Yuga Labs' 300 Bitcoin NFTs failed? 🗑️
Bitcoin News & UPES Dehradun's web3 course
GM 🔆 This looks like a go evening to run you through the hottest updates in Web3 last week, with some opportunities and resources sprinkled on the side.
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Here’s what we have for you and Posty this week👇
Weekly Web3 Updates
Jack Dorsey’s Bitcoin Payments
Yuga Labs’ Bitcoin NFTs DRAGGED!
Web3 Jobs & Reads
Estimated Reading Time: 4:25 minutes
Weekly Weather Report 🌤
Feeling the chills this week? Don’t worry! You’re not alone, Posty’s right here all warmed up to prepare for the crypto cold.🤞
Quick Web3 updates curated for you:
Coinbase Launches Base: A new era for Ethereum Layer-2 networks
Ethereum activates ‘Account Abstraction’ touted by Buterin as key advance
Indian-origin FTX executive Nishad Singh pleads guilty in crypto case
Mastercard and Visa back out of deals with crypto firms
Dehradun-based UPES School of Business launches India's first In Metaverse and Web 3.0
C= to the Future: Boosting Lightning-fast Bitcoin Payments
Bitcoin maxis, do you have a need for speed when it comes to Bitcoin payments? We know the answer, YES. 😤
Remember Jack Dorsey? No, not the ex-Twitter CEO but the web5 guy! 👀
Well, TBD, a division of Block led by Dorsey, has launched a new venture named c= (pronounced c equals, cool name IMO 👀) to improve the Bitcoin Lightning Network through tools and services.cequals.xyzc=Connecting the world through fast, low cost, global payments.
Their aim? To further the reach of Lightning Network through added liquidity and routing services.
Catch up with ‘Lightning Network’ ⚡️
The Lightning Network is a layer 2 payment network built to ease the mainstream adoption of Bitcoin.
Enables faster, cheaper, and more reliable peer-to-peer payments.
Offers incremental upgrades to support the ongoing Bitcoin adoption globally.
The Lightning Network is still growing, and transactions often fail due to liquidity shortfalls.
What does C= equal to? 👀
In order to address these shortfalls, “c= will build infrastructure using the bitcoin it is committing to the network so that businesses and wallets can make their Lightning transactions more reliable and dependable.”
C= will provide faster and more affordable payments to a wide range of users:
Wallet users: Offers fast, reliable, and low-cost lightning payments for wallets, supercharged by machine learning.
Businesses: Powers enterprise-grade payments through managed channels, enabling liquidity when needed and providing confidence that payments will be reliably routed.
Lightning node operators: Connects you to new sources of routing volume and customers served via their LSP services.
Here’s what C= has to say about itself:
"We want to meet you where your lightning needs are. Are you a business looking to accept Lightning payments? A wallet in need of channels or inbound for your customers? A hardened plebnet veteran looking for your next big source?"
Layer 2 services are collectively improving Bitcoin operations make it easier for people to adopt the ecosystem into their lives. And the best part? It's available right now for anyone seeking to operate a Lightning node and benefit from TBD and Block's infrastructure.
If you liked reading this, feel free to click the ❤️ button on this post so more people can discover it on Substack 🙏
Crypto Chaos: Let’s go back to the Stone Age with Yuga Labs!
It looks like Yuga Labs has stirred up a bit of controversy with their latest Bitcoin NFT collection auction.
Yuga's "TwelveFold" collection features 300 NFT-like images inscribed on satoshis using the Bitcoin-native Ordinals protocol. The top 288 bidders will snag one of the unique images.Introducing TwelveFold. A limited edition collection of 300 generative pieces, inscribed on satoshis on the Bitcoin blockchain. TwelveFold.io
But.. it wouldn’t be a chaotic crypto conversation if there wasn’t some drama!
The auction in question 🚨
Here’s how the bidding process looks like:
The participants will send their entire bid amount in Bitcoin to a unique BTC address controlled by Yuga.
While winners only pay their bid amount, Yuga will “manually refund BTC” to those who don't win. Um…wait, what? 🤔
This approach hasn't gone down well with everyone. Some have pointed out that manual refunds are a little outdated, with one Twitter user calling it the "stone age." Ouch.
Dissing the “highly regarded morons” 👀
Things escalated quickly when Bitcoin Ordinals creator, Casey Rodarmor, weighed in on the matter, telling Yuga to "get f*cked" and calling the auction "degenerate bullshit." Yikes. Looks like Yuga really rubbed some people the wrong way.Dear @yugalabs, @veryordinally is right. Actions like this prove that for some entities and people: “Once a shitcoiner always a shitcoiner.” If I, personally, Casey Rodarmor, ever see you, Yuga labs, the entity, fuck around with degenerate bullshit like this again, I will wash… https://t.co/COARsn4X0o@TO Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids. Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.ordinally @veryordinally
Is there a better way this could’ve been handled? Here’s what Veryordinally has to say about it 👇 You might wanna follow this thread to see some interesting alternatives.@dtrain22k @TO Trustless offers based on PSBT work like a charm. No escrow needed. Has been used successfully for Dutch auction model. Have not thought it through, but should be possible to build a similar auction model to what Yuga is doing here. Needs work for sure.
Despite the backlash, there are still some cashed-up bidders who are excited to see Yuga entering the world of Bitcoin. After all, who wouldn't want a unique NFT-like image on a satoshi.
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STOP - DO NOT INVEST IN SUBSTACK'S BROKEN MODEL!!!
Seriously if they are begging for money and VC bailed it means its a broken model. Think about it, how many regular people are paying per writer $5 to $10 per month? Not enough apparently and the next thing they will introduce is advertising which is 1million times worse. This monetization model is for elites, elite writers and elite readers who can afford to pay to "benefit" from their writing. Its not Twitter but its just as elitist as Twitter and will devolve into the same mess and control mechanism.
Go check out web3. Go check out crypto. Go check out the MVP of my solo hobbiest project "dplatform.me" The next platforms will be web3, crypto, micro-transactions, and governed by decentralized autonomous organizations (DAOs) or no one
The future is decentralized!