BC CRYPTO
Saved by @SteveeRogerr

1/20 Bitcoin is too slow and expensive for payments. We all know this. To solve this problem, the Lightning network is being built on top of Bitcoin's blockchain. Will it be the end of XRP?

(Video version @ https://t.co/7zJCuKrpqx)

A thread. 👇

 2/20 On a normal day outside a bull run, Bitcoin takes ~10 mins to transfer, at a cost of about $0.50. Any time network activity ramps up, those times and fees multiply. Bitcoin's Proof of Work system is painfully slow and can only handle 7 transactions per second.
3/20 To attempt to solve this problem, the Lightning Network is being developed. It's a 2nd layer network that sits on top of Bitcoin's blockchain. It's been in the works since 2015. Yes, 6 years. Do you know anybody who uses it? Me, either, but I'll get to that.
4/20 Lightning works by opening "channels" between parties. Those parties can perform as many Bitcoin transactions as needed and then close the channel. Because the transactions aren't written to the Bitcoin blockchain until the channel is closed, it's much faster.
5/20 Individual payment channels between various parties combine to form a network of lightning nodes that can route transactions among themselves. The resulting interconnections between various payment channels is the Lightning Network.
6/20 For example, say Alice opens a channel at a coffee shop and deposits $100 worth of bitcoin there. Her transactions there are instant. Now say Bob has a channel with a grocery store and also buys coffee from the shop Alice does.
7/20 Alice's connection to the coffee shop lets Bob buy coffee from there, too, and Bob's connection to the grocery store lets Alice buy groceries there as well. But if Bob closes his channel to the grocery store Alice will have to open another channel there.
8/20 This creates a web of channels between various parties that can all interact with each other. Like with Bitcoin, nodes are required and node operators set the fees they demand for processing the transactions. (example taken from linked article)
https://t.co/wDYUrbJfTB
9/20 So Bitcoin now has a payment layer that's ultra fast and solves the high fees and slow transaction time problems, allowing Bitcoin to become a huge payment processing platform and removing the need for other tech like XRP... right? Um, no.
10/20 As of Jan 18, 2021 the total locked value in the Lightning network is $38 million, a whopping 0.006% of Bitcoin's market cap. After 6 years of development, very few people are using it. That's because Lightning has a lot of problems.
11/20 First of all, it leads to centralization. Today banks and financial institutions are the centralized payment hubs. By having more open connections with others, Lightning nodes for prominent businesses may become similar hubs or centralized nodes in the network.
12/20 If one of those hubs were to experience a failure it could crash a significant portion of the Lightning network, maybe even the entire network. May as well stick with using banks if it's going to be centralized anyway.
13/20 Lightning is cheaper than banks right now, but in 2019 a study concluded that "participation is economically irrational" and "either traffic or transaction fees must increase by orders of magnitude to make payment routing economically viable."
https://t.co/6MBfT7DmMC
14/20 Another thing hindering adoption is that the Lightning software has been considered too difficult for the average user and many apps are custodial (you have to deposit your Bitcoin with them: not your keys, not your crypto). And then there are the security issues...
15/20 Lightning currently has multiple possible attack vectors. Joost Jager, an independent Bitcoin and Lightning Network engineer details one of these attack vectors in this thread, stating "Lightning is great, but can't say it is battle-tested." https://t.co/EiOqxKKfMP
16/20 Jager describes only one of multiple security problems. Antoine Riard and Gleb Naumenko published a paper detailing a "time-dilation attack" making it "possible to steal the total channel capacity by keeping a node eclipsed for as little as 2 hours."
https://t.co/SpcuE0TZPU
17/20 Then there's the "Pinning Attack" outlined by Riard, who states "currently deployed LN peers aren’t secure against [certain Pinning Attack] scenarios," and that one particular scenario "requires heavy, long-term work at the base layer" to fix it.
https://t.co/b09Rr9iSD5
18/20 Compare all of those issues with XRP. The XRPL is decentralized, battle tested and in use by hundreds of financial institutions, its fees are fixed and extremely low (0.00001 XRP, currently a tiny fraction of a penny), and the XRPL is highly secure.
19/20 One last thought. If you have to bolt onto Bitcoin to make it work for payments because the Bitcoin blockchain itself can't handle it, then how is Bitcoin any different from the current broken system that is being patched to keep it working?
20/20 SUMMARY: Lightning promised to be the payments solution for Bitcoin. 6 years later it's a potentially centralized, difficult to use network with security holes and almost nonexistent adoption outside of "script kids". XRP however, is established, decentralized and secure.
See video versions of my explainer threads at my YouTube channel:
https://t.co/Twb95p83gE
More XRP explainer threads:
https://t.co/4DikZmD84I
👀☝️🙏 @xrp_mami @RuleXRP @MackAttackXRP @CryptoBull2020 @Kevin_Cage_ @XRP_OWL_ @XRPNews_ @2020Xrp @RoseXRP @CredibleCrypto @XRPcryptowolf @BankXRP @XRPNurse @DualityXrp @MoonLamboio @WorkingMoneyCH @BakkupBradley @sentosumosaba @Santiag78758327 @jungleincxrp

