LN Node managers, do you use some kind of channel advisor? Is it public? \ stacker news ~bitcoin

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LN Node managers, do you use some kind of channel advisor? Is it public?

2397 sats \ 9 comments \ @bartoli 24 May 2023 bitcoin

This is a question for Lightning node managers. I am wondering how many of you use some kind of tool to analyse the current network and suggest best next nodes to connect to. If those tools are free available ones, or if you created your own, and whether you share them or not.

The reason for the question is that i am developping mine. It has a very early simplist version online for now. Now, i have the next version of the analysis algorithm ready, and need to connect to the web interface so it can be accessed.

But i have not yet really chosen exactly in which terms i should share it. One thing i don't want to do is charge for usage.

I thought, the best way for me to get 'some' rewards would be to provide channel advice, but only for nodes that are connected to me. This way, i get part of the traffic fees for the additional traffic the channel advice will bring them. It also has the advantage that if most nodes that use the advisor are near, we can form some kind of constellation that obeys the same topological rules, and the channel advice will tend to improve traffic for everyone, contrary to advice for independant nodes which only benefit them, and they will not benefit from other nodes using the same advice, it would be the opposite. Currently, that constraint to be connected to my node is not activated, as i don't claim for it to useful enough yet to force people to do it.

So the question arises, if it is even realist to do it this way? I am guessing, at best, 1% of the nodes might feel the need to use such tool. Then from that 1% (so about 150 nodes), how much will agree to first open a channel to me?

If i have to let the tool totally free for it to be used, and it ever proves to give useful advice, then as the rest of the word has +1000x my liquidity, the tool will actually make my free work give my node a disadvantage.

If sharing it gives me little rewards back, and maybe even gives me a disadvantage, should i even share it? I saw some posts of some beginner node operators ask for advice. And a majority seemd to say to them "be selfish, build the best routing node you can, not the node that will be have the lowest fee, it will benefit the network more" Should i apply this too in this context?

Your points of view are welcome

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21 sats \ 4 replies \ @siggy47 24 May 2023

Regarding tools I use: I use a combination of lnnodeinsight.com and lndg. My approach is not scientific. Regarding "best" node v. lowest fees, I started by actually trying to earn sats. I read all kinds of advice on how to make the node profitable. I failed miserably, and quickly realized I could earn as much or more sats from fountain (and now Bitcoin Magazine App) than I was from my node. I have now abandoned attempts at profit and focus on low fees and fewer, larger channels. I figure I'm doing my part to help the network, and my node will eventually be profitable as bitcoin price appreciates over the years.

That's just me. I'm interested to hear what other people are doing

20 sats \ 3 replies \ @gnilma 25 May 2023

Here, hear! I started down the same path as you, trying to make a “profitable” lightning node, and eventually realized it’s not easily achieved.

Now I also just have less but bigger channels and keep my fees low. I also have a private node that has a private channel with my routing node, and all spends from the private node routes thru my routing node.

0 sats \ 2 replies \ @siggy47 25 May 2023

Good idea re private node. I think I'll do that too.

20 sats \ 1 reply \ @gnilma 25 May 2023

Yea, not a bad idea for privacy if you have more than one 24/7 machine running. Remember to provide routing hints in your invoice when you’re receiving on your private node though, or else you’ll always get the no route error.

0 sats \ 0 replies \ @siggy47 25 May 2023

Thanks for the heads up

0 sats \ 0 replies \ @bartoli OP 26 May 2023

Thanks for the feedback everyone. Indeed, i shouldn't expect to get 'big returns' or something from LN itself, i should focus more on building something useful. Back to work!

0 sats \ 0 replies \ @TheWildHustle 25 May 2023

Lightning Terminal is pretty amazing

0 sats \ 0 replies \ @m00ninite 24 May 2023

IMO, we're still at a point where spreading good tools to get more well-maintained nodes is more important that making your own secret sauce and keeping it to yourself. The chances of you making significant money off lightning is very low, and the benefits of making a better lightning network are way more significant.

Either release your tool, or contribute to other projects that are doing the same thing.

0 sats \ 0 replies \ @DarthCoin 24 May 2023

All you need to know/learn about LN here, including a list of those tools you were asking https://darthcoin.substack.com/p/lightning-network-is-awesome And please read these posts first.