@felix
18245 stacked

I thought Noah's goal is to provide non-custodial services – did I misunderstand?

stablesats & standardsats is number 7.

3,5 and 6 are not Bitcoin.

What's the reasoning behind a Bitcoin Miner building up a non-hardware Research department?

Not comparable IMO.

Fedimints are trusted, but home LN setups are not.

Was just about to post.

Down for me as well...

They should've really compressed the PDF... πŸ™Š

HUGE congratulations to you on this!!! πŸ‘πŸš€

As I mentioned in my very first post on SN, I've been a fan of this concept from the moment I first saw it.

I immediately understood the value proposition. Create-to-earn, engage-to-earn --> let the actual value-generating stakeholders get rewarded for their time.

However, while it's awesome that people can earn by contributing content, I believe the much bigger benefit will become visible over time:

The incentive structure will enable...

  • Higher quality content
  • Deeper & more valuable discussions
  • No/less need for moderation
  • Leading to a fundamentally more sustainable platform.

TL;DR This model is not only an inherently fairer model, but more importantly, it will create experiences that were just not possible before!

(Let me know if/how I can help out, would love to contribute!)

The Lightning Whitepaper is a good place to start :)

Favorite movie of all time? 🍿

While answering the question "VC investment vs. stacking BTC", I'd say it's certainly a function of how much net worth you have.

However, once there's more market proof demonstrating that BTC infrastructure & lightning companies can actually have profitable business models, we'll see more traditional VCs entering the space.

Their LPs are often large insurance funds, pension funds, & other systematic long-term capital that diversify into VCs for better risk-adjusted returns.

Most of those might indirectly invest in bitcoin infrastructure companies years before investing in bitcoin itself.

To recap; the chances of "old/systematic money" investing in Bitcoin startups first (instead of bitcoin), are much higher than you'd think.

Yeah, maybe one or two would've sufficed, agreed.

Did my essay somehow intimidate you?

I don't follow the passive-aggressive nature of your reply. Especially because you're jumping all over the place.

I noticed that Lightning 10x'ed the amount of venture capital, developers, founders, and products with decent PMF in the bitcoin space and felt the need to share my thoughts so that I can potentially motivate a couple of people to think about this more, instead of simply hodling.

IMO for 2 reasons:

  • If you are a large hodler of Bitcoin, you have a huge incentive to do a relatively small (philanthropic) investment to ensure that adoption will continue & development goes in the right directions (trustless/-minimized, non-custodial, etc.)
  • At this stage in bitcoin's monetization, we maybe have another 100x in the next 30 years, with most of the growth being in the next 5-10 years, obviously. The more mature bitcoin becomes, the more attractive equity bitcoin infrastructure companies will get.

Don't get me wrong, hodling is still the best for most people. But if you own 1000+ Bitcoin, you have an immense incentive to invest 0.1-1% of your bitcoin into infrastructure projects, and accelerate adoption, while also making great risk-adjusted returns.

Fair point, Taro needs more time... Fingers crossed it'll now move faster with all the interest in it!

However, both RGB and OmniBolt are essentially ready.

Regarding adoption: IMO it's the other way around. There wasn't a lot of incentive to adopt Segwit, because during the bear-market blocks were empty most of the time. No need to save space if there's a ton available.

With regards to taproot adoption; Honestly, for the first time, there's actually a strong incentive to adopt a token protocol because it solves a huge pain point.

Being able to send USD stablecoins around the world in an instant, and effectively for free is a tremendous product/use case. You completely kill any remittance company and save 20%+ per transaction.

Also, it's important to point out that only apps/nodes/wallets that want to use e.g. USDT need to adopt RGB/Taro/OmniBolt. All other routing nodes in-between don't need to care about this at all.

I think adoption will be faster– in places where it counts! (wallets)

(Also, Omnibolt doesn't need taproot)

100%

I think the btc/ln startup ecosystem will look way different next year!

Many more startups, much improved/more resources & dev kits, dedicated bitcoin accelerators, etc...

Yes, that's exactly the signal I noticed as well. Many more founders & devs jumping in, building with lightning. I don't think the solutions/products will fully mature in 12 months, but I do think the bitcoin/lightning startup ecosystem is going to be much more robust.

No worries!

I guess 2 changes would be awesome to facilitate nicer looking long-form content:

  • Clearly visible size difference between headers (especially H1, H2 and H3)
  • Styling of dividers "---". As of now it's simply larger spacing. A greyish line/divider would be awesome!

Honestly, no idea lol, just looks cool. I searched for "storm" on giphy though.

Was waiting for this! Thanks Koob! πŸ™

I think we simply got lucky with who actually worked on that stuff. Always depends on which parliamentary focus group + consultants are working on a particular policy – got lucky this time!