Steve Lee | #TeamSlowAndSteady | ๐
@moneyball
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Lead @spiralbtc, Co-founder @PresidioBitcoin Co-host PBJ https://t.co/uGkEBMSSxz โฟtag: โฟ[email protected]
Joined August 2007
Presidio Bitcoin has been in the works the past 10 months. Wences Casares and Mark Casey approached me wanting to give back to bitcoin. I reached out to several others (@HBerkoe, @Martellfox, @MaxAWebster, @dksf, @bobscully3, JD, @_austin_f), had many conversations, and we came
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PoW is fundamentally more decentralized and censorship-resistant than PoS. With PoW, cheap energy is the strongest determining factor in participating in transaction selection. With PoS, wealth is the determining factor. Cheap energy is far more distributed than wealth.
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Bitcoin has been a wonderful game, but with a couple giant players cornering the market, the timing is right to โbuild a better bitcoinโ โ restarting the game!. folks cornering the market will say this is foolish, while they donate to Trump to encourage more buying, butโฆ.
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I don't work for Square, I work for Bitcoin. Square pays me so I can spend all my time and energy working on Bitcoin.
I don't work for Chaincode, I work for Bitcoin. Chaincode pays me so I can spend all my time and energy working on Bitcoin.
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The future of money. Block's vision: A solar bitcoin miner and full node in every home. Robinhood's vision: A handful of big tech companies running a full node in a large data center.
Moving to a 1GB (and later 10GB) block size limit would provide all of the throughput a global currency would need for the foreseeable future. L2 solutions are not necessary to solve this problem.
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Bitcoin, not blockchain. Very excited about this opportunity!.
Hey guys. Management again. Unfortunately, things didn't work out with Gary. However, we think we've found somebody who can live up to his commitment to decentralization. Please welcome Steve Lee, aka @moneyball, to the Square Crypto team.
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If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world's population can EVER own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world.
If you get 0.1 BTC no more than 2% of the world's population can own more BTC than you. Once this dawns on enough people there will be a stampede to try to get even 0.1.
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โThere are two kinds of people: those who love bitcoin, and those who donโt understand it yet.โ.
๐ฏ๐ฏ๐ฏ.
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What a great interview with @jack. ๐ฏ. "We need a currency for the internet. And the internet being an entity that isnโt controlled by any company or any one government, that is for the world and for the people of the world.".
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Fortune 500 CFOs now is the time to put 1% of your treasury into bitcoin, and here is a guide to help.
Today, @Square announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the companyโs purpose. For more, visit
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The original goal of 3-4 engineers and designers has blossomed into support for 30 people across 16 countries.
We turned 2 today. Jackโs our dad.
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When bitcoin becomes the global unit of account there won't be a need for a sats symbol. The unit will be implied. eg This microwave costs 15,900.
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The full power of bitcoin is only realized when users take charge of their coins. But designing self-custody bitcoin applications is HARD. This design guide intends to address this. See ways to improve it? Have problems not addressed in it? Let us know!
๐จAnnouncing the Bitcoin Design Guide!๐จ. This free and open-source, community-made handbook aims to help designers and developers build better #Bitcoin products faster.
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PSA: do not buy bitcoin from a service that doesn't support withdrawal. you might initially opt to let them custody your coins, but one day you will want to control them. you might then find yourself trapped with unrealized gains inhibiting you from selling and buying elsewhere.
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Hats off to anyone around the globe who has saved at least 0.28 bitcoin. You should be proud of yourself and don't let anyone tell you otherwise.
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Early adopter of #bitcoin as unit of account.
Starting now, Square Crypto grantees have the option to denominate funding in bitcoin, dollars, or calzones.
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Feedback from a friend that I ๐ฏ agree with:. "Choosing between "Bitcoin Receive" and "Lightning Receive" is too confusing. Most people just think "I own Bitcoin" and it needs to be that simple. Lightning is a technology (not a brand the consumers will ever understand).".
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Bitcoin:. 1. Natural early adopter of clean energyโ50% and rising.2. ScalesโTxn volume independent of energy consumed.3. Is hyper-efficientโtransforms energy at the source, avoiding transmission losses.4. Consumes off-peak curtailed energy, improving competitiveness of renewables.
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Truly tragic what has happened to Spiral grantee @chris_belcher_. Give the following a read to appreciate what he's gone through the past year. If anyone has any ideas about whom to connect him with or how to help, please reach out to him.
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Nice to see a year and a half of hard work by the LDK contributors starting to pay off.
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Love seeing emphasis on frictionless and fast onboarding ๐ฅ. No KYC is more than just privacy. It is also better UX.
โก๏ธ21-second onboarding just dropped ๐
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it is frightening listening to this.
