find SNL #41: Defi Ponzinomics on YouTube and BitcoinTV

Happy Sat-urday Stackers,

History repeats because human behavior doesn't change given the same incentives. Unless a technology changes incentives, it merely helps history repeat faster. Don't trust crypto banks to hold themselves to a higher standard than fiat ones.

FTX collapsed for doing what banks have been doing since the beginning of banking - maintaining fractional reserves and gambling with customer money - but FTX lacked access to the corrupt machinery modern banks use to socialize their losses.

Be your own bank. Opt out and get your bitcoin off exchanges this weekend, stackers!

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Top Posts
  1. Amidst all the drama, Bitcoiners are still building. This week's top post is a thread asking what's everyone building today, receiving 82 comments. @satoshinaka069 is beefing up their lightning node liquidity with KYC-free bitcoin, @nerd2ninja is finding demographics in Virginia that need Bitcoin most, @handsome_latino is working on a nostr explorer (ey papi!), @User21000000 is beginning to learn frontend development, @benthecarman is working on putting a lightning node in a browser with Mutiny Wallet, and on an on!
  2. Lightning is awesome, but as Matt Corallo pointed out at TABConf this year, Lightning is Broken AF. Building robust technology requires review, and Matt does it for Bitcoin and Lightning better than most. Watch the talk to learn about Lightning's UX issues, the limitations of watchtowers, mempool pinning, and more.
  3. Anita Posch, founder of Bitcoin for Fairness, author, and host of The Anita Posch Show, did an AMA. We learn that Zimbabweans use stablecoins for stability and avoiding confiscation, her push to encourage more people to create v4v Bitcoin podcasts in their native language, how she stays safe among regimes hostile to Bitcoin, and much more!
  4. This tweet about Binance potentially acquiring FTX was a major turning point in the FTX saga. Only one day after SBF tweeted (since deleted) that "FTX has enough to cover all client holdings," FTX was looking to be saved in an acquisition. Many of us know how the rest of the story goes: Binance walked away from the deal (if they ever intended to do it at all), FTX filed for bankruptcy, customer withdrawals were seemingly suspended indefinitely, and today FTX was "hacked".
  5. Bolt12 is a contentious upgrade to the Lightning protocol - most implementations are moving forward with it, but the dominant implementation has reservations. Regardless, this tweet thread from LN Capital describes some of the features of bolt12, highlighting reusable invoices, scan to receive, and recurring payments. If you're familiar with LNURL, many of us like to say bolt12 gives you many of the features of LNURL but at the protocol level.
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