Sam Wouters
@SDWouters
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Heading up Marketing & Content @River
Amsterdam, The Netherlands
Joined September 2011
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I see many Bitcoiners give up on Bitcoin education and blame it on people being ignorant.
Consider the possibility that you have room for improvement, and get better 🫵
Below my talk at
@TheBitcoinConf
+ new article with practical tips on how to get people to listen to you.
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Today, I’m releasing River’s new report:
#Bitcoin
vs the $156 Trillion Global Payments Industry
Jam-packed with data, 30+ graphs and visuals, and yes, an executive summary 👇
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10 Years ago: the
#Bitcoin
Whitepaper release
9 Pages to outline the system
8 References to decades of research
7 Years since 1 btc rose over $1
6 Price bubbles
5 Years since the first services
4 M coins lost
3 Imitation Hard Forks
2 HFs due to bugs
1 Real Bitcoin
#10yearsbtc
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Bitcoin's hashrate touched 400 Exahash. At the current growth rate in 2023, we'd reach a Zettahash by the end of 2025.
I'm getting questions and concerns from people.
Where is the growth coming from? Is it nation-states? Secret mining operations? Did someone find some exploit?
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The major trends in
#Bitcoin
's next few years seem predictable.
If you've been paying attention, much of the meaningful stuff that will happen has already been set in motion and now just needs to play out 🤷♂️
Let's speedrun through the next epoch in a thread 🧵
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Bitcoin mining potentially being great for the climate seems so counterintuitive, but the data speaks for itself.
A great recent thread to start learning 👇
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#Bitcoin
has already reached all-time-high prices in 3 of the top 20 global currencies.
The rest will follow as governments continue to print money to cover for their deficit spending.
People are opting out of this madness around the world, and we get called crazy for it 🙋♂️
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Honestly one of the best motivational speeches for Bitcoiners I’ve ever seen.
This gets me more fired up than anything any Bitcoin influencer can say.
We live in a world where the ruling elite has crafted an overcomplicated system with overcomplicated language that is so out of
This is absolutely priceless. And probably the most frightening clip you'll ever watch on the people in charge of the US economy.
Jared Bernstein is literally the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy
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3 years ago, Bitcoin's market cap was ~$835B.
Same for all the crypto stuff w/o stablecoins.
Today, Bitcoin's market cap is up 37% ($1.15T)
And the other stuff? -11% (not adjusted for inflation)
It’s an insightful statistic to present to people who blindly “diversify”.
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23%+ of the world population suffers from double-digit inflation.
Another 43%+ has between 5-10% inflation.
To me
#Bitcoin
dominance isn’t about a high market cap compared to other coins. It’s when it discourages countries from printing money like this.
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#Bitcoin
may be getting the biggest breakthrough in self-custody since multisig. I would argue one of the best upgrades since Lightning.
Users will be able to intervene in case of a security breach!
“Why is nobody talking about this?”
Some quick insights on OP_VAULT 👇
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Earlier this year,
@lightning
Labs announced Taro, a new protocol to issue digital assets on the
#Bitcoin
blockchain.
I could not follow the technical, lightning-fast explanation then. After diving in recently to understand and explain it, I'm pumped 😄
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I'm excited to share
@River
's Lightning⚡️ Research with you that I've been working on over the past while!
In our first report, we publish our Insights from running some of the largest Lightning Network nodes out there 👉
A sneak peak below 🧵
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Updated version of the Lightning Industry map for our new report, now 179 companies.
There were a few mistakes in the first version, which weren't caught in review by people in the space either. I've tried to fix as many of them as possible before giving presentations.
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I mapped out 173 Lightning companies across 28 categories. Hopefully that’s all of them 😅
We realize that the categorization is up for debate, as companies tend to see themselves slightly different from competition.
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Bitcoin has now reached new ATHs in 14 of the top 20 fiat currencies with the Euro, Pound, and others joining in.
Let's see what this week brings! (or even the rest of the day)
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#Bitcoin
is basically just 5x speedrunning gold's trajectory.
The last 10 years of Bitcoin look a bit like a squished version of gold's last 50.
No wonder some people get salty.
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Just walking the dog, trying to catch up on podcast episodes and then suddenly I hear
@LynAldenContact
talk about my work on
@WhatBitcoinDid
👀
I enjoyed the episode as well, the quality of the show keeps getting better over time 👌
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If you think that all of the people you couldn’t get interested in
#Bitcoin
will just turn around in the future and educate themselves, go read through the comments under Lyn’s post for a reminder of how unlikely that is.
We have work to do.
