1/ Hey all, I built something!
Introducing PayPerQ, (website: , twitter:
@PPQdotAI
), a sleek and functional ChatGPT4 experience which operates on a pay-per-query model via Bitcoin micropayments:
What Jack Mallers is really saying is that you will be soon be able to offload your Bitcoins in the real world without KYC'ing through an exchange first.
If this is true, it is actually an extremely substantive and important development for Bitcoin.
Buying and hodling isn't good enough. Bitcoin needs the circular economy to succeed.
Do you accept direct BTC payment for goods and services that you offer? Do you spend your BTC at places you support?
If you believe in it, live it.
Yesterday I tweeted about a
#ChivoWallet
privacy issue where the users' full legal name was being leaked in the LN invoice metadata. It appears to be fixed, and what's in its place is "Thanks Matt Ahlborg", which I guess is to show that they saw my tweet.
The lightning invoices generated by Chivo contain the full legal name of the creator of the invoice. This to me seems like a privacy issue that should be dealt with.
Why is crypto twitter is not discussing more what is going on in Nigeria?
Nigeria is perhaps the highest per capita crypto country and the government just blocked most crypto trading websites due to it undermining their fiat, NGN.
Guys, history is being written right now.
1/25 🧵
@Bitrefill
believes it the largest commerce platform in the space. As such, I wanted to share some deep thoughts on payment method (PM) popularity over time in the hope of pushing the industry forward. This first chart shows monthly active users for each PM since 2019:
1/ An absolutely incredible story out of Venezuela today.
@theairtm
, a
@Coinbase
funded digital currency exchange, has been elected to redistribute $18M in US government seized corruption funds of the Maduro government back to 62,000 healthcare workers in Venezuela.
The fact that
@BetterMarkets
, a special interest connected to
@ewarren
(who has been caught unethically coordinating softball questions to
@GaryGensler
), expended significant resources to put this letter together (in the 11th hour) makes me think we may yet get rugged.
Every $ in BTC that you hold takes away ~$9 that banks could add to the money supply had you stored that $ with them.
Therefore, even a small shift in BTC momentum at a precarious time for banks could result in a calamity for the whole system.
Starting to see
@balajis
point.
Learnings on El Salvador Chivo app functionality so far:
- You can use the original $30 BTC to send off-chain, but you have to send it back and forth in Chivo 3-5 times
- You CAN send
#Lightning
to Chivo
- You CAN send Lightning FROM Chivo
- on-chain are NOT being batched
@balajis
Interesting how it's in English. Reveals that it was made to pay lip service to Western Elites taking pictures of it, not the local population.
1/ Some super interesting
#LightningNetwork
trends
@bitrefill
lately...
Emerging markets, not the US or Europe, have been leading the way in lightning adoption.
For example, 92% of all payments coming to us from El Salvador are riding lightning rails this month...
1/3
#LightningNetwork
on
@CashApp
will be the inflection point that brings lightning remittance mainsteam. The vector will be immigrant USD --> Cashapp-->P2P trading platform via lightning --> local fiat in family's mobile money wallet or bank in home country.
I read the white paper in '14 and it seemed novel, but not particularly transformative. It wasn't until later when I put time into learning about the world in which Bitcoin exists, the world beyond my perspective as a American, that I began to truly understand its significance.
Hey all, quick update:
I've been helping
@bitrefill
over the last year on its quest to 10000x the number of people living on Bitcoin, and I decided to make it official last month. I am now Head of Research and will be helping with insights, data analysis, comms, and bizdev.
[1/5] Holy Smokes! Sub-Saharan Africa had its first 10M voume week ever on P2P exchanges, stomping the weekly record set in Dec 2017! The volume is likely a bedrock of utility use with a substantial bump of speculation related to the halvening:
The lightning invoices generated by Chivo contain the full legal name of the creator of the invoice. This to me seems like a privacy issue that should be dealt with.
Nigerians 🇳🇬 are adopting
#Bitcoin
at a record pace.
The nation started last year at $2.5 billion in inbound foreign currency remittances, and ended the year with $55 million.
#Bitcoin
fixed that.
Used
@Strike
to send a payment to
@Bitrefill
. Accidentally selected for an on-chain pmnt, but luckily Bitrefill's QR codes tell the sending app to default to lightning, if possible.
