I often criticise
#Bitcoin
for being too flawed for the long haul. Today, I'm breaking down BTC's issues and exploring how other projects address them.
Buckle up for a deep dive into the world of crypto beyond Bitcoin's hegemony 👇
Took a quick look at Bitcoin's security spend. In short, it's not looking good. "Fees will replace block rewards" is completely not the case so far.
What we instead see is diminishing security over time, surprisingly consistently. This makes Bitcoin vulnerable 🧵 (short)
The
@lexfridman
podcast with
@elonmusk
is fascinating. Elon digs into (amongst other things) the core of what a theoretical best form of money is. A thread, first with some quotes/paraphrasing, and then applying it to crypto practically (1/n) 🧵
THREAD: Why we’re still early in crypto despite a new ATH for
#Bitcoin
, why Bitcoin will have trouble becoming a broadly adopted store of value, and what I see happening in the long run. A thread 👇
@elonmusk
Elon - this is a tweetstorm meant solely for you. A few days ago you surprised everyone by stating that in retrospect, it was inevitable. You had changed your bio to
#bitcoin
, delighting Bitcoin enthusiasts all over the world.
I've been hoping for this for a long time. We have green solutions in for example $NANO, which is fast, feeless, and uses 99.9999% less energy than
#Bitcoin
does.
Elon, we have the solutions. Let's start using them.
Some tweets on why the Lightning Network is (sadly) not a good solution. In short, it is fundamentally inefficient, doesn't scale, is insecure, and has terrible UX. Explanations below 👇🧵
@CoinbaseAssets
Out of interest - could we know why Nano still hasn't been listed? It seems to tick every box, has a huge community, truly aligns with Coinbase's mission, yet.. nothing.
I'd love to see what we can do here.
@RaoulGMI
Agreed. This is becoming so apparent these days.
Friendly advice to any Bitcoin enthusiasts reading this: literally NEVER say "Have fun staying poor". Never.
1/ It's no secret
@elonmusk
will turn X into the everything app, including payments.
I think he's realised neither Doge nor BTC is suited for it. In an absurd twist of fate, Ӿ might be exactly what he's looking for.
The most entertaining outcome may truly be the most likely.
On the fragility of Bitcoin's strong physicality due to PoW mining, and how a node validation system is more flexible and harder to censor. To start with - what seems easier to locate? A BTC mining facility (left) or this Nano node (right) 👇🧵
@brian_armstrong
@coinbase
@pmarca
@FEhrsam
@emiliemc
$NANO has been at the forefront of innovation, with transactions that are secure instantly and feelessly, while also being energy efficient.
"To create an open financial system for the world."
That is your motto, and describes Nano.
Our question: why is it *still* not listed?
@lexfridman
Hi Lex! A while ago, you posted a list of crypto you found interesting, both technically and philosophically. It was focused on innovation rather than investment. I was honestly surprised not to see $Nano mentioned, but realised you probably hadn't heard of it yet.
On the long-term issues of PoW/PoS coins such as
#Bitcoin
,
#ethereum
and 99% of
#Crypto
. In short, most crypto are centralizing over time due to their incentives, while very few crypto (amongst which $Nano) are likely to stay secure over time. A long-read. (1/n)
@Bitstamp
Definitely $NANO. It'd be a great move for Bitstamp as well - offer a direct fiat onramp for Nano and we'd be referring all the new American users to Bitstamp. Plus, the Nano community is huge, it'd get the Bitstamp name all over Twitter and Reddit.
@ReeseW
Read up on Nano someday! $10k swapped from Bitcoin to Nano would save 50,000 kilos of CO2 annually. That's 50 return flights from London to New York, every year.
The spam attack on the $NANO network summarised. 4.6 million transactions in 24 hours, 0.376s average confirmation time, 0 fees paid, less energy used than ONE average
#Bitcoin
transaction.
Nano is the future, and it's here.
#crypto
#cryptocurrencies
Let's imagine that Nano goes exponential overnight.
It gobbles up the usage and market cap of BCH, Doge, Litecoin, DGB and Dash. What happens?
Market cap increases from $153 mln to $23.8 bln (+15,416%), transactions per day from 24,329 to 1,823,479 (+7,395%).
