Topic: Liberated: LoyceV's Legendary Little Lightning Loans - page 11. (Read 4802 times)
I don't know what causes it. Try paying to https://tippin.me/@LoyceVVal ?
Maybe Eclair didn't keep running in the background, I'll keep the screen on for a while. Try again?
Failed again
Maybe Eclair didn't keep running in the background, I'll keep the screen on for a while. Try again?
I'm ready 
Please pay 0.101 mBTC here:Code:
lightning:lnbc101u1pw0u9skpp5lj2yggxc5jfy7hsr428ck2tutem8ec5nu3daqa20nn2ynrxv22mqdqdwpshjgrzv93kkxqr4rqrzjqwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxwl5qq04qqqqqqqqlgqqqqqeqqjq0nqj27c6434zsat2py74a3atfle4vrdtvsxt484f2sv4dde4l7ukkphlnmygu3l3mdwsd72r20399e8vp279q769l2lkqvmhn9n595qq0vk5yq
Payment failed for some reason. I tried it twice with the same result
I'm ready
Please pay 0.101 mBTC here:Code:
lightning:lnbc101u1pw0u9skpp5lj2yggxc5jfy7hsr428ck2tutem8ec5nu3daqa20nn2ynrxv22mqdqdwpshjgrzv93kkxqr4rqrzjqwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxwl5qq04qqqqqqqqlgqqqqqeqqjq0nqj27c6434zsat2py74a3atfle4vrdtvsxt484f2sv4dde4l7ukkphlnmygu3l3mdwsd72r20399e8vp279q769l2lkqvmhn9n595qq0vk5yq
When you're ready, I'll post a payment request. This expires in 6 hours, so I can't plan a week ahead.
I'm ready
Let me know how I can repay
When you're ready, I'll post a payment request. This expires in 6 hours, so I can't plan a week ahead.What version of BitCoin is needed for this to work?
You need a Lightning wallet. See for instance Top 11 Wallets for the Bitcoin Lightning Network (disclaimer: I've only tested Eclair (and Tippin) by myself, be careful with untrusted software on your main devices). 
What version of BitCoin is needed for this to work? And, sorry to ask, can you give a brief walk through commands to use?
lightning:lnbc1pw0cz40pp544wcdru5s9ks88jp6n37schgsl5ptzvy3ws6qu6gzq545cr7kqzsdqqxqr4rqrzj qwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxhe5qq8mgqqqqqqqlgqqqqqeq qjq8mu44hgczzukj8rawa4vtmrjzmg2mmeju3s8x9mqv6uzka26ny3p59jexhr8evus7fsrmjl8q8ug 2lteazftkxynm4ue8xd8q94pfwgqjfn4va
Lightning Loan sent! The spaces are annoying on mobile, so I made a QR-code on my PC, then scanned from Eclair. Your request didn't ask for an amount, I sent 0.1 mBTC.Fee paid: 2 sat!
Received!
I didn't realise I could set an amount, I just saw that setting now.
Let me know how I can repay
lightning:lnbc1pw0cz40pp544wcdru5s9ks88jp6n37schgsl5ptzvy3ws6qu6gzq545cr7kqzsdqqxqr4rqrzj qwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxhe5qq8mgqqqqqqqlgqqqqqeq qjq8mu44hgczzukj8rawa4vtmrjzmg2mmeju3s8x9mqv6uzka26ny3p59jexhr8evus7fsrmjl8q8ug 2lteazftkxynm4ue8xd8q94pfwgqjfn4va
Lightning Loan sent! The spaces are annoying on mobile, so I made a QR-code on my PC, then scanned from Eclair. Your request didn't ask for an amount, I sent 0.1 mBTC.Fee paid: 2 sat!
Hmm that's really weird, I don't see errors in my client. Maybe my phone went offline at some point?
It was set to expire in 6 hours, so that shouldn't be the problem. Let's try again with a new payment request?Let's see if this one works
lightning:lnbc1pw0cz40pp544wcdru5s9ks88jp6n37schgsl5ptzvy3ws6qu6gzq545cr7kqzsdqqxqr4rqrzj qwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxhe5qq8mgqqqqqqqlgqqqqqeq qjq8mu44hgczzukj8rawa4vtmrjzmg2mmeju3s8x9mqv6uzka26ny3p59jexhr8evus7fsrmjl8q8ug 2lteazftkxynm4ue8xd8q94pfwgqjfn4va
Hmm that's really weird, I don't see errors in my client. Maybe my phone went offline at some point?
It was set to expire in 6 hours, so that shouldn't be the problem. Let's try again with a new payment request? lightning:lnbc1pw0n8j6pp5790h8zncfhxjperah0tn8l07czrfuughgrfaw2n9fkywr8muzjlsdqqxqr4rqrzj qwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxhe5qq8mgqqqqqqqlgqqqqqeq qjq5wharrjwufrhfphs87rpwf7l36hk4s786hr6fwdgaterye0lzz3pu6vz0pqv9jsalc3yxdw3cxgr rt49y870t7pz7x8dftf0nucmpngpwz2y9t
Payment failed: "Channel is currently disabled, remote failure".Hmm that's really weird, I don't see errors in my client. Maybe my phone went offline at some point?
lightning:lnbc1pw0n8j6pp5790h8zncfhxjperah0tn8l07czrfuughgrfaw2n9fkywr8muzjlsdqqxqr4rqrzj qwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxhe5qq8mgqqqqqqqlgqqqqqeq qjq5wharrjwufrhfphs87rpwf7l36hk4s786hr6fwdgaterye0lzz3pu6vz0pqv9jsalc3yxdw3cxgr rt49y870t7pz7x8dftf0nucmpngpwz2y9t
Payment failed: "Channel is currently disabled, remote failure".
