I don't use twitter but maybe now I have a reason to, and I'm not particularly pro-crypto (I hold maybe $8 worth of bitcoin)
Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
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Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#32I'm sure Jack Dorsey selling an NTF of the first tweet ever had nothing to do with this plan.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#33Absolutely incredible news. Micropayments are one of the paths out of advertiser hell and were one of the original dreams of many crypto nerds and advocates. I still think that twitter is pure mind cancer, but I have to give it to Jack on this. Great move, and something I hope gets repeated to the rest of the web. For those who aren’t very familiar with the crypto space: this uses a bitcoin side chain called lightnin…
Do we know why they're not doing it off-chain, similar to the way a crypto exchange will transfer crypto from one user to another off-chain?
Lightning network is "off-chain". Basically a network of 2-of-2 locked bitcoins called _channels_ that exchange valid Bitcoin transactions to update the balances within these channels, but only need to settle them by broadcasting them to the Bitcoin network in case of disputes.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#34Why does Twitter need to enable anything for users to receive Bitcoin?
Couldn't the users just pin a tweet to the top of their profile "Hey, if you want to tip us, here is our Bitcoin address: ..."?
And for receiving Bitcoin via the Lighnight Network, I would expect it is similar?
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#35Absolutely incredible news. Micropayments are one of the paths out of advertiser hell and were one of the original dreams of many crypto nerds and advocates. I still think that twitter is pure mind cancer, but I have to give it to Jack on this. Great move, and something I hope gets repeated to the rest of the web. For those who aren’t very familiar with the crypto space: this uses a bitcoin side chain called lightnin…
Do we know why they're not doing it off-chain, similar to the way a crypto exchange will transfer crypto from one user to another off-chain?
I don’t know the specifics of this, but:
Because they don’t need to. My guess is that you just associate a lightning address with your username, and all Twitter does is present that to a wallet. This way twitter doesn’t need to do KYC, or ever hold any funds. They’re just the phone book.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#36microtransactions via the Lightning network is wonderful part of the bitcoin vision. But I don't think this sentence at the bottom of the "Strike" app page is holding up to the promise: "Custody of your funds and bitcoin trading are offered through Prime Trust, LLC." [1] [1] https://apps.apple.com/us/app/strike-send-and-spend-bitcoin/...
Thanks for bringing this up. While the idea of blockchain payments hitting a mainstream app is kind of exciting, adding Strike support to twitter isn't much different than adding something like Venmo support. Both require a banking style intermediary that require KYC from their users.
I don't agree. This way it is a) easier to onboard _receivers_, and b) stays open in the sense that _senders_ can send bitcoins by any app they want (including non-custodial of course).
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#37Earlier quoted context omitted.
The Diablo 3 real-money auction house was better implemented than most NFT schemes. At least that involved an actual transfer of virtual goods.
What's an "actual" transfer of a "virtual" good? When an NFT is sold a unit of data stored on a digital ledger is transferred. When a D3 item was sold a unit of data stored on in the database was transferred. Why are those meaningfully different?
Thanks for asking! The difference is that Diablo 3 represents 10E6~ dev hours invested into making a fun game, and items make it more fun. The items are a kind of 'share' in the total fun of the game. Now if we imagine NFTing the Diablo 3 item system, that's interesting.
Mostly what's interesting about it is why it hasn't happened. I've noticed that actors in public blockchain ecosystems VERY strongly seek 'incentive wells' i.e. locally maximized extraction mechanisms. This might be a property of certain general public-ledger economic systems, because it sure comes up a lot. Basically the law is: as long as a blockchain/Dapp/pattern makes money, the people writing it won't improvements to it outside the core extractive mechanic; at least not without some rare external inputs, which inputs are surprisingly rare in practice.
So if your application is on an incentive hill from this perspective, you know it will never get written.
The Diablo 3 Dapp won't get written by Blizzard because it lies on an incentive hill from blizzard's perspective, simply because: assets would (1) increase item prices due to fees and (2) Blizzard would be cut out as a middleman for at least some transactions.
Only once you find public-ledger tech that fixes those incentives (and probably other incentives I've missed) will you start to see interesting and complex distributed applications
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#38Earlier quoted context omitted.
Do we know why they're not doing it off-chain, similar to the way a crypto exchange will transfer crypto from one user to another off-chain?
I don’t know the specifics of this, but: Because they don’t need to. My guess is that you just associate a lightning address with your username, and all Twitter does is present that to a wallet. This way twitter doesn’t need to do KYC, or ever hold any funds. They’re just the phone book.
I'm guessing they also don't want to. If they took custody of the Bitcoin, I believe that would make them a MSB, and hence get to do all of the "fun" associated with that. Also, the additional security and financial implications of holding money for their users.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#39Lightning network theoretically makes micropayments possible, and that should be celebrated for enabling new ways of online monetization that the tech world writ large can explore. Imagine if you could buy access to a paywalled news article for $0.02 (on an article-by-article basis) instead of having to purchase a monthly subscription. Or imagine being able to pay $0.10 to watch a particular episode of a show without…
I also think if we remove advertising from existence another plus for the society would be getting rid of "articles" about "look this dog how much barks when he sees the postman", maybe some would pay for that, but I think having micropayments to access content would force the content to be meaningful
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#40Why does Twitter need to enable anything for users to receive Bitcoin? Couldn't the users just pin a tweet to the top of their profile "Hey, if you want to tip us, here is our Bitcoin address: ..."? And for receiving Bitcoin via the Lighnight Network, I would expect it is similar?
Twitter will hold the bitcoins and collect interest before transfering to person tweeting?