But does Nano
Heat records are being broken left and right.
#Crypto
plays a part in this. We need to stop pumping greenhouse gasses into the atmosphere, right now. If you hold
#Bitcoin
or other PoW coins, *you* are part of the problem. The time for ignorance is over.
24 hours
20,909 transactions
All confirmed within a second
$0 fees paid
#1
on r/popular on Reddit
All community-driven
The $Nano community is fantastic. Soon people will look back and wonder how they possibly didn't see Nano coming.
Nano is inevitable.
Calling on my large follower count/verified followers: I'd love to see $Nano listed on Coinbase. Nano aims to do good in the world, through green, inclusive payments that are instant and feeless. I'd love to see increased access to that.
To those wondering why $NANO is flying up in price - this article might help explain why people are so enthusiastic about the latest development. Nano is going to utilise a novel way to become spam resistant, and it seems like a brilliant idea.
1/ There's a proposal on WikiMedia to stop accepting cryptocurrency donations, with the argument focusing on environmental damage and high fees.
@Wikimedia
nano is here for you, it's eco-friendly and has zero fees. 1 nano sent is 1 nano received.
@elonmusk
I agree. We want money to settle as quickly as possible, for maximum efficiency. Traditional banking is slow, as are many cryptocurrencies. Nano's sub-second full settlement is far superior in this aspect.
Plus, zero fees means as little friction as possible. Full efficiency.
24 hours
10k+ transfers
#1
on r/popular
~1 KwH of energy used (~5 LEDs)
<1% of network capacity used.
0.4s avg conf time
$0 fees paid
A great showing by the $Nano community. Truly fulfilling the vision of efficient money open to all!
We're just getting started.
NANO is fast. Incredibly fast. If you’ve ever tried a Bitcoin transaction, you’ll know it takes multiple minutes even on a good day before the transaction has been confirmed. On a bad day, it can be hours. NANO settles instantly.
@CryptoWhale
I've got an interesting idea
@CryptoWhale
- it seems you're talking about Nano, right? Zero fees allows us to send some Nano to literally all 630k of your newsletter subscribers. Seems like a fantastic way to demonstrate the power of digital currency. Shoot me a DM!
Seen a lot of tweets about $NANO lately but never tried it yourself? Get a
#NANO
wallet ( or ), reply with your nano_ address and I'll send you a tiny amount to try it out for yourself.
So
@binance
added a payments category.
The comparison very neatly demonstrates why we use Nano for payments on and why we choose to hold Nano rather than any other currency.
It also neatly demonstrates why I think Nano is undervalued.
So.. who wants to tell
@elonmusk
about $Nano being instant (sub-second), feeless ($0, forever), scalable (by hardware) and eco-friendly to top it off?
All roads eventually lead to
#Nano
, for the planet's sake I hope they lead there sooner rather than later.
In the hopes of opening your eyes to this, let me explain to you why I personally feel like it would be worth your time to check out $NANO – the lowest latency & error money in history. To begin with – what is NANO?
If you work at
@Tesla
or
@SpaceX
and want to impress
@elonmusk
..
Tell him about $NANO. His lowest latency, least error & green crypto is here. It's sub-second, feeless, with the entire network running on the power of one wind turbine.
The world is ready.
Coinbase has hundreds of crypto listed, yet still no $NANO, no $DGB, no $FTM, no $LUNA.
@coinbase
@zosegal
if you want to show you're a serious and trustworthy exchange, list serious and trustworthy crypto rather than the latest memecoin you seem to have a stake in.
Coinbase has been accused of profiting from the cryptocurrencies it lists — and failing to make clear disclosures about the projects it has invested in 😱
@CEOAdam
Hi Adam! Cool to see you looking into cryptocurrencies! If you have 2 minutes, I'd love to explain why you should consider adding a $Nano payment option. In short, Nano is an eco-friendly crypto that offers instant & totally feeless payments.
While I got very excited by the idea of you looking into crypto, I was also saddened by your decision as I believe there are cryptocurrencies that align with your values and goals far better.
The Nano giveaway on Reddit just ended! Prizes have been sent out.
Over 5,000 transactions done, all for a total of zero fees and all fully confirmed in under a second.
