might be a channel not listed for some reason or in one of the rug pull mints*

I've never used Mutiny and have no idea as to its UX or what it's internal node capabilities are

17 sats \ 0 replies \ @crrdlx OP 5 Oct

Thanks so much. The balance is indeed over 3700. I've actually questioned the balance that's shown, wondering if I have that amount. This helps me along though in my thinking.

42 sats \ 2 replies \ @Rexdentron 5 Oct

Open another channel?

Don't

Switch to on chain transfer?

Why can't you just close the channel, wait for the timelock (if fc) and send it onchain ? What's stoping you from doing it ?

Other option?

There isn't any other option

121 sats \ 1 reply \ @crrdlx OP 5 Oct

Why can't you just close the channel, wait for the timelock (if fc) and send it onchain ?

I don't know, that's why I'm asking! Based on your question, I'm guessing that's something I could do. You mention closing the channel and waiting, okay. Mutiny has a "criss criss" arrow icon that is for switching LN to on chain (or vice versa). I'm wondering if if that's the same as you're talking about or if more fees are involved.

What's stoping you from doing it ?

My ignorance.

I appreciate your help here. This helps.

10 sats \ 0 replies \ @028559d218 5 Oct

I am not familiar with mutiny...

But the first step with lightning is always to try to close the channel. Fees are really low now (especially overnight)

42 sats \ 2 replies \ @02e239a2a8 6 Oct

I kinda love it when people who don't know what they're doing are also clearly on the right path to learning what they need.

It's not about knowing all the answers, it's about having the wherewithal to deal with your own ignorance properly.

You may not have as much knowledge as you'd like, but you have more wisdom than you need.

I suggest you close that channel ASAP and eat the cost, consider it your cost of tuition.

The lightning setup I like is Blixt + WOS

Blixt allows you to hold your Sats on lightning without the need for a custodian.

Wallet of Satoshi offers all the connectivity and channel management benefits that come with a large centralized custodian. WOS seems to be the biggest and most popular one so if you're just after maximum connectivity like me this is the way to go.

When my balance on WOS starts to make me nervous I send it to my Blixt and sleep like a baby.

You can open outgoing or buy incoming channels to/from places like LN BIG to manage liquidity.

Make sure you know what you're doing BEFORE you get set up this time. Don't pay tuition twice.

431 sats \ 1 reply \ @crrdlx OP 6 Oct

I suggest you close that channel ASAP and eat the cost, consider it your cost of tuition.

Love this way of viewing it. And I'm kind of moving exactly in the direction you're talking about, I think, with the handy but custodial hot wallet until it's too many sats for comfort, then move to a me-custodial wallet.

0 sats \ 0 replies \ @02e239a2a8 6 Oct freebie

Here's 431 Sats to cushion the blow. Good luck my friend

21 sats \ 1 reply \ @AGORA 5 Oct

Look in ~lightning

0 sats \ 0 replies \ @crrdlx OP 5 Oct

Makes sense. I've never dug around there (evidently, I should).

10 sats \ 0 replies \ @itsMoro 5 Oct

is there an option to close the channel? then youll get the balance back on-chain. you could even add some sats before closing so that the utxo is larger when you close the channel.

21 sats \ 0 replies \ @BTCLNAT 6 Oct

It seems to me that the most logical thing is to close the channel. The funds go back to the chain. I don't see any other option.

21 sats \ 0 replies \ @hasherstacker 5 Oct

It's always good to where to ask. SN is indeed the right place to learn

0 sats \ 0 replies \ @Christine 5 Oct outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.

0 sats \ 0 replies \ @Christine 5 Oct freebie

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