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Author Topic: The airstrikes begin... (Phoenix Wallet)  (Read 243 times)
NotATether (OP)
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April 29, 2024, 06:01:23 AM
 #21

Phoenix wallet is run by ACINQ. Having them leave the US is a GOOD thing.

And when the EU does the same, what will they do? Prepare for mandatory KYC LN payments.  Wink

I would like to see more of what I do. More people running their own node peering to each other with lots of smaller channels.

With multi-path payments these monster nodes are really not needed as much.
https://docs.lightning.engineering/the-lightning-network/pathfinding/multipath-payments-mpp

Everyone should connect to as many other nodes as possible an this open large channels to large providers making them even larger is not helping growth.

Once again and as always....in my opinion.

-Dave

I have just opened my first Lightning channel. It is to a small node which allows me to open a 100,000 sats channel. (it is still pending, as the fee has caught me off-guard so it's buried in the mempool.)

I used Terminal Web to find the smaller nodes so that I could try opening transactions to them.

It is better than running a centralized Lightning wallet since that just makes the bigger nodes even larger by opening more channels.

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stompix
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April 29, 2024, 01:00:25 PM
 #22

Everyone should connect to as many other nodes as possible an this open large channels to large providers making them even larger is not helping growth.

Once again and as always....in my opinion.

-Dave


I might be wrong about this but huge channels with multiple connections are good for inbound capacity or at least that was the case when there were fewer of them, you need a well-connected node with capacity in your list if you're just starting and you want to receive payments with small capacity on your own. Of course, multiple channels amounting to the same value would provide the same capacity but one entity that is making a business out of this would be faster and more reliable at providing liquidity and rebalancing.

Anyhow, I don't think ACINQ is going to close its channels anywhere soon, the only reason I see for that would be MICA and how that is interpreted, but I don't think it's a priority for them, LN is still insignificant globally.


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CRYPTO CASINO &
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dkbit98
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April 29, 2024, 06:06:19 PM
 #23

Apparently, the strike zone is all US people, whether they actually live in the US or not.
This is coordinated attack on everyone, not just on US citizens.
If you didn't read there are news coming from Russia about total crypto ban soon, as if this two (and other) sides are all working together against the people.
Phoenix wallet developers only tried to avoid fate of other wallets that are now banned and seized.
Not that surprising for me with what is happening knowing about stupid ''own nothing and be happy'' 2030 agenda.




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DaveF
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April 29, 2024, 09:37:11 PM
 #24

Everyone should connect to as many other nodes as possible an this open large channels to large providers making them even larger is not helping growth.

Once again and as always....in my opinion.

-Dave


I might be wrong about this but huge channels with multiple connections are good for inbound capacity or at least that was the case when there were fewer of them, you need a well-connected node with capacity in your list if you're just starting and you want to receive payments with small capacity on your own. Of course, multiple channels amounting to the same value would provide the same capacity but one entity that is making a business out of this would be faster and more reliable at providing liquidity and rebalancing.

Anyhow, I don't think ACINQ is going to close its channels anywhere soon, the only reason I see for that would be MICA and how that is interpreted, but I don't think it's a priority for them, LN is still insignificant globally.

Yes, but we run the risk of the other side which is if something happens to ACINQ. Hack, runs out of money, decides to quit the game, whatever. Them shutting down is going to do a lot more Bad Things to day to day functioning of LN due to the fact that they have so many channels and so much in it. I don't see anything changing and that is part of the problem because it makes it tougher for other people in the space to get an edge.

-Dave

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examplens
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April 30, 2024, 05:39:11 AM
 #25

Phoenix wallet developers only tried to avoid fate of other wallets that are now banned and seized.

I am not sure if only the official statement about the ban on use for US citizens will be enough even with a banning US users



I had to manually reconstruct the quote since the thread was locked, so I think the wrong UNIX timestamp got posted.

By using the BPIP browser extension, you will be able to copy quotes to the clipboard even if the topic is locked.


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DaveF
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April 30, 2024, 01:25:32 PM
 #26

Just also want to make the point that ACINQ #1 spot in channels that they are #1 by a large percentage over the next closest one
https://1ml.com/node?order=channelcount
AND the #2 the 1ML node is a somewhat not real number. To do claim that a node is yours on 1ML.com you have to open a channel to them for a certain amount. There are probably a lot of people who do that to show control / ownership of a node and then never close it. (Dave raises hand)

-Dave

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