In case it wasnโt obvious to you yet, hereโs the head of the Bank of International Settlements clarifying that the difference between cash and CBDCs is that the former provides privacy while the latter gives the central bank โabsolute controlโ ๐ฅถ .
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Great overview of what the bitcoin design community has been up to, where it is headed, and how you can get involved!.
You canโt tell from the filter on their FOSDEM21 presentation, but the Bitcoin Design Community has come a long way since this summer:
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New 3nm bitcoin mining chip incoming. Let's shake up the mining industry and give Bitmain some competition!
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This would be infinitely more effective for the IRS to collect taxes and the government to legitimately score revenue for the infrastructure bill. As it stands, no one running a node can comply with filing 1099s, so there would be no additional tax revenue due to this law.
. or, I have an idea: why not raise the stakes on individuals who do not report crypto gains by substantially increasing penalties? This seems like a better idea than trying to impose solutions that will literally be impossible to comply with.
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Bitcoin is the monetary equivalent of the 2nd amendment: "the right to bear bitcoin" - arming citizenry with a means to mitigate abusive behavior by government.
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Bitcoin is very hard to change, a property that is critical to it having any value at all. But, what exactly prevents it from being changed? Bitcoin is also bigger than ever, so how do improvements get made?. Announcing the open source bitcoin consensus analysis project (BCAP).
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It has been 5 years since the great consensus cleanup softfork was proposed. The majority of bitcoiners have joined after that and are likely unfamiliar with it or the some of the dramatic things that could occur without these fixes.
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best 2 minute pitch on bitcoin i've heard.
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To โฟ, or not to โฟ, that is the question.
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Let's have a look at how the top 10 have fared relative to BTC since this 2018 tweet. @nic__carter ETH -52%.XRP -90%.BCH -88%.EOS -94%.LTC -69%.XLM -74%.ADA -55%.TRX -86%.MIOTA -93%.
A new market dominance metric would only look at coins that have existed 5+ years. How does BTC fare then? How will BTC fare in several years against the set of new coins?
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I believe it has been well over a year that @GoogleAds has been allowing criminal phishing ads to steal from @Trezor users. I continue to see them myself. I have a friend who lost a substantial amount of money because of this. Beyond ridiculous.
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This is going to be a phenomenal event at Presidio Bitcoin. Several things are converging that are going to result in an explosion of bitcoin applications.1. Vibe coding enabling anyone with a great idea to build it in under 24 hours.2. Bitcoin payment solutions are nearing.
๐จAI + Bitcoin Opportunity ๐จ. Presidio Bitcoin will host its first hackathon on May 16-17!. Participants can win $10k+ and connect with devs from @blocks, @lightspark, @fewsats, @spiralbtc, @HRF, @hivemind_vc, & @lexeapp. More info and application ๐
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Square Crypto would be more than happy to provide a grant to a product designer who wants to dive into this and try to make a real difference on the Bitcoin Core wallet. DM me if interested. /4.
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I'm happy to see @a16z and @DigitalAssets agree that #bitcoin is in a completely different category than "web3" and the rest of "crypto.".
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We made a little film.
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For any developer interested in Bitcoin development, it is hard to go wrong by following these steps:.1. Read and do all exercises in @aantonop Mastering Bitcoin.2. Read and do all exercises in @jimmysong Programming Blockchain.3. Write your own wallet.
I think I'm understanding @jimmysong's work better now than I did before. This may be among the highest leverage activities for accelerating Bitcoin's success. Thank you, sir! ๐โโ๏ธ.
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"You can think of bitcoin as the ultimate energy subsidy โ a go-anywhere, plug-and-play, there-when-you-need-it mechanism for turning power directly into money when otherwise it would just be stuck or poured down the drain."
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Truly evidence that anyone can contribute to @bitcoincoreorg! I have found the process and dev culture to be very welcoming.
Congrats Steve! @moneyball is now one of the select few to have committed code to Bitcoin!
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Not your keys not your coin.
A pair of South African brothers vanish along with $3.6 billion of Bitcoin from their crypto investment platform
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Drop the sats. Just bitcoin. It's cleaner.
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I recall 15 years ago when Google replaced Goldman Sachs, Microsoft, etc. as the top organization to work for. Maybe we're witnessing the beginning of a trend toward bitcoin becoming the top choice of new grads.
Originally from Cupertino, she is graduating from Berkeley this month with a degree in compsci. Gloria passed on an offer from Google in favor of Brink and working full-time on bitcoin. So really just an all around completely normal 22-year-old like we all were.
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I cannot be more thrilled to have @TheBlueMatt join the team. I first met Matt two years ago when he was gracious enough to meet a Bitcoin noob and he's been teaching me since.
