an absolute madman has just opened up a 500K sats channel to my node and paid 50K sats in on-chain fees.
on a related note, the minimum sized channel my node will now accept is 2M sats. i thought i had this set before, but apparently i can't count and had it set to 200K.
Why does that happen on lightning?
fees are really expensive now on-chain. to open a lightning channel or to close a lightning channel, you have to pay the on-chain fee to lock up the bitcoin in smart contract. i wouldn't open up such a small channel right now, hence the madman comment.
What if you absolutely need to transact? I guess I'm iffy on the details on how this works.
if you need to use Lightning, go ahead and use Lightning. im still using Lightning without issue.
i am specifically talking about opening a channel or closing a channel. if you absolutely have to do it, then do it. otherwise i'd wait to see if fees go down in the coming months because it's costly to use on-chain right now.
Solution are coming thanks to those that keep fees high. They need to keep fees high and tell people how to make them more resilient.
If this continue in 6months bitcoin will change for the better.
You should read guides by nostr:npub1lxktpvp5cnq3wl5ctu2x88e30mc0ahh8v47qvzc5dmneqqjrzlkqpm5xlc.
If you need to transact in #Bitcoin on-chain, you pay high fees. If on #LN, you pay a few sats. The point is, plan ahead and set LN channels when fees are low or pay high fees when unprepared.
Kind of a legendary move not gonna lie
Score 🤙
Hey Derek, if you’re channel is still connecting with 2M sats to open, would be great to connect!
