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Michael Levin⚡️ Profile picture
@MichaelLevin
May 25, 2021 • 13 tweets • 14 min read • Read on X
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1/13: In the attached blog post, the first of a two part series, I explore how the adoption of #Bitcoin can be explained by understanding its dual adoption curves: #Bitcoin , the asset, and #Bitcoin , the network.

michael-levin.medium.com/part-1-the-dua…

A thread 👇🧵👇
2/13: Despite the noise, #Bitcoin is following a transparent and predictable adoption curve based on the Diffusion of Innovations theory. All technological innovations follow this model from invention through the treacherous path to mainstream adoption.
3/13: In just 12 years, #Bitcoin has grown to 135M users worldwide with an adoption rate faster than that of the internet, mobile phones, or virtual banking tools (i.e. PayPal) over comparable time periods (per @woonomic)
4/13: #Bitcoin is different however because its overall adoption is driven by two different yet interconnected technology adoption curves in the form of #Bitcoin , the asset, and #Bitcoin , the network.
5/13: #Bitcoin , the asset, refers to the store of value component of adoption. #Bitcoin , the asset, is an investment with the underlying thesis that #Bitcoin will become a global store of value due to many key characteristics.
6/13: #Bitcoin , the network, refers to the medium of exchange component of adoption. #Bitcoin , the network, enables a global money or currency that is permissionless, programmable, and accessible to anyone with an internet connection.
7/13: These two adoption curves occur concurrently with #Bitcoin , the asset, kickstarting the process so #Bitcoin , the network, can send/receive actual value. These curves are like waves interconnected to push each other and overall #Bitcoin adoption forward.
8/13: #Bitcoin ,the asset, is likely crossing into the early majority while #Bitcoin ,the network, is on the cusp of moving from innovators to early adopters. So, overlapping the two, #Bitcoin , overall, is early in its adoption curve, somewhere in the early adopter phase Bitcoin Overall Adoption
9/13: #Bitcoin 's current overall adoption trajectory is mostly due to its smooth transition from innovators to early adopters who embraced #Bitcoin ,the asset, and, thus, the store of value narrative. Narratives of Bitcoin
10/13: Given the current point on #Bitcoin 's overall adoption curve along with the projected rate of adoption, it is clear that over the next 10 years, #Bitcoin will start to move past those early adopters into the early majority.
11/13: Keep your eyes out for "Part 2: #Bitcoin 's Crossing the Chasm Superpower" in which I’ll explore #Bitcoin 's rapidly approaching crossing the chasm moment and hypothesize about its crossing the chasm superpower 👀⚡️ Crossing the Chasm Graphic
12/13: Thank you to thought leaders + creators like @starkness @nic__carter @hasufl @saifedean @PrestonPysh @LynAldenContact @RyanTheGentry @JackMallers @jack @PeterMcCormack @Croesus_BTC @APompliano @real_vijay @knifefight @NickSzabo4 @BitcoinIsSaving @parkerlewis @MartyBent
13/13: @Breedlove22 @timevalueofbtc @matt_odell who, through their work, educated + inspired me to explore + write about #Bitcoin . Ultimately, it was that education and exploration that led me to leave Google to pursue a career in #Bitcoin . More on that move next week! 🥳

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More from @MichaelLevin

Michael Levin⚡️ Profile picture
Nov 22, 2023
1/11: Lightning businesses should ensure ease of customer payment by maintaining quality, low-cost inbound #bitcoin liquidity.

The latest Lightning Terminal release introduces inbound liquidity reports to assist businesses in achieving this goal. terminal.lightning.engineering
Image
2/11: As a reminder, inbound liquidity refers to the ability of a node to receive Lightning payments. Inbound liquidity indicates the cost and ability for a customer to pay for services from the relevant business or node.
3/11: The Lightning Terminal liquidity report provides node operators with a quick, detailed view of their inbound liquidity. In Lightning Terminal, navigate to the Loop page and click on Liquidity Report on the top right side to view your node’s liquidity report.
Read 11 tweets
Michael Levin⚡️ Profile picture
May 1, 2023
1/12: As we’ve heard from the Lightning community, monitoring your node's routing activity and adjusting channel fees manually can be difficult and time consuming. So, in the latest Lightning Terminal, we launched automagic fee management! 🤖terminal.lightning.engineering

