Lightning payment fees on the new Phoenix are 5-6x what I had going on the old version. Anyone have any insight on this? It’s basically like sending on chain right now.
Discussion
I even had my channel capacity basically halved by sending some to cold storage.
Splicing. 🫤🤨
Brutal. I guess I should have DYOR’d.
It's now a fixed 0.4% fee with a min fee of 4sats
Guess I didn’t read the fine print. Shame on me.
I sent a 200€ payment and had to paid a 3k sat fee because I wasn't paying attention
Still less than an ATM fee
It’s all still good deal. Just a change from an older deal. Feel like it was a bad decision to get in given my channel size too.
Yeah I’m not thrilled either… for the amount of money I’ve got on, WOS makes more sense. 0.5% to swap to LN and then extremely low fees
Yes, and people ending up with this trade off is not ideal. Everyone will end up on a non-self custody platform. Not sure why it worked at .1% but needed to be 5x’d for this new setup.
nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a on her recent appearance on Nat Brunell’s show points out some, I think, important distinctions between Bitcoin custodians and fiat custodians that theoretically make fractional reserve a non-starter