What's the difference between having a cold wallet and a lightning node?
In the future if fees increase, should be better to have all my BTC on my Lightning node?
411 sats \ 1 reply \ @megaptera 20 Sep 2023
No. LND is a hot wallet (needs to be online all the time) and therefore there is a lot more risk associated with an LND wallet in comparison to a proper cold wallet.
If fees increase you can always but a bigger stack back to lightning and use it from there.
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0 sats \ 0 replies \ @nakamoto502 OP 20 Sep 2023
That's true! Thank you
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268 sats \ 10 replies \ @nerd2ninja 20 Sep 2023
NO dear GOD NO. If you are offline for too long, your channel partner could spend an old state (thereby possibly taking money from you, at the risk of you submitting a justice transaction of course)
To be honest, there isn't a good answer to "how do I use my savings if transactions are $100 equivalent to spend". "Use a transaction batching service" or "we'll make txs smaller" I've seen those, but if txs are just that expensive, even with all of the optimization techniques that are out there, I don't currently have a good answer to how you'd pay less.
There are people who will give ideas though, but those ideas involve changing security assumptions away from what the security assumptions of Bitcoin are right now.
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50 sats \ 9 replies \ @nakamoto502 OP 20 Sep 2023
Makes sense! Thank you
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21 sats \ 8 replies \ @DarthCoin 20 Sep 2023
I am glad you understand that amazing super technical explanation!
Very few people will understanding it from the first read.
No offense @nerd2ninja, was quite clear what you just said, I only have doubt that newbies will get it.
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0 sats \ 7 replies \ @nerd2ninja 20 Sep 2023
I'm a believer in "Automatic Language Growth". Just keep talking at a high level, answer questions as they come, and over time, newbies will be lifted to a higher state.
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0 sats \ 6 replies \ @DarthCoin 20 Sep 2023
I like sovereign individuals but please don't be like this guy,.. please
https://www.youtube.com/watch?v=QU6KWmLBE4U
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21 sats \ 5 replies \ @nerd2ninja 20 Sep 2023
XD Well for me I'm speaking normally lol for one.
For two
If newbies are children
https://www.youtube.com/watch?v=Dnlnmhq49Y0
But of course they would protest that they're better than children and so I would say, then they can handle the real words for things just the same as children can.
But also more specifically for automatic language growth:
https://www.youtube.com/watch?v=_-w1VewAaq0&list=PLwYL9_SRAk8EXSZPSTm9lm2kD_Z1RzUgm&index=35
I believe that by not giving people the real words for things, you stunt the ability for them to learn. The real words are picked up better by web search engines, the real words are used during discussions between people who know what's going on, and so if you know the real words for things, you can pick up on what's going on by just listening, but asking questions helps too, because then you're engaged in active learning.
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50 sats \ 4 replies \ @DarthCoin 20 Sep 2023
OMG, the 1st video is crazy, talking too fast
the 2nd video is a guy talking too slow.
I am going to get drunk now.... if I am not already.
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0 sats \ 3 replies \ @nerd2ninja 20 Sep 2023
XD Okay well YouTube has playback speed settings. So you can make them talk slower or talk faster
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36 sats \ 0 replies \ @Natalia 20 Sep 2023
Cold wallets are meant for long-term savings, and LN nodes can be for different operations, e.g., set up LN wallets for spending, earning or even acting as the backbone for your own bank, real powerful.
No, only keep those you would like to spend in LN node is better.
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15 sats \ 1 reply \ @DarthCoin 20 Sep 2023
onchain wallet = your vault, your central bank, you do not move them too often
LN wallet = your spending pocket, your "commercial" bank, small amounts
Learn to use the 3 levels of stash: HODL, cache, spend
https://imgprxy.stacker.news/KKtwTDmOJcATNKH4A53B50BNNc6l7BHcx0oQp40C3i0/rs:fit:600:500:0/g:no/aHR0cHM6Ly9pLnBvc3RpbWcuY2MvTVRMMmt2VDAvM2xldmVsLXN0YXNoLmpwZw
As I explained in this guide
https://darthcoin.substack.com/p/bitcoin-be-your-own-bank-think-like
...and read all my other guides - will save your life.
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0 sats \ 0 replies \ @nakamoto502 OP 20 Sep 2023
Thanks man! Will read
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0 sats \ 0 replies \ @0330830bf9 21 Sep 2023
You can actually use LND as a chain only wallet in a cold way, it generates keys/phrases and speaks to the network the just like Core.
I can't think of any advantages though, maybe obscurity?
Neutrino filters would eliminate disk footprint, but Core can be pruned too...
The main disadvantage, that applies universally to to all non-Core storage, is that Core has the most eyes on it to prevent things going wrong.
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