pull down to refresh

185 sats \ 3 replies \ @DarthCoin 31 Jan \ on: Foray into No-kyc LN Liquidity a la Bitcoin Well bitcoin
In one of his guides he describes how you can become an 'uncle Jim' LN bank, and it occurred to me that a private bank should have the ability to do 'exchange' services
Then only "exchange" service I was talking in my guides is the swap LN<-->onchain, not to go back to fiat. A LN bank it means:
  • you provide LN accounts for users that cannot afford a UTXO to open LN channels and hardware infrastructure.
  • you provide swaps LN <--->onchain
  • you provide education material and helpdesk
  • you provide liquidity and good routes for your users payments
You charge fees for these services as you like. Going to provide ramps to fiat it will put you in real problems. So stay away from those fiat ramps. Stay on Bitcoin only and nothing bad will happen.
For opening channels with good routes, I explained more in this guide: https://darth-coin.github.io/nodes/managing-lightning-node-liquidity-en.html
write
preview
21 sats \ 2 replies \ @Fiatrevelation OP 31 Jan
My post doesn't talk about providing ramps to fiat. It explains how I used a Bitcoin ATM to trade cash for lightning liquidity on a fresh node.
reply
11 sats \ 1 reply \ @DarthCoin 31 Jan
Yes I know. I add that as a friendly warning :)
reply
21 sats \ 0 replies \ @Fiatrevelation OP 1 Feb
It's good to point out. Bitcoin Well takes care of the fiat on/off ramping. They also run a LN node that seems decently well connected.
reply