S14 E5: Ben Arc on LNBits and Nostr

Ben Arc is one of the most prolific builders in Bitcoin. He created LNBits – a simple Lightning wallet project which seeks to be the Wordpress of Bitcoin thanks to its modularity and openness to plugins. Ben is also one of the founding fathers of Nostr. The birth of Nostr [00:01:31] Ben Arc discusses the origins of Nostr and how Fiatjaf came up with the name. He also mentions why the project has potential. Exploring music sharing on Nostr [00:03:12] Ben Arc expresses interest in building a music sharing platform on Nostr and discusses the modularity of NIPs. Expanding the use of Nostr [00:07:19] Ben Arc talks about the potential applications of Nostr beyond Twitter, including decentralized social networks and platforms like LocalBitcoins. The power of realness [00:10:14] Discussion on how people who speak authentically and outrageously, like Donald Trump, gain extra power on social media platforms. The future of bitcoin privacy [00:11:02] Promotion of Wasabi Wallet as the most advanced and widely used bitcoin privacy wallet. The development of Nostr [00:11:58] Exploration of the origins of Nostr as an extension for LN Bits and its potential for trustless commerce. [00:19:49] Ben Arc explains how the switch project can be used in different machines and devices, such as slap machines, vending machines, lights, coffee machines, and beer taps. [00:21:18] "Exploring incentivization in video streaming". Vlad mentions recent TikTok videos where users get paid in tokens for reacting to emojis, and Ben Arc talks about their own experience with incentivizing donations through physical devices on the Bitcoin Group show. [00:21:46] "Potential applications of technology in the sex industry" Ben expresses interest in developing camming solutions with Bitcoin for the sex industry, highlighting the field's potential for using Bitcoin and the need for more outreach and development in that area. The wallet account system [00:29:32] Discussion about the need for a wallet account system with its own API keys and the convenience of having all functionalities in one place. The process of building and discovering new ideas [00:30:33] Exploration of the importance of hands-on building and experimentation in generating new ideas and solving problems. Monetizing through premium extensions [00:33:32] Explanation of the potential monetization strategy for LNBits through premium extensions and the example of WordPress.com's approach. The cover and distribution of the BTCTKVR magazine [00:39:07] Vlad discusses the various covers and the distribution process of the BTCTKVR magazine, ensuring it feels special for events. Subscription service for Bitcoin Takeover [00:40:46] Ben Arc suggests the idea of a subscription service for Bitcoin Takeover, where subscribers receive the newest copy of the magazine periodically. Grassroots adoption and institutional involvement [00:42:41] Vlad talks about the potential impact of grassroots adoption on the market and the role of institutions in buying and selling Bitcoin. The development of central bank digital currencies (CBDCs) [00:48:42] Discussion on how countries are developing their own CBDCs and the potential competition between them. The value of open-mindedness and ideological debates [00:49:46] The importance of keeping an open mind, engaging in self-contradiction, and the value of Bitcoin's ideology. The control and privacy aspects of CBDCs [00:50:09] Exploration of the concerns regarding the control and privacy features of CBDCs compared to the current banking system.