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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

#91

Post by kokomjolk »

blhack wrote: post #35
fighterpilot wrote: post #29

Earlier 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.

LN doesn't have addresses, it has invoices that can't be reused.

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#92

Post by zapdrive »

kokomjolk wrote: post #91
blhack wrote: post #35

Earlier quoted context omitted.

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.

LN doesn't have addresses, it has invoices that can't be reused.

Exactly. LN is like opening a "tab" in a bar. You ultimately settle on the chain, just like how you settle the final tab on your credit card.

LN is an unnecessary solution to a made up problem. Other cryptos have proved that much much more transactions can be easily processed by merely increasing the blocksize.

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#93

Post by dang »

seibelj wrote: post #5
chippy wrote: post #2

Anyone else not really suprised. It's like they were actively in search of sharks to jump over for years. The question we should be asking is, what's next or why? I think this is for Only Fans uber-for-porn competition. If only a massive corporation could think beyond their wallet which may people put next to their second favourite organs!

HN will never understand crypto / blockchain. Bitcoin and NFTs are amazing tools with huge potential for monetization of all sorts of digital goods. It has never been a better time to be a digital artist and earn a living. The lack of imagination and "get off my lawn" around here is absurd.

Please don't post unsubstantive defensive stuff about the community. I realize it's frustrating to hold a minority/contrarian view (believe me, I understand) but all a comment like this does is add bile, which helps nothing.

Two productive choices are: (1) take up the cross of patiently and respectfully explaining what you believe to be the better information; or (2) chalk it up to people being wrong on the internet and just don't post.

https://news.ycombinator.com/newsguidelines.html

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#94

Post by neb_b »

aazaa wrote: post #90

> Strike works in all US states except New York and Hawaii, and the country of El Salvador. That's odd, because Strike is the company on which El Salvador's Bitcoin experiment is based. https://www.businessofbusiness.com/articles/what-is-strike-E... Also, this article has a completely different take: > A video was released on Thursday of Jack Mallers demonstrating the service with the firm’s integration of the Strike…

Confusing sentence. It could be rewritten as

"Strike works in El Salvador and all US states except New York and Hawaii"

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#95

Post by dropnerd »

astoor wrote: post #21
seibelj wrote: post #5

Earlier quoted context omitted.

HN will never understand crypto / blockchain. Bitcoin and NFTs are amazing tools with huge potential for monetization of all sorts of digital goods. It has never been a better time to be a digital artist and earn a living. The lack of imagination and "get off my lawn" around here is absurd.

The problem is that HN actually does understand crypto and blockchain. The layperson might believe the myth that NFTs, for example, are "amazing tools with huge potential for monetization of all sorts of digital goods", but most of HN will know the reality - you are "buying" nothing more than a URL in a JSON file (i.e. no legal ownership of anything), almost all artists will lose money (there are over 20M listings on…

don't think any of these assertions capture the possibilities of the space

> no legal ownership

the market is moving towards licensing the image to the nft owner or dispensing with restrictive licenses altogether

> artists will lose money

opensea's lazy minting means that you don't have to pay until you sell

> investors will lose money

it's not a zero-sum system

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#96

Post by dropnerd »

jjnoakes wrote: post #28

This (this specific news as well as crypto in general) still feels like externalizing a fairly important cost - the energy usage required to keep this world-wide distributed ledger going. Change my mind?

price the energy cost correctly then

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#97

Post by throwaway158497 »

plebianRube wrote: post #86
throwaway158497 wrote: post #40

Earlier quoted context omitted.

Twitter will hold the bitcoins and collect interest before transfering to person tweeting?

Yes, they will enter a Defi contract for the few seconds it takes to send the lightning payment. They will scalp fractions of fractions of a cent, making them wealthier beyond their wildest dreams. Try harder.

Well, technologically it is possible to transfer almost impossible That doesn't mean they will do it. They will hold it for a few days. At scale, it will add some money to twitter coffers(if they are successful that is)

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#98

Post by sjtindell »

snarf21 wrote: post #45
blhack wrote: post #4

Absolutely 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…

Leaving BTC and lighting aside, I don't think most people would opt out of ads in favor of micro payments. There is a minority who have the money that would but I see nothing in society that points to making such a change possible. Do you have any studies that show people would pay for news/socials/etc. in exchange for no ads/tracking/+privacy? Even the paid streaming services have ads and even when you pay, I'm sure…

Twitch and similar platforms are absolutely inundated with users who are quickly growing used to regularly donating via micropayment of sorts, not even via subscription but just as one-off donations. And they hate ads. It's very common for the wealthier streamers to run the absolute minimum number of ads required by their contract. When users don't have the money to donate, they will explicitly say "give me ads" and the streamer will run them.

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#99

Post by corysama »

JonathanBeuys wrote: post #34

Why 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?

The problem with tipping online is not that people are unreasonably stingy. It's that people are reasonably lazy. A lot of people are happy to toss a few coins to their Witcher. But, it has to be trivially easy to do so or they won't bother. Requiring even trivial effort to give away money is unreasonable.

Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs

#100

Post by rstarast »

Imnimo wrote: post #66

I'm having a very hard time imagining a scenario in which I would feel the need to tip someone for a Tweet. I understand why I might want to pay someone for, say, a Youtube video, or a substack article. But is there really enough value packed into a tweet that I'd want to send someone money for it? Maybe I'm just not imaginative enough. Or maybe the answer is porn.

"Any tips for this tweet will be sent back double!"
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