Can lighting channel operators create paper sats? If not, why not? If so, how so and how to guard against this?

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No paper sats with the standard lightning protocol. A channel will be funded by an on-chain funding transaction which is always claimable. There is something called 'hosted channels' that does not require that but it does not work out of the box. https://sbw.app/posts/scaling-ln-with-hosted-channels/