ryanthegentry

Pretty excited about this presentation from @npub1cd0…xlvx! Have been thinking about The Bitcoin Stack for a while, and been really excited about nostr being the user/communications layer living on top of the LN layer for payments and the BTC layer for money/settlement for the last year… but this talk crystallizes specifically what use case The Bitcoin Stack is uniquely excellent at: Everyone Payments! Pumped to see prisms progress 🤙
h/t @npub18lz…ugm3 for the nudge to watch the talk :)
My earlier attempts at a Bitcoin Stack visualization… @npub1cd0…xlvx's is much better lol 🙃 https://image.nostr.build/42915498075860373331cac882544f3b9000d38f0086383591bd3988bc98826c.png https://image.nostr.build/f6e6c459142ecefcf0842a3be1f2af2c4fecf166631e9ddc0c8166b093497ba0.png #note16ks…wa2x

2023-10-03 21:44:04

Be like @npub1dxs…n4st, hack the planet!! #note1fqe…s59l

2023-10-03 21:43:36

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I salute you Mr. @npub1dxs…n4st 🫡

2023-10-03 20:52:48

LND v0.17 is here!!! Simple Taproot Channels have officially arrived 🥕🥕🥕 (and finally some SQL goodies which might be even more important iykyk)
https://github.com/lightningnetwork/lnd/blob/master/docs/release-notes/release-notes-0.17.0.md

2023-10-02 17:08:19

Gm. The most important quality of the Lightning Network is the permissionless nature of running a routing node, because that creates constant downward market pressure on routing fees. Permissionless means that ANYBODY can set up the software and start forwarding payments (including AI agents 👀).
Can we measure how well supporting permissionless node operations is going? Kind of! The Terminal list from Lightning Labs ranks the routing node market in terms of outbound liquidity, or how much capacity each node has to send payments. By my count, 80 of the top 100 nodes on the list are run by plebs, with only 20 associated with well-known businesses. That’s pretty great imo, let’s keep it up!
As long as we ensure that running a routing node is permissionless, and we keep increasing LN’s network effects, we are going to win! ⚡️
https://terminal.lightning.engineering

2023-05-17 03:29:41

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luke skywalker nooooooooo dot gif

2023-05-16 19:37:18

ICYMI, Taproot Assets are so back
https://twitter.com/lightning/status/1658497809895809025

2023-05-08 21:22:34

Hot off the presses, tips for managing LND in the current fee environment:
https://twitter.com/roasbeef/status/1655639093022425088

2023-04-28 19:58:20

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Dude must’ve been cryogenically frozen in 2017 and just woke up. Only explanation

2023-04-28 18:29:35

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f in the chat

2023-04-28 18:21:59

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I do it for the 6.15 BTC Satoshi promises is waiting for me in the afterlife 🙌

2023-04-28 18:15:48

Been spending time with the shitcoiners this week at Consensus in ATX. Mostly in private everybody is pro-BTC. But just met a co-founder of a company that is working on “tokenizing global wine and spirits to unlock billions of dollars of value stuck in people’s basements” 🫠🫠🫠
I can’t take much more of this. BTC++ you’re my only hope.

2023-04-26 00:13:58

iykyk #vanity
https://primal.net/ryanthegentry

2023-04-13 17:08:21

#mandibles 😬
https://twitter.com/kanthan2030/status/1646528845309440006

2023-04-05 16:44:07

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2023-04-05 16:23:36

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Congratulations y’all!!! ATX represent 😤😤

2023-04-05 16:18:27

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Default is “the maximum msats worth of HTLCs that can be pending (or in-flight) on our side of the channel.” And `lncli openchannel —remote_max_value_in_flight_msat` allows you to adjust beyond that default upon channel open.
https://github.com/lightningnetwork/lnd/commit/a66a1e113fb04912ac2e8ae62446bce8fed8d12a

2023-04-05 01:38:29

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Afk but can check later. What default would you consider proper?

2023-04-05 00:50:46

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Lnd allows you to set both max_value_in_flight and remote_max_value_in_flight_msat per channel. Is that what you’re talking about? Both set “the maximum amount of coins in millisatoshis that can be pending in this channel.”

2023-03-29 19:31:45

LND 0.16 is officially here, upgrade today!
https://lightning.engineering/posts/2023-03-29-lnd-0.16-launch/

2023-03-27 16:07:15

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Pls gib ☠️

2023-03-23 19:23:43

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🤣☠️

2023-03-22 15:28:57

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It’s (gonna be) raining sats, hallelujah!

