> Ok so if you want to have the capacity for 100,000 sats you could open up a channel with 100,000 and then send most of it back to yourself on chain?
Yes exactly
> Also, you get a seed phrase for a lightning wallet right, so it’s like a hot wallet? If you break your phone, you can just reboot it on another phone?
Yep
> Is it the case then that custodial lightning wallets are still safe from a regulatory perspective, but WoS and Phoenix just backed out of America preemptively bc of the Samourai stuff?
Exchanges are required to do certain KYC stuff, but that's US law, and many of these custodial wallets are outside the US. Are custodial wallets which offer no fiat conversion options exchanges? Debatable. All these regulations at present are aimed at exchanges, not users, I know of no situation where a user was prosecuted. There is legal ambiguity for exchanges and custodial wallets and so they are scared to serve US customers. Make sure you contact your representatives if these issues are important to you https://myreps.datamade.us/
makeasnek /
npub12x…f32x5
2025-01-31 04:48:26
in reply to nevent1q…96u9
Author Public Key
npub12xgsu4nad7np6l3e9x8exf26evs202jqkc2ghnuyw4c7hrda9cmqkf32x5Published at
2025-01-31 04:48:26Event JSON
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"pubkey": "51910e567d6fa61d7e39298f93255acb20a7aa40b6148bcf847571eb8dbd2e36",
"created_at": 1738298906,
"kind": 1,
"tags": [
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"content": "\u003e Ok so if you want to have the capacity for 100,000 sats you could open up a channel with 100,000 and then send most of it back to yourself on chain?\n\nYes exactly\n\n\u003e Also, you get a seed phrase for a lightning wallet right, so it’s like a hot wallet? If you break your phone, you can just reboot it on another phone?\n\nYep\n\n\u003e Is it the case then that custodial lightning wallets are still safe from a regulatory perspective, but WoS and Phoenix just backed out of America preemptively bc of the Samourai stuff?\n\nExchanges are required to do certain KYC stuff, but that's US law, and many of these custodial wallets are outside the US. Are custodial wallets which offer no fiat conversion options exchanges? Debatable. All these regulations at present are aimed at exchanges, not users, I know of no situation where a user was prosecuted. There is legal ambiguity for exchanges and custodial wallets and so they are scared to serve US customers. Make sure you contact your representatives if these issues are important to you https://myreps.datamade.us/\n\n\n",
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}