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Jimmy Song (송재준)

Feb 14 • 7 tweets • 4 min read

NFTs and DeFi on Bitcoin.

#Bitcoin Tech Talk #279

Can we get X on Bitcoin is an eternal question, where X is a feature that's getting a lot of hype and marketing on some altcoin.

This is the wrong question because Bitcoin doesn't compete with altcoins. Altcoins' value is based on the same thing that fiat money is based on: trust in the central controllers.

This is why forked coins that have the same features don't have the same value. It's about the central controllers and not about the technical features. As a result, these features are often not well-thought out, have all sorts of vulnerabilities and don't make any sense.

Bitcoin is better money. Altcoins are trying to be a new fiat. Hence we shouldn't legitimitize what they're trying to do as competing with Bitcoin.

@glozow

Bitcoin
@glozow explains RBF and the problems it has
@bitfinex examines address reuse
A paper looks at all the altcoin code clones of Bitcoin

Lightning
@martybent is adding LN paywalls to Ghost
@CashApp adds LN support
@spiralbtc releases Sensei, LN node software

@Ten31vc

Econ, Etc.
@Ten31vc shows why open source is important
@bitfinex hack coins are found
@tallycoinapp allows Truckers to get funding
@CarlBMenger explains the Cantillon effect
@guardian profiles a Norwegian miner using excess heat

This and more on #Bitcoin Tech Talk #279

jimmysong.substack.com/p/nfts-and-def…

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More from @jimmysong

Jimmy Song (송재준)

@jimmysong

Feb 7

Improving Lightning Point-of-Sale and stories from this past week.

#Bitcoin Tech Talk #278

1/9

Most of the third world still operates using cash and their PoS systems are manual and labor intensive. We're used to modern PoS systems which integrate inventory management and accounting reconciliation.

2/9

An upgrade to Lightning for most of these countries is a huge leap, but it can be so much more. Currently, most PoS systems essentially monetize user data.

3/9

Read 10 tweets

Jimmy Song (송재준)

@jimmysong

Jan 31

Everyone's a Bank Now and stories from this past week.

#Bitcoin Tech Talk #277

Running an airline is tough. The economics are not favorable and weather, security threats and public health emergencies make operating at a profit really hard.

1/9

So how is it that they're still operating? They're certainly not innovating and prices haven't increased that much. So what's going on?

2/9

Airlines today make most of their money on selling airline miles, which is really a way of selling future flights for revenue now. Since they can issue miles from nothing, they're really fiat banks.

3/9

Read 10 tweets

Jimmy Song (송재준)

@jimmysong

Jan 17

Bitcoin and El Salvador and stories from this past week.

#Bitcoin Tech Talk #275

1/9

I'm in El Zonte checking out Bitcoin Beach. El Salvadorians have been, until recently, embarassed by how they've been known internationally due to the murder rate, corruption and so on.

2/9

Now they're starting to be proud, because people from all over the world are coming to their country to check out their Bitcoin integration. Bitcoiners are being treated really well here and Bitcoin is now a part of the national identity.

3/9

Read 9 tweets

Jimmy Song (송재준)

@jimmysong

Jan 10

Proof of Stake is Useless and stories from the past week.

#Bitcoin Tech Talk #274

1/

Proof-of-stake has been bandied about as an alternative to proof-of-work, but from a CS perspective, it doesn't solve anything.

2/

The idea is that you get signers instead of computation to achieve consensus. The problem is that to get consensus in that environment, the signers have to know which is the "right" block to sign.

3/

Read 12 tweets

Jimmy Song (송재준)

@jimmysong

Dec 27, 2021

Jack Dorsey vs. the VCs and stories from this past week

#Bitcoin Tech Talk #272

1/10

@jack

@jack has pissed off a bunch of VCs by saying that Web3 is a scam. @a16z in particular tried very hard to convince him otherwise, but ended up frustrated that he held his ground.

2/10

VCs haven't gotten much criticism. Founders, Media and Gov't generally say positive things about them because they control the money.

3/10

Read 10 tweets

Jimmy Song (송재준)

@jimmysong

Nov 22, 2021

Taproot gives us more tools against practical security threats and #Bitcoin news from the past week.

A thread. 1/8

@lopp

As @lopp identifies, there are 5 primary security threat models against Bitcoin holders: Accidental loss, Digital theft, Government seizure, Physical theft and Inheritance planning. Taproot gives us tools against all of these. 2/8

Accidental loss - you can add recovery options for free, e.g. 2/5 of your friends' keys, none of whom know about each other.

Digital theft - because there are better recovery options with self-custody, people will self custody more and not leave them on exchanges. 3/8

Read 10 tweets

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