#Lightning #Nodes are hot wallets
You cannot keep the keys offline, they are stored on an internet connected device.
Some #Plebs say you should not open channels under 2M sats.
Some #Plebs say you should have atleast 10 balanced channels.
Seems a little risky.... thoughts?
I did all that for a while.
The channel ballancing took me a lot of time, to be honest.
There are people that route their own sats through your node to themselves. My impression was that it was them laundering their coins for whatever reason.
I've witnessed also bugs with updates, sometimes it locked my sats up and I had to wait for the next patch update.
I'm not saying to not do all this, but be aware that it's still early days with lightning.
Ive been doing it since december but also have a getalby wallet extensionnfor desktop zapping
Yeah, I get the convenience of that. If I coult mention one thing that is missing on lightning (LND) atm, it would be the implementation of BOLT12.
Lightning Labs is refusing to implement that so far, because their affiliated companies have their whole business model built around LURL. 😏
Id say 2m sats on 10 channels is excessive and inappropriate if you are using it for zaps or playing around with msking purchases. One private channel to a well connected node should suffice... Should be small enough at first that youre ok with losing it.
sound advice thank you!
Hmm?
Lightning Nodes are Hot Wallets?
Are you holding your private keys for your LN Node on a hardware wallet or in cold stroage? Otherwise, please correct me if im wrong, sincerely, I was under the impression LN Nodes store private keys on-board and there is no way to connect a hardware wallet. I hope I am wrong.
i'm not priveleged to own those cold wallets...
so then you know what a hot wallet is and what a lightning node is :)
Lightning must be “hot” in order for the network to function.
Technically you can create a cold storage wallet for free, without a custom device, it just takes some effort. But that takes time to explain.
in my humble opinion, this can be risky and dangerous. alot of room for error unless one is an expert. For me, its probably safer trusting a retail open-source solution. But I agree with you. DIY is the way in terms of idealism.
If you set up a lightning node, then you can use Zeus and probably some others with your node. So it’s a hot wallet, but not custodial and pretty safe. Lightning wallets should be like physical wallets- just carry some cash, not your life savings.
So what would you suggest to someone living in a developing country who can’t afford $50-$100 worth of hardware to keep their keys offline? We need to make it possible for people without means to hodl safety.
I would ship our friend a free hardware wallet as a donation but unfortunately I am unable to pre-pay customs. He would have to pay those when it arrives in his country before they deliver to his address.
The hardware part is where it might be tricky but this is where I think solutions like Blockstream Jade shine. So if you can’t afford the HW wallet, you can create the wallet and still hold their keys without needing a device beyond your phone.
Digital entry point is often the most feasible to start even in places where people can easily afford a HW device. Additionally I’d expect cost of HW key generation & signing devices to fall as bitcoin adoption scales.
Can't signing be done just using mobile phones?
Would definitely be helpful to have some seed-signer type options. Cheaper device that can do nfc and/or read & display qr codes. And requires a physical button press to confirm spends.
That’s why I don’t generally recommend it, but I wanted to point out that it is possible with sufficient knowledge.
Our friend #[4] has very limited financial opportunity where he lives, but there are self-custody options that can work even in that situation.
What are #Nostr Proof of Work?
