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That’s the caption for 1% of BTC supply, 1% of hashpower, and 1% of the LN channel capacity. Our team is bitcoin literate; we’ve gotten through the major books, major LN implementations, and some really out-there stuff like bitcoinbrief.io legal research by W. Aaron Daniel.
My 1% focuses mostly on the ⚡️ network. I'm going to walk through the ways to transact:
  • At home on desktop
  • Mobile with free app
  • Offline with Bolt cards which we have attached to different wallets
  • Anonymously with physical bearer instruments using offline.cash paper currency we've acquired as an example. Also have Opendimes, but these we've decided are too difficult and time consuming
Also, I'll briefly:
  • Talk about state-of-the-art innovation being done (TARO, Synonym, LNURL, 🤷‍♂️)
  • Discuss fees being held down permanently with BTC LP rapidly scaling up from L1 into channels to absorb any high(er) fee duration
  • Potential of fat protocol thesis (will tread lightly and not speak as if it's fact)
  • Growing developer and talent environment
  • Podcasting 2.0
  • Extreme disruption of discrete TradFi payment networks using Mexico remittance (ATH of ~$52b last year) as a case study, along with discussing Indira Kempis' recently submitted legal tender bill to the Mexican Senate which will roll into my partner's mining 1% where she begins discussing the Lummis/Gillibrand bill.
  • Dorsey's Web5 mesh
Total time is 45 min to an hour so I have around 15 min myself. Some of the above may or may not make it depending on rehearsal times and Keynote slides. If there's anything that you can add, want me to say, anything at all from important things I've missed, links, bitcoin one-liners, whatever, I'd really appreciate it. Also anything I should remove? Probably, this is the most important thing I've done.
Thanks!
1-1-1
That’s the caption for 1% of BTC supply, 1% of hashpower, and 1% of the LN channel capacity.
You've lost me already. What are you trying to communicate with that?
e.g., What does the 1% of hashpower represent?
Anyway, ... try not to just explain the technology, explain why it is the board have any interest in it.
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The bank wants to acquire 1% of the BTC supply, 1% of the hashpower, and 1% of the LN capacity
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Why would they set these targets? They seem subjective, and unlikely to be linked to the banks's operations.
Finding metrics that are a function of banks forward looking business plans or current balance sheet would more likely impress.
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was originally 1-2-3, but it was too expensive.
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122 sats \ 2 replies \ @jp 3 Jul 2022
What is the regional bank's problem? Whatever it may be, start with that topic
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Diversification. They see bitcoin as a potential move from regional state-based loans and services to capture a larger audience and to service its hispanic customers more broadly, remittance especially, also competition, and longterm collateral because of rising interest rates. Fractional reserve doesn't just mean they issue money they don't have, but more specifically money they can't access right away. FDIC insurance ensures bank runs are capped, but at $250k, this incentivizes institutions and large capital pools to hold Treasuries instead. But if BTC moons, you can see how this stretches their coverage dramatically.
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Sounds like you should/could sharpen.
Picking 1 or 2 of these topics, framing them, ideally showing with data how bitcoin could solve...spend at least 5 mins on that...then spend the balance of time relaying education.
I wouldn't focus any time on "if BTC moons". If the bank is in treasuries, odds are low they want to or can afford the risk, of chasing higher returns. For instance, it's not even debated that stocks outperform in the long run -- if they aren't buying stocks, there is a reason.
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It seems that you're about to give an engineering talk to a bunch of suits. Be careful.
I'd like you to mention to them how deeply f'd is fiat as the reserve currency because of recent idiotic government actions, most notably Canada. See this: https://bombthrower.com/why-hyperbitcoinization-is-now-baked-in/
[...] where before I was highly skeptical that Bitcoin would ever become a reserve currency, the way I see it now, it’s a lock.
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Pointing out growth, hard data could be relevant.
LN relative capacity just made new ATH
Public company, routing LN transactions, also seeing growth.
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These papers discuss strategies for capital allocation on the Lightning Network:
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If possible talk about true decentralization and why BTC is truely censorship resistant compared to other cryptocurrency
Large entities of any kind cannot sanction it.
One-lines : Tick tock next block!
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Would love to see the final product btw.
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This is a great chart posted by @sn the other day. Good visual: https://www.newyorkfed.org/markets/desk-operations/reverse-repo
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You only have 15 minutes? I feel like that's far too much?
I think the bullet points "Also, I'll briefly" are the best, especially the second one (and imo ditch the last one), but going all-in explaining L2 scalability should only follow a correct explanation of the censorship resistance of L1.
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