muneeb.btc Profile picture
29 Oct, 13 tweets, 3 min read
Bitcoin NFTs represent Bitcoin culture.

This is a powerful emerging trend.

Tweet thread👇
1/ Humans are social animals. We thrive in communities.

Every community has its own culture represented in stories, art, symbols, and values.
2/ Digital communities have their shared culture going beyond physical borders.

In an increasingly digital world, digital communities become increasingly more important than geographic ones.
3/ Cryptocurrencies take digital communities to the next level.

Now, people have a shared financial interest and a passion for seeing a change happen in the world.

Bitcoin is the largest crypto community connected through a shared purpose of bringing sound money to the world.
4/ Even though NFTs originated on Bitcoin (e.g., Rare Pepe), the Bitcoin community is disconnected from the modern NFT platforms and activity.

However, modern Bitcoin NFTs recently see a revival on Bitcoin through Stacks, smart contracts for Bitcoin.
5/ In the past few weeks, artists and community who love Bitcoin have started representing various stories and symbols of Bitcoin culture as NFTs.

This movement is organic, like culture itself. Let’s dive into some examples!
6/ Bitcoin community celebrates the Bitcoin Pizza day to celebrate the first pizza bought by 10,000 BTC in 2010 (worth $600M today).

There is a Bitcoin NFT series about Bitcoin Pizzas.
7/ Snow Crash (1992) predicted digital currencies like Bitcoin.

The community is eagerly awaiting the release of Crash Punks.
8/ The Bitcoin Citadel is a dystopian post on Reddit (2013) that paints a picture of Bitcoin’s success from the perspective of a time traveler.

The community has created Bitcoin Citadels as NFTs.
9/ No one knows who Satoshi Nakamoto is or they are male or female.

The community has algorithmically created faces of Satoshi using elements from different cultures & genders.
10/ The above Bitcoin NFTs are just a few examples. Aspects of Bitcoin culture (honey badgers, bulls, symbols) are getting expressed as Bitcoin NFTs.

These NFTs are minted at Bitcoin blocks; their ownership & transfers are defined by hashes on Bitcoin, through Stacks contracts.
11/ There is something beautiful about owning a little piece of internet culture.

With Bitcoin NFTs, I can now own a little piece of Bitcoin culture.

NFTs makes my connection to this community stronger and our shared stories and symbols more meaningful.
P.S: Your JPEGs will be highly illiquid; so I play around for the fun and culture and not for just making a profit 🙂

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More from @muneeb

24 Oct
I've been politely responding to criticism from @adam3us @notgrubles for weeks.

It's time to set the record straight RE Liquid vs. Stacks.

Please retweet to help educate people.

Tweet thread👇
1/ First of all, I highly respect the contributions of Adam Back and Grubles. We can disagree on some topics, but that does not take away my respect for them.

Let's dive into their criticism of Stacks and how it compares to the work they prefer: Liquid.
2/ Liquid is a federated (closed) network where you trust a handful of signers to operate the network and secure your LBTC (a Bitcoin-derived asset). 

Liquid has no connection to Bitcoin other than using LBTC, i.e., no connection for consensus, smart contracts, security, etc.
Read 17 tweets
24 Aug
Decentralized lottery game on Bitcoin.

How can this work? Tweet thread👇
1/ Satoshi Dice showed in 2012 how popular Bitcoin-based betting games could get.

Now with smart contracts for Bitcoin, developers can build much more sophisticated games. Let’s walk through a Powerball-like game.
2/ First, I’m not a lawyer, and any developer building such lottery games should consider appropriate laws in local jurisdictions. 

I’m interested in the technical design and possibilities.

Putting the legal disclaimer aside, let’s dive in!
Read 8 tweets
19 Aug
The opportunity window for starting new layer-1 blockchains was in 2017-2018.

Some thoughts on the L1 landscape👇
1/ First, let’s separate Bitcoin (sound money) from smart contract platforms.

New money layers (e.g., Bitcoin forks) have failed miserably.

Bitcoin is the clear winner for sovereign money (with recent attempts from Ethereum to compete there.)
2/ Smart contract platforms, however, remain a rapidly growing and competitive market.

The opportunity window for starting new L1 blockchains for smart contracts was in 2017-2018. These platforms typically require 2-3 years of development before mainnet launch.
Read 10 tweets
2 Aug
City governments can embrace Bitcoin and crypto faster than nations.

Miami Mayor @FrancisSuarez is experimenting with crypto to give Miami a Bitcoin-yielding treasury.

A thread on cities and crypto👇
1/ There are at least two ways city governments can embrace crypto: 

(a) cities can put Bitcoin on their balance sheet, and

(b) they can issue a "governance token" to engage their citizens.
2/ Cities like NYC run on billions of dollars. Like public companies, city governments can also diversify their cash balances into Bitcoin.

@michael_saylor wrote the book for Bitcoin corporate treasuries; forward-looking mayors like Suarez might write a similar book for cities.
Read 9 tweets
30 Jul
“When everyone zigs, Stacks zags.”
— Nick Grossman, USV

The popular opinion in crypto is that proof-of-stake is the future. Stacks recycles Bitcoin’s PoW and avoids PoS.

Why do we prefer PoW? Tweet thread👇
1/ First of all, intelligent people I respect, e.g., Silvio Micali (Algorand), are working on proof-of-stake, so clearly, I think it’s a design space worth exploring.

Given that enough smart people are already exploring PoS, I’m more interested in researching other designs.
2/ I don’t like slashing conditions in PoS. An event like a network partition (however rare that might be) can slash funds of honest nodes.

That’s why in Stacks, we had a design requirement not to have any slashing conditions.
Read 8 tweets
26 Jul
Native Bitcoin swaps are now live!

Why is this a big deal? Tweet thread👇
1/ What is this?

Users can do trustless BTC swaps to stablecoins, derivatives, perpetuals, and other crypto assets.

All by pure Bitcoin transactions on the main BTC chain.

Users can purchase any digital assets (like NFTs and decentralized domains).
2/ This is a big f—king deal. Why?

Bitcoin has established itself as digital gold, but you can’t use BTC to trade without going through:

(a) centralized exchanges, or
(b) alt blockchains w/ wrapped BTC

Not anymore!
Read 8 tweets

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