1676 sats \ 12 replies \ @nerd2ninja 11 Jul 2023 \ on: Introducing the new Phoenix: a 3rd generation self-custodial Lightning wallet bitcoin
While you were making Bitcoin banks, Phoenix scripted out lightning channel management
While LND was making shitcoins on Bitcoin, Phoenix was implementing splicing
While you were making DNS addresses for lightning zaps, Phoenix was working on bolt 12
When the custodial rug pulls and rehypothecation comes, when the government attack strike down, when the lightning shitcoins lose speculative value, only Phoenix wallet users will be ready. For it spent its time improving the protocol
https://primal.net/thread/note1n8j639au0n8hjhupe9j4u0ar3p8lza436g3dv0zmvhkhjfjg6qrs08fy8x
Lol, pretty much sums it up. And what’s coming next is pretty awesome too:
What's next?
Blinded paths: better privacy for your Lightning payments
BOLT 12/Offers: static Lightning invoices
Taproot: cheaper channel management and better on-chain privacy
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Phoenix is killing it, and keeping their model sustainable for the future.
good job for them :)
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I've always liked and used Phoenix, I just stopped using it in recent months because I had a problem with my VPN and my device, which by the way was resolved and now I'm going to use it again (I never delete the app).
I've always advised people to use the Phoenix, but many prefer the Wallet of Satoshi or the freak Muun. Unfortunately many people prefer costal solutions that spend less satoshis than non-custodial solutions.
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is it true that their fee tx is 1%?
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only if it is necessary to open a channel
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Per the article they wrote, they're changing it to routing fees only and those fees are 0.4% which is something I'm already seeing complaints about. It is open source code however, so if someone would like to compete with them, please fork the codebase and do so.
Also, please learn about eltoo and channel factories. It requires a softfork and softforks require consensus, which means it needs you to learn about it, agree with it, and pass the word on.
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What problem did you have with VPN? I am also having a problem I can't connect back to my node using Phoenix and I suspect playing around with the VPN split tunnel settings caused it.
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My problem was due to my phone operator, not necessarily my wallet. As my plan is prepaid, they block VPN when I'm using 4G.
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I like Phoenix but they still haven't addressed the biggest issue: you can only open channels with ACINQ. Considering ACINQ is based in the EU/France, it's possible they could be the target of regulation in the future. Imagine for example hundreds of thousands of people get onboarded onto Phoenix only for ACINQ to suddenly require KYC or blacklist certain nodes. At that point the Phoenix app will just be a paperweight and it could take months/years to move users to a new wallet (that likely doesn't have the same ease of use as Phoenix)
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The power of the entire codebase in the palm of your hand
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Even if you had the option to open channels with other nodes, most people would still use ACINQ's nodes. So you would have to also make them migrate. Whether or not you can only open channels with ACINQ is irrelevant to the issue you underlined because the solution is the same anyway. Force close or just sent your funds to another wallet. I don't even think it's an issue. If you don't like what they're doing you have the keys. Bounce.
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