Welcome to the Bitcoin Street Journal Bitcoin
Market Update, Episode 4, Week 21, Tuesday, May
31, 2023, Headline News Edition. Stay ahead of
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holdings. Take control and tune into the Bitcoin
Street Journal. In today's episode, we'll cover
the rise of Noster, an open, censorship -resistant
social media network that allows users to take
their profiles to any competitor with the same
protocol, the background and development of Noster's
creator at Fiat Jeff and the support he has received
from industry leaders, including Jack Dorsey,
Noster's expansion to include Bitcoin rewards
in video games, Dorsey's investments in Noster
and his donations to support its development.
and the challenges facing Nostra developers,
including monetization without centralized advertisers
and threats to centralization and lack of payment.
The Bitcoin Street Journal has published an article
that takes a deep dive into Pac -Man, Bitcoin,
and a recent Forbes article about the origins
of a developer known only as at Fiat Joff. The
editors of the Bitcoin Street Journal have extensive
experience with Pac -Man and have been shadow
banned by social media platforms for being pro
sound money, known as Bitcoin, which led to the
creation of this episode. The developer at Fiat
Jaff, who is reclusive and disenfranchised with
social media options like Twitter, tells Forbes
how he created his chat and payment service for
people who dislike corporate control. Welsh software
developer Ben Ark first met at Fiat Jaff in 2019.
while hacking a Pac -Man arcade game to make
it accept Bitcoin. After having difficulty using
software designed to simplify the process, ARK
sent a message to a mailing list for Bitcoin
developers. The only person who wrote back to
me was at Fiat Jeff. Their most notable effort
is a protocol called Noster, which lets users
take their profiles and followers to any competitor
using the same protocol, a network of interoperable
networks. That concept has been gaining traction
with at least a dozen decentralized social media
alternatives accumulating millions of users in
recent months, spurred in part by dissatisfaction
with Twitter's policies regarding privacy censorship
and civility. Noster, short for notes and other
stuff transmitted by relays, initially generated
interest among people savvy enough to know how
to interact with it. But with only a few hundred
thousand users, it caught the attention of Jack
Dorsey, co -founder and former CEO of Twitter,
who donated 14 Bitcoin to Atfiyajaf, worth about
$200 ,000 at the time, who is now distributing
the proceeds to developers working on additions
to Noster. More recently, Dorsey donated $5 million
to Noster, even though he invested $13 million
in a similar decentralized social media project,
BlueSki. Meanwhile, Noster improvements have
made the network easier to access, and it has
developed the ability to transfer Bitcoin among
users. Already 500 ,000 daily Noster users have
sent each other 792 ,000 tiny Bitcoin transactions.
This article is based on multiple interviews
with Atfiat Jaff and people around the world
who have joined him in what many consider a social
movement. Forbes agreed to honor his request
for anonymity because he feared for his safety.
Some of his personal details were impossible
to verify, but whatever could be corroborated
checked out. Let's talk about at Fiat Jeff who
was born in Brazil in 1991 and how he became
one of the pioneers of cryptocurrency. Raised
by entrepreneurial parents, he was from an early
age aware of the negative impact taxes and regulations
had on businesses. One day while on a field trip
to a local Fiat auto factory, he received a hat
with the company's logo. This would later play
a role in his online identity. Fast forward to
his university days, where at Fiat Joffe studied
economics and fell in love with the Austrian
School of Economics. He stumbled upon Bitcoin
in 2011 on a website dedicated to Ludwig von
Mises, one of the founders of the Austrian school.
When the cryptocurrency was worth only $15, immediately
he began mining it on his computer. Despite spending
all night mining, he only ended up with 5 ,000
satoshis, the smallest unit of Bitcoin, now worth
$0 .0003. At Fiat Jaff started writing software
that merged Bitcoin with other decentralized
technologies, resulting in his 2018 creation
called PILN, which allowed servers to charge
Bitcoin for storing files on a decentralized
database. This eventually led to his breakthrough
in June 2019, when he started working on his
own version of Diagon Alley, an idea that could
let virtual shop owners move their store from
Amazon to the dark web and back. After months
of hard work and dedication, T. Fiat -Jaff's
ideas matured into what he calls the Noster Manifesto.
Noster is a global social network that operates
on a series of instructions on how to build interoperable
applications. Instead of the public key identifying
a token like Bitcoin, it defines a user and there
is no underlying blockchain. A lot of things
people wanted to see built on Bitcoin, says Ark,
could actually be built on Noster. Interestingly,
a month after Fiat -Jaff published his manifesto,
Twitter CEO Dorsey proposed a similar idea called
BlueSki. Though they came up with the same idea
independently, it goes to show the significant
impact that Fiat Jeff has made in the world of
cryptocurrency. Have you heard of Nostr? It's
a fascinating protocol for creating decentralized,
interoperable identities. And the founding of
Nostr? was accelerated by a perfect storm of
controversial Twitter events. In January 2021,
Jack Dorsey banned Donald Trump from the social
media platform. Then Elon Musk bought the company
and quickly alienated many of its most loyal
users by charging for services they considered
vital. Though Noster had been in development
since 2019, founder at Fiat Joff was taking a
deliberately unorthodox path. There's no company.