BIG NEWS: Please welcome @TheBlueMatt to Square Crypto. Woo! THINGS ARE HEATING UP EVERYBODY GET IN HERE LETโS PARTY ๐๐ฅ๐๐ฅ๐๐ฅ. *A lone figure watches from afar, their haunched shape a dark smudge against the gathering gray skyโฆ Gary?*.
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Exceptional post by Strike. They are clearly pushing things forward in the space:. * First production use of LNDK.* First production use of LDK's C# bindings.* First regulated company supporting BOLT 12.* First production support for BIP 353 and DNSSEC!.
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Very thorough research of the LN ecosystem. Much more going on with LN than most think! Well done @olegmikh1!
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We already have BDK and LDK in the bitcoin ecosystem, so why not MDK?!
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Even if bitcoin transforms the world it will still use less than 1% of the world's energy.
I wrote an article about bitcoin's scaling pattern and energy usage:.
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bitcoin is freedom.
The Navajo people have suffered decades of financial abuse from the US government. Now they're mining Bitcoin. This is their story.
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ETH's value relative to BTC peaked over 5 years ago. Considering it only achieved half that value in the most recent bull cycle, it would require a reversal of investor sentiment for it to surpass BTC in the next cycle.
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This has been 10 months in the making (even before Square Crypto was conceived!). I'm super happy to have @sqcrypto supporting ZmnSCPxj. He's proven prolific as a LN proposal reviewer and innovator, and he'll now have more time to devote to development and code review.
In a move that could never happen in any other space, weโre supplying a grant to what looks at first glance like a hash function. Please welcome ZmnSCPxj to the small but growing family of Square Crypto grant recipients.
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To everyone feeling like they missed the boat with bitcoin, may I suggest getting in early on "the next bitcoin" . SATS . may be worth $1 some day
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me thinks bitcoin has a plan for this.
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@jasonfried @coinbase @brian_armstrong @tobi I was super happy to read this but then saw that you don't actually accept bitcoin, you only support Coinbase? There are hundreds of bitcoin wallets so you're missing out on a huge portion of the market (and also missing a key point of bitcoin being the open monetary network).
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As bitcoin mining matures, it becomes a natural early adopter of (cheap) renewable energy. But with innovation and hard work it can happen even faster. Who should Square and others invest in?.
We are also launching a Bitcoin Clean Energy Investment Initiative, committing $10M to support companies that help drive adoption and efficiency of renewables within the bitcoin ecosystem. More information in our full press release below. (2/2).
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This remains true!.
@edsilva90 Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And itโs a great brand.
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Lightning Network is 21st century infrastructure. America's infrastructure plan should include 21st century technology.
@milessuter Should be part of the infrastructure bill.
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This may be 7 years old, but it remains a must-read to understand why bitcoin's proof-of-work design is genius, and why it is never going to be replaced with "something better." .
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Spiral Wizards pragmatic proposal to address long term QC threat in the near term. Feedback welcome.
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. @AarikaRhodes just told me she's $23k shy of her end-of-year fundraising goal to take on Brad Sherman. I think a good showing by her extends far beyond CA-30 as it can show how beneficial supporting bitcoin can be for a politician.
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bitcoin mining accelerates the transition to sustainable energy.
"Bitcoin mining is converging with the energy sector with amazing rapidity, yielding an explosion of innovation that will both decarbonize bitcoin in the medium term, and will dramatically benefit increasingly renewable grids," says @nic__carter.
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Incredible that there are 4x as many women that own #bitcoin than men in India per this research
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What does it mean to be open source? When I first got involved with open source bitcoin in 2017, I thought this was a simple question. However, it is far more nuanced that I rarely see discussed. There are at least 9 different gradations . am I missing any?.
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The OP_RETURN PR may be one of the highest ROI changes in bitcoin history. It.1. Removes Core censorship of consensus valid transactions (described as "paternalistic" by Core devs).2. Reduces centralization pressure by making certain data stores (OP_RETURN between 81 and 137.
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Want to learn why BOLT 12 is important for bitcoin payments? Why the timing is now to become the standard payment protocol used for the open bitcoin monetary network? Who is adopting it first and what the next steps are for everyone else?
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NYT๐คก.
โEthererum has said it is moving toward proof of stake and Bitcoin is expected to eventually follow.โ. Itโs frankly absurd that the @nytimes could publish this nonsense, which speaks volumes about the awful state of MSM Bitcoin coverage today.
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Vibe coding the bitcoin network.
@viresinnumeri Ai has made everyone a devops engineer. The days of software engineers being gatekeepers are over.
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Team #bitcoin.
Announcing the โฟtrust board: @actuallyCarlaKC, @ihate1999, @obi, & @ojomaochai! I'm so grateful for you all and so inspired. ๐งกโก๏ธ๐. They'll now work towards defining the operating principles as they think about how to best distribute the 500 bitcoin towards development efforts.
