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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

#161

Post by JonathanBeuys »

corobo wrote: post #153
JonathanBeuys wrote: post #42

Earlier 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…

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

You can find the schedule by googling "bitcoin halving schedule".

The current plan is to halve the block reward every 4 years and completely stop paying a block reward in 2140.

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

#162

Post by corobo »

JonathanBeuys wrote: post #161
corobo wrote: post #153

Earlier quoted context omitted.

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

You can find the schedule by googling "bitcoin halving schedule". The current plan is to halve the block reward every 4 years and completely stop paying a block reward in 2140.

2140 haha. I included century as an exaggerated joke answer to try to poke someone into responding, I didn't realise it was on the money

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

#163

Post by DennisP »

corobo wrote: post #160
DennisP wrote: post #76

Earlier quoted context omitted.

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 :)

The production proof-of-stake system has actually been running in parallel since last December, staking real ETH, with over 200K full nodes. What's left is just to repoint the main clients, so instead of choosing blocks by the most work, they let the staking network choose blocks.

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

#164

Post by Rd6n6 »

lowkey wrote: post #159
CynicusRex wrote: post #158

Earlier quoted context omitted.

“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 thos…

When people talk about historical Bitcoin returns being attractive, they are talking about an extremely short history full of incredible variance and an uncertain legal future. You can’t easily make long term predictions based on that

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

#166

Post by lowkey »

Rd6n6 wrote: post #164
lowkey wrote: post #159

Earlier quoted context omitted.

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 thos…

When people talk about historical Bitcoin returns being attractive, they are talking about an extremely short history full of incredible variance and an uncertain legal future. You can’t easily make long term predictions based on that

11 years is extremely short? As for variance, yes sure over the short term but Bitcoin has 10x’d every other traditional investment on a long-term basis. You make long-term predictions based on things like scarcity, automated inflation policy, and other anti-inflationary properties.

Based on its historical investment returns as well as its inherent properties, I would argue that at this point a zero percent allocation into Bitcoin is objectively the wrong value.

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

#167

Post by freemint »

JonathanBeuys wrote: post #55
CJefferson wrote: post #46

Earlier quoted context omitted.

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.

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.

> Bitcoin can scale infinitely via the Lightning Network

No it can't . It barely scales to the orbit of Pluto (~5.7 light hours from the sun). You can not use it to send Bitcoin from one random point in the Oort cloud to another.

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

#169

Post by panarky »

cwkoss wrote: post #115
maccolgan wrote: post #112

Earlier quoted context omitted.

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)

Also credit cards are an extraordinarily expensive way to send fifty cents.

Stripe charges 2.9% plus 30 cents per successful transaction.

So your fee on a fifty cent micropayment would be 63%.

The lightning network would be free or perhaps one sat, which would be 0.08% of a fifty cent transaction.

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

#170

Post by Extigy »

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.

I could see someone tipping people like Foone who publish content primarily as stream of consciousness style Twitter threads.
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