Noise: "crypto" personalities saying
#bitcoin
can't work for payments, fudding the Lightning Network
Signal: central bankers from 44 countries in the global south traveling to El Salvador to learn about
#bitcoin
and the Lightning Network ⚡
Are you paying attention?
President of El Salvador saying they waste a bunch of geothermal energy generated by volcanoes... wants Bitcoin miners to come set up shop and help.
The Hash Wars are happening. Great question
@gladstein
Recently, I've been thinking about this chart from
@hasufl
and
@nic__carter
concerning the changing
#bitcoin
narrative. I think the recent focus on NgU has been misguided, and we've lost sight of the true common thread tying all of these together:
#Bitcoin
is freedom money.
I've had a lot of people reach out recently and ask what's been driving the
#LightningNetwork
's latest exponential growth phase.
I think I'd attribute it to four main sources:
🧵👇
The BTC capacity in lightning is growing at a blistering rate!⚡️
1,100-1,200 BTC: 39 days
1,200-1,300 BTC: 34 days
1,300-1,400 BTC: 19 days
1,400-1,500 BTC: 13 days
1,500-1,600 BTC: 9 days
1,600-1,700 BTC: 15 days
1,700-1,800 BTC: 5 days
@ArcaneResearch
They want your BTC so bad.
They're pumping memecoins left and right. They're telling you PoW is killing the planet. They're taunting you about the flippening.
The noise is only going to get louder. But you don't have to listen to them. You just have to do one thing:
HODL
PUBLIC SERVICE ANNOUNCEMENT:
Yes, there do exist charts still trending up and to the right. No, there isn't a token you can buy.
It's real, sustainable economic growth, so lame and boring I know. But up and to the right!
#LightningNetwork
⚡
Wall St and Silicon Valley love Ethereum because they recognize a system they can control.
#Bitcoin
has already fixed this. No need to go backwards. Too much work to do. ⚡
Holy fuck is Ethereum broken.
EVERY design decisions they've taken for ETH2 carries absolutely irresolvable centralizing forces.
Think staking is bad enough already? The underbelly of MEV is absolutely monstrous.
Some personal news:
This was my last week at Multicoin. Greatly enjoyed the last two years on the investment side, many thanks to
@KyleSamani
&
@TusharJain_
As an engineer, however, it is TIME TO BUILD and I am excited to start working on
#bitcoin
and⚡ full time
Details soon!
Congratulations to the Ethereum ecosystem on another successful hard fork and EIP-1559!
V cool to see a common enterprise coordinate to add a buyback mechanism to their def-not-a-security token and give investors an expectation of profit derived from the actions of others 😂
For those paying attention, history is rhyming again.
@JackMallers
is using EXACTLY the same playbook that early VoIP entrepreneurs used to get adoption in the early 90s. Same fat margin, just replace international calls with remittances, telecoms with banks, & VoIP with LNP/BP
Today’s release is an enormous achievement for the LND developer community, and the Lightning Network as a whole!
Simple Taproot Channels not only bring about the multi-year long privacy improvement dream of co-op channel closes being indistinguishable on-chain from single-sig…
Today we're excited to release LND 0.17: Tapping into Taproot! 🥕
Featuring:
Simple Taproot Channels enabling a lower cost and more private LN 🔮
Faster Neutrino syncs for mobile development ⏩
More efficient Watchtowers 🗼
Read more and upgrade today:
Apropos of nothing, here's a thread of recently published research focused on
#bitcoin
and Lightning.
I don't know if these researchers submitted their work to the Science of Blockchain Conference (SBC), or if SBC denied their applications. But it's clear they're researching!
On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.
Announcing a new set of tools to build Lightning⚡and
#bitcoin
-powered AI products for a global audience.
Using L402, a standard for API authentication with LN payments, and
@langchainAI
, a simplified AI app framework, we are opening up
#AI4All
! 🤖🌎
@0xCryptoCafe
@MartyBent
No my hack works by first sending some trader $1M of BTC to get USD (say), then going back a bunch of blocks and mining a longer chain to let you spend the same $1M worth of BTC a second time to buy more USD, then buying $2M of BTC so you can iterate the doubling procedure.
