Yeah and you really need a couple to a few million sats as a bare minimum. So were talking non-insignificant stack tied up in channels. Same reason I went custodial for now.
Discussion
Yup. Screw that. It's utterly asinine.
ah, see, this is how it works for me:
i get paid directly in sats, so this month i just had it go straight into my alby hub LND node wallet
i keep control of my sats in there, in the channels, and when i need cash i zap them over to my xapo bank account (which is expensive, mind, ~$80/month in fees, paid up front a year at a time (ie $1000)
but you see the advantage of this is that i don't have to keep any of my sats in custodial arrangement, it's all locked to a key that i have control of, not as tight as cold storage but better than custodial, and custodial AND registered SWIFT/SEPA capable bank, that's major ruggability that i just don't want to know about. if something goes wrong with my xapo bank, i still have 95% of my funds and can then panic for a day figuring out a second option
i used to hold a few score euros in cash when i lived closer to an ATM but the nearest one from here now is over an hour away where it used to be only 15 minutes, but the local grocery store takes CC network payments so i have very little reason to draw cash at any time unless i want to buy things at the hardware store in the next town
also, no, you don't really need 2mln sats (which is about $1800) there is plenty of peers you can open channels with at the 100-200k level (so, about 300 will be enough) for the minimal case of your own private 3-4 channels, 2 outbound 2 inbound
the hosting fees are 12.1k sat a month for a hosted alby hub, so about $14 a month to run it yourself
That's way too much just to host. WTF?
That would eat away at or cost me to use their stuff. That's definitely not going to happen.
it is flawless though, i was a bit nervous at first too but i have had zero problems with it
if only i could pay my grocery bills with it, then i could abandon the really expensive xapo bank
12.1k sats a month is way too much. A year? Maybe.
I only care about lightning for zapping. I'm never going to be paid in sats (probably), and if I was, 12k sats a month would kill. My stack. That's an insanely high ratio. IMO
it's literally only 2x the cost of a typical bank account
this whole bullshit with wallet of satoshi really has made a mess for US based nostriches... here in europe you can just use WoS and attach it to your nostr and basta
my worst lightning experience has been with mobile wallets like breez and phoenix, this experience with NWC and alby is fantastic
hell, i could just run these things as a full time job if i could find 1000 US based nostriches to host their LN wallets for lol, charge like $2/month each
Only?
My bank costs me 0 fiat.
I'd trust you to host a small wallet more than most. I'd rather pay you the equivalent of $5/ month for that.
well, the bank is charging you nothing probably because they get paid to KYC you
Sure.
I'm so tired of everything ruined by Fiat.
Fiat banks charge nothing because they take the "money" out of the account and invest it, elsewhere.
You pay Alby to hold the money and not gamble with it. It's more like the fees for a safe deposit box or gold vault, than a checking account.
yeah, not even so much as storing it exactly but i have it open in public routing channels now... i figured that there was a good chance it could do like 200 routed payments a day at 2 sats one in one out so at least i may even not be paying anything for it, possibly.
the security is all in my hands as well, more or less, i have the seed and i can pull the plug on it if something is amiss but the cryptography is pretty solid and my systems are secure against most possible breaches
so it's almost better because i'm actually getting "yieldz" on my sats now by charging a small fee to adjust my channel states
not sure what fees to be putting on them tho, maybe i should set them to liek 3 sats