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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

#151

Post by mckirk »

ahtihn wrote: post #150
gwicks56 wrote: post #126

Earlier quoted context omitted.

As someone who runs a full node, this is not accurate at all. Space is cheap, bandwidth is expensive. I frequently upload > 1TB a month via my full node, if blocks were twice as big and full, then I would be uploading > 2TB a month. How many people in the world have an internet connection which can handle that? Then you have to process each block, the bigger they are, the most computation needs to be done. Everything…

100 Mbps internet connections are really common nowadays. 1 TB of bandwidth in a month is really nothing. I use more than that just for Netflix and torrents.

He is talking about uploading though. Synchronous 100 Mbps connections are sadly not so common.

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

#152

Post by corobo »

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.

Honestly I thought it was more for the chuck us a few quid tweets than rewarding anyone

Taking on GoFundMe's market rather than Patreon

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

#153

Post by corobo »

JonathanBeuys wrote: post #42
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?

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…

When you say over time are we talking next year, decade, century?

I don't really follow Bitcoin and friends, all I know is it uses more electric than some countries

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

#154

Post by ejanus »

gwicks56 wrote: post #124
pontus wrote: post #122

Earlier 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…

Thanks. Where can I get materials on Lightning and its code?

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

#156

Post by lowkey »

CynicusRex wrote: post #155

Time to double down on Twitter alternatives. I feel immensely conflicted about using a platform that supports multi-level marketing pyramid Ponzi schemes.

Could you elaborate on what you mean here? How is Bitcoin multi-level marketing or a ponzi scheme?

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

#157

Post by CJefferson »

easrng wrote: post #109
mdoms wrote: post #62

Earlier quoted context omitted.

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.

The bit of dispute resolution where the money is sent isn't the hard bit -- it's actually doing the resolution. Bitcoin doesn't help with that at all.

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

#158

Post by CynicusRex »

lowkey wrote: post #156
CynicusRex wrote: post #155

Time to double down on Twitter alternatives. I feel immensely conflicted about using a platform that supports multi-level marketing pyramid Ponzi schemes.

Could you elaborate on what you mean here? How is Bitcoin multi-level marketing or a ponzi scheme?

“Thirdly, early adopters mine or buy large proportions of the total supply at negligible costs while late adopters mine or buy negligible proportions at large costs. It follows that holders immediately have every incentive to get as many people to buy after them. Like stocks? Like stocks, but without the dividends or anything tangible in the real world. Congratulations, you got yourself a pyramid scheme.” — https://www.cynicusrex.com/file/cryptocultscience.html

This podcast, after the first half, really goes into depth why all contemporary crypto“currencies” are inherently flawed: https://anchor.fm/when-the-music-stops/episodes/Nano--Digita....

Another good article: https://defector.com/cryptocurrency-bad-and-weird/.

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

#159

Post by lowkey »

CynicusRex wrote: post #158
lowkey wrote: post #156

Earlier quoted context omitted.

Could you elaborate on what you mean here? How is Bitcoin multi-level marketing or a ponzi scheme?

“Thirdly, early adopters mine or buy large proportions of the total supply at negligible costs while late adopters mine or buy negligible proportions at large costs. It follows that holders immediately have every incentive to get as many people to buy after them. Like stocks? Like stocks, but without the dividends or anything tangible in the real world. Congratulations, you got yourself a pyramid scheme.” — https://w…

Most stocks do not pay dividends. If you do some research you will find that Bitcoin pays interest at rates higher than most dividend stocks.

By your definition real estate, stocks and precious metals are also multi-level marketing since early insiders profit at the expense of late-comers.

Also Bitcoin has something like 70 million users so less than 1% adoption. In other words everyone is still early.

I’ll read those links but please note when I refer to Bitcoin, I am excluding all other crypto.

Bitcoin truly is a special snowflake and if you don’t understand the difference between Bitcoin and Altcoins I would suggest doing some more research to understand what you may have missed.

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

#160

Post by corobo »

DennisP wrote: post #76
corobo wrote: post #15

Earlier quoted context omitted.

How's the eco status on NFTs these days? I know Bitcoin is still trying to cook the Earth but have they fixed NFTs yet? My only "get off my lawn" take on it Also it all seems to be digitally drawn portrait templates with different accessories on (eg robot heads). I have no idea if they sell but someone's giving Twitter a bunch of money to shove those in my face haha. I'll put that one down to not getting it, I never…

Most NFTs are on Ethereum. That has pretty high energy usage for now, but is on track to eliminate it almost entirely in Q1 next year.

Oh nice I didn't know it had a timeline rather than just "we want to.. one day"! That's good to hear thank you :)
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