340,000 unconfirmed txns

4 sat/vB

incredible

> “Stop copying the business that run on ad revenue.”

I agree, I’m not suggesting that people use the same business model. To the contrary, I was explicitly suggesting that this is the area people need to be thinking about. Right now the old business models remain the only ones invented that have been proven sustainable. This is where we need to big breakthrough and we have the tools we need to experiment.

PSA 🚨

Without a direct innovation in the monetization structure of #Nostr I think we should expect a highly successful #Nostr to evolve like other protocols before it. I think there are 2 most likely comparisons:

1. #Nostr ends up looking more like email. It is still open and decentralized, but dominated by a small group of companies with enormous insight into everything that is happening and acting as huge semi-centralized custodians of everyone's data and messages.

2. #Nostr ends up looking more like RSS & podcasts. It is open and decentralized, but most users and all serious content creators pay for hosting platforms (relays) that sell it with a bunch of other features, analytics, and secondary services attached to it - or built in advertising and monetization splits.

Understand I'm not predicting that it will go either direction or that only these two options exist. I'm saying that --- without a significant innovation in the monetization method --- it will very likely take one of these two paths. Also understand that neither of these are bad outcomes, per se. Both present a VASTLY better internet sovereignty and user/server power dynamic than the current Web 2, but this is far from realizing #Nostr's true potential.

I only say this to get people thinking about the fact that we still have a very serious problem funding relays at scale, and it hasn't been solved, it's mostly been covered up with some very generous grants and *extremely* generous volunteer developers and relay runners. But it WILL have to be addressed or nostr's success will come hand in hand with some hard truths about how we use it and what we think it is.

It won't be unlike the people who thought all #Bitcoin transactions were going to be free forever, settle instantly, and that the whole world could be sovereign with their own UTXOs. That's simply not how it worked, and we had to have a 4 year, vicious, all out civil war within the community when we were finally forced to come to terms with that reality.

When I see a intellectual people NOT understand Bitcoin, what is often preventing them from “getting it”, is a deeply held, core belief that the world is spiraling out of control and can’t get better. Because of this pessimistic conviction, it’s almost like it’s impossible for them to wrap their head around it. It’s a very strange yet persistent theme.

About 85% of nostr's relay network is now offline. We are down to about only 10 relays that are still working well. This number could go either way in the next year, up to 20, or down to 5. There are competing forces of centralization, decenralization and trickle down economics at play. I hope more people run relays and the network gets more support.

When you realize that nostr is a distributed ledger with best in class consensus via taproot. Then, you realize #subkeys are essential, because they become sub wallets to your main account. You can pay casually on L1/L2/L3 with subkeys and sub wallets, using on-chain, Liquid, Elements, Fedi Relays or anything else that emerges. You dont want to expose your key every time you pay, just like you have cold storage and hot wallets. Nostr will have the same dynamics where you can instruct a subkey to make write a note, or to make a payment, with minimal risk to your primary identity or wallet.

The will of we don't build systems that give people an experience worth paying for

Bitcoin can become the reserve currency for the world.

Before that tho, it will likely become the currency of the Internet.

Instead of paying with our data and our attention, we can pay for content and services with bitcoin.

Instead of signing up for a payment plan for a bundle of media that we will never own, we can pay per item. Discreetly, instantly without middlemen and without leaving a trace.

Creators can be rewarded for the quality of their work rather than for their ability to induce a click from you.

Nostr and bitcoin lightning make the Internet a better place to hang out 😉

Holy shit, I think I just realized a direct and concrete way that I’ve personally experienced to how #Nostr completely changes the social incentives:

• Rage and hateful posts on Twitter get the most attention.

• Positive and happy posts on Nostr get the most zaps.

It really was just monetization all the time.

When attention is the currency, negativity and hate rise to the top because the platforms need people arguing.

When sats directly from peers are the currency, value rises to the top.

(Anyone else feel they’ve had this same experience?)

Sick for 3 out of the last 4 weeks wtf

Gm, working on cashu-ts to add

- support for fees

- our awesome coin selection algorithm

- and smart output selection, both of which allow wallets to remain offline when sending ecash.

Ecash enables best-in-class privacy for custodial Bitcoin.

Musk doesn’t even ask anymore. You are his slave but you can opt out at anytime. nostr:note1f5t40nqn8rps3xd3382u2a7cedzpp24e2ct02r896wmdhx38e8lsj6jqvn

CLN multi mint payments are now working. Soon to be merged on main, hopefully.

More seriously now, while I love a lot of bitcoin's fundamentals (self sovereignty, fixed supply, decentralized, rules can't be changed by administrators at a whim), there are other things I dont like (infinitely increasing ledger, too much transparency, transaction rate is very slow, requirement of huge energy input to maintain, and now it is a political lever). As the first mover, it has first mover advantage. But after bitcoin came a thousand other blockchains, most of them tokens or currencies. Are really none of them better? Am I to believe nobody was able to improve on bitcoin? I admit ignorance, but I remain a skeptic and open minded about what you all call "shitcoins". Please don't hate me, I came here to fix censorship not money and fixing money is not my area of expertise. I'm just still not interested in joining this cult at this time, I'll keep watching from just ouside... and that conference made me even less interested.