Paid with lightning without even noticing. This is how Bitcoin payments are supposed to work!
@cameron
@BarrySilbert
You could make your users whole out of your own pocket but won't. They are just numbers on a spreadsheet to you.
You must think very little of your customers to think they don't see the blatant hypocrisy here.
[1/2] Africa had ANOTHER record week on global P2P markets. In all, over 13M in USD equivalent was traded across 18 African currencies and this was the first week on record where African volume exceeded Latin American volume on these P2P exchanges.
@raudaz_
@ricardovalp
Perhaps google translate didn't do it justice, but the article seemed to be VERY negative... trying desperately to paint Bitcoin tourists as colonialists. I couldn't imagine burning down hope for my country just to defeat the 'other' political side. That's what I've read here.
I figured out why El Salvador gov is forcing acceptance of Bitcoin.
Law will force businesses which don't understand Bitcoin (99%) to use the Chivo merchant app and thus bring them under financial surveillance of gov where before most transactions were unrecorded cash transfers.
@IanTalley
Sir why did it take until now to address the firestorm?
Seems like you were hoping for this injustice to just go away instead of engaging with people who actually know what they are talking about.
@lizrhoffman
He still doesn't acknowledge that playing with customer funds was a mistake. All of his admitted mistakes are that he didn't play with their money well enough. He didn't gamble skillfully enough. He never acknowledges that he SHOULDN'T have touched funds at all... Not forgiveable
@BlockFiZac
@americanhodl8
So you have Bitcoins to pay off influencers you made personal bets with but you don't have them for innocent customers who lost a huge chunk of their savings through you?
@GaryGensler
@SECGov
@CouncilInstInv
The reason you are getting all of the hate here Gary is that you have not had a clear/genuine dialogue with us over the last few years. Engage us openly and honestly and we would respect you a lot more.
@lizrhoffman
Oh, I didn't see this... now I understand why you aren't as harsh... he gave you money. Did you disclose this in your tweet thread as well?
[1/4] Kenyan P2P Bitcoin activity has been on absolute fire this year. It pole vaulted to a new record yet again last week with an amazing 11% gain week over week:
[1/] A truly tectonic week for P2P exchanges with
@Paxful
and
@LocalBitcoins
setting new combined weekly YTD records! This was also the first week in history where Paxful exceeded LocalBitcoins trading with $42.8M to $41.7M in USD equivalent volume. Wow.
Electrical blackouts show how Bitcoin activity in all of Latin America is tied to Venezuela. Read my latest research on utility use of Bitcoin published under
@makeopenmoney
1/ Update on
#ChivoWallet
app functionality today based on our work
@bitrefill
:
- Receive lightning works but UX is really bad. You have to click "Recibir", then "BTC", and then click dropdown at the top and click "Otras Billeteras" where "Reciber Bitcoin via Lightning" shows.
[1/13] Last week, Argentina's version of FINCEN released a warning to institutions regarding crypto's growing usage there to evade regulation.
If you want to raise your crypto street IQ by 50 points, read below on the latest use case that has emerged:
5/ This story ushers in a new era of geopolitical brinkmanship as certain countries make available their own currencies and financial infrastructure to the citizens of other countries en masse.
#Defi
isn't the story this year,
#OffFi
, or offshore finance, is.
African BTC P2P volumes touch their all time highs on
@Paxful
and
@LocalBitcoins
this week. This doesn't include other venues which are also seeing rapid growth.
#Bitcoin
is useful in places with high capital controls, high inflation, high bureaucracy, and low economic freedom.
9/ In summary, I just want to take a moment here to acknowledge the fact that in 2020, the major opposition leader of a country is voicing support for and relying upon a Bitcoin-aligned company to distribute aid and achieve political reform. How far this has come!
People in 185 countries bought from
@bitrefill
last month. Here's a few by # of purchases:
Cambodia: 79
Papua New Guinea: 64
Haiti: 55
Namibia: 44
#Bitcoin
is used across many languages, social classes, and age groups. It's much bigger than your own personal knowledge bubble.
It's now or never for gold. Since it's local peak in 1980, gold has only gained in price 168% whereas purchasing power has decreased 238%. Gold has underperformed for 40+ years.
Gold's properties as a superior form of money are struggling to compete in the digital age.