There was nothing. he says, not even an intellectual
property license. Instead, at Fiat Joff, opted
for an ambiguous disclosure, putting the software
in the public domain, potentially opening himself
up to legal attack. Since anyone can build using
the Noster standards, it's hard to say for sure
when the first users of an app built on Noster
signed up. But in April 2022, a slow trickle
of new users became a downpour. Bitcoin engineer
William Kasserin launched Vancouver -based Damus
on the Noster protocol. And shortly thereafter
at Fiat -Jaff added Kasserine's upgrade to the
Noster protocol, letting anyone build to the
same specifications. We've got some interesting
news regarding the intersection of social media
and payments. It turns out that Block, a payment
processing company founded by Twitter's former
CEO Jack Dorsey, is now supporting a social media
platform called Noster. And let me tell you,
Noster is really making some waves in the world
of decentralized social media. They've been cultivating
a grassroots movement and now they've got the
attention of some big players. It all started
when a Serbian born developer known as Rockstar
got a little annoyed that Noster hadn't been
mentioned in a detailed analysis of decentralized
social media ecosystems. So he took matters into
his own hands and privately messaged Jack Dorsey
on Twitter, suggesting he take a closer look.
And to Rockstar's surprise, Dorsey actually got
back to him. A few days later, Arnold Jun, a
Twitter corporate development strategist, reached
out to Rockstar with interest in Noster. Jun
said he had read Rockstar's write -up on Noster
and really liked the simplicity of their approach.
But not everyone was thrilled about this new
attention. In fact, at Fiat Jaff, one of the
key players behind Noster wasn't pleased at all.
He thought that talking to Jack Dorsey, who runs
both Block and Twitter, was too dangerous for
their grassroots movement. Rockstar, however,
urged at Fiat Jaff to take the call. saying that
the big players had too many talkers and not
enough coders. Though skeptical, Atfiyachaf decided
to take the call and find out more about what
Block could offer to help Noster continue its
momentum. And it seems that Noster is not the
only one benefiting from this new partnership.
Block has become a serious Bitcoin investor with
a pile of cryptocurrency worth $220 million as
of December 31st, 2022. And now, with an eye
on the burgeoning social commerce industry, Block
is hoping to continue its growth by exploring
new ways to leverage the intersection of payments
and social media. According to Accenture, the
social commerce industry is expected to reach
a whopping $1 .2 trillion by 2025. So you've
heard of social media platforms like Twitter
and Facebook, but have you heard of Noster? It's
a new social network built atop the Bitcoin blockchain,
meaning there is no central authority and users
own their own data. Jack Dorsey, the billionaire
CEO of Twitter, has already shown support for
Noster by giving the founders a whopping 14 Bitcoin,
about $10 ,000 at the time. This May, he also
donated $5 million to a nonprofit dedicated to
supporting Bitcoin efforts, specifically to fund
Noster development. But as Noster grows, developers
are struggling to find a sustainable business
model. Traditional social networks generate revenue
by charging for ads, and blockchain social networks
pay users in crypto to avoid centralization.
However, Noster developers are looking for a
different way to keep the lights on. For example,
Zebedee and ARK's EllenBits are building products
that let users charge Bitcoin to host their own
servers. Meanwhile, Deimos is experimenting with
a tool that lets users directly support the company.
But centralization risks are also a concern for
Nostr. Only a limited number of insiders have
the right to add features to the GitHub repository.
An internal document shared with Forbes shows
that Atfiyachoff has given seven people the power,
but few use it. Nonetheless, developers are still
flocking to build on Noster, with 7 ,500 building
26 relays to support the network and developing
decentralized clones of Twitter and Reddit. One
group even plans to create a geolocated service
for decentralized taxis, like Uber, without a
corporation. Despite the challenges, this new
kind of social network is gaining attention,
even from experts like at Fiat Joff. whose latest
project uses the Bitcoin blockchain to let experts
place bets on future events with the goal of
providing investors more accurate forecasts.
So let's see where this interesting experiment
takes us. On today's episode, we learned about
the rise of Nostr, an open source network for
Bitcoin rewards and video games. and its creator
Efiat Jaff's continued efforts to build an interoperable,
decentralized social media ecosystem, supported
by investors like Jack Dorsey and Bitcoin engineer
William Kasrin. Thanks for listening to today's
episode. I'll see you guys at the next one. And
don't forget to subscribe.