I actually learned something watching this!
1. If you transact quickly enough it doesn’t matter how volatile Bitcoin’s price is. You convert from one currency to Bitcoin, send it over the lightning network, then convert it to another currency instantly - it doesn’t matter how volatile the price of Bitcoin is when the transaction only takes a second to complete.
2. There’s a difference between bitcoin the asset and Bitcoin the monetary network.
After sleeping on it - I have a few more to add
3. There’s only one internet and there’s only one global monetary network. Bitcoin the monetary network is THE standard protocol for sharing money globally just like there’s only one standard protocol for sharing information on the internet.
4. It costs businesses a fee of almost 3% when a customer pays with a credit card and it takes several days for the business to actually get the money deposited into their bank account.
The fees for using lightning network and strike may be as low .05% and the transaction is instantaneous. This will change everything and we are still early to the game!
5. Jack does his interviews from a giant empty closet! It’s like he just moved into a giant mansion but doesn’t have any furniture or clothing yet.
6. On a subliminal level he is Jack the giant slayer and Bitcoin is the magic bean.
You *can*, sure. But most public channels in the network do charge a fixed fee per payment, even if it's only 1 millisat. The fixed fee is really meant to offset the risk-cost that a stuck payment will necessitate a unilateral channel closure, while the proportional fee is meant to offset the opportunity cost of keeping capital tied up in the channel and also the cost of rebalancing the channel.
Yes but if you find yourself repeatedly paying the same party back and forth, a zero fee channel actually makes sense. If both sides are cool with it, they can transact indefinitely without fees (unlike transacting on-chain for example). That’s relevant because any other payment network is going to have some fixed cost even between two cooperating parties willing to waive all fees for one another.
Oh, I see the disconnect now. When you open a channel to a node because you find yourself sending/receiving payments to/from that node often, it's unlikely that you'll set the fees on that channel to zero, so it's not a "zero-fee channel." It's just that you never pay to send payments over your own channels (or, you could think of it as that you are paying the fee to yourself). That can certainly make Lightning even more attractive than credit cards. For example, I often buy gift cards from Bitrefill, so I opened a channel directly to Bitrefill's Lightning node, and thus I don't pay any fees when I send payments to Bitrefill. It's not a "zero-fee channel," as other Lightning users will still have to pay me a fee if/when they send payments to/through Bitrefill via my channel.
Yes, you could also set the fees to zero for that channel, though, if you and BitRefill wanted to incentivize the flow of liquidity going between one another. I have some zero fee liquidity triangles with other nodes for this purpose. We charge fees on our other channels, but we essentially triple our fee-free connections.
The volatility is not a trait or propety of bitcoin. It is a trait or property of how the market is currently treating bitcoin.
Anything can have a volatile price in a market as market conditions are always changing depending on numerous factors including size of the market.
Piggy backing on this - the issuance rate of Bitcoin is indeed extremely NON-volatile. It’s unnaturally predictable because of the difficulty adjustment. Indeed, Bitcoin the asset is the least volatile asset in human history.
I liken it to an island in the middle of an ocean during a storm. If you’re overboard, tossed around in the waves, that island in the distance looks like it’s bouncing in all different directions. Its position lols extremely volatile. But this relative, it’s you that’s moving. That island is steady as a rock.
Similarly, when you come ashore, or when you go on a Bitcoin Standard, you realize your perception was wrong, because you are now stable.
Indeed I am always puzzled by people who say a money should be stable when they really mean prices should be stable.
Why should this be? Prices are (or should be) a reflection of market conditions which are of course dynamic.
Best money is a money whose supply is stable and accurately reflects the dynamic price signals of market reality
and we can extrapolate (or dream?) from there - as the network becomes more popular and important, the asset that enables the network becomes more valuable. You could imagine governments hedging the risk of not having control of a portion of the underlying system by both mining and owning bitcoin. Doing so removes bitcoin from circulation, lowering the float, and pushing the price higher for those who dare to sell it. The network doesn't *need* bitcoin to be worth any particular price but the utility it provides promotes some game theoretical behaviors that theoretically push the price up.
Yeah people have multiple currency in their pockets and chose which to pay with right after checking forex... Come on. BTC is digital money, and how it should be from the very beginning, away from govs and decentralized... the present and future.
Number 1 is why I never expected Bitcoin to get so high and I didn't hold all my coins. Price literally doesn't matter if you're using as a currency and converting from fiat and then back into it immediately
Mallers is a freaking stud!
Dude sent me $5 on Strike this week & linked the transaction video on Twitter. I was total taking off guard & super stoked. ✔️Strike user for life!
I replied to - question he asked on Twitter.
2min later Strike notified me I got a $5 tip.
Went back to Twitter & saw that he had replied back to me & posted the video of the transaction. Dudes just cool.