Disappointing take from
@Melt_Dem
. I wrote a piece for
@makeopenmoney
which boldly argued that Bitcoin may have already have changed the destiny of an entire country.
It was the sum of hundreds of hours of research on Bitcoin in Latin America.
venezuela is not a "case study" for bitcoin
turkey is not a "case study" for bitcoin
the philippines is not a "case study" for bitcoin
countries experiencing economic crisis, political turmoil, food insecurity, and other humanitarian issues are not "case studies" for
#bitcoin
2/
@jguaido
, leader of the opposition in Venezuela, repeatedly recognized AirTM’s efforts in a press release yesterday and outlined their plans for airdropping censorship-resistant digital dollars onto Venezuelan healthcare workers through their platform.
1/3 70% of payments from
@CashApp
to
@Bitrefill
are still using on-chain BTC instead of lightning. So even though Cashapp supports both LN and BTC QR code scans, people don't know enough to click the lightning payment button instead of the BTC button on the Bitrefill side.
3/3 Why use
#LightningNetwork
to remit? Because it's verifiably cheaper, faster, and less of a hassle than Western Union, Transferwise, and others for many of the top inward remittance countries like India, Nigeria, Pakistan, and the Philippines.
Africa again broke P2P exchange volume records with Nigeria, Kenya, Ghana, and Central Africa seeing new weekly highs. For Nigeria, it was the first record in 20 months! Will volumes settle down now that the halvening has passed? Stay tuned for next week!
6/ The average user on AirTM isn't a 1%'er in the West testing out new smart contract protocols on Ethereum, it is a middle to lower class worker in Venezuela preserving their wealth, ten dollars at a time. I saw this with my own eyes working with AirTM in CDMX last year.
2/3 You can already do this on
@ln_strike
of course, but Cashapp's 70M users and network effects among young immigrant populations will be the decider.
Africa had another record setting week in P2P
#Bitcoin
markets. What's specifically notable to me now is the non-stop growth in CFA franc countries
@gladstein
's recent piece on monetary colonialism in the CFA system is highly relevant to this growth imo:
@davidmarcus
Compliance often means racism when you are required to block hundreds of millions of people basaed of the country they were born in.
Let's acknowledge that please.
KYC/AML as it currently exists is un-american guilty until proven innocent system.
1/ The ultimate rejection of to those who say that
#Bitcoin
is useless. Bitcoin usage gravitates to areas of the world which are low in financial freedom, high in inflation, and high in corruption. Period.
With that in mind, here are the top 20 countries on this year’s index. While mainstays like the U.S. and China are highly ranked, emerging markets like Vietnam, India, and Pakistan lead the way.
1) In Old City Istanbul I found around a dozen "crypto shops". It's really amazing to see crypto manifest in the real world like this. Here are some of my observations on this trend and I hope that some Turks can chime in and give better context:
Sub-Saharan Africa P2P volume hit a new all time high last week on
@Paxful
and
@LocalBitcoins
.
Bitcoin is most useful in places with capital controls, high levels of bureaucracy, and weakening local currencies.
@TheStalwart
A lot of folks aren't gonna like this take, but IMO his donations did provide cover for him for a time. It was crazy to see some of the pro-SBF takes come out of the woodwork when it was so obviously the other way.
Only after the outrage on twitter became so pronounced did those
Western Union charges a $6.00 fee (assuming you are banked) and gives you a 7% WORSE exchange rate than the official exchange rate. To avoid these fees, buy
#Bitcoin
, send to VN, and sell for a ~3% premium against the official FX on Vietnamese exchanges.
Bitcoin Fixes This.
Western Union charges $4.95 to transfer up to $500 to
#ElSalvador
. To avoid this fee will people pay a fee to buy
#Bitcoin
instead, then pay an additional fee to transfer it to El Salvador, which once received will likely be sold, potentially at a loss? Bitcoin doesn't fix this.
7/ This trend of
#OffFi
has been documented by myself,
@nic_carter
, and
@jp_koning
recently in our research on the global trend of “Cryptodollarization” and “Bitcoinization” in emerging markets.
[1/4] It's official, the Argentine Peso (ARS) had its highest volume week ever on LocalBitcoins, outshining all other Latin American currencies in growth for the week as Argentine markets adjust to news of further capital controls.