We sent out 250 Nano in 0.05 increments, gave away Ӿ500 (+Ӿ100 from u/jwinterm), another Ӿ100 in the puzzle,
NANO is a cryptocurrency in the purest sense – designed from the ground up to be money. Money as a system for labor allocation, to pay for things, and to preserve value in. NANO’s mission statement is identical to what Satoshi intended with Bitcoin. Peer to peer electronic cash.
Lightning is done at this point, right?
It's fundamentally flawed and has been for a long time, the LARPing with custodial solutions is being exposed with these crackdowns, and now many LN services are closing.
To those still pretending it has a future: why?
Developing story for journalists: top upvoted feature in the
#Dogecoin
Github is to improve
#Doge
by.. using $Nano's tech.
Nano is a crypto that offers secure, instant, feeless and green transfers. Seems to perfectly fit with
@elonmusk
's wishes.
3 weeks ago there were 0
#Ethereum
miners that were paid in Nano.
Today, there are now over 8,000 miners being paid feelessly in $Nano. This amounts to over $100k paid out, every day, and keeps increasing every day.
@brian_armstrong
@coinbase
@pmarca
@FEhrsam
@emiliemc
To add to that - the request to list $NANO is literally the top post on your subreddit, and we know the community has asked you to list it thousands of times.
Currently, those new to Nano buy on Kraken, Binance. It's costing you revenue. Please list Nano, for all our sakes.
Thrilled to announce that all $Nano nodes have unanimously decided to completely get rid of mining. Thanks to the cost savings in this new, more efficient system, they're able to throw in secure, feeless, and instant transactions to sweeten the deal. Definitely promising.
Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.
Since the previous one was such a success, we're lining up two more Nano giveaways on Reddit to introduce everyone to Nano.
If you want to contribute, we're gathering funds here: nano_1opry5nkhphsdbo6essef5gq5cyqeq39wizmsha9dc31qb6bixqrtu1fmd88.
@BlockFi
Oooh, definitely $NANO! It's instant, feeless and green. It also has a huge community, so it would be fantastic for PR purposes since we'd love you for adding it.
Fun fact of the day: Nano payouts to
@pool2miners
miners alone are about 7x as many payments as Bitpay does for ALL their crypto combined daily.
@BitPay
come on, time to add
@Nano
as a payment option already. Nano is instant and feeless, it's perfect for a payment processor.
Someone sends 1000 $NANO ($5000) to a wrong address on accident, community tracks down whose address it is, owner sends it straight back.
Good going
#nanofam
:)
NANO is that idea, reimagined from the ground up (from first principles, one could say) to eliminate inefficiencies and arrive at the best money in just about every important metric. Let’s break down what I mean by that.
When given the choice, more ETH miners choose to be paid out in Nano than in Bitcoin.
540 miners switched to Nano payouts in just the first day of launch, already saving thousands in transaction fees.
@pool2miners
might have made a genius business move here.
"Email me back to explain why what I said was incorrect. Sometimes, I'm just plain wrong!" -
@elonmusk
Freedom of speech without freedom of money is not full freedom. By relying on traditional money for Twitter, Twitter can be cut off.
How and why we should change this (1/n)🧵
@elonmusk
Agreed. Bitcoin is to crypto as Benz Motorwagen is to cars. A first version, awesome as a prototype. But for a car, you would clearly pick a Tesla nowadays (faster, safer, greener) just like you would pick Nano for actual cryptocurrency (faster, safer, greener).
@BillyM2k
Here I am! Much appreciated Billy :) Glad to see our broccoli got to you. In all seriousness I really appreciate it - Nano is all about being inclusive and making the world a better place, so it makes me very happy to see you say this. As they say, DAGs can be dogs too!
Hi
@lexfridman
! I saw you liked my thread about your fantastic podcast with
@elonmusk
. I think the "ultimate money" subject is fascinating and think it'd be great to have
@ColinLeMahieu
on. He built nano, eco-friendly digital money with instant transactions and $0 fees.
The
@lexfridman
podcast with
@elonmusk
is fascinating. Elon digs into (amongst other things) the core of what a theoretical best form of money is. A thread, first with some quotes/paraphrasing, and then applying it to crypto practically (1/n) 🧵
@brian_armstrong
@zosegal
: we'd love to see $Nano listed on
@coinbase
. Nano is green, instant & feeless, open to all.