Grocery stores have razor-thin profit margins and people are talking about them price gouging. 🤷♀️
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Last week Rabobank refused
#cryptocurrency
businesses to open a bank account due to money laundering risks. Today they get fined, still make a profit and nobody goes to jail. What a circus. Hurry up
#Bitcoin
Dutch lender Rabobank's California unit pleads guilty to conspiracy, agrees to pay $369 million in case involving the laundering of Mexican drug money.
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This month in
#Bitcoin
we saw:
✅ Improvement Proposal for Schnorr Signatures
✅ Many 2MB+ blocks
✅ 40%+ SegWit adoption
✅ 10k+ payment channels on LN
✅ Another sidechain
✅ Billionaires investing
And much more!
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Want the
#LightningNetwork
⚡️ sooner to help blockchains scale? Help spread the word that
@Lightning
Labs is looking for people!
#Bitcoin
#Blockchain
#Crypto
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Energized by the overwhelming feedback on our Lightning report, I continued work on
@River
's next report. After 1.5 months it is done, and I hope you like it.
In the free 35-page report we examine: What could Bitcoin mining look like at one zettahash?
#WhenZettahash
🧵(7)👇
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We're hiring a Content Strategist at
@River
to work with me on leveling up our content.
1.5 years ago River hired me through Twitter, you might be too 🙂
It's a fantastic company full of amazing people 🧡
See the link in the post below to apply 👇
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As much as Bitcoiners want it to be, Bitcoin is not an option for everyone today.
In his new "Follow The Money",
@PeterMcCormack
asks an Argentinian woman what she knows about Bitcoin, she's somewhat aware.
Peter: So why don't you buy bitcoin?
Her: I have nothing to save.
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You can find the report here, I would love to hear your thoughts.
We’re going to win, but it’ll take some work!
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@RealNatashaChe
So in the examples, conveniently the thing that’s good for the narrative happens quickly, but thing that’s bad for the narrative always happens gradually? 🤨
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@RnaudBertrand
He cannot give an honest answer as to how badly governments are screwing over the people they are expected to serve.
The people need a fixed and predictable monetary policy. A system that cannot be influenced by the same individuals that can’t manage a budget.
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I couldn't find a comparison table of
#Bitcoin
's predecessors so I made one myself (and added banking as a reference). Is it accurate? Are there any interesting projects missing?
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I'm completely baffled by the amount of publicity people are giving this altcoin and the energy wasted bashing it. Focus on growing
#Bitcoin
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I've had a writer's block for too long..time to get it out. I just published Erlay: An awesome performance improvement to the Bitcoin network
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"
#Bitcoin
is the first example of a new form of life", read this gem again by Ralph Merkle, pioneer in cryptography
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The NYTimes posted a hit piece against Bitcoin mining
All you need to know: journalists are essentially saying "ERCOT doesn't know how to operate the energy grid in Texas"
Meanwhile, ERCOT looks at Bitcoin Mining as positive & approved another 4 GW 🤷♂️
₿REAKING: Former leader of Texas' energy grid, Brad Jones says, "
#Bitcoin
mining is helping balance our grid and is driving more renewables into our system"
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> Spent a few dozen hours preparing content for a presentation at Bitcoin Nashville.
> Speaking at the same time as Saylor is on the main stage 💀
But I’m speaking!
Topic will be how to make friends & family listen to you about
#Bitcoin
And I’m going to give it 300% 😄
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A simple explanation on Schnorr signatures and why they will make spam attacks far more expensive in
#Bitcoin
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Updated version, as new statistics for Lebanon and Syria came in, and I forgot to label Ukraine. Thanks to those who pointed it out.
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4/18 1. Ownership distribution of bitcoin will change drastically.
- ETFs/funds buy up 15%+ of 21M and TradFi will get the wrong impression of how much of a say they have in Bitcoin.
- More businesses will hold bitcoin on the balance sheet to outgrow competitors. (Cheatcode)
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We’re on the cusp of a lot of technological improvements to Bitcoin. Feels like 2016!
Some will try to credit the change to Ordinals and Inscriptions on Bitcoin, but the work on these upgrades started long before those were a thing.
Ecash, Fedimint, Ark, Vaults, and all of the
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Anyone can check to which pools the hashrate went. If you look at Waybackmachine for any pool data website, you get the following difference.
Before the "omg so centralized" alarmists show up, these pools consist of thousands of individual miners that can switch at any time.
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You can find the report here
It would mean a lot if you could share this tweet thread and/or the report 🧡
I'll be sharing this report at
@TheBitcoinConf
in Amsterdam in 2 days!
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There are now 2.2+ billion people across 81 countries living under 10%+ inflation per "official" numbers.
That's 27.5% of the global population whose wealth is rapidly declining by the money printer 🖨💵
In April this year, it was 1.1 billion people in 35 countries.
