Would be there interrest to test phoenixd drag-n-drop installer? \ stacker news ~bitcoin

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Would be there interrest to test phoenixd drag-n-drop installer?github.com/tlindi/mynode-phoenixd

257 sats \ 3 comments \ @tlindi 21 Apr bitcoin

I decided it would be nice to have phoenixd as MyNodeBTC Community App

You can use it from console or connect pWallet2,0 or AlbyHub to it.

It looks like this:

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0 sats \ 2 replies \ @DarthCoin 21 Apr

Phoenixd server is nice for starters, especially that the user do not have to bother too much with liquidity management, channels etc... But I would like to add some aspects that any noob MUST know before they start using it.

Phoenixd server is just the same Phoenix on mobile app, only that it can be run on a desktop node like MyNode or any other PC. So you practically will have a 24/7 running Phoenix wallet and you can connect to it with multiple accounts if you like to share it with family/friends.

Phoenix is opening a channel slightly bigger than what are you depositing, I could say with a 10% more. With the new version v0.2.0 that comes with the new LN feature named channel splicing. That means from now on you will not have to deal anymore with lots of new small channels for each payment received.

If there’s not enough inbound liquidity, Phoenix will increase the size of your initial channel, but that will still imply an onchain fee. You can setup that fee anyways in Phoenix settings.

So I suggest to start using Phoenix with a big channel, like 1-3-5M sats. Your commit fees will be insignificant comparing with the size of the channel and will not affect you too much. Also instead of paying 4 times (or whatever many times you deposit small amounts) min 3000 sats fees, you will pay only once.

If you start spending from that channel, do not spend it all, because Phoenix will close it. If you leave some sats in the channel and make another refill from another LN wallet / source, with an amount bigger than you channel capacity, Phoenix will resize the channel and you will pay an extra fee. If you receive less than channel capacity, will be no fees involved.

So try to size your initial channel capacity to your personal needs for spending. Spend and replace in the limits of the channel will not occur anymore fees and the experience using this wallet app will be smooth.

For each payment you are doing, this wallet is using quite high fees, compared with other nodes. Yes, somehow they have to cover their expenses and support the dev team. Nothing is for free in this world.

So... REMEMBER: do not start with small channel (deposits) opening into phoenixd !

0 sats \ 1 reply \ @tlindi OP 21 Apr

Thank you for nice writeup. I have been told that new versions "splicing" might or might not occur to you (on mobile Phoenix at least). Mine is not shrinking thou. Maybe channel is old and don't support slicing.

But why I interested about server version was one such cool feature, that I have not yet tested:

sudo -u bitcoin docker exec phoenixd bin/phoenixd --help

Usage: phoenixd [<options>]

Liquidity Options:
  --auto-liquidity=(off|2m|5m|10m)
                          Amount automatically requested when inbound liquidity
                          is needed (default: 2m)
...

0 sats \ 0 replies \ @DarthCoin 21 Apr

is not about "shrinking", is about charging fees when users are depositing chunks of 20-50-100k and the channel have to splice-up. When you spend from that channel, but never deplete it totally, the channel is not "shrinking", it remains at the same size when was the last "splice-up" deposit.

I am talking to not be charged fees for every deposit.