2023-03-22 02:12:31

The WSJ wants Zaps, they just don’t know it yet ⚡️
https://www.wsj.com/articles/algorithms-ai-humanity-psychology-ebf1364c
https://nostr.build/i/nostr.build_d02489d0806216f3e6dbba9ce8d8dc42d3d38cdca67909c20fcd6bd2810296c9.jpg

2023-03-21 18:10:57

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Love to see it

2023-03-21 18:08:42

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💯
Not an excuse to not prioritize self-custody as a first class citizen at the protocol layer! But def an important check that I wish people considered when catastrophizing about custodial product usage.

2023-03-21 17:56:23

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Oops, in second paragraph should be “zero** trust, highest** stakes”, not “low trust, zero stakes”

2023-03-21 17:54:57

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🤝

2023-03-21 17:53:09

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It’s also a confusion of product and protocol prios. Protocol should be designed for the zero trust, highest stakes sovereign individual as a first class citizen. That’s what keeps things permissionless and decentralized, ensuring free market economic incentives. Holds true at the bitcoin layer and the LN layer.
If you’re designing product for low trust, zero stakes sovereign individuals otoh, good luck 😅 small, tough market! Much better to meet high trust, low stakes, large user cohorts where they are and provide a convenient abstraction over the raw protocol.

2023-03-21 16:55:18

#[0]-voice: "mandibles"
https://twitter.com/Kanthan2030/status/1638205973868482561

2023-03-21 15:50:14

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Tyvm. Very cool application! Excited to try it out 🤙

2023-03-21 15:44:00

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🤝

2023-03-21 15:35:15

Is the habla.news developer on here? I’m trying to figure out how it works after #[0] showed me the new #[1] integration last week. Very cool serverless Medium/Substack replacement.
Am I correct in thinking it only displays NIP-33 events? Trying to figure out why I can’t find habla.news posts on Damus or nostr.band.

2023-03-21 14:51:49

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In terms of lowering systemic risk, is there a better potential step-wise improvement than eltoo (whether the anyprevout way or the ctv+something else I’m forgetting way) for enabling cheap watchtowers and generally less toxic state?

2023-03-21 14:42:55

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If I misread the hot potato comment, and you meant in terms of passing risk around, sorry! Realized that after my post. Yes agreed that on a system-wide scale risk is constant and one user sub swapping out just passes their risk to another, we’re on the same page there now.

2023-03-21 14:40:32

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So when a channel depletes, the receiver should splice out and the liquidity provider should JIT splice in, incurring two on-chain txs? That seems coordination-heavy and expensive, I guess best case a 2 input (splice in + og channel) 2 output (splice out + new channel) with some musig coop magic? Sub swaps are just 1 in 1 out in the best case, no cooperation with peer necessary.
Re hot potato, kind of but there’s additional nuance imo. If you’re paying routing fees your tx is an economically viable one is my book, same as on-chain 🤷‍♂️ What keeps LN from being zero sum today is 1) new entrants opening new channels adding liquidity to the network and 2) sub swap providers facilitating liquidity exiting the network while leaving channels open. Activity might not be perfectly economically rational, but it’s significantly improved over the last several years and trending very positively imo.
I think a worse outcome long term than lost money from a mass exit attack would be node operators locking down the permissionlessness of new channel peers. That would be very sad and harmful to the incentives of the network. So please don’t do it to make a point, lol!

2023-03-21 14:08:44

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🤝

2023-03-21 14:07:56

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How do you reclaim inbound liquidity to continue receiving payment after a splice out?
Yeah good point re the second hop past the attacker, I was missing that thank you! Though if they’re doing the same thing, and pushing received sats to a submarine swap provider (which I did suggest generally and there are open source versions of!) or just an exchange, maybe the reason we haven’t seen any mass exit attacks is that routing nodes are being well compensated enough for the services they provide that the economics of a mass exit attack just haven’t made sense yet. If you’re consistently making a few % by providing and managing liquidity, and there’s no asymmetric payoff available by rugging, why would you rug and forgo all the potential future earnings? In DeFi we generally saw that calculus change when growth reversed.

2023-03-21 13:53:12

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#[2] wrote a great article on this last year!
https://bitcoinmagazine.com/technical/community-banks-improve-bitcoin-adoption

2023-03-21 13:51:44

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Few understand that one way for BTC to fulfill its destiny as a medium of exchange is as a global routing currency at the core of LN
#[0]

2023-03-21 13:43:53

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Not bad advice, but it is vitally important that anybody who wants to run a routing node can. The free market economics of LN and most of its other valuable properties depend on the permissionless entry/exit of routing nodes into the network. We should endeavor to make the barrier to entry as low as possible for anybody who wants to compete in the market, though ofc not everybody can win and some people will end up losing some sats instead of profiting.