More from Crypto

Alex Kr\xfcger
Alex Krüger
@krugermacro
Options used to be close to irrelevant for bitcoin's price.

Until now.

At current price levels, hedging large option notionals has a major impact on price.

Here's a quick thread on options 👇

Let's start with the meaning of delta.

Delta is the rate of change of an option's price relative to a change in the price of its underlying.

For example, the price of a 50 delta option will move 50% as much as the underlying.

For practical purposes, think of it as how much of the underlying you have:

- if long 50 delta call on 1 BTC => long 0.5 BTC
- if long 50 delta put on 1 BTC => short 0.5 BTC
- if short 50 delta call on 1 BTC => short 0.5 BTC
- if short 50 delta put on 1 BTC => long 0.5 BTC

An option where the option's strike (i.e. exercise price) is equal to current spot price is known as an at-the-money option (ATM). ATM options have a delta of 50, while deep in the money options have a delta of close to 100.

Can also think of delta as probability. A 50 delta option has a 50% chance of expiring in the money.

For a call, the higher price goes => the more in the money the call => the higher the delta.

Once delta gets close to 100, odds are ~100% the option will expire in the money.
CRYPTO , CRYPTO TRADING
Prateek Singh
Prateek Singh
@PrateekLearnapp
We should be proud about @0xPolygon. But don't invest if you don't understand what they do just like any other asset class.
CRYPTO
Advertisement
Hamza
Hamza
@hamzanitoo
1. Last week, @robbietilton sold this art piece for about 17305$ on @withFND.
I saw a lot of people asking questions on CryptoArt and NFTs (Non-fungible token) to understand how it works. I'll try to explain the basic concepts on this thread ↓


2. First, you don't directly buy the art piece, you buy a token. This token is what holds the asset that you're buying, it is a unique id that is used to represent what you bought. It can hold information like the name of the asset, an URL, a description, and so on.


3. On most marketplaces, you won't have a classic signup or login form when you'll want to create an NFT or buy one. Instead, it will be asked to connect your crypto wallet.

4. Now, why bother with a crypto wallet? Couldn't we just do an app that works with dollars? This is where things get interesting: when you buy an NFT, the data is not stored on the marketplace servers.

5. When you post a picture on Instagram, it is stored on their servers. If the app is shut down, your data might be deleted. But also, Instagram could delete your content if they want to, NFTs works differently.
CRYPTO
XRPatience
XRPatience
@xrpartisan
1/22 Why XRP will beat Bitcoin.

(Video version @ https://t.co/VIHEoHLYpN)

A thread. 👇


2/22 Despite last night's major Bitcoin correction, it still sits at $33k, well above the last bull run's all time high. With XRP currently at $0.28, it may seem rather ridiculous to think XRP will ever become #1.


3/22 However, it's important to compare Bitcoin and XRP not in terms of price, but market cap. That's because there are 100 billion XRP (and will never be more) and 19 million circulating Bitcoin (21 million max). So comparing the price of individual tokens doesn't work.


4/22 XRP's market cap is $12.6 billion. Bitcoin's is $623 (roughly 50x more, 55x if you factor in the 2 million Bitcoin not yet mined). That's a huge lead, but not as big as the 119,000x lead if you compare token price!


5/22 Bitcoin's primary advantage is its early adoption. It caught on earlier and became the front runner of crypto. Don't underestimate the power of being first. It gives a massive advantage. But it doesn't GUARANTEE being the winner long-term.
CRYPTO
Binance
Binance
@binance
🔸FUD
🔸FOMO
🔸HODL
🔸BUIDL
🔸SAFU
🔸ROI
🔸ATH
🔸ATL
🔸DYOR
🔸DD
🔸AML
🔸KYC

Ever seen one of these abbreviations and wondered what it
CRYPTO

You May Also Like

Shaun Russell
Shaun Russell
@_ShaunRussell
"I really want to break into Product Management"

make products.

