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Brad Mills 2y ago

I setup my friend with a 288,000 sat channel with Phoenix.

The fees were $30 to set up the channel then splice more capacity 😅

The I switched her to Mutiny wallet and paid another $30 in fees 😅

She still has rhe 288,000 sats in Phoenix and now I feel like this phoenix seed is now worth $30 at least.

What should we do with the Phoenix seed once she sends the sats to her Mutiny?

Should we just chalk it up as a lesson learned or is that Phoenix seed / channel re-usable if we keep a small amount of sats in it?

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Discussion

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idsera 2y ago

How will we scale bitcoin to people to be able to have self custodial funds in lightning? Drivechains?

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Jeff Swann 2y ago

BitVM appears to enable trustless 2 way pegs which means we get all the sidechains we want with no need for any forks. Everything is gonna be okay, number is going up, be happy.

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BOOK IT 2y ago

Can't close the channel and get the sats back? I had to do it in breez once and got all my sats back.

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mrclownworld 2y ago

I think you can keep that channel open indefinitely and splice in a larger amount of sats when fees cool down a bit

But I am definitely feeling you. I had 2 BTC in inbound capacity in channels at one point on a node and had to force close everything.

Lightning channels are themselves going to be even more valuable than UTXOs if you think about it. Most if not all UTXOs will eventually be Lightning Channels. They’ll code the ability to close a channel and open another in the same transaction.

Someday I’ll pay a massive fee to open a channel at my Lightning bank and be so mad that I had 2 BTC in in-bound capacity all to myself back when blocks would sometimes not even be full

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Nice and Kind Vic 2y ago

Keep the pheonix channel. Use for inbound liquidity.