Nostr Web Client

I am afraid I have very little knowledge about bitcoin except that it grows faster than any currency and scalability is a serious issue.

Reddit once deliberated on turning reddit karma into a crypto but backed out later. So it's not really an innovative idea, but yes, first implementation yet.

As I said I am a dumbo about crypto but I have a question: if someone is sending sats via nostr, who is minng them? And why send coins to internet strangers? For funny memes? Am I missing something? #asknostr

Derek Ross 2y ago

hey hey! 😉

crypto is not bitcoin. crypto is filled with scammers and charlatans trying to enrich either themselves or their VCs or their founders. bitcoin has no founders or VCs to enrich. crypto invents problems for them to try to solve, but in the end you don't need any of those. bitcoin and layers built on top of bitcoin to make bitcoin more scalable such as the Lightning network are all that you should focus on. Zaps on nostr run on top of the Lightning network. the Lightning network can handle more transactions than visa and mastercard 😉

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Discussion

rugged.rug 2y ago

Seems like a good place for this question: How does LN / off chain change mining incentives?

Derek Ross 2y ago

larger transactions will be done on-chain. plus, you can't open or close a channel on LN without using on-chain. i don't think it hurts incentives all that much. you could probably argue that it helps, because it allows bitcoin to scale, meaning people will continue to use bitcoin.

yakosuba 2y ago

You'll likely find a lot of speculation around this, much of which is about the future price and usage of Bitcoin. Hard to answer this today since nobody can predict the future.

Today though, mining incentives are as high as can be. Layer 1 Bitcoin usage is widespread and Ordinals have boosted mining revenues within the last year significantly.

Whether you are a proponent of Ordinals or not, it is clear that this is one of the first use-cases that opens the door to on-chain storage becoming valuable property for more use-cases than just NFT's.

#ordinals #nft #bitcoin #property