2023-03-21 13:38:08

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Correct me if I’m wrong, but in my mind the mass exit attacker controls one or several routing nodes. During a full mempool, the attacker closes channels with bad states paying themself all the money in the channels, and prevents counterparties from publishing justice txs, right? So they claim all the funds in all the closed channels, regardless of prior inbound/outbound balance of each channel.
This attack is maximally effective theft-wise if the prior state of all channels is 100% inbound to the attacker, as they’ll go from having a claim on 0% of funds, to owning on-chain 100% of funds. This attack is minimally effective theft-wise if the prior state of all channels is 100% outbound from the attacker, as they’ll go from having a claim on 100% of funds to owning on-chain 100% of funds. So honest nodes can mitigate the damage from such an attack (and collectively lower the potential returns to an attacker) by consistently Looping out received funds from their local balance and realizing them on-chain.
I don’t necessarily consider that “hot potato,” with fees so low it makes sense for funds in LN to be high velocity! For this scenario, I always use the comparison to old timey brick and mortar merchants and their cash registers. During the day, the register fills up with cash. At the end of the day, to avoid theft, the proprietor would physically take their cash to the bank for safekeeping, and leave an empty register in their store. With bitcoin, you ofc can be your own bank by owning funds on-chain, so instead of taking cash to a 3rd party you can just send funds received on LN to an on-chain address you control. Loop or submarine swaps more generally help you do that without closing channels, to reward your liquidity providing peers for their service.

2023-03-21 04:25:11

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Another thing experienced node operators do to mitigate this risk is consistently push local balance to remote (either via Loop or direct to exchange). Caps risk of an attack like this if their counterparty tries to rug

2023-03-21 04:21:50

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Yeah true. Maybe we just got lucky that amounts were too small in LN while security was bad, that juicier targets existed while amounts increased, and now there’s pretty good remote signer stuff across different implementations to help mitigate 🤷‍♂️

2023-03-21 01:42:47

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🎤💧

2023-03-21 01:41:39

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It’s a really good question. I’d say it’s been really hard for a single attacker to actually steal funds en masse due to lack of single honeypots and isolation of funds in different channels with different counterparties. This might change as amounts get bigger, but the incentive design means payoffs should never be asymmetric like we see if DeFi (tiny effort, huge theft potential).
It’s not as hard to grief a node via channel jamming but the attacker can’t directly steal money, can just enjoy the pleasure of being an asshole for a while. Hence why lower hanging fruit attacks haven’t really been exploited yet.

2023-03-20 23:26:17

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Corollary: “Lightning nodes are basically full reserve, zero leverage bitcoin funds with payment services attached. It’s totally normal to keep your savings in one.”
#[0]

2023-03-20 23:24:16

By far my favorite quote from this month’s macro insanity was from #[0]: “banks are basically highly-leveraged bond funds with payment services attached, and we treat it as normal to keep our savings in them.”
Absolute 🔥
https://reason.com/video/2023/03/15/blame-the-government-for-the-new-banking-crisis-live-with-lyn-alden-arnold-kling-and-zach-weissmueller/

2023-03-17 17:34:28

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We have read-only mode in Terminal Web. Will be able to easily connect from voltage to TW 🔜

2023-03-15 18:07:31

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Relevant: https://twitter.com/xiaowang1984/status/1634745335099666433

2023-03-15 18:05:37

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Dario is the man, excited to listen!

2023-03-15 18:02:20

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Nice! Think the monthly DM subscription model should work well. Excited to test it!

2023-03-13 21:28:15

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K.R.E.A.M!
iykyk 😤
#[0]

2023-03-10 15:39:27

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shifty eyeballs dot gif

2023-03-10 15:15:14

Feeling very comfy with my BTC in self-custodied cold storage this morning. Too much chaos in the world today to trust a third party with custody of your wealth.

2023-03-09 16:48:58

I finally finished Mandibles last week and oh god now I’m turning into #[0] 😱

2023-03-07 02:45:54

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🫡

2023-02-27 20:36:44

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More to come on this soon ™️

2023-02-26 04:26:06

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Viva Verde! 🤘

2023-02-25 16:17:14

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Correct, “Clients fetch data from relays of their choice and publish data to other relays of their choice. A relay doesn't talk to another relay, only directly to users.”
https://github.com/nostr-protocol/nostr#how-does-nostr-work

2023-02-23 23:41:09

Just saw Alby added NIP-57 support today! Zap me to test and see if it actually works 😜
https://twitter.com/getAlby/status/1628701858473598976

2023-02-22 23:09:58

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1000 sats?

