Post Ad0bLBfXa6WTO1njIe by SirSpencer@noagendasocial.com
(DIR) More posts by SirSpencer@noagendasocial.com
(DIR) Post #Ad0QFDQV2GENbUiQzo by sirtjthewrathful@noagendasocial.com
2023-12-20T15:31:15Z
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How do I onboard artists to self hosting if I can't help them make a wallet? How are we doing this now, what's going on, anyone know? (Other than build a node!) Lol @boobury @SirSpencer
(DIR) Post #Ad0QFEQXJbr2htjygy by ChadF@podcastindex.social
2023-12-20T15:46:55Z
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@sirtjthewrathful @boobury @SirSpencer You can still create an Alby Wallet through a PC 2.0 app from what I've been told but I haven't tried it.
(DIR) Post #Ad0QFFVBJpAG2avCZU by ChadF@podcastindex.social
2023-12-20T15:59:46Z
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@sirtjthewrathful @boobury @SirSpencer Actually, using LNBeats might be the best option. I clicked the wallet button and had the option to create an account. 2 birds with one stone
(DIR) Post #Ad0QFGTRhlN13V7KVM by Kolomona@podcastindex.social
2023-12-20T16:08:46Z
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@ChadF @sirtjthewrathful @boobury @SirSpencer @dovydas shared this with me when I asked about it.https://drive.google.com/drive/folders/1pQAfG6oTJce2KcPKCi5B79kuFGV287yX
(DIR) Post #Ad0YFTFL156sIm7yGe by SirSpencer@noagendasocial.com
2023-12-20T17:38:28Z
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@sirtjthewrathful(Other than building a node)There will likely come a time when you can no longer avoid the answer you already know 😉@boobury
(DIR) Post #Ad0Yj7bY2oz1ruef44 by ChadF@podcastindex.social
2023-12-20T17:43:49Z
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@SirSpencer @sirtjthewrathful @boobury How many sats would one need to start a node? Thats really the thing holding me back.
(DIR) Post #Ad0Z8SiyetO2btDHFo by SirSpencer@noagendasocial.com
2023-12-20T17:48:25Z
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@ChadFThe amount of sats you need strictly depends on what you're doing with it. The feasibility also depends on your long-term bitcoin strategy. If you plan to increase your wealth in bitcoin terms a node is one smart way to do it because you can start shifting resources into it and make part of your growth usable liquid capitalThere's no easy answer to the question of how many sats to start, unfortunately. Probably a million@sirtjthewrathful @boobury
(DIR) Post #Ad0ZVxIn8bAG6bARDk by mikeneumann@podcastindex.social
2023-12-20T17:50:18Z
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@ChadF @SirSpencer @sirtjthewrathful @boobury Depends how big of and how many channels you want to open and continuously balance. That was my breaking point. I could not keep my channel balanced and had near-zero outbound liquidity after not too long.The balancing of channels is a thankless and relentless task.
(DIR) Post #Ad0ZVy5ME20qXDtDv6 by SirSpencer@noagendasocial.com
2023-12-20T17:52:39Z
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@mikeneumannI have not balanced a channel in two years. You shouldn't do it. You should use your fee rate structure to allow your channels to balance themselves over time.Balancing channels costs money and messes up the channel balance of other nodes. Using fee rates makes you money rather than losing it.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0Zh2A1PjLwMLLdQm by mikeneumann@podcastindex.social
2023-12-20T17:54:39Z
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@SirSpencer @ChadF Further evidence that I didn't know what I was doing. :) It's more confusing than discussing where my Keeper would like to go out for dinner, but not by much. 😂 @sirtjthewrathful @boobury
(DIR) Post #Ad0ZhDUzG7evWYF28W by SirSpencer@noagendasocial.com
2023-12-20T17:54:42Z
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@mikeneumannOf course to do this properly you must have several channels.If you only have one channel you're pretty much hosed. But with Rings of Fire you should never have less than two channels even if you can only afford to open one 😉 Also, if you are a recipient node you should just be asking other nodes to open to you. I will happily open channels to nodes who receive boostagrams regularly any time.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0ZvFVmZXEZoxIxA8 by StevenB@podcastindex.social
2023-12-20T17:57:13Z
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@SirSpencer @mikeneumann @ChadF @sirtjthewrathful @boobury So if I'm receiving 100,000 sats a week, and then moving the sats to a cold storage wallet whenever the accumulate to 1M, how would the channel stay balanced?
