Running mutiny. Nice mempool we're having isn't it?
Discussion
Uhhh what's that you have it running on?
🥰
I don't get these comments. You still have to pay the fees to move your coin into lightning. Unless you're only spending pleb change or keeping over 10M sats on the beta lightning network you're replenishing funds every couple days. I'm spending way too much in fees.
Here’s what you do.
1. Have a transaction that you already would like to make. For instance buying something, receiving a paycheck, etc.
2. Instead of just making that transaction, open a lighting channel with the person you’d like to make it with (or with an LSP they are connected to, or really any routing node which offers good uptime and fees)
3. Make the on-chain transaction, but send them the sats in the newly opened channel. You’ll now be able to receive the exact amount you sent back into your lighting channel, without having to pay on chain fees again.
Ideally, you’d do this with a big transaction, so that you’d have enough inbound liquidity that you’d never have to go back on chain for anything small. Big transactions are meant to be settled on chain, and the associated fees don’t matter as much as a percentage of a big transaction.
If I were running an LSP and were more tech savvy, I’d try to find a way to open channels which are balanced from the beginning, and then charge slightly higher routing fees to earn sats for the investment of capital. But if you understand how lighting works, you can use it in a very efficient manner already by taking simple steps to make sure your initial channel is big.
Not exactly sure what you're getting at. Yes I open a channel with say "the bitcoin company" and buy their product. Eventually all outbound liquidity becomes inbound liquidity. But if I want to make another purchase I still need to get outbound liquidity. I'm in the US and there are few options to get bitcoin on lightning outside of my own biz. I used to use robosats but for folk in the US that option is mostly gone. Plus pricey. All I can think of that's available is cashapp since it supports lightning but pricey as well. To avoid having to fund my lightning onchain wallet and pay loop in fees I've used breez lsp to fund via onchain then send it to my node on lightning (since I have all that inbound liquidity). I've also toyed with the idea of using alts to lightning btc but the only service supporting that is fixed float and they block the US. The other option is liquid btc to boltz. I've had boltz exchanges fail on me in the past costing me double fees to fund and refund onchain btc. But liquid is cheap so it may be an option even if it fails.
Just did a #btc to #l-btc to boltz.exchange to lightning wallet. Oddly cheaper than sending to a breez wallet onchain then to another lightning wallet. But only by a few sats.
Only issue with liquid is how long will they be around. Not much traffic there. A lot of extra steps to get on lightning. Plus side a failed send from boltz won't cost you double bitcoin onchain fees. Liquid fees are low like litecoin so a failure won't break the bank.
Why is robosats an issue for us the the US? I use it regularly without issue and the premiums are actually fairly competitive relative to other non-kyc options. But I believe you can also purchase on Strike and Kraken via LN as well if you need to add outbound liquidity. I may very well be missing something that you're seeing, though.
Hi, thanks. I hadn't checked robosats in a while. I checked today and did see some cashapp and zelle options for small amounts. I hadn't used strike cause I believe you had to do kyc and I didn't want to do another new account. However, since I recently closed binanceDOTus and bittrex I guess setting up strike shouldn't be too bad. Didn't know they had lightning support.
Cashapp worked well. Not very apparent but it'll pay an invoice. Will keep robosats for non-kyc stuff. Thanks for the details.
Have u tried installing a main chain hot wallet on this like electrum? It would be dope to break the wifi connection and make this guy able to sign pbst files
what? running Mutiny on Nintendo console? I'm not a techie... 40k fee for 160k transfer - on Lightning?
cool !!!!
Is there any good emu frontend for android? I'm used to Linux handhelds is this thing pure pain for me even though I love the hardware 😅
What how