Had a blast talking with
@PrestonPysh
about how last week's Taproot Assets mainnet launch will empower developers to make
#bitcoin
and Lightning multi-asset networks! We talk bitcoinizing the dollar, disrupting incumbents, and what opportunities this presents for new startups ⚡️
If you want to learn about
@lightning
labs’ recent software development, the Taproot Asset Protocol,
@RyanTheGentry
and I cover it in depth. This is yet another major development bringing more capability to
#Bitcoin
.
Watch:
Listen:…
Incredibly excited about this opportunity! IMO LN has three killer features as a protocol:
1) instant settlement of BTC with no counterparty risk
2) ability to earn a risk-free yield on BTC via routing fees (or more...🤫)
3) an absolutely killer community of builders & developers
We're excited that Ryan Gentry has joined us as Business Development Lead!
Previously, Ryan did research at
@multicoincap
and engineering at
@intel
.
He may or may not be obsessed with
#bitcoin
and writing on Lightning and IOT. 🤖
Welcome
@RyanTheGentry
!
Today's release is a huge milestone for the Taproot Assets developer community, and
#bitcoin
as a whole!
With this mainnet alpha, builders now have all the tools needed to make bitcoin a multi-asset network, but in a scalable manner that upholds
#bitcoin
's core values. We…
Announcing the first mainnet release of Taproot Assets 🥕, a protocol for assets on
#bitcoin
and Lightning.
With this release, developers can issue financial assets on-chain in a scalable manner. 💱
Today marks a new era of multi-asset bitcoin. 🌅
0/7 I just released a new post about the Lightning Network as a utility for Web3 development. Web3 has typically been owned by the non-Bitcoin community (ETH, DOT, etc.), but I argue here that LN brings it firmly back into BTC's domain.
Here's my 8 tweet year-in-review thread on the
#LightningNetwork
's 2020.
1) Public network capacity grew from 854 BTC ($6.2M) on Jan 1 to 1,071 BTC ($24.8M) today.
That's a 25% increase in BTC terms, and a 300% increase in USD terms. 🐂🐂🐂
(better volume metrics soon ™️)
At about an hour in, we discover
@PrestonPysh
has a LN wallet on his phone and he pays me 5 sats over Zoom. His "get out of town!" when it works and works immediately was my favorite part of the show 🤗
Every shitcoiner last week: "Nooo we're all one industry we must band together stop being mean Bitcoin maxis plz help us beg the state for protection."
Every shitcoiner this week: "haha Bitcoin is old boomer tech buy my shitcoin."
This happens over and over and over again. 🤷♂️
Quote of the Show:
“Ethereum is the accomplishment of Satoshi’s vision… Ethereum is Bitcoin, in that sense.” -
@drakefjustin
And that’s the tweet. Check out the full episode here:
On platform risk:
Smart contract platforms have seemingly found PMF with DeFi over the last year. App devs are flocking to said platforms in hopes of launching the next COMP, UNI, SNX, etc. and cashing out life-changing money after a few months of work.
Too good to be true? 🧵
@matthewstoller
Bitcoin at record highs is a good sign that the people are realizing their fiat currencies have been captured by Cantillionaires, and that they'd prefer to save their wealth in a fairly distributed currency instead. You wrote a great piece on this!
.
In 1995, the TCP/IP standard was >20 years old, yet was still not a standard in Windows 95, the most popular OS in the world, even AFTER Netscape had exploded. Here are the instructions for installing the network driver.
LN/BTC is still so incredibly early
#LightningNetwork
#Bitcoin
the asset has won. The world now recognizes its SoV properties. Global liquidity will continue to improve.
The fight for bitcoin-the-network is just beginning. We need Lightning apps on every phone, nodes in every home office, and deposits/withdrawals in every exchange.
Not enough people appreciate
@bitfinex
's courage in ALWAYS being first in pushing initiatives that are Good For Bitcoin ™️
Bravo
@paoloardoino
et al. Lionhearted 🦁🦁🦁
The future standard! Satoshi trading mode is live on
#Bitfinex
🚀
Bitfinex users can now trade $BTC in $SAT and $BIT units for any trading pair with
#BTC
.