The Nano fam loves making the world a better place. In that spirit, we want to donate $100k to a charity of your choice if you list Nano in the next month.
@brian_armstrong
@zosegal
: we'd love to see $Nano listed on
@coinbase
. Nano is green, instant & feeless, open to all.
The Nano fam loves making the world a better place. In that spirit, we want to donate $100k to a charity of your choice if you list Nano in the next month.
@lexfridman
@ColinLeMahieu
would be a fantastic one to talk to for you in the spirit of exploration of ideas. Colin rethought blockchain to create $NANO, a crypto that is instant, feeless, scalable and energy efficient through using a block lattice, rather than traditional blockchain.
Demonstrating how easily digital money can work and channeling my inner
@pulte
: Ӿ100 to one random retweeter, 0.001 to everyone so you can try
@nanobytepay
. It's a really slick option to tip people on Twitter (and Reddit)!
I've got an extremely simple idea.
Use. Nano.
Under 1 cent? Done, it's feeless.
Under 1 second? Done, 450ms on average.
Genuinely though Brian, would love to see Nano integrated on Coinbase. In many ways it's exactly what you're looking for.
The next step for crypto is to make payments instant and free globally.
This will take lots of work from all of us, Coinbase included, getting layer 2's integrated, better on-ramps, simpler UX/onboarding, etc.
A magic threshold would be getting the average payment under 1 cent
I see many proudly claiming their crypto network had the most fees paid in the past 24h.
This translates to: our middlemen made the most money.
I'll hereby proudly claim: no one paid ANY fees on the $Nano network in the past 24 hours, and no one ever will.
$NANO coming into the spotlights. Showing the readers that a green cryptocurrency is possible, and demonstrating Nano's feeless and borderless nature with the Nano around the world video. I love it.
Hi
@jmigdal
@jmart_199
@zosegal
@MaraSchmiedt
! I'm tweeting to you to ask what we could do to get Nano listed on Coinbase. Over the past days, we've had tens of thousands of new people coming into Nano, leading to many people asking where to find it on Coinbase.
🧵👇
Bad decisions for the history books:
Yahoo not buying
#Google
for $1 million.
Blockbuster not buying
#Netflix
for $50 million.
Kodak saying no to digital cameras and going bankrupt.
Coinbase not listing $NANO and seeing thousands of customers flock to
#Binance
.
@Tyler
@Cameron
: we'd love to see $Nano listed on
@Gemini
. Nano is green, instant & feeless, open to all.
The Nano fam loves making the world a better place. In that spirit, we would like to make a $100k donation to a charity of your choice if you list Nano in the next month.
On liquidity and validation
Lately I'm often asked about liquidity in Nano.
Liquidity matters on two levels:
• High net-worth individuals or big businesses investing
• Businesses needing to swap to fiat
Big investors
For big investors depth of the market matters. They need
Proud to release together with
@tweaterdotdk
!
Talk to ChatGPT-4, create images using DALL·E 3, pay per prompt, anonymously, in your browser!
No need for any subscription, and you can withdraw your Nano at any time.
There are no miners for NANO, and there is no inflation. There are no wasteful proof-of-work farms consuming electricity to generate coins. All of the coins were fully distributed at origination in 2015. These were freely given away to people via a captcha faucet.
@APompliano
@elonmusk
Most figures put it at well under 75%. That being said, that'd still be 25% of a huge amount of energy usage.
We have greener solutions, and I for one am very happy that Elon is going to look at them.
If you have read this far, thank you for your time, and thank you for all you have done for the world. You have inspired me, as I’m sure you have inspired many others. There are few people that have such a lasting, positive impact on the world.
In fact, average confirmation times for this global, decentralised network are now sub-second, and are mostly limited by the speed of light. This is because NANO was designed as a block lattice instead of a traditional blockchain. Each user essentially has their own blockchain.
It's time. $NANO is crypto rethought from first principles. It's instant, feeless, and environmentally friendly. Try Nano once, and you'll know this is science fiction money come to life. All this, using the power output of one wind turbine.
In retrospect, it was inevitable.
