Splice in on Phoenix is fucking expensive.
Discussion
Splice basically closes the channel and opens a new one.
So how am I supposed to get sats? I’m really getting burnt out on losing 30% or better of what I’m trying to get. My bank won’t allow 99% of exchanges, so I literally have to buy BTC on cash app, and send it to my Phoenix wallet, and every step of that takes another chunk.
Cashapp over 100k sats is free to move
I see nowhere in the app to send sats of any kind. I was under the impression that they removed it after my sats got jammed in their system for three days.
Phoenix is very bad for DCA. Lightning in general is for spending not receiving.
Maybe buy liquidity from Phoenix once, and use it to move sats.
I have 608,000 sats of inbound liquidity and just lost 10 dollars trying to send myself $40. What am I missing here? I’m fine with it if I’m being stupid, but I need to cure that problem because this is not sustainable.
Keep Pheonix in lightning. If you want to send to cold storage, use a swap platform
😩
Did you do this today during high fees?
No. I checked mempool before sending.
If you are trying to get away from custodial lightning, either create for yourself a 1mil plus channel or save in liquid until you have enough to start a 1mil plus channel. Liquid gets a bad wrap, but if you are trying to stack in a high fee environment, i dont think the answer is burn all your money on trying to get a mini lightning channel to work. Liquid is objectively safer than trusting a single custodial entity. Get at least a mil stacked in phoenix and then transfer it to cold when its full before you incur fees for going over inbound. Liquid and lightning will consolidate into 1 utxo, but most opt for nc lightning, it just requires capital to get started.