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20 years ago some of the foundations of
#Bitcoin
were laid. Thank you
@adam3us
&
@NickSzabo4
for helping to make Bitcoin possible 🙌
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If you’re not full-time into Bitcoin and you’re struggling to keep up with everything that is happening, know that even if you would be full-time, you would still struggle big time.
The pace of companies, projects, development, are unreal right now 🤯
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Bits is the only name I see the average person using, if you think "mBTC" is ever going mainstream, I have bad news for you. I'll start using bits in my presentations, got to start somewhere!
#Bitcoin
Is it time to standardize usage of the "bits" denomination? Makes sense to me,
@jimmysong
!
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5/18 - No democratic countries will add bitcoin to their treasury. Too much political resistance.
- Governments will continue deficit spending and Bitcoiners will be targeted for more tax revenue. Bitcoiners will increasingly move jurisdiction or get involved in politics.
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Which Bitcoiner has the most awesome pet? (Don’t care if indoors or outdoors)
Share yours below 😄
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Awesome to see all the
#LightningNetwork
⚡️ progress bundled in one energetic presentation by
@starkness
. Can’t wait for the first release in 2018!
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Updated version: From 3 top 20 currencies with new ATHs yesterday to 11 today.
People have been incorrectly reporting ATHs by comparing them to the old _weekly_ price in Google's graph, which doesn't capture the old ATH spike. Semantics though, all of them will get smashed 😉
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@WhaleWire
1. Lightning usage is not down 84% since last year, it is up at least 37% while price went down by 40%. What's your source?
2. Lightning capacity didn't "plummet", it was intentionally reduced to increase capital efficiency.
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Lightning companies & major Lightning nodes, I'd love your input! ⚡️
I've started on this year's edition of
@River
's Lightning report. Rather than only making it about us, we want to level it up and include relevant data from many sources, with attribution.
My DMs are open!
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If you have an interest in Bitcoin privacy...
...and you follow Wasabi and/or Samourai,
...but you don't understand the frequent drama,
...and you can't be bothered to get into this,
...and it's turning you off from using either...
You're not alone.
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Because a tweetstorm to thank everyone who worked on the
#Bitcoin
0.16 software is overkill (and doesn't scale). Thanks everyone!
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At
@BitDevsAms
we went through the recent Ark proposal as a way to scale
#Bitcoin
.
It is definitely an interesting concept, but two major concerns were raised that I have no idea how they can be overcome.
I'll break them down in simple terms 👇
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Don’t let your memes be dreams.
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#Bitcoin
in numbers. With SegWit almost live, the amount of transactions will begin to rise more rapidly. 📈
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@TomReichhart
It's no longer an experiment. Experiments don't get $120B in value transferred through them.
#bitcoin
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7/18 - Bitcoin's payments technology will continue to improve significantly to benefit power users and Bitcoin businesses.
- Living on bitcoin will continue to become easier for those who want to.
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“Core has too much Influence over
#Bitcoin
”
*gets invited to contribute*
“It won’t help our business enough”
Everyone wants change, nobody wants to change,
@OneMorePeter
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As of today there are just 3 top 20 currencies left that haven't had a new
#Bitcoin
ATH.
Of course inflation-adjusted is a whole other story, especially when you get into debates around real inflation rates 😉
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If Bitcoin was a country, it would rank somewhere between 10-20 in population size.
Something tells me we're going to enter the top 10 very soon 👀
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I find it unlikely that the added hashrate would be mostly nation-states. Some people love to speculate about this, but the odds of such a thing happening and then remaining a secret are astronomically low. There are far too many people involved in running massive operations.
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When the time comes for the SegWit2x "2x"-part, the mempool will probably be spammed to unprecedented heights to push the agenda.
#Bitcoin
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Next week, hopefully around this time, I'll be releasing
@River
's new Lightning report.
It is probably not going to be a good day for the engagement farming Lightning critics 😄 Data and nuance are their biggest enemies.
Really excited to get this one out!
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Thank you everyone for all the support, appreciation, and enthusiasm about the new Lightning report 🧡⚡️
I’ve been going at it non-stop for the past 2 months and the result is worth it: a tool for everyone who appreciates Lightning, to debunk nonsense from those who don’t.
To
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As a Bitcoin educator, I think about this model that I included in the payments report a lot.
Many Bitcoiners think in terms of quantity: the more people we push through this funnel, the more may stick around = more adoption.
But adoption is not something that can only grow
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25.5%+ of the world population now suffers from 10%+
#inflation
. (+2.5% since I last made this map in May 2022)
Another 47%+ of the population has between 5-10% inflation. (+4% since May 2022)
Some context on inflation below 🧵[11]
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News is going around that European bank BNP Paribas has bought some of Blackrock's
#Bitcoin
ETF.