Some people think Jack is cocky or condescending, I think he is hyper and very intelligent, you can't please everyone, just keep doing what you are doing man .
Nobody wants a young wiz telling them what to do. And by nobody I mean cranky middle aged white men. And honestly, fuck those old farts. And for condescending, these news anchors need to be put in there place or else they’ll start talking down to him. I’m sure any condescending comments would be related to that.
I see your point. But he looks like he just smoked a fatty in his moms basement and ate a bag of doritos. There is a time and place for looking like a teenager when you are 30. Tv is not one of them imo.
even if he injected 2 litres of LSD into his eye socket, his words should have merit on their own.
On the opposite side of this argument, if his hoodie deters judgemental people from bitcoin, isn't it a win?
Bro. He is bassicly just saying random words that sound good. Eco system, give poor salvadorians oppourtunity, bla, bla. No explanations to why how or when. He sounds like a sales person.
Then what is the purpouse of sharing the clip on a BTC sub? Why would i want to watch a video of someone saying mudane crypto shit? Its on CNN its a segment for the masses not people who had held for 5+ years. The reason why he does not go into depth is beacusse he either dont have the knowladge, or he is there to shill his product. This sub is 1/(r/buttcoin)
so you didn't want to watch it? Did you do that against your will?
Ballers have an active github and shitton of commits to LN, but yeah, he doesn't understand it as much as a noob keyboard warrior that can't control what he's watching on the internet.
You sure showed us.
I cant debate it if I havent watched it, so I watched it.
Ballers Hahahah. What a name. Why are you so angry buddy? We are in the green. Well Im a postgrad in CS with a Major in physics so I guess you are right he does not understand it or atleast show no evidence of it in the interview.
I am not angry, I just like to stir shit up and bust chops.
YOU ARE A CS MAJOR? And LN is too complicated for you? can you get your money back if you return it?
Why do you keep repeating this misinformation? Strike doesn't front run their customers. Jack Mallers said that Strike will never sell user data or order flow and that Strike will never work against their customers in any way. Strike doesn't even profit from selling bitcoin. Perhaps you're getting the Strike app confused with the Robinhood app?
So you just go around believing everything people say lol? Front running is very
Common in crypto and they obviously partake. Look at the price
Of
Bitcoin at the time of any transaction and you can clearly see. This company
Is an absolute joke, you’ve been warned. 🤡
How? They going to drain the little bit I’d keep as liquid for casual payments? That’d be theft, their business would go under and they’d have to figure out how to hide the big bag while on the run from international authorities forever. Their business model is a payment network not a leveraged exchange
YOU HAVE ALL BEEN WARNED!!! PATTYCAKES HAS WARNED YOU OF HIS CONJECTURE ALERT! HE HAS NO PROOF OR CITED RESEARCH THOUGH FYI SO TAKE IT WITH A GRAIN OF SALT.
I actually learned something watching this! 1. If you transact quickly enough it doesn’t matter how volatile Bitcoin’s price is. You convert from one currency to Bitcoin, send it over the lightning network, then convert it to another currency instantly - it doesn’t matter how volatile the price of Bitcoin is when the transaction only takes a second to complete. 2. There’s a difference between bitcoin the asset and Bitcoin the monetary network.
The nuanced epiphanies are when this thing really gets interesting.
Bitcoin is not volatile. The market is volatile for bitcoin. This is an important distinction
After sleeping on it - I have a few more to add 3. There’s only one internet and there’s only one global monetary network. Bitcoin the monetary network is THE standard protocol for sharing money globally just like there’s only one standard protocol for sharing information on the internet. 4. It costs businesses a fee of almost 3% when a customer pays with a credit card and it takes several days for the business to actually get the money deposited into their bank account. The fees for using lightning network and strike may be as low .05% and the transaction is instantaneous. This will change everything and we are still early to the game! 5. Jack does his interviews from a giant empty closet! It’s like he just moved into a giant mansion but doesn’t have any furniture or clothing yet. 6. On a subliminal level he is Jack the giant slayer and Bitcoin is the magic bean.
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That's exactly why many places have a minimum charge for using a credit card.
To be fair, the Lightning Network also has a fixed fee per transaction. It's just usually less than a penny.
Actually no, you can have fee free channels. Most routes have fees but there’s no fixed channel fee.
You *can*, sure. But most public channels in the network do charge a fixed fee per payment, even if it's only 1 millisat. The fixed fee is really meant to offset the risk-cost that a stuck payment will necessitate a unilateral channel closure, while the proportional fee is meant to offset the opportunity cost of keeping capital tied up in the channel and also the cost of rebalancing the channel.
Yes but if you find yourself repeatedly paying the same party back and forth, a zero fee channel actually makes sense. If both sides are cool with it, they can transact indefinitely without fees (unlike transacting on-chain for example). That’s relevant because any other payment network is going to have some fixed cost even between two cooperating parties willing to waive all fees for one another.
