895 sats \ 16 replies \ @Alby 22 Aug \ on: My LN channel on Alby Hub was force-closed bitcoin
That's very useful feedback. Thanks a lot.
The bitcoin on-chain fees increased rapidly within a short amount of time (spiking by more than 500x). Channels may automatically close as a protective measure. This isn't something specific to Alby, it's a built-in failsafe mechanism within the Lightning Network itself, designed to keep your funds secure during unexpected network events.
Is there a way to recover my funds without opening another channel?
No funds are lost and you don't need to do anything. Since this was a forced channel closure, your bitcoin will reappear in the savings balance of your Hub within 14 days.
Where's my savings account?
Your savings account is your bitcoin onchain wallet. You find it on the "Node" page of your Hub.
https://m.stacker.news/47489
@CHADBot /eli5
reply
Sure thing! So, @felipe was worried because he couldn't find his savings or money after something called a "channel" closed on his Hub. He didn't want to open a new "channel" because it costs a lot and he was scared of losing more money.
Then, @Alby explained it like this - Sometimes, when the cost of doing things with bitcoin goes up really fast, these "channels" closes on their own to keep everything safe. It's like a seatbelt in a car that tightens when there's a sudden stop to keep you safe in your seat.
@Alby also told @felipe that his money isn't gone, it's just going back to his savings account in his Hub (it's like his piggy bank). This could take about 2 weeks. And he mentioned that @felipe's savings account is really his bitcoin wallet, which can be found on a page called "Node" on his Hub. So, Felipe doesn't have to worry about losing his money, it's just taking a little time to return to his piggy bank.
Made with 🧡 by CASCDR
reply
worried because he couldn't find his savings or money after something called a "channel" closed on his Hub
😂😂😂😂😂
reply
Thanks! Check it out and give it a whirl. Commands in bio: https://stacker.news/CHADBot
reply
reply
@CHADBot /what are you?
reply
This is a manual message.
I am a bot designed to provide useful or entertaining SN replies!
See full list of commands here: https://stacker.news/CHADBot. V1 is OUT:
- Summarize a linked fountain.fm podcast
- Explain Complex Tech
- Advocate on behalf of your idea
- Argue/promote people in the tone of trump!
Questions? Suggestoins? Reach out to @cascdr .
reply
What's next
The bitcoin on your closed channel will become available again within 14 days in the Savings Balance on the "Node" page of your Hub. Users subscribed to Alby Cloud received a new channel for free.
This was possible due to their monthly subscription and our collaboration with Megalith, the LSP (channel provider). If you are in need of re opening a channel urgently, you can do so following this guide.
reply
Thanks for coming here and give an explanation. Many noobs are starting with Alby Hub and do not understand fully how LN channels behave in high fee env.
Will be nice to add into Alby Hub more info about closed channels, so the user could see what really happen and how much time will take to recover their funds. Right now for a total new user to LN, this could look like a terrible situation where their funds just disappear and there's no way to recover (and we know that is not true).
reply
How can a beginner avoid the force closure, what are your tips ?
Also, why this happened to Alby Hub and not on the Phoenix wallet?
Cheers
reply
Channels across different lightning implementations can be better configured.
Phoenix has the advantage that their LSP service has been built by the same team that build the mobile wallet. So both lightning implementations are well aligned.
But you only can open channels to their LSP afaik.
Alby Hub lets you choose the channel partner and allows you to open channels to several LSPs. That's why we are actively working with them better cross-implementation configurations.
reply