@Bitrefill
's total volume is at an all time high. Additionally,
@Bitrefill
's Lightning Network payment vol as a share of total vol reached a new high in June. LN now accounts for 5%+ of all
@Bitrefill
volume, double its proportion in Jan2019.
Has your company integrated LN yet?
@IanTalley
Any normie reading the article would assume that PIJ got many millions of $ via crypto.
It is your job as a journalist to explain the nuances of the technology so they don't make that mistake. Instead, you leaned into their ignorance so that you could push your slant.
Retract.
4/ As a result of this redistribution campaign, the Maduro government yesterday blocked access to AirTM from inside of Venezuela. However, just as quickly, Venezuelan activists were creating educational resources on how to access AirTM despite the block.
With context, it seems that WF is removing Zelle access to those who have set their billing address in VZ. They are not yet blocking access based on IP location. This is quite impactful as Zelle is a popular USD wallet inside of VZ. This is why censorship resistance is important.
1/ The informal Nigeria Naira has lost 23% of its value against USD since the start of the year, a staggering number for Africa's largest currency. On Friday, the CBN pressured
@abokifx
, the country's largest publisher of informal exchange rates, to suspend publication.
7/25 These coins enjoy high volume, low trading spreads, and good market depth, which are important if using them as a medium of exchange. A recent
@Kaikodata
report backs this up by showing that LTC and DOGE rank 4th and 5th among all coins in terms of overall ‘liquidity’:
In an incredibly moronic move,
@YouTube
removed the like/dislike ratio so now I have no idea which videos are higher quality or not.
The reason? Apparently to protect content creators from getting their feelings hurt...
What an insane world.
1/ New
#LightningNetwork
stats!
LN payment volume on
@bitrefill
had a very strong finish to the year and increased 265% Dec '19-Dec '20.
And today,
@bitrefill
released its "Lightning Toplist" showing the top LN nodes making payments to the platform:
3/ How will AirTM achieve this you ask? AirTM operates a censorship-resistant P2P exchange from Mexico City where its primarily Venezuelan users haved logged in to trade Bolivars and Bitcoin for digital US Dollars for years.
The Argentine peso broke its single day volume record on LocalBitcoins yesterday:
Chart:
If you didn't get a chance to read my deep analysis on Argentina, Bitcoin, and Dollarization, now is the time!
Spoken like someone who opines on but doesn't actually use this tech.
If you did US-->Kenya
@CashApp
-->
@Paxful
via
#LightningNetwork
, $100 would get you, after fees, 11842 KES to your family's M-Pesa wallet.
Using Western Union, you get 11205 KES.
5.7% MORE VALUE REMITTED.
If someone wants to make a $100 stablecoin remittance on Ethereum, it'll cost $25 in fees. Yikes.
Layer 2 transfers are cheaper. But it costs $122 to bridge $100 to L2 (Polygon). 😬
Can people who need to make frequent remittances to their home country afford this technology?
Congrats to
@BundleAfrica
, the first app in Africa (to my knowledge) to make use of the
#LightningNetwork
. Nigeria is one of the most financially blockaded countries in the world and buying gift cards on
@bitrefill
is a way for Nigerians to access the global product market.
Price Alerts are now available on
@BundleAfrica
!
Also, you can now Get Gift Cards on Bundle using
@bitrefill
Getting Christmas gifts for your loved ones is now very easy with over 3000 Gift cards to select from 🥺
3/ For Brazil, many users are coming to us through
@bluewalletio
's integration after having been taught by the
@bitcoinheiros
community there. This is highly organic growth and is really encouraging to see.
@ChrisBlec
He said you can pay from any lightning wallet in the world. It doesn't have to be Strike. Strike is just the payment receiver/processor on the merchent side. Unless I misunderstand something.
@willwarren89
If it is a physical object which exists in the real world, then it is confiscatable. If it is confiscatable, then private keys on a public chain accomplish little. Tokens for everything would more likely be served on permissioned databases.
"From Brazil to Nigeria, people turn to Bitcoin for different reasons than most of their speculating counterparts in North America. Namely, because it’s the most advantageous way for them to conduct international transactions."
Yup.
via
@TechCrunch
Africa sees another weekly record on P2P markets. 4th week in a row.
#Bitcoin
premiums remain high in Nigeria, Kenya, South Africa, and others:
Need to remit to Africa? Buy BTC in USA and send to family in Africa where they can sell for a 5-10% premium!