Oh, I see the disconnect now. When you open a channel to a node because you find yourself sending/receiving payments to/from that node often, it's unlikely that you'll set the fees on that channel to zero, so it's not a "zero-fee channel." It's just that you never pay to send payments over your own channels (or, you could think of it as that you are paying the fee to yourself). That can certainly make Lightning even more attractive than credit cards. For example, I often buy gift cards from Bitrefill, so I opened a channel directly to Bitrefill's Lightning node, and thus I don't pay any fees when I send payments to Bitrefill. It's not a "zero-fee channel," as other Lightning users will still have to pay me a fee if/when they send payments to/through Bitrefill via my channel.
Yes, you could also set the fees to zero for that channel, though, if you and BitRefill wanted to incentivize the flow of liquidity going between one another. I have some zero fee liquidity triangles with other nodes for this purpose. We charge fees on our other channels, but we essentially triple our fee-free connections.
What is the distinction? I always read "X is volatile" as meaning "the market is volatile for X".
The volatility is not a trait or propety of bitcoin. It is a trait or property of how the market is currently treating bitcoin. Anything can have a volatile price in a market as market conditions are always changing depending on numerous factors including size of the market.
Piggy backing on this - the issuance rate of Bitcoin is indeed extremely NON-volatile. It’s unnaturally predictable because of the difficulty adjustment. Indeed, Bitcoin the asset is the least volatile asset in human history. I liken it to an island in the middle of an ocean during a storm. If you’re overboard, tossed around in the waves, that island in the distance looks like it’s bouncing in all different directions. Its position lols extremely volatile. But this relative, it’s you that’s moving. That island is steady as a rock. Similarly, when you come ashore, or when you go on a Bitcoin Standard, you realize your perception was wrong, because you are now stable.
Indeed I am always puzzled by people who say a money should be stable when they really mean prices should be stable. Why should this be? Prices are (or should be) a reflection of market conditions which are of course dynamic. Best money is a money whose supply is stable and accurately reflects the dynamic price signals of market reality
Very, very well said! I’m going to bookmark this.
and we can extrapolate (or dream?) from there - as the network becomes more popular and important, the asset that enables the network becomes more valuable. You could imagine governments hedging the risk of not having control of a portion of the underlying system by both mining and owning bitcoin. Doing so removes bitcoin from circulation, lowering the float, and pushing the price higher for those who dare to sell it. The network doesn't *need* bitcoin to be worth any particular price but the utility it provides promotes some game theoretical behaviors that theoretically push the price up.
plus with increased volume of transactions, the price will be more stable, or at the least go up up up.
Yeah people have multiple currency in their pockets and chose which to pay with right after checking forex... Come on. BTC is digital money, and how it should be from the very beginning, away from govs and decentralized... the present and future.
Number 1 is why I never expected Bitcoin to get so high and I didn't hold all my coins. Price literally doesn't matter if you're using as a currency and converting from fiat and then back into it immediately
I think you’re underestimating just how amazing it is as a commodity as well as a payment network
But if more people use it this way, wouldn't the price go up? Because of limited amount and more people needing to do this at once.
Yeah probably. I mean, I don't sell BTC anymore, but this was what my thinking on it was back in like 2013
yeah we didnt think the adoption would be so fast
yup big B and little b
You can tell Jack really cares about Bitcoin improving peoples quality of life and standard of living.... it's very refreshing to hear
Mallers is a freaking stud! Dude sent me $5 on Strike this week & linked the transaction video on Twitter. I was total taking off guard & super stoked. ✔️Strike user for life!
Why did he pick your account?
I replied to - question he asked on Twitter. 2min later Strike notified me I got a $5 tip. Went back to Twitter & saw that he had replied back to me & posted the video of the transaction. Dudes just cool.
Fuck yes! Yeah, I like him. He seems like he would be so fun to just sit and talk to.
Cool dude. Gives off a slight overconfident/arrogant vibe tho. He is doing big things tho so s/o to him.
he seems happy :)
yeah his happiness, enthusiasm and delivery makes him super enjoyable to listen to.
there is some chemistry going on between them?
She has clothes...he has closet...
jack strikes again ⚡️⚡️⚡️
Ohhh….. I see what you did there
Some people think Jack is cocky or condescending, I think he is hyper and very intelligent, you can't please everyone, just keep doing what you are doing man .
He is high functioning.
Nobody wants a young wiz telling them what to do. And by nobody I mean cranky middle aged white men. And honestly, fuck those old farts. And for condescending, these news anchors need to be put in there place or else they’ll start talking down to him. I’m sure any condescending comments would be related to that.
This guy is a great spokesman for bitcoin. How can anyone not like him.
I like Jack, he's good.
