Earlier quoted context omitted.
Why would you have to support different currencies?
Youtube has an international audience.
All of whom can pay in USD with a credit card.
Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
131–140 of 172 posts
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#132Earlier quoted context omitted.
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.
In that case you could always go with option 2. I know it's frustrating, but the internet is to a first approximation wrong about everything, so it's a frustration we all have to live with.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#133Earlier quoted context omitted.
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).
>>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).
If I were to restate what I think you're saying: Twitter is implementing a tipping system that allows you pay using Strike _as_well_as additional non-custodial [and potentially non-kyc] lightning payment apps once a lightning channel is open.
I think that you're either dead wrong, or the non-Strike lightning payment option will be so convoluted that almost no one actually will actually use it. I will be happy to be proven wrong though.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#134Earlier quoted context omitted.
> pay someone a tiny fee to monitor the blockchain A.k.a trust a third party. > For most people, using a 3rd party custodial solution for their low balance hot wallet seems to be the norm. Just like Venmo or PayPal?
If you want to eliminate trust, with Bitcoin and lightning you can. If for you it's too much hassle, you don't have to. Unlike every single other blockchain, in which you have no choice but to trust centralised solutions, because they are centralised. See Solana switching their blockchain off for a while, lol [1] https://coingeek.com/solana-blockchain-implodes-what-happene...
>>If you want to eliminate trust, with Bitcoin and lightning you can. If for you it's too much hassle, you don't have to. Unlike every single other blockchain, in which you have no choice but to trust centralised solutions, because they are centralised.
*Bitcoin Cash enters the chat*
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#135what does bitcoin really enable here that normal payment systems don't
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#136Earlier quoted context omitted.
Can you elaborate on this? I was under the impression that each update had to be signed. Why then would you have to be connected 24/7 to protect yourself from fraud?
Everytime the balance in the channel is updated, a new transaction is created and signed. If one party in the channel publishes an old state ( which they could have more bitcoin than they should), you have to be online to detect it and publish the latest one, in which case they lose all their bitcoin for publishing an old state as punishment. Technically you don't need to be online 24/7, just often enough to detect t…
There was recently a paper published on Inherited IDs, which proposes changes that would not only solve the on-chain scaling problem, but also eliminate the need for watchtowers: https://github.com/JohnLaw2/btc-iids/blob/main/iids13.pdf
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#137Absolutely 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
This is a cynical stub of a thought if I've ever seen one. Say more?
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#138what does bitcoin really enable here that normal payment systems don't
Well you can't really tip with a payment system, realistically, right? If I want to toss someone 50 cents Visa or whoever takes a fixed amount plus a percentage, so there are usually minimums.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#139Earlier quoted context omitted.
Everytime the balance in the channel is updated, a new transaction is created and signed. If one party in the channel publishes an old state ( which they could have more bitcoin than they should), you have to be online to detect it and publish the latest one, in which case they lose all their bitcoin for publishing an old state as punishment. Technically you don't need to be online 24/7, just often enough to detect t…
> pay someone a tiny fee to monitor the blockchain A.k.a trust a third party. > For most people, using a 3rd party custodial solution for their low balance hot wallet seems to be the norm. Just like Venmo or PayPal?
> A.k.a trust a third party.
True, but in a very limited sense. You're trusting a third party to protect you from your counterparty posting an out of date state. And adding further complexity, your counterparty gets punished if they get caught publishing this state, and they have no way of knowing if you are watching or not.
So, from a game theory perspective, it is unlikely for this to even come into play.
Oh, and you can technically have multiple third parties doing this.
Re: Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
#140Earlier quoted context omitted.
Many people already have opted out of ads. People like Glenn Greenwald and Matt Taibbi who have massive, lucrative substacks, for instance. Many others have done patreon. Many, many youtube creators and podcasters have strong incomes due to that.
What percentage of regular people participate in these schemes though?
What percentage of regular people would participate in this new scheme, though?