You guys, they bought less than a bitcoin. We're ok, there's still enough for the rest of us.
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This month marked 2 years at
@River
for me. They've flown by 🧡
My 2 highlights:
1. Meeting everyone in person. It's a fantastic company with brilliant people. A true joy to be a part of 🙏
2. Creating the Lightning report last year. It made a lasting impact on the space.
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Learn about:
- What's happening in the cross-border payments industry
- The under-discussed risks of CBDCs
- The number of Bitcoin users globally
- Who is using Bitcoin for payments
- How Bitcoin compares to other payment methods
- How to grow Bitcoin adoption
& More
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In this report:
- How many transactions on Lightning
- How much volume
- How many users
- Industry overview of 173 companies
- Funding overview
- River-specific insights
- Why are companies interested in Lightning
- Growth accelerators
And yes, an executive summary 😉
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Fees on Bitcoin are rising, and there are still many Bitcoin (to fiat) exchanges that haven't adopted Lightning deposits and withdrawals 🤔
Technical challenges are not the reason. Solutions like
@RiverRLS
exist that make integration fast and easy for any business. The issue is
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With the
#Bitcoin
halving almost upon us, I made a fun little treat 😄
Here is how much miners/pools have been earning in USD over the past 4 Bitcoin epochs!
For the bitcoin-denominated version, see the tweet below 👇
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Btw, you may have no clue what an exahash, a zettahash, or a hash even is, and you're too afraid to ask. The report I linked one tweet above explains hashing in simple terms in a few mins.
If you want a reminder just how crazy many hashes 400 EH is, this is EVERY SECOND.
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8/18 3. Scams built on Bitcoin will get WAY out of control.
- Those who ripped off the masses in 2017 and 2021 are back to repeat the same tricks in new ways.
- Tech and tech terms that Bitcoiners use will be abused to scam people. (e.g. Layer 2, sats)
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Would be interesting to see:
1. Ordinals get a bunch of hype
2. Fees rise significantly
3. Remaining exchanges finally build Lightning infrastructure
4. Ordinals hype drops because the use case isn't big enough (NFT interest is low)
5. We're left with more Lightning adoption
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Satoshi Nakamoto, July 5 2010: “Writing a description for this [Bitcoin] thing for general audiences is bloody hard. There’s nothing to relate it to.”
Satoshi was right, it is bloody hard. Many people like to use metaphors to help others understand
#Bitcoin
.
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It's still early days and Taro is under development, but possibilities such as foreign exchange on any Lightning node, and the ability for people to use any currency they want, seem genuinely exciting.
If you're looking to learn more 👇
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So we know that ~44 Exahash went to Foundry, ~29 to AntPool, ~8 to F2Pool, ~7 to Binance Pool, and -4 on Braiins Pool. Everything else are <1% changes.
We also know that Foundry has KYC, so the miners joining them are not "unknown" actors.
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I remain optimistic about Bitcoin, but I find too many Bitcoiners assume we’ve already “won” and have no clue how much stuff we’ll have to work through still.
If the price goes up for a good amount of time while all of this is happening, it’ll motivate people to build as well.
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I had an awesome time at
#BitcoinAtlantis
. Got to meet tons of people and had a lot of interesting conversations.
I got to thank
@LynAldenContact
and
@PeterMcCormack
in person for helping to get my work out there among so many of you. Super motivated to get back to it!
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OP_VAULT is a proposed upgrade to Bitcoin, created by
@jamesob
, and with recently many great suggestions for improvements by
@instagibbs
and others.
It introduces a tool in Bitcoin’s Script language that wallet developers can use to create vault solutions.
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A measly $2 Billion per day is being transferred over the
#Bitcoin
experiment per day, nothing to see here! 🙄🤫
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9/18 - Many people will fall for these scams all over again.
- They continue to be convinced they missed out on buying bitcoin in time and want to believe there is a next big thing.
- They want to make easy money too badly as their world gets more miserable.
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#Bitcoin
is priced above $11,000 because smart people invested a long time ago, as central banks keep printing money. Meanwhile the fools who after all these years still haven't realised that, are now buying out of FOMO.
@vitaliyk
"Bitcoin is priced above $11,000 because the fool who bought it for $11,000 is hoping that there is another, greater fool who will pay $12,000 for it tomorrow." -
@vitaliyk
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A massive thanks to
@THNDRGAMES
,
@walletofsatoshi
,
@Breez_Tech
,
@getAlby
,
@bitfinex
,
@deezy_inc
,
@LQWDTech
,
@River_LN
for providing the data that made this report so extensive.
In total I gathered data on 52% of the capacity on the network.
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