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Focus allows an organization to go far deeper and develop much better products and businesses #bitcoin.
On Square's Q3 earnings call, CEO @jack Dorsey reiterating commitment to bitcoin. No plans to add new cryptocurrencies to $SQ Cash App: . "We're not. Our focus is on helping bitcoin to become the native currency for the internet. we have a number of initiatives towards that goal"
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Sound money requires a credible and predictable monetary policy. Bitcoin's has never changed in its 13 year history. We can all confidently know what bitcoin's policy will be in 20 years. What will Ethereum's policy be in 20 years? We have no idea.
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BTCPay's mission is non-custodial solutions for merchants. LN scales bitcoin to more payments. But most merchants don't run their own servers. Yet non-custodial mobile LN is HARD. LDK enables this! BTCPay + LDK is a great marriage. 2023-2024 Build.2024-2025 Optimize.2025-2026 ๐.
๐จNot everyone knows how to deploy a server, but everyone can run an app on their phoneโก๏ธ. We've teamed up with @spiralbtc & @lightningdevkit and began working on theย BTCPay App. Aiming to replicate the success and impact of the BTCPay Server for e-commerce payments, the BTCPay
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SV has lost patience with BTC so moves on to shinier things, but BTC remains 99% of the value and a great opportunity for biz to emerge.
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Obi's Frontier Town is reminiscent to Ross Stevens' @NYDIG shareholder letter 2 years ago. very prescient. Give this section another read:
Welcome to the first #Bitcoin Frontier Town ๐. Built on 4 key parts like old frontier towns but immensely better:. - Energy: Hydro/Solar vs Coal/Oil.- Mining: Bitcoin (@GridlessCompute) vs Gold.- Secure Custody: @Fedimint/@fedibtc vs Banks.- Connectivity: Internet vs Railroad
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Politicians should love Lightning Network:.1. It is financially inclusive, providing economic empowerment by scaling bitcoin to millions. 2. It is green, dramatically decreasing energy consumed per payment by spreading many payments over a single PoW-mined transaction.
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Want to know more about Square Crypto plans? Give this a listen!.
SLP144 Steve Lee @moneyball - @sqcrypto and Supporting Bitcoin Development . We talk:.- Lightning Dev Kit.- Funding.- @BtcpayServer.- @ZmnSCPxj.- Bitcoin UI and UX.
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jkczyz's first merged PR: Congratulations! ๐๐พ๐.
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Extremely proud of this. Everyone I've interacted with on the project is A+ !! @NicolasDorier @pavlenex @r0ckstardev @vandrewattycpa @MrKukks.
๐ข Announcing the BTCPay Server Foundation and our first grant from @sqcrypto.๐. Business? Want to help us make a difference? Get in touch๐ง๐
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This is less about crypto's future and more about America's future. The rest of the world is happy to absorb an influx of talent and innovation and grow their economies.
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One thing I've observed from Bitcoin Optech is how diluted the efforts by most crypto companies are due to supporting dozens or hundreds of tokens. River's focus on bitcoin will put it in a position of strength.
1/ We often get asked if we will support cryptocurrencies other than Bitcoin at (@RiverFinancial). As we explain in our knowledge base article here, we will not. Thread below for more thoughts:.
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Detailed 22 pager on Bitkey's recovery. Highly recommended read for anyone who nerds out on self-custody.
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Friends, for those who haven't yet realized the NY Times has devolved into a source of misleading sound bites serving either their political agenda or optimizing their profits, please unsubscribe and ignore to better your life.
A single Bitcoin transaction now requires more than 2,000 kilowatt-hours of electricity, or enough energy to power the average American household for 73 days, researchers estimate.
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So happy the absolute best tech writer in bitcoin has this opportunity to bring us this substantial update to the premiere book on bitcoin. Congrats @hrdng!.
I'm pleased to announce that Mastering Bitcoin (3rd edition), co-authored by @aantonop and myself, has been sent to the printer. Ebooks should be available around Nov 15th. Print books should be available by early December. (1/8)
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During the bear market of the past year, the # BTC transactions/day has actually increased 65%
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Finally got a chance to try this out. WOW! Enormous improvement in bitcoin wallet UX across several dimensions including onboarding, blending of BTC/LN (making LN disappear more which is a good thing), backups, and security (multi-sig). Oh, and non-custodial LN. @esneider ๐๐๐.
We're excited to announce Muun 2.0!. A complete rethinking of the wallet that makes self-custodial bitcoin easier and safer than ever. โก๏ธ Seamless lightning payments.โก๏ธ Single balance for on & off chain.โก๏ธ Multisig security with foolproof backup. And more!
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