so where do we stand on Phoenix?
Custodied lightning sats will be the next big rugging. Not because of rehypothecation and bad actors in the space, but rather shotgun KYC. Start figuring it out.
nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5 for receiving zaps
nostr:npub1mutnyacc9uc4t5mmxvpprwsauj5p2qxq95v4a9j0jxl8wnkfvuyque23vg for sending zaps
There are more involved setups and i dont consider this the end all solution, but if ur currently just on custodial lightning... this is the next step that i urge you to get comftorable with.
#bitcoin #lightning
Discussion
Phoenix is self-custodial as long as you don’t expect the ACINQ node to rug your channel.
Isn't that what everyone who isn't running their own lightning node doing already?
Phoenix, Blixt, Zeus, Mutiny, Breez. There are a bunch of options.
Phoenix Wallet cannot remove the funds because they do not have the private keys.
Or what technology are you referring to here? How is the rug supposed to work here?
I meant more like simply shutting down the node and forcing the user to have to recover on-chain and lose sats in fees.
But this can also happen to me as a node operator with my channels due to force closes.
Of course, you have redundancy because you still have several channels, but the problem with the force closures still needs to be fixed so that the argument is given more weight.
I think Phoenix is a natural progression towards holders becoming noderunners and channel managers.
We can't expect the newly converted to suddenly start spinning up lightning nodes. Self-custody reinforced 1st and as they learn more then eventually they will open channels once they have a stack large enough to justify it.
Yes, in my opinion beta software should only be distributed and further stabilized among developers and not be treated like production-ready software.
As long as the software is not out of the beta phase, it does not exist for the normal user who does not want to deal with bug fixing and crashes.
As soon as someone is interested in Bitcoin, you have to invest a lot of time in explaining the first layer.
I do it the way I would want someone else to do it if I were the one who was a beginner.
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