The Next Bitcoin Narrative

The next Bitcoin macro narrative will be the ability of the Bitcoin Lightning Network to deliver national, community, and individual economic empowerment.

The Lightning Trifecta

Question: what do Twitter, Square and Lightning Labs all have in common?Answer: Jack Dorsey and the future of the Lighting Network.

Jack Dorsey is the CEO of Twitter, CEO of Square/Cash App, and a major investor in Lightning Labs.

On February 5, 2020 Lightning Labs announced a $10 million Series A investment round. Lightning Labs has three products: a lightning network server (LND), a lightning network client specification (Neutrino), and a lightning payment channel service (Loop).

The combination of consumers from Twitter, merchants from Square, and technology from Lightning Labs should be the perfect trifecta for sparking significant growth in the lightning network over the next few years.

Here are the numbers. Twitter has over 300 million users worldwide. There are several million Square merchants and the Cash App consumer application has over 15 million users.

The lightning network will be the ‘killer app’ that drives Bitcoin adoption.

Congress considers Bill enabling tax-free Lightning Network Bitcoin transactions

The Virtual Currency Tax Fairness Act of 2020 is a bipartisan (3 page!) bill that will create a de minimus exemption for crypt currency capital gains below $200. If this bi-partisan bill is passed it will be an enormous boost for the Lightning Network and indirectly for the value of bitcoin as the underlying currency. Please tell your congressperson to vote yes and you will contribute some satoshis to their next campaign.

Lightning Network Books

Books are generally a poor medium for emerging technologies. The book industry operates at a glacial pace compared to most emerging technologies. By the time a book is published, the contents are invariably dated and the technology has probably already emerged. Nonetheless, here are a few books, or book-like publications, that cover the Lightning Network.

Lightning Conference 2019

Here are notes and links to recommended sessions from the first global lightning network conference held in Berlin October 19-20 2019. About 500 people attended. Here’s a review of the conference from Bitcoin Magazine.

Day One October 19 Main Stage Video, 8 hours. Day Two October 20 Main Stage Video, 8 hours. Much more digestible single-session versions, ~20-40 minutes each. 

Here are some specific sessions recommended for executives and managers.

Some interesting conference statistics from @fulmolightning:

  • 66,79% of paid tickets (45,97% of ticket revenue) paid via $BTC/LN 
  • 987 beers paid via LN
  • 700 coffees paid via LN
  • 164 cocktails paid via LN
  • 377 ice cream/hot chocolate transactions paid via LN

No word on whether there will be a 2020 conference. Follow @flashstarts or @lnconf for updates.