Got my Nodl today - REVIEW

nodl

#21

https://lightninghood.com/lightning-resources/


#22

#23

#24

No. Pierre started name calling a techie friend of mine who had nicely pointed out to Pierre the problems with version 0.5.x. Pierre is an accountant by training but not a CPA. Pierre also is not a techie. He merely thinks he is.


#25

Since I bought my nodl I’ve been researching, reading and reading more about Lightning Network, I wanted to see if I could earn some satoshis for routing payments. Here are some of my findings (note that these assume you are using LND, I’m not as familiar with other lightning node software):

  • A fee that you earn for routing a payment consists of two components: a base fee, plus a variable fee that is a percentage of the total payment routed. By default, LND uses a base fee of 1000 millisatoshi (1 satoshi), though other wallets default to 500 millisatoshis. The variable fee defaults to 0.000001 times the amount routed.
  • You can change the default fees for your new channels in your lnd.conf file. In your lnd.conf file, add these lines:

[bitcoin]

bitcoin.basefee=1000

bitcoin.feerate=1

(these are the defaults, change them as you see fit)

  • You can change the routing fees for existing channels as well! Do this through the command line command line:

lncli updatechanpolicy --fee_rate 0.000001 --base_fee_msat 1000

(for defaults, again change as you see fit)

Now that you know how to change the routing fees, the question becomes: what to set them at? In general, payments will be routed through your node if it can offer the lowest fee to a destination. This will roughly be the case if:

  1. Your node has an efficient route to the destination
  2. Your node charges fees that are lower than through other routes.

So to earn more routing fees, you need to optimize both characteristics. I found this video especially interesting on this subject: https://www.youtube.com/watch?v=L39IvFqTZk8

Tl;dr:

  • Ensure good connectivity of your node. You’ll want to be a node that can offer a lot of routes. In general this means that you need to be connected to other nodes that offer high connectivity. The term used for this is high ‘betweenness centrality’. When choosing what nodes to connect to, choose nodes with high betweenness centrality. This is a good resource to choose such nodes: https://lnmetrics.opdup.com/
  • Ensure relative lower fees than other nodes. Since most nodes use default fees, set your fees to slightly lower than default. Most nodes use the default base fee of 1000 millisatoshis, you for example set yours as 950. A smaller percentage of nodes use 500 millisatoshi as the default, so to beat those, use a rate slightly lower than that.

Would you like to share other strategies to optimize routing fees, please leave your feedback!!!


#26

LND FAQ

https://bitcointalk.org/index.php?topic=4792622.msg43243696#msg43243696

LND Basics

https://bitcointalk.org/index.php?topic=4940536.msg44524521#msg44524521


#27

Interesting info about fees. comparison.


#28

It sure how I missed this thread. Thank you for your time and effort. I also know I am unqualified to handle a nodl currently.


#29

just plug that thing in update it and press a button and let it sync, easy.


#30

You got me. I am going to get one. Thanks for this thread!

How much did the ups cost you?


#31

UPS like $100 don’t need an expensive one. just to be able to run nodl, whichi is 5w and router/modem.

then go here and follow the instructions
https://docs.lightning-solutions.eu/nodl-box/quick-start/getting-started

nodl telegram

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