Enable now Satoshi mode in your account, and discover an easier way to trade
#bitcoin
(BTC)⬇️
Excellent overview of the coming Taproot upgrade:
🕵️♂️ Better privacy
🗝️ Cheaper multisig
🙈 Mostly indistinguishable single-sig and multisig
⚡ Lightning improvements: PTLCs and aggregate keys as channel anchors
👨💻 A boost for scripting with DLCs, Adaptor Signatures, and Taptrees
If you’re 25-30 and your main circle isn’t frequently discussing:
~ superconductors
~ AGI
~ aliens
~ space factories
~ bitcoinizing the world
And is instead discussing:
~ Barbie
~ Oppenheimer
Then it’s time to elevate your circle.
Gm. The Lightning Network is winning. Network effects are the most important determinant of its success. And we keep stacking Ws month and after month, growing our collective network effects.
Keep building my friends, we are going to win. 🫡
Mempool hasn't clear in a month. Fees are going up and staying up. If your business is making on-chain sends, I know you're hurting.
DM me. Integrate
@lightning
. Upgrade your
#Bitcoin
UX.
(h/t
@coinmetrics
for the 30DMA chart)
The Taproot controversy made
@BuckPerley
and me finally write down our Theory of Bitcoin Governance.
We think the ideal system should minimize the chance of bad upgrades getting forked in, instead of maximizing the chance of good upgrades sailing through.
👏👏👏
@TheBlueMatt
is 100% right. The crypto ecosystem outside of BTC has gotten too big for BTC to win based on its theoretical advantages. We need to compete for users, and win on merit.
Calling everything a scam (though there are many out there!) is fighting the last war.
1/ Bitcoin maxis are a dying breed. While there was a time where ~everything except Bitcoin was basically a scam, that hasn't been true for a long time, and the smart money has moved on to figuring out which projects are going somewhere, and which are straight pump-and-dumps.
After bargaining, comes acceptance.
@elonmusk
we will welcome you onto the
#LightningNetwork
with open arms.
When my cybertruck can stream sats to a supercharging station on the same grid as the bitcoin miners that mined the sats to begin with... the loop will be closed. ⚡⚡
@BTCsessions
@TeslaGong
@wintonARK
Achieving truly decentralized finance – power to the people – is a noble & important goal.
Layer count depends on projected bandwidth & compute, both rising rapidly, which means single layer network can carry all human transactions in future imo.
For now, Lightning is needed.
In this episode,
@pete_rizzo_
described three camps of the Bitcoin community: those that prioritize
#bitcoin
the asset (SoV, Bitcoin Standard, etc) vs.
#bitcoin
the network (MoE, LN, merchant adoption) vs.
#bitcoin
the platform (sidechains, covenants, etc)
WBD485 - Beyond Bitcoin Maximalism with
@pete_rizzo_
. We discuss:
- Divergent forms of Bitcoin maximalism
- Hypocrisy within Bitcoin
- The evolving narratives
- What next for maximalists?
This is an enormous deal for the
#LightningNetwork
.
1) inbound liquidity problem solved
2) new revenue source for routing node
3) price discovery for the time value of
#Bitcoin
4) brand new shadowchain construction for
#Bitcoin
scalability
🐂🐂🐂
Announcing Lightning Pool, a non-custodial marketplace to buy and sell
#bitcoin
liquidity on Lightning.
With Pool, users can trade channels, making it easy to get access to liquidity or earn a bitcoin-native yield. 💱
Learn more and start trading today:
"Last month, we saw more than 10,000 minutes of streaming micro payments being sent directly from listener's wallets to podcaster's wallets using Lightning's 'keysend' protocol."
The future of media is here, just not evenly distributed yet
As the FUD machines spin up and market dominance wanes, I think this is very important for us to internalize.
#Bitcoin
guarantees its adopters that they will be free. Being free does not guarantee being rich. And if freedom is not continually fought for, it will disappear.
One thing I've learned from watching DeFi over the last year is that NgU tech is not unique to
#bitcoin
. Supply side liquidity crunches can be programmed in a few lines of Solidity.
But true monetary freedom cannot.
#Bitcoin
is the money chosen by people seeking to be free.
4) people are catching on to the fact that LN is more than just a payments network, it's an incentivized private data network where satoshis are just one kind of data.
