#Bitcoin 101: Satoshi's Innovation

Understanding why and how Satoshi Nakamoto used proof of work to crack the code that unlocked the best money in human history.

Gold is stuck in the ground, #Bitcoin is stuck in the future.

My keynote presentation at @BitcoinAtlantis: Unfortunately, the beginning of the keynote is a little messed up. My slides weren't formatted correctly and there are tons of shots of the faces of the crowd which I do not support. I've done my best to blur the crowd in these edited clips. I believe the conference is working on a version of its own that addresses these issues.

The most important piece that got cut from the intro of my keynote was my tribute to @dergigi.

I consider Gigi a genius. This presentation is an extension of his work.

You can find his work here: dergigi.com

I no longer own any US dollars. Not even a penny.

As an American millennial, I love our country but I oppose our money.

I'm all in on #Bitcoin. Setting my sails toward prosperity or going down with the ship.

I believe it's important to take a stance now more than ever 🫡 In 1971 the US abandoned the Gold Standard and assigned itself as the world reserve currency issuer.

It's been a post-industrial economic wasteland ever since.

The money printing has created hyper-financialization, hyper-asset inflation, and a disgruntled population.

I lost another friend this week. 28 years old. Substance abuse.

Unfortunately, this is a growing trend. It is not uncommon anymore to get that phone call about a childhood friend.

There is a known shared pain amongst my age group. You can feel it.

I fear for my generation. Everyone seems to be depressed, sick, in debt, and in pain.

A generation born into skyrocketing divorce rates & child-per-women crashing.

A generation told to take 6-figures of debt for education.

A generation told not to eat whole foods while obesity rates skyrocket.

We're watching the banking system of the United States collapse on itself in real-time

The Federal Reserve may have broken the US banking system and tarnished its credibility

Are we entering a new era for US banking?

Will the world now truly appreciate Satoshi and #Bitcoin?

https://twitter.com/unusual_whales/status/1635069268663603201

In 2008, bank portfolios were riddled with bad credit.

Same problem this time? Nope.

This time bank portfolios are riddled with long duration bonds like US Treasuries and Mortgage Backed Securities.

Wait... what?

We were told those were "risk-free"?

What's the problem?

The Bitcoin Network (often shortened to #Bitcoin, or simply BTC) is the central banking system of the Internet (or internet). It was created on January 3rd, 2009, when Satoshi Nakamoto mined the first Bitcoin block, after a series of financial panics led to the desire for a distributed monetary system in order to alleviate financial crises, improve financial inclusion, and enhance human freedoms.

The @Strike Sending API Documentation is now public!

Businesses and developers can now use the Strike API to send US Dollars over the Lightning Network

Cheaper, faster, global, superior payment experiences on the world's open monetary network

#Bitcoin

docs.strike.me/walkthrough/se… Businesses and developers can now send US Dollars over the Lightning Network in the same way they do today with legacy payment networks such as SWIFT, ACH, Visa, and more.

A new, cheaper, faster, open, global payments network for payments of any size, to anywhere, by anyone.

Send Globally 🇵🇭⚡️

Strike users can now send US Dollars direct to banks and mobile money accounts in the Philippines!

#Bitcoin, as an open, global, instant, cheap settlement network, is now acting as the superior payment rail for the world.

🚀⚡️🌏

fortune.com/crypto/2023/01… The Philippines is one of the largest remittance markets in the world.

Remittances account for 9% of their GDP, which is more than $35 billion annually (12% of total global remittances).

$12.7 billion per year are from the U.S. alone.

Over $1B 🇺🇸 ➡️ 🇵🇭 per month 🤯

Send Globally 🌍⚡️

Strike users can now send US Dollars direct to banks and mobile money accounts in Nigeria, Ghana, and Kenya.

#Bitcoin, as an open, global, instant, free settlement network, is starting to act as the payment rail for the world.

businesswire.com/news/home/2022… Legacy payment rails are duct tape.

They were never designed for forever. They were only built to hold together the now.

Humanity finally has an equitable payment standard for the world.

#Bitcoin fixes this.

With my @Strike card, I now get my direct deposit to Strike, I buy #Bitcoin on Strike, I remit money on Strike, I spend money on Strike, and I earn rewards on Strike.

Now, Strike does everything my bank does.

Now, I can finally close my @Chase account.

A #Bitcoin native bank

https://twitter.com/Strike/status/1557828743925727234

The Strike Card makes Strike the first banking app that allows users to use dollars on the ACH network, a card network, and the Lightning network.

A banking app that uses #Bitcoin as a payments network, allowing users to use their dollars in ways that were previously impossible

"A failure to understand proof of work is a failure to understand #Bitcoin" - @dergigi

Satoshi used difficulty-adjusted proof of work to combine money, time, energy, and information to create the best money in human history.

#Bitcoin's use of proof of work is the innovation. "If someone has the power to create and control the money, this power will be abused"

Money is as powerful a weapon for evil as it is a tool for prosperity and freedom.

For this reason, humanity has historically valued money that lives outside the control of any central group.

Weeks ago I recorded an interview with @BusinessInsider to discuss @SBF_FTX claims that #Bitcoin can't scale, won't be used for payments, and that proof-of-work is bad for the environment.

