muneeb.btc Profile picture
Founder @Stacks, smart contracts for #Bitcoin
PlanC🔗 Profile picture 1 added to My Authors
Feb 3 9 tweets 3 min read
Major news: we’ve raised $150M for a new entity to build the largest ecosystem of Bitcoin applications.

Bitcoin can be a productive asset and final settlement layer for web3 apps.

Say hello to Trust Machines:… 1/ I’m doubling down on Bitcoin and Stacks.

Recent success of Stacks has shown how powerful smart contracts for Bitcoin can be. There is a tremendous opportunity to use BTC as a trillion dollar productive asset and grow the Bitcoin economy. We’ve barely scratched the surface.
Feb 1 4 tweets 2 min read
Bitcoin folks can have two reactions to BTC vs. ETH gas fees comparison:

a) Keep denying that ETH is gaining more users and developers, OR

b) Grow the Bitcoin apps economy.

I’m in camp (b) with @Stacks. Image Gas fee is a measure of how valuable block space is. I believe that Bitcoin is the best settlement layer and, therefore, will be the most valuable block space.

However, currently, the economy of apps using Bitcoin for final settlement is relatively small right now.
Jan 14 13 tweets 4 min read
Stacks turns one year old today!

With my party hat on, let’s reflect on the year. Tweet thread👇 1/ The Stacks whitepaper came out in 2017 outlining design for Bitcoin apps.

It typically takes 2-3 years to build new blockchains. Projects that raised in the 2017 era (Filecoin, Dfinity, Stacks, etc.) went heads down and launched their mainnets in 2020-2021.
Jan 6 13 tweets 2 min read
I'm a Bitcoin Centrist.

Bitcoiners don't like labels, but we need a term differentiating from Bitcoin maximalists. Call it progressives, centrists, moderates, or simply Bitcoiners, but we need to distinguish ourselves from the loud maximalists. 🧵 1/ Bitcoin will attract people with different beliefs and views, and we shouldn't expect all Bitcoiners to think alike. It is, however, essential to realize that maximalists are a loud minority.

Let's look at some ways maximalists differ from centrists like me.
Dec 23, 2021 5 tweets 1 min read
Bitcoin maxi paradoxes:

- Love decentralization yet use centralized exchanges (no DEX for BTC).

- Love free markets yet hate venture capitalists (free market actors).

- Love open-source yet hate an entire revolution of new open-source apps. - Love freedom to do what you want but don’t work on non-Bitcoin things please.

- Love freedom of speech but will censor devs from Bitcoin podcasts.

- Love Bitcoin as best money but only hold as passive asset please.

- Love truth-seeking but create thought bubbles to live in.
Dec 21, 2021 12 tweets 2 min read
The people will own web3.

VCs have reduced power and ownership in crypto protocols. Tweet thread👇 1/ Founders, VCs, and employees primarily owned web2 companies. The general public couldn’t participate in any economic upside for the first 10+ years.
Dec 6, 2021 13 tweets 2 min read
Bitcoin maximalism is limiting the growth of Bitcoin.

Retweet for visibility if you agree.

Tweet thread👇 1/ Bitcoin maximalism as a strategy for growing Bitcoin is failing.

The maximalist narrative has lost touch with reality. I say this as a Bitcoiner who started in 2013. I’ve held BTC through multiple bear markets & spent years building apps & protocols on Bitcoin.
Nov 11, 2021 10 tweets 2 min read
The bullish case for Bitcoin: beyond sound money.

Tweet thread👇 1/ Bitcoin found product-market fit as decentralized sound money.

People are already using it as an inflation hedge.

Estimates for future Bitcoin value range from $10 trillion (gold market cap) to $100+ trillion (subset of global wealth).
Oct 29, 2021 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.
Oct 24, 2021 17 tweets 3 min read
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.
Aug 24, 2021 8 tweets 2 min read
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.
Aug 19, 2021 10 tweets 2 min read
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.)
Aug 2, 2021 9 tweets 2 min read
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.
Jul 30, 2021 8 tweets 2 min read
“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.
Jul 26, 2021 8 tweets 2 min read
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).
Jun 30, 2021 7 tweets 2 min read
Coindesk reported that USDC is planning to expand to Stacks.

This is a narrative violation that DeFi is not possible in the Bitcoin ecosystem.

So what are the benefits of USDC on Stacks? Thread👇 1/ USDC transactions would benefit from the security of Bitcoin.

USDC transactions on Stacks automatically settle on Bitcoin. To rewrite the history of these transactions, you’d need to rewrite the history of Bitcoin.
Jun 28, 2021 6 tweets 2 min read
Back on Twitter after a week of disconnecting from it 👋

It looks like @AriDavidPaul is giving $1M in cash to someone who can implement CryptoKitties on Bitcoin.

Here is how to build that👇 1/ The straightforward way to do this would be to use SIP-009 that defines NFTs on Stacks. However, you’d be paying gas fees in Stacks (not Bitcoin).

Apps like already do this.

May 25, 2021 8 tweets 2 min read
On the origin of NFTs.

How and when did NFTs start? How are they evolving? Tweet thread👇 1/ Non-Fungible Tokens (NFTs) are crypto assets that are one of a kind.

The value of one unit of cash or Bitcoin is the same as another. NFTs are the opposite of that and are unique.

It might seem like NFTs are a recent thing--they're not. NFTs have been around for a decade.
May 18, 2021 7 tweets 1 min read
Bitcoin is often misunderstood within the crypto industry. Here is how:

Tweet thread👇 1/ People don’t think beyond the Bitcoin base layer.

L2s in Ethereum or subnets in Avalanche bring additional features to base layers. 

Similarly, Bitcoin layers, like Lightning for payments or RSK/Stacks for smart contracts, bring additional functionality to Bitcoin.
May 6, 2021 12 tweets 2 min read
How does the recent interest in Ethereum impact the crypto industry?

Tweet thread👇 1/ Bitcoin found product-market fit as digital gold (store of value) with no real competition in that category for years.

Ethereum's upcoming change in token economics with reduced supply has increased interest in the asset.
Apr 5, 2021 10 tweets 2 min read
The ultimate Bitcoin lending app will be 100% trustless. Your BTC will never leave the main Bitcoin chain.

How can this work? Tweet thread👇 1/ Bitcoin lending is already a multi-billion dollar market. You can currently divide the market into (a) wrapped assets and (b) custodial lending.

Wrapped assets themselves can be custodial with more decentralized versions like Keep in the works.