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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

#111

Post by Buttons840 »

> Bitcoin isn't the extent of Twitter’s crypto plans: the company said it is also planning to support authentication for NFTs, or non-fungible tokens, by letting people connect their crypto wallets. “NFT authentication will come in the form of a badge, shown on profile pictures, marking the owner’s NFT as authentic,” a company spokesperson said.

No talk about the NFTs yet. My gut tells me that ultimately, personally speaking, NFTs are going to be about telling me what I can't do. "You can't post that meme, you can't quote that person, etc." Maybe I just don't get it?

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

#112

Post by maccolgan »

arcticbull wrote: post #108
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…

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 exac…

The reason that people typically don't accept tips in anything but crypto is that it would eliminate the pseudonymity that crypto would offer...

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

#113

Post by meheleventyone »

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.

There’s a lot of sex work on Twitter so porn isn’t a silly answer at all.

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

#114

Post by meheleventyone »

arenaninja wrote: post #31

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)

I use Twitter and it has the opposite effect. I’m not surprised though.

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

#115

Post by cwkoss »

maccolgan wrote: post #112
arcticbull wrote: post #108

Earlier quoted context omitted.

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 exac…

The reason that people typically don't accept tips in anything but crypto is that it would eliminate the pseudonymity that crypto would offer...

Also accepting tips via CC exposes you to chargebacks, were people can actually financially damage you (ex. they donate and chargeback, they get their money back, you get nothing + a ~$20 chargeback fee)

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

#116

Post by thinkmassive »

arcticbull wrote: post #108
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…

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 exac…

Nobody used micropayments when they were a hassle. Today there are already Lightning-based apps breaking down that barrier, live in production using mainnet BTC.

Spinx[0] and Zion[1] are chat apps that offer room hosts the option to set a fee for joining and/or sending messages to a channel, for the purpose of spam reduction. Another cool feature already live in the app is pay-per-minute streaming of podcasts and videos.

[0]: https://sphinx.chat/ [1]: https://www.getzion.com/

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

#117

Post by zapdrive »

bradwood wrote: post #106
zapdrive wrote: post #92

Earlier quoted context omitted.

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...

Bitcoin blockchain size: 350 gb

12tb harddrive: $199.

Bitcoin blockchain is increasing at less than 100gb per year. The storage cost of 100gb is about $1.6

I'm sure people running nodes can spend more than 1.6 a year to store a bigger chain.

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

#118

Post by zapdrive »

Geee wrote: post #110
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…

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.

You conveniently forgot to mention that you have to have a lightning node connected to the network 24/7 to protect yourself from fraud. Or, you have to use and trust a third party node.

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

#119

Post by zapdrive »

satronaut wrote: post #105
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?

they're doing it via lightning, which is off-chain until payment channels are settled.

But you still have to make a transaction to open a channel.

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

#120

Post by space_rock »

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…

People that call bitcoin "crypto" are likely to describe bitcoin technology incorrectly
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