It was never published.

So, I uploaded it.

#Bitcoin is the signal in a sea of noise. #Bitcoin is the best monetary instrument because it allows money to travel through space and time

Another awesome product built on the Strike API: paymeinb.tc

A global invoicing platform with instant, free, irreversible payments using #Bitcoin and the Lightning Network.

Create and send a hosted invoice payable by anyone in the world in less than 30-seconds

🚀⚡️ The global invoicing market is massive and growing with an expected CAGR of over 20%.

As the world becomes increasingly more digital and connected, there is a growing desire to transact and exchange goods and services.

We have a global payment standard.

We should use it.

Awesome new product built on the @Strike API: reacher.me

Solving the email spam problem with #Bitcoin and Lightning payments.

The public can now reach me at jack@reacher.me for $1

The future of the Web is using #Bitcoin as the internet's native currency. Email is likely the most successful mass-communication scheme of all time but has always had a spam issue.

In 2012, @Yahoo Research estimated 88% of worldwide email traffic was spam, and spam costs businesses and consumers an estimated $100M per year.

pubs.aeaweb.org/doi/pdfplus/10…

@jack @Ghost Tinkering with @Ghost and @PlebPay, I created a post behind a global micropayment paywall on Lightning.

For only $0.10, payable by any Lightning wallet in the world, you can watch my 21-year-old self celebrating Segwit activating on #Bitcoin.

Crazy.

jack-mallers.ghost.io @jack @Ghost @PlebPay Now with @CashApp integrating Lightning, I can now monetize my content to all 70M+ CashApp users, and all 100M+ Lightning Network users globally.

Network effects and economies of scale at work.

The real future of the creator economy on the web.

Open networks win.

#Bitcoin

Live now.

#Bitcoin and Lightning powered Chess and Q&A live stream.

Have questions about #Bitcoin, Lightning, Strike, my celeb crush, or anything else your heart desires?

Come play some LN-powered chess and ask em.

No question is off-limits. No rules

https://twitter.com/jackmallers/status/1484597104349749249

The first game is up for grabs.

The first person to pay this Lightning invoice will get redirected to the chess invite and play me!

Anyone with any #Bitcoin and Lightning wallet can pay the invoice and play.

Let's see what you got, #Bitcoin

Game #1:

plebpay.com/f1b16970-f42d-…

In September, we launched the Strike API with @Twitter.

Today, we're widening access to our Creators API, inviting more developers to enable free, instant, global payments on top of the world's open monetary network, #Bitcoin

Developers, let's do this:

developer.strike.me/en/api

https://twitter.com/jackmallers/status/1441089090628177933

The Strike API enables free, instant, global payments of any size, from anywhere, by anyone.

When was the last time an Argentine developer built an instant micropayment service for @CashApp users?

Trick question.

Never.

Only possible with #Bitcoin and the Lightning Network.

Yo! Hello, world 🌎

I'm currently at the airport, with a fresh @budlight, and a lot of time.

Let’s have some fun. Why not?

I’m looking to make some free, instant, global payments using my U.S. Dollars, routed over the world's open monetary network, #Bitcoin 🚀⚡️🥳 Drop a comment on what a singular, global, open monetary network with instant and free cash finality means to you along with a Lightning invoice.

If you're in the US, El Salvador, or Argentina, bonus points if you have global (Lightning) @Twitter Tips enabled with @ln_strike

@namcios @ln_strike Yo!

Sorry, was working on a few things and hosting @chibitdevs.

Yeah, none of this is new. This is how Strike works.

One of the thesis at Strike is using #Bitcoin as a superior, singular, global, open payments network that offers instant and free cash finality. @namcios @ln_strike @chibitdevs Strike allows you to make and receive #Bitcoin and Lightning payments with dollars.

Or, in theory, any desired cash collateral. Maybe someday you can make a Lightning payment with your @Starbucks points.

Since day one. Pre-empty-closet days. Few.

🇦🇷 Welcome, Argentina! 🇦🇷

Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers

Today, we use the world's open monetary network, #Bitcoin, to give hope to the people of Argentina Argentina is plagued with a history of economic turmoil and uncertainty.

Inflation will reach 55% this year.

GDP will contract by 12% this year.

There have been 8 currency crises since the central bank was founded.

Half the population is already living in poverty.

@mcuban @saylor #bitcoin the asset is the best asset in human history. Until it’s properly valued, nobody will be incentivized to spend it

#Bitcoin the network is the best monetary network in human history. Everyone will be incentivized to use it, regardless of the money people prefer to spend @mcuban @saylor #Bitcoin is the internet of money.

The internet is the standard for cheap, instant, global communication.

#Bitcoin is the standard for cheap, instant, global monetary settlement.

The same way the VISA network is used to settle USD, the #Bitcoin network can as well, just better

One small step for #Bitcoin, one giant leap for mankind.

Today, humanity takes a giant leap forward in promoting human freedoms, improving financial inclusion, and securing economic stability + economic opportunity for all.

Happy #BitcoinDay ✊♥️🇸🇻

Today, a developing nation is protecting against the monetary expansion from central banks and the spillover that large-scale printing of dollars has on the quality of its citizens lives by embracing a monetary system built upon a peer-to-peer network and digital signatures.