@ImperviousAi
gets this,
@sphinx_chat
gets this,
@SatoshisStream
and
@PodcastindexOrg
get this...
Today,
@Square
announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose. For more, visit .
These 4 factors combine into a flywheel that's starting to spin:
🔁more users on the network
🔁more volume flowing through it
🔁more fees to capture
🔁more people running nodes
🔁more devs tinkering
🔁more users on the network
Aren't network effects a beautiful thing
@starkness
?
@RiotPlatforms
@nytimes
Thank you for such compelling research testing the hypothesis that bitcoin mining does not produce any CO2. Great to see such a simple, low-cost, reproducible study that any aspiring journalist
@nytimes
could repeat! I look forward to reviewing their data in a follow-up article
Nobody illustrates monetary freedom being valued and exercised better than
@gladstein
.
PoW is the strongest and most freedom-guaranteeing foundation for a digital money that we have. That freedom isn't free. The energy expenditure is worth it, full stop.
We are thrilled to announce
@OKEx
will be integrating the Lightning Network in Q1 of 2021!
OKEx is committed to furthering
#bitcoin
adoption and excited to work with
@lightning
to bring lower fees and faster transactions to all of our users.
🔗:
Please bitcoiners internalize this definition of what a L2 is.
@peterktodd
currently preaching the good word at the Tuscany Lightning Summit 🇮🇹
cc
@brian_trollz
PoS is inherently a political process that centralizes into cartels over time unless users "vote" to punish large entities for their success.
Fine for corporate governance or pseudo-equity.
Disastrous for production of sound money. PoW works.
Mostly these numbers don’t matter
If you are spending your time scaling BFT algorithms, we already know how to do it. ETH2 has more than 500k public keys.
The hard parts:
What countervailing incentives to staking with Binance, Coinbase and Kraken exist?
Accountability for MEV
Day 3 of
@btcplusplus
is starting now!
@super_testnet
is kicking things off with a coinjoin workshop, demoing how to make collaborative multiparty transactions without a coordinator.
Every routing node has four natural resources it can monetize: bitcoin liquidity, storage, bandwidth, and compute. We've already started building a marketplace for allocating liquidity with
@LightningPool
.
When marketplaces for the other three start showing up, watch out 🤯
@salvatoshi
@ercwl
@brian_trollz
If you have an L1 consensus failure, stuff breaks core devs scramble for a day, but eventually things are alright again. With an L2 bug, people could permanently lose lots of money.
This tweet caused me to look up BTC vs. ETH and uhh... wtf happened on July 21st to cause this divergence in BTC on-chain volume >> ETH on-chain volume but ETH median fee paid >> BTC median fee paid?
cc: blockchain archaeologists at
@coinmetrics
(thx for the great charts 🙌)
Bitcoin's daily transaction volume has only topped $30 billion on 4 days in Bitcoin history... all of which occurred in the last 8 days.
Probably nothing.
Don't mind me, just egging on the
@sphinx_chat
FOMO.
💨 30 payments/s from 4 hops away
⚡ 10k nodes on LN for the first time
🧩 Bitcoin-themed crossword puzzles for sats
📈 Earning 1423 sats just for posting price talk
The future is happening right now and you're missing it!!
This is such a big deal. Podcasters now have a monetization method outside of advertising right as Spotify is coming to aggregate them and ruin the independence of the platform.
And it's powered by Lightning ⚡⚡
The
#1
thing PoS maxis misunderstand about PoW:
NOBODY is more irresponsibly long
#BTC
than miners.
In today's professional mining ecosystem, miners have to purchase
1) real estate
2) cheap power
3) expensive hardware
4) pool contracts
+ more before they earn a sat of revenue
DeFi projects are distributing $25M a month in native tokens to incentivize users to bring capital to their networks
+ $COMP: $18.5M
+ $BAL: $5.8M
+ $SNX: $768K
+ $AMPL: $44K
+ $REN: $16K
Full analysis:
In retrospect, yesterday's disappointment in the Senate was inevitable. We're in the "then they fight you" stage of a game where the end prize is ownership of the global reserve currency.
The protocols optimizing for decentralization and resilience will win and change the world.