"If only someone would tell me how I can get a startup to notice me."

Make Products.

"I guess it's impossible and I'll never break into the industry."

MAKE PRODUCTS.

Courtesy of @edbrisson's wonderful thread on breaking into comics – https://t.co/TgNblNSCBj – here is why the same applies to Product Management, too.


There is no better way of learning the craft of product, or proving your potential to employers, than just doing it.

You do not need anybody's permission. We don't have diplomas, nor doctorates. We can barely agree on a single standard of what a Product Manager is supposed to do.

But – there is at least one blindingly obvious industry consensus – a Product Manager makes Products.

And they don't need to be kept at the exact right temperature, given endless resource, or carefully protected in order to do this.

They find their own way.
TECH
sriram \U0001f1ee\U0001f1f3
sriram 🇮🇳...
@SriramKannan77
Saptapadi

The most essential rite (Sanskrit: rītī) of a Hindu marriage ceremony is Saptapadi (English: seven steps, saptapadī). Saptapadi is a Sanskrit term that means "seven steps." The wedded couple walks seven steps after tying the Mangalsutra, which is known as Saptapadi.


The couple legally becomes husband and wife after the seventh step.
Hindu wedding rituals: During Saath Phere, the bride and groom exchange their marital vows while circumambulating (walking around) the sacred fire seven times.


This is because the bride and groom exchange marriage vows and hope for a happy married life together.

1. The first marriage vow, out of seven, is a petition to the Lord for nutrition and nourishment for the Hindu bride and groom.


2. Hindu Bride and Groom: The second marriage promise is for strength in sickness, health, good times, and terrible times.

3. For the Hindu Bride and Groom - The third marriage promise is for the Hindu bride and groom's prosperity.

4. For Hindu Bride and Groom - The fourth pledge is to stand by their families in good times and bad.
ALL
Advertisement
Enigma
Enigma
@ainittomai
On December 25 Mr Pool retweeted August 16 message about the Phoenix and that the worst was still on the horizon to come. 1/*


Maybe now we can assume that November 3 message meant "FUD" nor "FUN". Putting the word in capital letters seems to indicate the aspect the word fud has in our space, FUD. 2/*


Brad started it on December 22 (1/3 posts (Don't say? Sure) = 13 = Plan B). 3/*


And immediately the SEC followed dropping the bomb (1.3 billions (Don't say? Sure) = 13 = Plan B). 4/*


FUD materializes, Bitstamp is one of the first that haltes XRP trading and so on. 5/*
FOR LATER READ
Greg Olear
Greg Olear
@gregolear
Strange things are afoot at the Circle K. Let’s sort it out.

[THREAD]


1/ Two nights ago, Rupert Murdoch called on Mitch McConnell, after hours. Since then, two Fox News-related Twitter accounts have not tweeted.

2/ Trump fired Sessions on Wednesday, replacing him with human dildo/Putin collaborator Matt Whitaker. Sessions had asked to stay until Friday and was told to leave immediately. So there was clearly some urgency to install the dildo...er, puppet.

3/ The Democrats won the SHIT out of the Midterms. Come January, the House check on Trump will leave him so hobbled, he’ll be like the dude from Misery.

4/ Trump went to Paris, ostensibly for an Armistice Day centennial event. He skipped the event, and much of the dinner tonight, because of “weather,” which everyone seems to agree is a bullshit excuse.
POLITICS
Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
SRI BANKEY BIHARI JI, VRINDAVAN (UP)

Very famous Krishna Mandir where Bankey Bihari Ji is worshipped and looked after as a child.
Bankey means “Bent at three places”.
Thakur Ji was worshipped in Nidhivan till 1863. This mandir was constructed in 1864 by Goswamis.
@LostTemple7


Legend says that Swami Haridas used to worship Krishna in Nidhivan.
Once, his curious disciples entered the forest but they were almost blinded by bright, intense light. Upon knowing this, Swamiji himself went there and after his requests, Krishna appeared with his consort.


Krishna, then, left back this black charming murti,which we see now, before disappearing.
A curtain is drawn before the murti after every 15-30 second. It is said that if one stares long enough into the eyes of Shri Banke Bihari, the person would lose his self consciousness.


Bankey Bihari Ji sports a flute only once a year on the eve of Sharad Purnima.
Darshan of His lotus feet can be done only on Akshay Tritiya every year.
There are no loud bells here and
no early morning Darshan can be done so that child Krishna’s sleep is not disturbed.
ALL


Category Partner: Enkryptopedia