(DIR) Post #Ad0a0LusBf498HTS8u by SirSpencer@noagendasocial.com
2023-12-20T17:58:09Z
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@mikeneumann🤣🤣🤣Yep it's confusing at first, took me a good while before I learned some solid strategies but I am glad I did now that fees are stupid high on layer 1 and custodians are switching moves around...I know that I still have a spot to receive sats reliably for the long term even if these other companies fold.I'm always happy to give tips or answer questions, hopefully the pain I've gone thru might save someone else from doing the same 🫡@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0a2pYWxUhLdaCmhM by mikeneumann@podcastindex.social
2023-12-20T17:58:35Z
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@SirSpencer @ChadFI never understood y'all's Ring of Fire. Maybe I will someday. :) @sirtjthewrathful @boobury
(DIR) Post #Ad0aDaBCT3M78NQ4R6 by mikeneumann@podcastindex.social
2023-12-20T18:00:31Z
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@SirSpencerThis would be a great time to fork this to a Telegram channel. Lol. @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0aKnAyXtm9T7khe4 by mr_poindexter@noagendasocial.com
2023-12-20T18:01:51Z
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@mikeneumann @SirSpencer @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0aS2FQuJ84EyI6Qi by ChadF@podcastindex.social
2023-12-20T18:03:09Z
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@SirSpencer @mikeneumann @sirtjthewrathful @boobury I'll already have a long term BTC strategy in place and my lightning strategy has always been to convert fiat to sats and pump them into the network.
(DIR) Post #Ad0aWXFPaptBXhQWdE by SirSpencer@noagendasocial.com
2023-12-20T18:03:58Z
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@StevenBIf you are a pure receiver and never send, you should ask other nodes to open to you and then just close those channels when they fill up. Balancing would require pushing sats back out from a channel, so if you are putting them in a hidey hole when they come to your side every time there's nothing to balance with anyway. So just wait for the channel to go mostly local, close it and ask for more liquidity from other nodes.@mikeneumann @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0bLBfXa6WTO1njIe by SirSpencer@noagendasocial.com
2023-12-20T18:13:06Z
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@ChadFAs long as you separate your strategies and you have this mentality that the only sats that are "yours" or "safe" are cold stored sats, lightning node running will not benefit you.There is a lot of freedom and utility in having some of your sats up in channels working for you. And the network will pay you for liquidity.@mikeneumann @sirtjthewrathful @boobury
(DIR) Post #Ad0bUx5KevdN3DWMzo by sirtjthewrathful@noagendasocial.com
2023-12-20T18:14:53Z
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@SirSpencer @StevenB @mikeneumann @ChadF @boobury So the answer to my question is the "workaround" is to sign up for alby is through P2.0 apps. Or... We wouldn't need alby or anyone else, just make a node. If someone like me, i like to send boostagrams and also set up to receive for music, Is there a monthly cost to operating / having my own node other than the electricity and internet? Did I understand right that you have to have a certain amount of sats in it?