Very interested in trying this out. After some fiddling I think I managed to open an inbound channel for payments.
Amount: 0.1 mBTC (0.0001 BTC, or 10,000 satoshi).
Duration: one week.
Interest: 1% (0.001 mBTC (=0.000001 BTC or 100 satoshi)).
lightning:lnbc1pw0n8j6pp5790h8zncfhxjperah0tn8l07czrfuughgrfaw2n9fkywr8muzjlsdqqxqr4rqrzj qwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxhe5qq8mgqqqqqqqlgqqqqqeq qjq5wharrjwufrhfphs87rpwf7l36hk4s786hr6fwdgaterye0lzz3pu6vz0pqv9jsalc3yxdw3cxgr rt49y870t7pz7x8dftf0nucmpngpwz2y9t
Cheers
Amount: 0.1 mBTC (0.0001 BTC, or 10,000 satoshi).
Duration: one week.
Interest: 1% (0.001 mBTC (=0.000001 BTC or 100 satoshi)).
lightning:lnbc1pw0n8j6pp5790h8zncfhxjperah0tn8l07czrfuughgrfaw2n9fkywr8muzjlsdqqxqr4rqrzj qwryaup9lh50kkranzgcdnn2fgvx390wgj5jd07rwr3vxeje0glc7zxhe5qq8mgqqqqqqqlgqqqqqeq qjq5wharrjwufrhfphs87rpwf7l36hk4s786hr6fwdgaterye0lzz3pu6vz0pqv9jsalc3yxdw3cxgr rt49y870t7pz7x8dftf0nucmpngpwz2y9t
Cheers
I don't have an android device, so Eclair is not an option for me.
We're more or less "collecting" Android devices, so I can now literally use one device for one wallet, I'm still paranoid for installing new wallets, so I like to keep them strictly separated.Quote
A custodial LN wallet does have some real world advantages, such as giving the end user free inbound liquidity, and allowing the end user to only send one transaction to the custodian instead of having to open many channels with many nodes. If the custodian is well connected in the LN, the end user may also have less failed transactions.
I'd like to see established trusted sites join this business. Exchanges for instance, although KYC isn't ideal, or maybe casinos.Quote
The business model of custodians could be to use coin received by their users to open channels with liquidity they charge for.
I'd be okay paying a bit for that, or it could be used to lower their transaction fees, while getting more users for their business.I deleted a Newbie's post. I'm not against a Newbie joining, but it has to be a real user who has an actual interest in LN. Not the generic default Newbie who has no idea what LN is, posts a Bitcoin address to asks for 0.1 mBTC here, and asks for 0.2 BTC in another topic. These I delete
I was unable to find a non-custodial mobile wallet that doesn’t require a connection to a local LN wallet/node to operate.
Eclair connects to a node that you choose. I started with one of the more or less default nodes (ACINQ NODE).A custodial wallet isn't necessarily a bad thing, especially if you only use it for small payments and don't risk too much on it. It might actually be an easier way to start with LN.
A custodial LN wallet does have some real world advantages, such as giving the end user free inbound liquidity, and allowing the end user to only send one transaction to the custodian instead of having to open many channels with many nodes. If the custodian is well connected in the LN, the end user may also have less failed transactions.
The business model of custodians could be to use coin received by their users to open channels with liquidity they charge for. It is not clear this is the case with BlueWallet.
Presently, it is very difficult to judge if any custodial wallet is a scam. If any particular custodial wallet service gets very popular, they may become the target of hackers, and their operational model will require them to keep the majority of coin in a hot wallet type environment.
I was unable to find a non-custodial mobile wallet that doesn’t require a connection to a local LN wallet/node to operate.
Eclair connects to a node that you choose. I started with one of the more or less default nodes (ACINQ NODE).A custodial wallet isn't necessarily a bad thing, especially if you only use it for small payments and don't risk too much on it. It might actually be an easier way to start with LN.
Quote
I could spin up a cheap VPS but this would reduce the cost benefits of using LN.
I'm still postponing (where's the time?) to get a VPS for loyce.club's data. Once I have one, adding a LN node would be a nice project too.For now I'm using other nodes (kinda what I do when I use Electrum).
On a slightly related note:
If I understand correctly, that means your Lightning funds are entirely at their mercy if they decide to shut down their service.
Correct. I was unable to find a non-custodial mobile wallet that doesn’t require a connection to a local LN wallet/node to operate. BlueWallet
On bluewallet.io they say: "You control your private keys", but on bluewallet.io/lightning they say "you can use custodial Lightning wallets (or choose to run your own node)".If I understand correctly, that means your Lightning funds are entirely at their mercy if they decide to shut down their service.
The plan was to setup a local wallet on my laptop that I would transfer LN coin from to my phone when I would go out planning on spending coin via LN and transfer any excess coin back when I return home. This would reduce counter-party risk to only pocket money and only for short periods at a time, and could stop using their services if I noticed problems. As noted above, inbound LN liquidity is not free and this probably isn’t a good solution based on the current LN economy. I don’t have access to a computer I can have on 24/7, when I am away from home I can use for personal use. I could spin up a cheap VPS but this would reduce the cost benefits of using LN.
On a slightly related note:
If I understand correctly, that means your Lightning funds are entirely at their mercy if they decide to shut down their service.
BlueWallet
On bluewallet.io they say: "You control your private keys", but on bluewallet.io/lightning they say "you can use custodial Lightning wallets (or choose to run your own node)".If I understand correctly, that means your Lightning funds are entirely at their mercy if they decide to shut down their service.
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