Alby New Balance Limits... Why? \ stacker news ~bitcoin

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Alby New Balance Limits... Why?

1177 sats \ 22 comments \ @VEINTIUNO 14 Dec 2023 bitcoin

Alby has recently updated its limits, and it's important that you are aware of them, as it may impact your campaign:

Invoice limits: 500,000 sats ($214) is the limit to the amount you can receive per transaction.
Volume: 5,000,000 sats ($2,140) is the limit for incoming and outgoing transactions each over a rolling window of 7 days.
Balance: 1,000,000 sats ($428) is the new maximum balance your account can hold at any one time.

Any thoughts?

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209 sats \ 0 replies \ @ladyluck 14 Dec 2023

It's good not to hold too much sats on your LN wallets and Alby approach is very agreeable to me

184 sats \ 0 replies \ @TheBTCManual 14 Dec 2023

Should you be holding more than a 1 million sats custodially though is the question? Lets not put LSPs in the position where they become custodians and single points of failure for large somes of money, use it as training wheels, use it for easy set up but if you want to have serious money on LN, then its time to get serious and run your own instance

Even LSPs like Green light where you hold your keys are capping at 4million sats

119 sats \ 6 replies \ @0xbitcoiner 14 Dec 2023

i lke this one

Balance: 1,000,000 sats ($428) is the new maximum balance your account can hold at any one time.

Forcing people to transfer to a custodial wallet

1124 sats \ 5 replies \ @kepford 14 Dec 2023

You mean to a non-custodial wallet

0 sats \ 4 replies \ @0xbitcoiner 14 Dec 2023

yes, my bad. thanks !

20 sats \ 3 replies \ @Signal312 14 Dec 2023

I wonder if switching to the terms "self-custodial/non self-custodial" would be useful.

I always have to think twice about this.

100 sats \ 0 replies \ @kepford 14 Dec 2023

Yeah, same here. There is always a custodian. I like self-custodial.

10 sats \ 1 reply \ @0xbitcoiner 14 Dec 2023

self-custodial is better term

20 sats \ 0 replies \ @ek 15 Dec 2023 freebie

i think both terms are actually bad since every wallet is custodial. the only question is who holds the keys (= the custodian)

i think @fiatjaf mentioned this once somewhere and it blew my mind a little, lol

maybe just use "real wallet" (you hold your own funds) vs "fake wallet" (you don't hold your own funds)? lol

126 sats \ 0 replies \ @ChrisLAS 14 Dec 2023

Not to be that guy, but I interviewed the co-founder of Alby yesterday and limits came up a couple times: https://podverse.fm/episode/3r_dQQHxt

The limits seem to differ based on account age (not positive about that). And sounds like they have some plans to make a self-custody wallet or make that process even better.

0 sats \ 0 replies \ @Rsync25 15 Dec 2023

Hmm.

0 sats \ 2 replies \ @sudocarlos 14 Dec 2023

And what limits does SN have, if any?

42 sats \ 1 reply \ @VEINTIUNO OP 15 Dec 2023

@k00b @kr @ekzyis ?

9 sats \ 0 replies \ @ek 15 Dec 2023

500k sats as a "soft limit": this means you can have more in your wallet but only via zaps from other stackers. you can't reach more than 500k sats in your wallet via deposits

0 sats \ 0 replies \ @fm 14 Dec 2023

Any thoughts?

Probably a liquidity issue..

We believe in empowering our users, and that's why we encourage you to run your own node for higher transaction amounts. Curious about running your own lightning node? We're more than happy to assist you with the setup. Our goal is to support you every step of the way...