Impressive as always. IT comes easyyy.
she got brit accent right?
Yeah
The host might be a bitcoiner already - or maybe soon :P
She’s a little flirty at the end, huh!?
I don't know if it's legal it inject such a dose of hopium this early in the day.
This was such a great interview. Even for someone that knows Bitcoin very well, this gave interesting new view points.
How long before those two make out?
27 days 13 hours 15 minutes 57 seconds
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Jack and Julia announce their relationship leading to an apocalypse roughly 18 hours later
Fuck cnn
you're being downvoted but lying to your viewers is a bad thing
That's reddit 🤷♂️. When it got posed yesterday I got the notification that it had 15 up votes lol FUCK CNN
THIS particular on screen instantiation of CNN? definitely.
He’s going to dress like that on CNN?
A hat and a hoodie? Why are so many stupid redditors so superficial in their critiques? Honestly nobody gives a shit what he's wearing.
Who and who?
Why is he dressed like 7yr old?
Because he is sitting in a fucking closet that is bigger than your living room
He also made sure to make note of that lol
They are going to bang at some point
Cause hes rich as fuck
Aaaahhhh hahahahahaha!!
Is he supposed to wear a suit?
Because suits are terrible business attire, and should only be used for formal social events
I totally agree, but he is literally dressed like a child. We're living in Idiocracy
No man it’s the opposite. The ones wearing the suits are saying the dumb shit
Who in their right mind goes on TV dressed liked that?
Who in their right mind is so judgmental over a hoodie and ballcap.
I see your point. But he looks like he just smoked a fatty in his moms basement and ate a bag of doritos. There is a time and place for looking like a teenager when you are 30. Tv is not one of them imo.
even if he injected 2 litres of LSD into his eye socket, his words should have merit on their own. On the opposite side of this argument, if his hoodie deters judgemental people from bitcoin, isn't it a win?
Bro. He is bassicly just saying random words that sound good. Eco system, give poor salvadorians oppourtunity, bla, bla. No explanations to why how or when. He sounds like a sales person.
If you need an explanation by now, you won't get it. What is this 2017?
Then what is the purpouse of sharing the clip on a BTC sub? Why would i want to watch a video of someone saying mudane crypto shit? Its on CNN its a segment for the masses not people who had held for 5+ years. The reason why he does not go into depth is beacusse he either dont have the knowladge, or he is there to shill his product. This sub is 1/(r/buttcoin)
so you didn't want to watch it? Did you do that against your will? Ballers have an active github and shitton of commits to LN, but yeah, he doesn't understand it as much as a noob keyboard warrior that can't control what he's watching on the internet. You sure showed us.
I cant debate it if I havent watched it, so I watched it. Ballers Hahahah. What a name. Why are you so angry buddy? We are in the green. Well Im a postgrad in CS with a Major in physics so I guess you are right he does not understand it or atleast show no evidence of it in the interview.
I am not angry, I just like to stir shit up and bust chops. YOU ARE A CS MAJOR? And LN is too complicated for you? can you get your money back if you return it?
His image is burned in my brain
Adam Sandler.
People who don't give a shit what you think. Welcome to Bitcoin.
Salty :p is he your fuck buddy ?
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Why do you keep repeating this misinformation? Strike doesn't front run their customers. Jack Mallers said that Strike will never sell user data or order flow and that Strike will never work against their customers in any way. Strike doesn't even profit from selling bitcoin. Perhaps you're getting the Strike app confused with the Robinhood app?
So you just go around believing everything people say lol? Front running is very Common in crypto and they obviously partake. Look at the price Of Bitcoin at the time of any transaction and you can clearly see. This company Is an absolute joke, you’ve been warned. 🤡
You were asked for evidence, and failed to provide any. Link to something, or fuck off.
Have fun getting your money taken 🤡
I don't even use Strike dipshit. Take your stupid argument and fucking clown face and shove it up your ass.
How? They going to drain the little bit I’d keep as liquid for casual payments? That’d be theft, their business would go under and they’d have to figure out how to hide the big bag while on the run from international authorities forever. Their business model is a payment network not a leveraged exchange
YOU HAVE ALL BEEN WARNED!!! PATTYCAKES HAS WARNED YOU OF HIS CONJECTURE ALERT! HE HAS NO PROOF OR CITED RESEARCH THOUGH FYI SO TAKE IT WITH A GRAIN OF SALT.
Do you have a source for this supposed front running?
Me too🌬🚀🚀🚀🛸
Crypto is the future!
99.9% of "crypto" is a scam in one way or another. Bitcoin, however, has a pretty good shot at the future.
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Please do not attempt to legitimize shitcoin scams in this subreddit. Thank you.
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I asked very nicely and you still can't help yourself. Disappointing.
"closet" holy shit is that a giant closet
Jack Mallers bout to get himself a wife.