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Yassine Elmandjra @yassineARK
, 4 tweets, 2 min read Read on Twitter
Bitcoin’s base layer transaction volume doesn’t compare to Visa’s, MC’s et al. But it was never supposed to.
Look 👀 at the transaction *value*, NOT the transaction *volume*. $3-4 B worth of bitcoin has been transacted daily in the last year. At ~ $1.3T annually, Bitcoin’s base layer transactional value is within an order of magnitude away from Visa’s.
The use case for Bitcoin’s base layer as a settlement layer for large value transactions is real. Give LN ⚡️ some time, and then we can argue about throughput.
forgot to tag @nic__carter, who first brought this up in @TFTC21 podcast
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More from @yassineARK see all

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1/ In a paper written 17 years ago, @NickSzabo4 sheds light on why Trusted Third Parties (TTPs) are massive security holes.

17 years later, the paper is still more relevant than ever: nakamotoinstitute.org/trusted-third-…

Let's dissect what it all means:
2/ As a refresher, here are just a few ex. of trusted third parties as security holes:

MapleChange bit.ly/2OY73vr
Facebook nyti.ms/2NQQNf9
DNS bit.ly/2Svap7n
Yahoo bit.ly/2yIVuOD
Verizon bit.ly/2P1jOFs
Equifax cnnmon.ie/2zegzjn
3/ In the context of cryptography, what is a TTP and how does it work?

A TTP is an entity facilitating interactions between parties who don't trust each other but 'trust' the entity. All communication between the parties is reviewed and managed by the TTP.
Read 24 tweets
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1/ We often forget how the @FederalReserve, America’s central bank and the heart of the country’s banking system, truly came to be.

In this thread, I will lay out a fascinating, often overlooked, part of history:
2/ "In order to understand the Federal Reserve, we must first understand its origins and context. We must deconstruct the puzzle."
3/ In late 17th century, England suffered a devastating defeat by France in the Battle of Beachy Head. It was this defeat that became "the catalyst for England rebuilding itself as a global power."

en.wikipedia.org/wiki/Battle_of…
Read 32 tweets
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1/ TxTenna, an application of mesh networking with Bitcoin transactions, is on the horizon thanks to @SamouraiWallet and @gotenna. This is super exciting. But what does it mean exactly?

An intro to mesh networks and goTenna:
2/ To understand mesh networks, let's first break down how they differ from typical network architectures. Your everyday devices (phones, computers, routers, etc) are commonly setup under a hub and spoke architecture.
3/ The name effectively reveals what that means: the nodes on the network (spokes) are all connected to a single center (hub). This ‘hub’ serves as the access point through which all devices on the network connect to all other devices.
Read 15 tweets

Related threads

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1/ @SatoshiLite recently debated @rogerkver about the merits of using Lightning Network vs BCash for payments. In the debate Roger brought up a point that needs to be addressed; Roger claimed that it is easier to censor payments on LN than on BCash.

2/ Here is the tweet that Roger mentioned in the interview. In it we see a strongly connected network with one isolated node - the node was named Roger Ver.

Roger claims that the ostracization of this node is not funny, but a sign of censorship.

3/ Let's consider the economics of his claim. It is important to recognize that with Lightning Network, as with #Bitcoin, or even with free markets in general, you never have guarantees of anything - you have incentives that create long term tendencies.
Read 7 tweets
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Central planning eventually breaks down due to unintended consequences. Ever increasing levels of intervention are needed to sustain central planning.
Unintended consequences are inevitable because the market is made up of infinite variables interacting through time.

Even the best models can't hope to include more than a trivial number of those variables.
Central banks are the lowest level, the base layer of all intervention. Their central planning is breaking down. #bitcoin
Read 3 tweets
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1/ Very pleased to share a summer project: a comprehensive, supply-side view of the base money supply across the globe. What is base money? Gold? Fiat? Bitcoin?? Have some charts to share…
2/ To begin, it's important to understand the universal accounting identity: Assets = Debt + Equity. Today, it's true that all fiat money is debt-based. But before exploring fiat money, let's look at asset-based money.
3/ Traditionally, commodity money has been asset-based, most notably gold. Gold is a true asset of the holder. If you own gold free and clear, it is your asset, and no one else's debt, no one else's liability.
Read 61 tweets
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Spending #Bitcoin today is senseless. But if we manage to make it a good store of value, then it will naturally be used as a medium of exchange in the future.

Thread 👇
1/ Instead of focusing on the act of "spending", we need people want to "earn BTC", to "be paid in BTC". We need more hodlers.

The economic and technical consequences of stressing one viewpoint (to spend) over the other (to earn) are profound and irreconcilable.
2/ Money's essence is being used as a medium of exchange (MoE). But for something to become money, or a universally accepted MoE, it must first follow evolutionary stages. First, comes store of value (SoV), second, MoE, and third, unit of account (UoA).
Read 57 tweets
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.@CNN .@ABC .@CBS .@NBCNews .@MSNBC
So Dutch intelligence recorded the entire Russian hack of the US election, & has the hackers & their visitors *on* *video.*

Things just got exciting.
.@CNN .@ABC .@CBS .@NBCNews .@MSNBC
In other words, it’s even more beyond question that Russia hacked the election – we literally have them on camera doing it. We have their faces, & the faces of those directly overseeing them.
volkskrant.nl/tech/dutch-age…
.@ABC has done a piece on this revelation, but I thought I’d bring it to the attention of .@CNN .@CBS .@NBCNews .@MSNBC. And I wanted to sum up the other devastating revelations tearing this would-be coup, & its perpetrators, apart.
abcnews.go.com/Technology/wir…
Read 48 tweets
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1/ #Bitcoin is in a mania. I admit that. People are accumulating. If bitcoin was a typical investment, it would be setup for a 90% sell-off. But this isn't a typical investment.
2/ It's important to understand that #bitcoin is divisible to 8 decimal places. 0.00000001 btc = 1 Satoshi, the smallest unit (that the base layer will recognize).
3/ It's true, #Bitcoin isn't usable for everyday payments at the base level, no cryptocurrency is, but it is good at making transactions that are censored by credit cards and other payment methods. ie wikileaks donations, dark mrkt prescription drugs, etc.
Read 10 tweets

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