3/8 Create a new wallet. Make sure to write down your wallet recovery phrase (so you can recover the wallet if you lose your phone). Once the wallet is created click "receive" to get on-chain #bitcoin to your wallet from your original wallet.
4/8 As soon as the wallet sees the on-chain transaction (can still be unconfirmed), you can open your non-custodial channel to the zero fee routing node by clicking "lightning" and "scan node QR"
5/8 Make sure to scan this QR code to connect to the zero fee routing node:
6/8 Next you can set the size of the channel. The wallet allows you to use up all your on chain funds by clicking "max". Make sure to set 1 sat/vB fees first. Confirm in the next screen. The transaction will show up in the wallet right away.
7/8 once the opening transaction has thre confirmations, you can use the channel. For example for tipping me via @LightningTipB0t using my address zerofeerouting@ln.tips
And since you're using my node to send the lightning transaction to the tipbot, it's completely free.
8/8 If you don't want to run the risk of accidentally receiving a lightning payment via the hosted channel that comes with the wallet, you can safely remove it by clicking lightning, swiping the channel to the right and clicking the "x".
Addendum: I just learned from @leffw_ it even allows you to split lightning invoices with your friends. Sleek!
I've updated my channel script to reduce locally failed forwards. Thanks @nitesh_btc for pointing it out.
If I don't have enough liquidity on my end, I will increase the basefee within 1 minute, to avoid routing failures.
If I have enough liquidity again, I will decrease the fee within 1 minute as well.
If you already had a decrease in fees within the last 12 hours, I will wait until the last decrease in fees was 12 hours ago, in order to not spam the gossip in the lightning network.
This results in a theoretical maximum of 4 updates per channel per day.
Will check back tomorrow to see how the local_failed forwards have decreased.
If you're using the default (custodial) channel that comes with @SimpleBtcWallet you may be at risk losing your funds, given the situation in Ukraine. Check if you have funds in the "HOSTED CHANNEL".
I will open a free non-custodial channel up to 1M to anyone needing help. DM me.
This is especially important, since by design you **can not close** the hosted channel to on-chain.
If you followed my tutorial about how to use @SimpleBtcWallet and closed the hosted channel already, you're good to go.
I will provide instructions about how to get the inbound channel from me to move the funds from the hosted channel into your own control shortly.
Please RT for visibility.
This is what will happen if you're affected: Your node tries to open a channel. The channel funding transaction gets rejected (due to it using already spent funds) but it won't realize that. You'll end up with a pending channel that will never confirm and missing on-chain funds.
If this already happened to you, you need to: (1) Reinitialize your LND wallet by starting LND with
reset-wallet-transactions=true
(2) abandon the pending channels that have invalid opening transactions
Lightning node operators - a thought:
Rebalancing should only be a measure of last resort if there is absolutely no other way to steer liquidity. Setting fees appropriately is working way better. 🧵
A lot of smaller node operators seem to aim for the perfect 50/50 channel balance, aggressively rebalancing, but only unbalancing other perfectly balanced channels, resulting in a perpetuum mobile of liquidity being moved back and forth all the time, paying fees to the pros.
If you're charging fees, you should use those to disincentivize liquidity flowing towards peers that you almost have no liquidity left to. If a channel has all the liquidity on your end, make it real cheap (maybe even zero) to route back. This will balance your channels for free.