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1129 sats \ 18 replies \ @DarthCoin 9 Mar \ on: Blitz Wallet: Self-custodial bitcoin lightning wallet bitdevs
Interesting now we start seeing how each LN app is building a wallet around their own LSP. But few have open source code and/or interoperability with other LN apps. We need open standard for LSPs, so any LN app can connect to multiple LSPs.
Blitz - LQWD LSP, locked to single LSP Zeus - Olympus LSP, open to multi-LSP Blixt - Blixt LSP, open source code, open to multi-LSP Mutiny - Voltage LSP, open to multi-LSP Phoenix - Acinq LSP, locked to single LSP Bitkit - Blocktank LSP, locked to single LSP Breez - Breez LSP, locked, partially open to multi-LSP Green - Greenlight LSP, locked to single LSP Valet/OBW - multi-LSP Nayuta - Nayuta LSP, locked to single LSP Electrum - open to multi-LSP
https://i.postimg.cc/260zFbq0/wallets_security_chart.jpg
https://i.postimg.cc/mkmGw7BJ/wallet-stairs.jpg
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0 sats \ 0 replies \ @Rsync25 OP 9 Mar
We need open standard for LSPs, so any LN app can connect to multiple LSPs.
https://github.com/BitcoinAndLightningLayerSpecs/lsp
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0 sats \ 16 replies \ @ch0k1 9 Mar
I considered switching to Zeus 2 months ago but there things made my mind:
  1. It took Zeus more than a minute (after a successful network sync) from the moment of opening the wallet until the node was completely operational.
  2. Olympus asked for an initial 100k sats just to start using their LSP services which in opinion is a way too much if you want to attract more of the average users.
  3. The level of the wallet's complexity and sophistication was higher for the average user.
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21 sats \ 15 replies \ @DarthCoin 9 Mar
Look again to that baby climbing the stairs... You tried to skip a lot of levels. People usually do that, without reading any guides whatsoever, and that is where they do mistakes. Zeus is the highest level of knowledge and power. Try again, but this time read first my guides:
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21 sats \ 14 replies \ @ch0k1 9 Mar
Thank you 🙏
I'm just getting started!
Btw, can you share with us:
  1. Are you currently using it as a base solution on mobile?
  2. Are you using their Olympus LND implementation or just as a bridge between your own node and phone?
  3. What prevent of the initial 100k sats is taken as a fee for opening first channel?
  4. After opening your first channel, are Zeus' fees higher when you start using Olympus for lightning payments compared to other wallets in your list?
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21 sats \ 9 replies \ @DarthCoin 9 Mar
It doesn't matter what I use. I personally use them all, because I am testing a lot and also I like to use multiple apps for my usual payments.
  1. Never copy the habits of others. Use the ones that fit for YOUR own use and not just one, but at least 2-3. Use the ones you are comfortable with, meanwhile you are climbing that ladder of knowledge.
  2. I use Zeus with 7 accounts: my remote node, embedded node, lndhub accounts
  3. 100k sats is minimum so you will not be forced to pay a lot of fees. I would say that even 100k is too low for a channel, better at least 500k. Learn more from my guides about liquidity. https://darthcoin.substack.com/p/managing-lightning-node-liquidity
  4. Fees over LN are depending on the route is taken the payment. It doesn't depend on Zeus LSP, actually Olympus is not charging any fees for routing if you open the channel on the fly (not as usual, with funds from onchain). I explained all these aspects in that Zeus guide.
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0 sats \ 8 replies \ @ch0k1 9 Mar
  1. I asked you not to copy your wallet usage habit but to analyze it and adapt it for my own case
  2. You're a heavy and a hardcore user 🤯
  3. Yeah, I understand the liquidity motivation behind their threshold but still think it may be better for heavy users like you but they can lower it not to push back potential users with less liquidity needs.
  4. Thank you for the additional liquidity article - adding it to my to-do list and maybe I'm missing something but:
Olympus are not charging for routing fees
How is that possible? I mean isn't charging routing fees the primary monetizing option of LSPs to cover their infrastructure expenses? 🤔
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21 sats \ 7 replies \ @DarthCoin 9 Mar
How is that possible?
It's all explained in their docs: https://docs.zeusln.app/lsp/fees
adapt it for my own case
I can't because I do not know your use case, I don't know how many beers you buy with sats or how much traffic you have during a week/month. That is to determine each one.
  1. Take the case of Phoenix model (as i explain it in that guide about private nodes). If you deposit 50k sats into it, will charge you up to 30k sats to open that small channel. Very costly for you. Then you deposit more and then they will charge you again for splicing.
But now comes the fun part. If you buy from start an EMPTY (on your side) channel from them, let's say 1M sats, you will pay only max 30k sats (depending on the mempool fees). So you end up paying only ONE TIME, not each time you deposit.
Almost the same happen with Zeus. If Olympus have to open a small channel with you, will pay more fees and also will have to ALLOCATE 100k to you as inbound liquidity. Multiply that for 100 user for example. That will end up in a lot of sats from their own pocket put into channels.
Also the other aspect on YOUR side. You open a tiny channel of 100k sats and you spend it quickly. So you will end up with a tiny 100k sats to receive that you will fill it up very quickly. So you will need to open a new one to receive more... so again fees. Instead open a 1M or 3M sats, swap out half, into your onchain wallet and you will have a nice balanced IN/OUT channels with enough sats to pay and also to receive.
I hope you get it better now. Again, please read that guide, many other tricks to learn inside.
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21 sats \ 6 replies \ @ch0k1 9 Mar
Ok, now makes more sense on a second thought...
Thank you for the resume 🙏
Going through your guides and will get back if I have more questions.
P.S: I'm really glad we started over our communication since it didn't start well yesterday 🤝. Usually, I don't give easily to provocations and IDK why I lost control when you attacked me so I want to apologize for everything I've said to you. And who knows, maybe that will serve its purpose as a kinky way of starting one non-standard and a stronger friendship. 😉
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21 sats \ 5 replies \ @DarthCoin 9 Mar freebie
No need to apologize. Just be a good bitcoiner. It's all I am asking people here.
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0 sats \ 3 replies \ @Bell_curve 9 Mar
What about blue wallet?
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10 sats \ 2 replies \ @ch0k1 9 Mar
What about it? 🤔
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0 sats \ 1 reply \ @Bell_curve 9 Mar
How does it compare to Phoenix ?
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10 sats \ 0 replies \ @DarthCoin 9 Mar
Look again to that image with the kid climbing the ladder. Where is Bluewallet and where is Phoenix? Those positions are not random in regards of the kid, are very well selected. More features comparison here https://darthcoin.substack.com/p/lightning-wallets-comparison
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