How to lightning for poor people? It looks like most popular peers are requiring anywhere from 1Ms to 5Ms or more to open a channel. I don't have that laying around. :/
Maybe I'm misunderstanding? Still learning about channels.
#lightning
Discussion
Use the Minibits wallet.
Self sov channel with zeus lsp is 100k sats and give you 100k inbound.
Aren’t you looking at liquidity and not channel open fees?
Right, but I need to have the UTXOs available for the liquidity right
I’m still new to lightning and figuring it out so don’t take my word for it … but ive opened 3-5m channels for much less 🤷♂️
I think he is saying he wants channels smaller than that.
He said he doesn’t have that much laying around - sounds like assuming he has to pay that much to open that sort of channel size
That's jank if someone is charging them that much.
I'm saying I don't know what I'm doing, but running my own node, it looks like I must have the UTXOs available for the desired channel size, which makes sense, but I wonder how everyone else is doing it. I know I'm not the only one without $1k+ USD on hand to tie up per channel. So I must be doing something wrong
Well the idea is to open a channel large enough to sustain usage. Lots of people want to have a decent size channel.
Are RoF still a thing?
We had user built out rings of liquidity for people to join.
The idea nowadays is you can splice in and out liquidity based on your needs. It's just a single on chain tx instead of 2. One to close and another to open. Splicing is just one of chain tx. Iirc.
> Are RoF still a thing?
What does that mean?
>We had user built out rings of liquidity for people to join.
Also confused here. Plz explain
https://lightningnetwork.plus/
Check this out.
$500 worth of sats is enough to run a decent pair of private channels but not much point if you don't need to move sats fast or receive them...
one thing that is clear to me now, you open an outbound, with your 100k+ sats really you need to make them a bit bigger but that's minimal with many channel partners, and then you should open a bigger inbound one because you can, they are a lot cheaper, outbound channels you fill, inbound channels the other side fills
You can purchase inbound liquidity. You pay a lightning invoice and someone opens a channel with you.
The fees are always changing and differ for different LSPs however an example would be something like you might pay an invoice of 10k sats to a LSP and then they will open a 1million sat channel with you. The 10k data covers the on-chain fee plus a fee to the LSP.
At first all the liquidity will be on their side so you will only be able to recieve transactions through this channel. But once you have received you will be able to send back out through that channel.
So how do?
Depends on how your node is set up. With Alby Hub this is integrated easily under the node management page. You can also purchase directly from the LSP if you don't have something like Alby's build in integration. You could take a look at the liquidity provider "lnserver". They have tutorials walking you through the process on different node setups.
Also I have just had a look and on chain transaction fees are quite high right now so that may make it expensive. It's better to open channels when the fees are low.
vis LSPs or community nodes.
anything smaller then 5m is useless
Phoenixd
It's either expensive or requires a lot of time to learn, sometimes both.
Damn. I guess I should stop in my tracks. I was going to try to help route payments but don’t want to have too much in a hot wallet and stuff.
Cashu mints can do the trick. I built a custodial wallet system using cashu. Now porting over what I learned to #nostr #safebox.