(DIR) Post #Ad0bVRQHraDn8tYWp6 by SirSpencer@noagendasocial.com
2023-12-20T18:14:59Z
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@mikeneumannI can explain it simply in doodles 😁It is just a channel opening strategy. Let's do a simple example with 3 participants who each can afford a 1 million sat channel. 1 opens to 2, 2 opens to 3, and 3 opens back to 1 like pic related.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0bbMzPGBNX85oG12 by SirSpencer@noagendasocial.com
2023-12-20T18:16:03Z
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@mikeneumannOnce the channels are open, each player in the ring has 2 new channels. One has 1 million sats on the local side and 0 sats on remote, and the other is perfectly imbalanced in the opposite direction.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0bjBE0sqeAxYMkym by SirSpencer@noagendasocial.com
2023-12-20T18:17:27Z
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@mikeneumannOnce the channels are all open, player 1 will send a payment to his own node for half of the capacity (500k sats in our example) and he manually routes the payment through the other nodes.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0boWINyHopkxxQFU by SirSpencer@noagendasocial.com
2023-12-20T18:18:25Z
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@mikeneumannOnce that payment is made, everyone has 2 perfectly balanced 1 million sat channels and they only paid to open 1 of them.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0c2niC0zJVpHq1qK by StevenB@podcastindex.social
2023-12-20T18:11:12Z
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@mikeneumann @SirSpencer @ChadF @sirtjthewrathful @boobury This would be a good telegram topic, that way others can read back through all the Q&A.
(DIR) Post #Ad0c2oVp2T0qJD3fCS by SirSpencer@noagendasocial.com
2023-12-20T18:21:00Z
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@StevenBI can repost my doodles there if wanted.I have a plan to do vidyas in the backlog 🙈@mikeneumann @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0cJiK1J8H825b2Iq by SirSpencer@noagendasocial.com
2023-12-20T18:24:03Z
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@sirtjthewrathfulThe electricity cost is no more than running any other computer. It's not like a mining node that sucks tons of electricity; lightning nodes aren't doing proof of work and solving blocks.If you are a receiving node you wouldn't need a single sat to get started, because all you need is inbound liquidity. If you had a node with 0 sats and I open a channel to you, you could start receiving sats through that channel.@StevenB @mikeneumann @ChadF @boobury
(DIR) Post #Ad0cLF6qtDBo0lAMT2 by mikeneumann@podcastindex.social
2023-12-20T18:24:20Z
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@SirSpencer @ChadF This is beautiful in it's simplicity. I never understood how the ring brought the balancing, but it was the manual routing of 1/2 of the channel size.Which means... The Node operator needs to understand the arcane (but probably accurate) terminology in the tools available on say, a Raspiblitz, to do such a maneuver and the ongoing maintenance.This is the best/only explanation I've seen of this. THANK YOU!@sirtjthewrathful @boobury
(DIR) Post #Ad0cZ0fPNqfXGwtVFw by SirSpencer@noagendasocial.com
2023-12-20T18:26:49Z
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@mikeneumannHappy to oblige 🙏Yes, the way I organize rings is via an old school spreadsheet and a detailed email with screenshots on how to do it all in Thunderhub. I try to make it as thorough an explanation as possible so all participants have to worry about is getting their channel opened to the right person and I take care of the rest.I'm putting together a few rings if you are interested lemme know.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0cj3mie7gzq26de4 by SirSpencer@noagendasocial.com
2023-12-20T18:28:38Z
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@mikeneumann(By the way I always make rings with 6 people in them, but 6 is a harder doodle to draw 😅)@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0crPUBqUepSZQ9gG by Kolomona@podcastindex.social
2023-12-20T18:30:09Z
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@SirSpencer @mikeneumann @ChadF @sirtjthewrathful @boobury This is gold! Sir Spencer, would you consider writing up an article for this and post it somewhere?I'd be happy to add it to v4vmusic.com
(DIR) Post #Ad0cuSES5lMwqUVktE by mikeneumann@podcastindex.social
2023-12-20T18:30:42Z
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@SirSpencer I am interested. I have an idle BTC node just churning away on my RPi-hosted Start9. I just need to fund that BTC node, and then step into the lightning side of things again.Ultimate goal is getting Helipad running.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0cvxpC7J1D7NPuZU by SirSpencer@noagendasocial.com
2023-12-20T18:30:58Z
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@KolomonaYeah, let me make a more legit graphic of it and I'll let you know haha@mikeneumann @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0g5zJBkr6wThuy5A by mikeneumann@podcastindex.social
2023-12-20T18:39:31Z
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@SirSpencer re: funding my BTC node... Maybe I mis-understood again. Player 1 funds the 1M sats in your example. The rest just 'receive' the liquidity and it is forwarded through them per the manual routing?What happens when Bruce Wayne drops, say, a 700k boost inbound to my show during a song, and I need to send out 665k sats through a 500k pipe? Seems 2 req a web of these.and fee establishment/management. That's a whole other level of education. @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0g60CqPvd9GJxPpg by SirSpencer@noagendasocial.com
2023-12-20T19:06:23Z
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@mikeneumannThe ring of fire is simply a strategy for opening balanced channels.To open the channels, each participant would need to have probably around 1.1 million sats already "funded" in their on-chain node balance. You can't open channels without on-chain sats in your node already.For ensuring you can receive big boosts, you need inbound liquidity from other nodes. Best way to get this is to ask another node operator to open a large channel to you.@ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0g8QQrsbyXBFfjW4 by kevinb66@podcastindex.social
2023-12-20T18:55:03Z
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@mikeneumann @SirSpencer @ChadF @sirtjthewrathful @boobury I'm the same. Managing my lighting node is a nightmare. Especially since I don't look at it all too often.
