Will Twitter offer APIs to do things like allow a user to authenticate to allow an app or service to track tips they receive? I haven't seen any information about this.
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
#102Earlier quoted context omitted.
Bitcoin's energy consumption depends on mining revenue. Currently the main component of mining revenue is block reward. Block reward will go to zero over time. How much energy Bitcoin will use then is not known today. It is a new experiment that mankind is performing for the first time. The old financial system is not very efficient. In the USA alone, millions of people work in the finance sector. Automating those ta…
The bits of the old financial system which duplicate bitcoin (doing simply electronic transactions) are very efficient. I see no reason all the other stuff wouldn't still be around in a world where bitcoin replaced the dollar. Also, there is no way bitcoin can come close to scaling to even a tiny fraction of the transactions which happen every day.
> The bits of the old financial system which duplicate bitcoin (doing simply electronic transactions) are very efficient.
Its all very efficient until Mastercard and Visa decide that your line of business should not be allowed to receive money and they blacklist you and your descendants from the financial system forever.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#103Absolutely 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…
Isn't this what Brave tried doing in their browser circa 2016? Doesn't seem like micropayments fit the current consumer mindset the way periodic subscriptions do.
Yes, but Brave made their own token (BAT)
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#104Earlier 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.
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…
Sorry dang I have patiently defended crypto / blockchain for years and taken all the downvotes. Twitter announces full integration and it’s still all negativity. Not sure what success would be anymore to convince the HN community.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#105Absolutely 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?
they're doing it via lightning, which is off-chain until payment channels are settled.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#106Earlier quoted context omitted.
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.
Increasing the blocksize makes running a node much more expensive (due to storage, mainly) which in turn makes the network less decentralised. Bitcoin (rightly) selects for decentralisation over transaction speed, hence LN as an L2...
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#107Earlier 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.
Ah, okay. I'll admit that it's been quite a few years since I've used lightning.
(I used it back when it was in beta to buy something from blockstream, but that was it. Back then it was an extremely complex process.)
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#108Absolutely 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…
Micropayments are something we’ve had available to us forever, there’s no reason a custodial wallet like PayPal can’t offer them - or couldn't have offered them at any point in the last two decades. People don’t want them. And they certainly don’t want them at up to $60 a pop haha. Or over LN which still requires an on chain transaction to open a channel.
Nick Szabo has a great write up that outlines my thoughts exactly [1]
[1] https://nakamotoinstitute.org/static/docs/micropayments-and-...
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#109Earlier quoted context omitted.
Bitcoin does not only do transactions. It has a smart contract language which allows more and more types of smart contracts all the time. (Yes, Bitcoin is not static as many people think). The old system is not at all efficient for transactions. Vendors hate credit cards for a reason. Visa alone made 20 Billion Dollars in revenue last year for a reason. Bitcoin can scale infinitely via the Lightning Network.
Visa is "inefficient" because they supply many many more services than simply transacting. Dispute resolution, fraud detection, customer service, card issuing, and on and on. You know, all of this stuff we'll have to build from scratch for Bitcoin to become even remotely viable as a currency. There's no reason to believe that Bitcoin can make these services any more efficient.
Dispute resolution is trivial with a 2-of-3 multisig. The customer locks up funds until service has been provided and then in the ideal case the customer and merchant agree and pay the merchant. If there's a dispute, the dispute resolver can forcibly send funds with the cooperation of either party.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#110Absolutely 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…
Lightning Network is not a side chain. It's basically a way to interactively update transactions between nodes before they're broadcasted and settled on blockchain. It forms a network where payments are routed through nodes without having to trust anyone. It's scalable and private.