Nostr Web Client

I met someone at the Lightning meetup last night who had lost a decent amount of sats when BlueWallet shut down its custodial node last year. They gave users about 2 months to withdraw after posting a message on their blog. There were no notifications or updates to the app to inform users who didn’t know this was happening. I warned people here, and hopefully helped a few people. But I’m sure there are some who simply gave up on Lightning after this. For some, it might have even been the only time they ever used bitcoin. It’s frustrating because it’s too late to do anything about it now.

nostr:note1hk52urr9e7q6vn3kafmd7uuaqttn848lxp8j553p86gm2gp53frs98s6tq

DOUG WILSON 1y ago

Is it true #lightning needs a custodian to be effective?

Reply to this note

Please Login to reply.

Discussion

The Daniel ⚡️ 1y ago

No, but custodial wallets are usually easier to get started with for new users because you don’t have to deal with setting up channels and maintaining liquidity.

People who expect a Venmo-like experience (this came up last night) don’t want to have to fund an initial deposit of hundreds of thousands of sats to open a channel just to be able to receive a payment.

rustyspark 1y ago

So why do you need significant liquidity to receive a payment?

The Daniel ⚡️ 1y ago

Phoenix wallet has a good visualization of this. You need an open channel with enough available liquidity to receive a payment.

rustyspark 1y ago

Is that fixed of does it scale with the exchange rate?

Cypher Rex 1y ago

Non custodial lightning network is utter shit, custodial lightning network is just shit. And I have been using it a lot because of adoption lightning gets over other better solutions.