I setup a node and miner in the last 18 months…barely. 5-6 years into BTC, but new to the tech side of all this. I firmly supported BIP-110 principles which is why I put time and $ into supporting it to the degree I could understand WTH I was doing.
I have BTC in cold storage (not ColdCard), been sitting there for years. I’ve never connected it to my Knotts BIP-110 node via Sparrow. If I connect this wallet to Sparrow, then initiate a transaction, what are the primary considerations I need to keep in mind. I’m hearing a lot bout not transacting for the short-term (re-play risk?) but the time I spend on BTC is in the margins of a busy work/family life, my understanding is loosely strung together, but need to understand the fundamentals/basics of taking one action vs. another.
I also have a miner still pointed at Ocean and not sure what to do with that, either. I never had the time to point it at my own node or configure datum, so I never mined on my own node.
I closed all my lightning channels just before BIP-110 and moved all sats to cold storage. I just left the Nano3 miner running and pointed to Ocean. Because, I did not understand how the watchtower stuff worked, and unsure what would happen with the adoption of BIP-110.
Now, I have followed Paul’s video on recovering from the stall and changed Knots back to pre-rdts. The whole time the Nano3 miner has been running and accumulating sats to be paid out on Ocean. But, I have no lightning channels open. So Ocean can not reach my node to pay out. Of course, Ocean will eventually pay out to the original wallet address used to set it all up. But it will take a really, really, really long time to accumulate a million sats with a small Nano3 miner. Wondering if I should just shut off the miner… Plus there is the issue with Boltz being shut down. So there is a new challenge with re-opening lightning channels and creating inbound liquidity. Then, there is all the fear and uncertainty that is generated when I listen to podcasts on Youtube about re-play risks. It feels safer to not move any sats around at the present moment. Then, wresting with my gut feeling that doing nothing is exactly what the big centralized mining pools want…
I don’t have the answers Underscore. But, you are not alone.
You ARE me. I’m doing the exact same thing but have not changed back to pre-rdts.
Not sure if I’m “patiently waiting” or “frozen in place” when it comes to transacting…and, yes, is it exactly what the mining pools want?
Ocean payout in 12 years as of today. I have $12 USD sitting there. Should I walk away?
Really, what happens if I walk away but then reconnect in 12 months, does it just pick up where I left off? Do I still have $12?
And I don’t have a clue (yet) how to measure how much it cost (daily) to keep my nano churning for Ocean…I’m sure I can simply kWh hours * rate…probably should figure that one out or flop out a solar panel to handle it.
Matt Kratter got me into this, hoping he’ll get me out …
Ocean is not paying out to lightning invoices because they’ve paused it due to the split. Whenever they unpause it (TBD), lightning payouts will start working again.
Mining pools don’t really care what you do as evidenced by the BIP110 outcome. Us plebs mean nothing to them so don’t decide what to do based on what you think they want.
If you don’t think the BIP110 chain is going to go anywhere then you don’t care about replay attacks. You can transact on Core chain and IF someone does a replay attack on the BIP110 chain, you shouldn’t care because you believe it’s going to zero or never going anywhere.
If you think BIP110 chain has a chance of becoming something, then replay becomes an issue. There are various ways to prevent replay attacks that you can ask AI to help you understand but it’s fine to just stay put and wait for some of this stuff to play out.
It’s been sitting there for years, and you’ve never connected it to Sparrow, but you want to move funds now?
You can connect it to Sparrow very easily. You’re running a node, right? And you’ve got Electrs running? And you’ve connected Sparrow to it? Just use the Sparrow instructions to connect your hardware wallet to it. No big deal.
Now once you decide to move the BTC from that wallet elsewhere, that’s where your decisions matter. I’m not personally worrying about replay so I’m just leaving everything sit for a while. At the very least, until the PoW change happens. I don’t see any point in touching anything before then.
I would also keep using Ocean, as there’s no reason to stop using them. Although I’m using my own node and Datum gateway, which is the entire point of using Ocean in the first place.
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