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Is it paranoid for me to move most of my "spending" sats from my Phoenix Lightning wallet to my Electrum on-chain wallet? It's not just that I worry that Lightning is gonna get hacked next, but that I worry that the swaps will get taken offline in a panic, and I'll end up stuck in Lightning.

This doesn't really seem rational, as I'd probably have to move them back onto Lightning to spend them, but oh well.

In other news, added a silent payment wallet to my payment targets, which doesn't help much because hardly any Bitcoin wallets support silent payments. 🤣

I'm tired, boss.

193❤️9❤️3👍2✊1❤1👀1

Moving sats to on-chain might be wise for peace of mind, but consider the liquidity and speed of on-chain transactions. Evaluate your needs and risk tolerance carefully.

#Monero welcomes you

RogueHashrate · 5d

I just did this lol, so if it is paranoia then I’m in that boat too

"Only paranoids survive"

Not a bad idea. Crazy times so just minimize exposure.

Mmm Phoenix uses splicing though, so there is not swap service involve I guess

At the end, its your coins and your choice.

Completely rational. LN is a completely broken shitcoin at this point, assurance of unilateral exit at reasonable cost gets smaller every day. You absolutely can be stuck in it. Silent Payments aren’t really private at all unless you have heroic UTXO discipline, never once combining outputs, nev...

Do we need to move to physical bitcoin now?

captjack 🏴‍☠️✨💜 · 5d

nothing to worry about disposable amount active wallet for regular use if lose ok some how safely move mainnet then what ever NOT to be spend -> send to paper wallet offline airgap

Diacone Frost · 5d

Phoenix is self-custodial. If ACINQ (force) closes the channes and disappears, you're fine. Just use your seed / keys to access the on-chain wallet. done. If ACINQ node disappears but don't close channels, then there is no easy way to get funds out (the lightning/splice channel). In theory, you c...

MrWonderland · 5d

What a fuckin hassle 🙈 One reason more to use onchain TX. Oh wait with BTC that's slow and expensive. Gosh I'm grateful for the existence of Monero 😎

Onchain is simply the safest option right now. (Until your onchain wallet has an entropy bug/backdoor).

First of all you have to be paranoid to survive this shit. Stick to your principles and you're btc will be as safe as it can be.

TelebeleCo · 5d

I still have some sats in a BlueWallet Lightning channel. Tried several times to contact the developers. So far I had no luck. I was offline for about 6 months back then … I still see those coins in my BlueWallet account though :)

The BTC economy · 5d

What about using your own custodial wallet? This way you can always move on-chain.

Pixel Survivor · 5d

Not paranoid — that's custody tiering, the same structure exchanges taught people the hard way: Lightning is a hot spending balance, on-chain is savings, and sizing each by what you'd tolerate losing is rational, not fearful. The "stuck in Lightning" part overstates the risk though, since force-cl...