(DIR) Post #Ad0g8RCj0gFxZg3x6u by SirSpencer@noagendasocial.com
2023-12-20T19:06:50Z
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@kevinb66Lol that would definitely make it a challenge@mikeneumann @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad0hL2W8CssEjBiFyC by Todd_Blubrry@podcastindex.social
2023-12-20T19:20:18Z
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@SirSpencer @mikeneumann @ChadF @sirtjthewrathful @boobury I have all the liquidity I need at the moment but would love a tutorial on rebalancing. I never can seem to get it to work.
(DIR) Post #Ad0kklBRZj9wMNzai0 by errhead@podcastindex.social
2023-12-20T19:58:34Z
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@SirSpencer @StevenB @mikeneumann @ChadF @sirtjthewrathful @boobury >If you are a pure receiver and never send, you should ask other nodes to open to you and then just close those channels when they fill up..so if I understand this explanation correctly, if someone isn't hodling, and their lightning node filled up leaving zero inbound capacity, they could then send all their sats to their cash app or another wallet and be back at full incoming capacity available on their node?
(DIR) Post #Ad11uGrSrkNqQxlh3Y by SirSpencer@noagendasocial.com
2023-12-20T23:10:47Z
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@Todd_BlubrryI never rebalance directly. I just raise the fees on channels that have a high remote balance and lower the fees on channels that have a high local balance, allowing routing to balance them naturally over time.I never had success with the Thunderhub rebalance tool, but when I still balanced manually BoS was the only thing that worked for me:https://github.com/alexbosworth/balanceofsatoshisIt's been a couple years since I used it though@mikeneumann @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad124kRNkHjr4IZ2e0 by SirSpencer@noagendasocial.com
2023-12-20T23:12:41Z
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@errheadYep, that would work. "Cash out" via some external lightning wallet and you would tip the balance of one channel back to remote and be able to receive through it again.@StevenB @mikeneumann @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad128ve61knmyjVLv6 by SirSpencer@noagendasocial.com
2023-12-20T23:13:26Z
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@errheadThis of course assumes a route can be found from your node to cash app's node@StevenB @mikeneumann @ChadF @sirtjthewrathful @boobury
(DIR) Post #Ad4k2aNxvr5a6izF8y by PaulECarefully@noagendasocial.com
2023-12-22T18:09:26Z
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@SirSpencer No idea why but your use of the terms local and remote just made this LN stuff 400x easier for me to understand. 😂
(DIR) Post #Ad4kfBTMUYHg8QuqHo by IceCubeSoup@noagendasocial.com
2023-12-22T18:16:26Z
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@PaulECarefully @SirSpencer now teach us git, daddy!
(DIR) Post #Ad4knuybC3ivZygvaK by SirSpencer@noagendasocial.com
2023-12-22T18:18:00Z
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@IceCubeSoupI am not the guy for that 🤐🤐🤐@PaulECarefully