@steve_hanke
It feels like this is a bit of a parody account sometimes.
Fiat isn't actually *backed* by anything. Gold isn't backed by anything.
Crypto isn't either. It all simply depends on what people think it's worth. If we all decided dollars are worthless, its value would crater.
Are you considering embracing
#crypto
? Look into $Nano - a green, inclusive cryptocurrency. It offers secure, scalable, instant, and feeless transfers, at low energy usage.
Nano is open to everyone, and preserves our planet. It's the future of money.
2miners adding Nano/
#BTC
payouts seems to have been a fantastic business move. Growth went from 75 extra
#ETH
miners per day before to 662 additional miners per day after.
Glad to see that saving their customers on payout fees is paying off for them!
@AriDavidPaul
@elonmusk
@loshan1212
@itsALLrisky
Hm Ari, I think you'd genuinely be interested in Nano. Nano is secure, decentralized, etc, but also instant and feeless. It uses a different design from most cryptos, called the block lattice where each user has their own chain, essentially.
Plus, it's very energy efficient.
What would happen if
@X
wanted to adopt Nano for payments? Why would they do so? How would they do it in practice?
On the business side there are a few advantages to implementing Nano if you’re X.
1. Decreased payment processing cost.
2. Instantly settled payments.
3. Larger
As those that represent $NANO on Twitter, we should strive to be kind, helpful, informative and inclusive. Doge's "do only good everyday" sounds corny, but there's a reason they're a big community.
Nano's core vision is positive, for a more equal world and open to all :)
For any money to truly dominate and compete against Venmo/Paypal etc, it needs to be feeless. Over the long run, fees will push people away from using money networks, while the lack of fees will draw them in. It’s the best possible user experience.
Nano plugins now available for Unity, Unreal Engine, and Godot game engine. If you're a
#gamedev
and are looking to integrate cryptocurrency, Nano is there for you with instant & feeless transactions!
@kevinolearytv
Hey Mr. Wonderful. Exciting to see you getting into
#crypto
, and nice to see you immediately acknowledge some downsides related to mining and CO2 emissions from
#Bitcoin
. This makes me believe you've truly looked into it.
After the success of 2miners in implementing Nano payouts we want more ETH pools to implement this. To do so, Jaycoxx has set up a test pool using Nano payouts.
We need more miners to join it to test, so if you want to help, check out the thread!
Big $Nano giveaway happening on Reddit right now - $1000 in Nano being given to one lucky winner and some Nano being sent to everyone that comments.
The power of Nano! Able to send to thousands of people, without a cent paid in fees.
@elonmusk
@libsoftiktok
@stripe
Think this is always the risk with centralized financial institutions. To an extent you're at their mercy.
Decentralize! The way you're taking X we need to make sure it's as hard as possible to stop X from existing.
1/ It's no secret
@elonmusk
will turn X into the everything app, including payments.
I think he's realised neither Doge nor BTC is suited for it. In an absurd twist of fate, Ӿ might be exactly what he's looking for.
The most entertaining outcome may truly be the most likely.
2miners is now converting ~$150k-200k ETH to Nano every day to save their miners on transaction costs.
Over 14,000 miners have chosen Nano payouts.
2miners' total users has catapulted from 40,000 to 72,000 in just two months.
Short-term price may fluctuate, utility lasts.
Over 9,000
#ETH
miners are now choosing to be paid out feelessly in Nano. For today's payouts, 2miners bought $144k worth of Nano.
Two weeks ago, the figure was 5,000 miners and $60k worth of Nano.
Nano's efficiency is starting to win.
@Jessewelle
Nano, because it's literally perfectly suited to buy goods with. Hard to argue with it demonstrably being perfect for kiosks and any other payments.
Because there is no mining and no inflation in NANO, there are no fees. Instead of requiring a fee, a small proof of work is required to make a transaction. It’s not noticeable for the end user, but serves as a mechanism for preventing spam attacks.
The Nano Foundation tends to quietly build rather than talk about what's in the works. For those that wonder what seems to be in the works regarding businesses using Nano, the below post provides a good quick overview!
From :
"The website itself is something I've never quite experienced before on a computer. You enter the site, fill a wallet, use the service, and refund your difference when you're finished without any friction between any of the steps. There is no