So now that we all agree that globally available blockspace is not scalable for actual computation, but is best used for verification of off-chain computation instead, here are some thoughts on Ethereum's approach to scaling vs. Bitcoin's.
~👇~Thread~👇~
No people in history have stayed free by sitting on their hands and watching NgU. Freedom must be earned, protected, and exercised, or it will be taken.
NgU is accurate in that sound money is a necessary condition for a monetary system based on freedom. But it is not sufficient.
The company that proved the
#LightningNetwork
can support nation-state level adoption today is hiring 👇
I don't expect these postings to be open very long. What are you waiting for? Apply!
You like Volcanoes 🌋 and want to bring freedom to money? We have 2 open positions now, and more to follow. Join us as part of our founding team, and help us change the world for the better!
The position is fully remote, so wherever you are, reach out.
Absolutely thrilled my decision to go irresponsibly long LN with my career has coincided with
@twobitidiot
's capitulation on its progress. Couldn't ask for a better countertrade signal 😜
10 THINGS YOU CAN DO WITH LN TODAY 👇:
1) earn risk-free yield on BTC via
@LightningPool
Congratulations to the MiniMax team for winning the
@satsconf_
hackathon with a Lightning-powered LLM to help devs write Miniscript!
Great way to close out a fantastic conference organized by
@lucasdcf
and team. Bullish on the Brazilian
#bitcoin
developer community!
Incredibly proud to be a part of the
@lightning
team today. Every day each person brings laser focus on solving real problems for real users, and bringing
#bitcoin
to billions.
Taro dramatically expands the possibilities of what can be built on bitcoin. Excited to get to work!⚡️
Taro is powered by Taproot, bitcoin's latest upgrade, using its contracts to create assets.
With Taro, stablecoins can be issued on bitcoin and sent over the Lightning Network, all using the security of bitcoin and routing through
#BTC
liquidity.
Pro-crypto Texans:
1. Download this template letter against HR4371
2. Find your state rep here
3. Fill in the template's red text, edit as you see fit and sign it
4. Fax a pdf of your letter to your rep here
This laid the groundwork for some super vibrant communities of node runners to pop up a la Ring of Fire and Plebnet. These groups are the primordial soup out of which the next wave of LN startups will emerge IMO... lots of tinkering and lots of great memes
This tweet made me interested how Plebnet compares to the Rings of Fire
Two different lightning communities
Two different approaches
You can see differences in the anatomy of their graphs.
Both graphs have similar node counts
Rof: 411 // Plebnet: 375
3) the remittance use case has successfully crossed the chasm (h/t
@MichaelLevin
) thanks to
@jackmallers
,
@ln_strike
and El Salvador. Huge amount of new inbound interest in an LN integration from exchanges & wallets with users in remittance-heavy countries
.
@dhruvbansal
and I will be presenting our thoughts in Miami on what this means for building on
#bitcoin
. I'm really excited to share them with y'all.
The Circular Economy (h/t
@ziggamon
)
Advertising is Censorship (h/t
@adamcurry
)
Number of People Go Up (h/t
@starkness
)
@SamuelShadrach4
No. PoW decentralizes over time because cheap energy is naturally distributed worldwide. That's why we see miners in N Dakota, DRC, Inner Mongolia, Colombia, etc.
PoS centralizes over time because it depends on capital, not energy. Capital accumulates, rich get richer.
Hi
@STOmarova
the Lightning Network is a full reserve value transfer network, there is no notion of debt. If you have some ideas on how to change that and introduce margin,
@lightning
is hiring for protocol devs! ⚡⚡
In fact, she thinks this just "replicates the familiar patterns of margin trading and collateralized borrowing that enable financial asset speculation."
I.e.: Lightning just creates Wall Street on steroids.
This is first bet I've lost on CT, and Twitter bets are a serious matter to me. I can think of nothing more humiliating than not paying one's dues.
So with that, congratulations both
@RyanTheGentry
&
@giacomozucco
!
Post your LN invoices below, and you'll receive $1000 each!
Bitcoin Magazine Exclusive!
@pierre_rochard
of
@krakenfx
announcing Kraken's intentions to roll out Lightning Network support in the first half of 2021.
Read the full story here!