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The most exciting part of this, to me, is that Twitter is using the Lightning network for "tips" (personally I hate calling it a tip: kudos, boost, or almost an

by mikece 5y ago

The most exciting part of this, to me, is that Twitter is using the Lightning network for "tips" (personally I hate calling it a tip: kudos, boost, or almost any other word would have been better). The folks at Podcasting 2.0 have been using the Lightning network for the last year as a way of monetizing podcasts real-time (sats/minute) and through "boosts" (like Twitter's tip concept but with a far better name) and has been a rousing success for those who have gotten on board.

NicoJuicy 5y ago
Source that it is a success vs. Other payment methods? Edit: for all downvoters. All sources since 2017 mention that crypto is a marginal % in comparison with other payment methods. If something changed as he indicates ( a rousing success), I'm really curious, but the op hasn't provided a source for that statement and i couldn't find anything in my search.
- mikece 5y ago
  The big change is second-tier chains like Lightning which is very fast (hence the name) and a fraction of cost overhead for transactions (compared to BTC -- which is a tiny fraction of traditional payment clearing systems). I don't pretend to fully understand lightning but the idea that one would move their BTC holdings to a second tier chain to conduct transaction makes sense. Eventually BTC will be like a central bank and the second-tier chains will be more akin to accounts at your local bank. Heck, if you're sufficiently skilled/intrepid you could BE your own bank and move all of your holdings to a Lightning or Hive node that you run yourself.
  - NicoJuicy 5y ago
    I thought with rousing success you meant popular, not just that they implemented it. The popular part has been the problem since 2017/ever. Not many people are willing to spend their crypto. Tipping apps already appeared on Facebook in 2014: https://www.coindesk.com/markets/2014/06/06/facebook-approves-first-cryptocurrency-tipping-apps/ https://www.coindesk.com/markets/2014/06/06/facebook-approve...
  - __Admin__ 5y ago
    LOL, anyone that has even read the White Paper knows that LN is first, unnecessary and second does not work and never will. Only idiots and scammers push LN as a "solution" to the problems Blockstream introduced after they hijacked the Core GitHub repo. Putting all your money in an LN channel is the funniest (if not saddest) thing Ive every heard.
corobo 5y ago
I think calling them tips has taken on legal slash CYA purposes, makes it harder to refund than a "donation" (the former internet name for it, not quoting you) which has its own legal meaning regarding registered charities making it easily chargeback-able If I buy a boost from Twitter than decide I prefer the money, I can't ethically say that I didn't get what I paid for but I'd probably win a chargeback if I did. Calling it a tip everyone, including the dinosaurs at Visa Mastercard and Paypal, knows what it means
- zeven7 5y ago
  Crypto handouts have been called "tips" for several years, long before Twitter was involved. There's of course even a crypto called TIPS[1] dating back to 2014. During that time Bitcoin and Dogecoin tips were common on Reddit crypto communities (and even other subreddits). [1] https://coinmarketcap.com/currencies/fedoracoin/ https://coinmarketcap.com/currencies/fedoracoin/
  - deleted 5y ago
    [deleted]
  - corobo 5y ago
    Regular money handouts have been called tips for a few years longer

by mikece 5y ago

NicoJuicy 5y ago

Source that it is a success vs. Other payment methods? Edit: for all downvoters. All sources since 2017 mention that crypto is a marginal % in comparison with other payment methods. If something changed as he indicates ( a rousing success), I'm really curious, but the op hasn't provided a source for that statement and i couldn't find anything in my search.

mikece 5y ago
The big change is second-tier chains like Lightning which is very fast (hence the name) and a fraction of cost overhead for transactions (compared to BTC -- which is a tiny fraction of traditional payment clearing systems). I don't pretend to fully understand lightning but the idea that one would move their BTC holdings to a second tier chain to conduct transaction makes sense. Eventually BTC will be like a central bank and the second-tier chains will be more akin to accounts at your local bank. Heck, if you're sufficiently skilled/intrepid you could BE your own bank and move all of your holdings to a Lightning or Hive node that you run yourself.
- NicoJuicy 5y ago
  I thought with rousing success you meant popular, not just that they implemented it. The popular part has been the problem since 2017/ever. Not many people are willing to spend their crypto. Tipping apps already appeared on Facebook in 2014: https://www.coindesk.com/markets/2014/06/06/facebook-approves-first-cryptocurrency-tipping-apps/ https://www.coindesk.com/markets/2014/06/06/facebook-approve...
- __Admin__ 5y ago
  LOL, anyone that has even read the White Paper knows that LN is first, unnecessary and second does not work and never will. Only idiots and scammers push LN as a "solution" to the problems Blockstream introduced after they hijacked the Core GitHub repo. Putting all your money in an LN channel is the funniest (if not saddest) thing Ive every heard.

corobo 5y ago

I think calling them tips has taken on legal slash CYA purposes, makes it harder to refund than a "donation" (the former internet name for it, not quoting you) which has its own legal meaning regarding registered charities making it easily chargeback-able If I buy a boost from Twitter than decide I prefer the money, I can't ethically say that I didn't get what I paid for but I'd probably win a chargeback if I did. Calling it a tip everyone, including the dinosaurs at Visa Mastercard and Paypal, knows what it means

zeven7 5y ago
Crypto handouts have been called "tips" for several years, long before Twitter was involved. There's of course even a crypto called TIPS[1] dating back to 2014. During that time Bitcoin and Dogecoin tips were common on Reddit crypto communities (and even other subreddits). [1] https://coinmarketcap.com/currencies/fedoracoin/ https://coinmarketcap.com/currencies/fedoracoin/
- deleted 5y ago
  [deleted]
- corobo 5y ago
  Regular money handouts have been called tips for a few years longer