2023-02-22 15:59:47

Yooo #[0], zaplife.lol is super cool! Real time dashboard displaying zaps, and tracking top notes and profiles based on their zap count ⚡️

2023-02-20 23:05:18

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Taproot keys are just the most updated version of bitcoin keys that we got in the last soft fork. Their capabilities are too much advanced beyond Segwit keys or older, still early, but at a minimum they can sign nostr events and own on-chain bitcoins! Soon they’ll be able to own Taro assets, open LN channels, and much more I’m sure. River has a good article on Taproot here: https://river.com/learn/terms/t/taproot/

2023-02-20 21:37:16

The most exciting thing to me about nostr is how the combination of Taproot keys + a communication channel enables composability with different bitcoin meta-protocols. Some examples:
1) #[0] composing nostr keys with ordinal ownership: https://twitter.com/dannydiekroeger/status/1625245475426426880
2) #[1] composing nostr keys with ecash transfers: https://twitter.com/callebtc/status/1625263166450982913
3) #[2] composing “Bitcoin spending policy and signature orchestration using Taproot and Nostr” https://coinstr.app/
What else is out there? Wen nostr + DLCs? What can be done with nostr + Taproot LN??

2023-02-20 21:28:21

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Oh nice! Do you know anything about this? #[5]

2023-02-20 21:26:47

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Well from looking at NIP-11 idk if a given user’s “paid” status is even discoverable by the client. Seems like rn it’s kinda honor code “give relay your npub, pay invoice, relay promises to store your events and serve you new events” which is fine, but should relays have a public index of which npubs have paid to make it less trusted?

2023-02-20 21:16:41

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Nice, thanks! One thing I wanted to test was the nice green $ icon in Damus’s relay page… would be awesome if it was not-green for paid relays that hadn’t been paid yet. Looks like NIP-11 is the spec governing that relay info doc, but not sure if user payment status is discoverable like that… do you know?

2023-02-20 21:09:33

What’s a good paid relay to test out? I’m already connected to Eden

2023-02-12 16:14:19

If you don’t have a ⚡️ on your posts I feel bad for you son, we’re stacking sats to our LN Addresses and you ain’t getting none

2023-02-08 22:03:57

I've never been more bullish on the #bitcoin builder community. So many exciting new things being built in public today, and so much more to come later this year! 🚀

2023-02-06 21:36:33

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wen “uncle and his nephews private relay” ?

2023-01-23 22:01:47

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ser wen NIP-05 verification
https://mutatrum.com/nostr-verification-through-github-pages/

2023-01-20 02:30:48

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Thought it was cool to show LL is supporting nostr!

2023-01-19 23:43:34

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Oh gotcha. Maybe I should've said "employer" instead of "company" to be more clear, since I just changed my NIP-05 from my personal website to my employer's website.

2023-01-19 23:34:20

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What’s not a company? Who said anything about payment?

2023-01-19 23:15:59

Does your company offer NIP-05 verification services?

2023-01-18 20:03:07

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I’m pretty sure, what say you #[3]?

2023-01-18 19:49:54

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Teens love free food, give them enough sats to buy a large pizza through Fold or Bitcoin Company or a similar vendor?

2023-01-17 20:17:01

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Yes they provide inbound through their Flow product, and will provide Autoloop 🔜

2023-01-17 15:10:11

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Added 🤙

2023-01-17 15:08:34

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Voltage supports LNBits!
https://voltage.cloud/blog/feature-updates/lnbits-now-available-on-voltage/

2023-01-14 20:08:17

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LFG 🤙

2023-01-14 16:44:57

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Maybe I saw #[3] posting about it…?

2023-01-14 14:17:47

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Awesome. Is there an event associated with each tip? It would be cool to sort the feed by “most tips in last 24hrs” or something

2023-01-12 23:17:00

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Lol fixed, thank you!

2023-01-12 23:16:41

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🤦‍♂️🤦‍♂️🤦‍♂️

2023-01-12 21:59:01

V heartwarming to see BTC outpumping alts again. Nature is healing ❤️‍🩹

2023-01-12 14:26:03

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It was a good post!

2023-01-12 14:25:09

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Welcome 🤙

2023-01-12 14:24:24

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Gotcha so an example would be a new RPC `lncli publishevent`?
Tbh I think it would be a cleaner separation to have an external nostr client use the `lncli signmessage`RPC. And maybe we could include that in the litd bundle? So users running the bundle could hit `litcli publishevent` which calls the nostr client which generates a message for lnd to sign… what would you think about that?

2023-01-12 01:17:39

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What changes would need to be made to enable native nostr support on LND? We already have secp256k1 Schnorr sigs, don’t we?

2023-01-11 18:59:41

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wen “indefatigable titan” in bio? 😂
Nice read!

2023-01-11 14:19:35

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Humility being key to broader dev adoption is such a great and underrated point

2023-01-11 13:27:07

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😇