A thread 🧵
2/12: Autofees automatically manages channel routing fees. To make fee decisions, Terminal uses the forwarded traffic of the top five earning channels over 60 days as a reference for the entire node (in order to determine a target throughput).
3/12: It will then look at the forwarded traffic from the past seven days for each channel and decide whether to adjust fees upwards or downwards. Each fee adjustment is made in small increments once every three days.
Read 12 tweets
Michael Levin⚡️ Profile picture
May 4, 2022
1/8:🚨Opportunity to earn yield on Lightning Pool intensifies 🤑

Over the past month, Pool bid demand has been outpacing ask orders (median rates: 26% APY). There is a clear opportunity for node operators to earn yield on their sats through ask orders on Pool *right now*

🧵
2/8: First off, a Pool refresher, ask = open channel or sell inbound, bid = have channel opened to you or buy inbound liquidity. Buyer = Node operator that needs to receive funds over Lightning, Seller = Node operator that wants to earn yield, deploy capital on Lightning.
3/8: With Lightning Pool 🌊, buyers can lease inbound channels from Tier 1 nodes to get high quality inbound liquidity. And, sellers, who need to be Tier 1 ranked nodes, can lease out their LN Capital🌽 to earn yield and expand the LN graph📈
Read 8 tweets
Michael Levin⚡️ Profile picture
Oct 26, 2021
1/13: 🚨 Alpha Leak ⚡️

If you run a ranked Lightning node on Terminal Web, you can earn yield on your #bitcoin in a non-custodial, trustless way while improving the Lightning Network *right now* through @lightning Pool 🌊

Time for a thread 🧵👇
2/13: Before we jump in, some quick definitions📖: Ask = open channel or sell inbound, Bid = have channel opened to you or buy inbound liquidity. Buyer = node operator that needs to receive funds over Lightning, Seller= Node operator that wants to allocate capital over Lightning
3/13: First off, on the seller opportunity, we see 5-8% APR on these channel leases 🤯 Plus, we expect demand for channel leases to increase rapidly 😉

If you’re a Tier 1 node (ranked on TW), you can and should explore earning yield on Pool by selling channel leases!
Read 15 tweets
Michael Levin⚡️ Profile picture
Aug 26, 2021
1/14: Lightning⚡️Network developers are attracting users by solving problems in novel ways. Thus far, those solutions are mostly global micropayment based. But, what if consumer micropayments are just the tip of the spear for the Lightning Development Stack?

Time for a thread 🧵
2/14: Recently, I've been diving into Lightning Service Authentication Tokens (LSAT). I learn best by attempting to explain 🤓 Plus, this stuff is totally mind blowing 🤯 So, I'm sharing some thoughts..

Let's start from the beginning. Ever heard of the 402 HTTP Error Code?
3/14: HTTP uses status codes to communicate server responses to a client's requests. This allows for developers to consume APIs. One rare code is: 402 Payment Required, which was marked as reserved for future use. Seemingly, it was waiting for an internet-native global currency🤔
Read 15 tweets
Michael Levin⚡️ Profile picture
May 27, 2021
1/13: In this post, the final of a 2 part series, I explain how #Bitcoin is rapidly approaching its ‘Crossing the Chasm’ moment and hypothesize that the @lightning Network is #Bitcoin’s Crossing the Chasm Superpower. 

A thread 👇🧵👇

michael-levin.medium.com/part-2-lightni…
2/13: Before diving into this new post, if you haven’t already, you should read Part 1: The Dual Adoption Curves of #Bitcoin as it provides some key context.
3/13: Over the next decade, #Bitcoin adoption will move from early adopters—>early majority. This moment for innovative technologies has been coined “crossing the chasm” by @geoffreyamoore. It’s the leap that any innovative technology makes from early adopters —> early majority Technology Adoption Curve w...
Read 14 tweets

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