Tuesday, August 3, 2021

Twitter CEO Jack Dorsey Reveals Surprise Bitcoin Plan After Elon Musk Sparked Crypto Price Chaos With Ethereum And Dogecoin Support

The bitcoin community cheered Tesla TSLA +0.9% billionaire Elon Musk’s headfirst dive into crypto this year.

Musk sent the bitcoin price sharply higher when Tesla’s surprise bet on bitcoin was announced in February but his outlandish Twitter TWTR +0.4% persona and growing support for ethereum and the meme-based dogecoin has since antagonized bitcoiners
Now, Twitter chief executive Jack Dorsey, a long-time bitcoin-backer, has revealed it’s “only a matter of time” before either Twitter or its fledgling decentralized social network project Bluesky integrates bitcoin payments—and has replaced Elon Musk as bitcoin’s new billionaire champion.

“Only a matter of time,” Dorsey, who also leads payments company Square, replied to a bitcoin fan account on Twitter who asked him to “build [the bitcoin lightning network] into BlueSky or Twitter.”

The lightning network allows bitcoin to be sent via a payment protocol built on top of the bitcoin blockchain and is designed to help the network scale, reduce fees and speed up transactions. Interest in the lightning network has been given a boost this month by news El Salvador will use it to facilitate bitcoin spending online and in-person now bitcoin is its official currency along with the U.S. dollar.

Dorsey, who told a packed crowd at the Bitcoin 2021 conference in Miami last week that if he “were not at Square SQ +5% or Twitter, [he] would be working on bitcoin,” has since been on the offensive for bitcoin.

“If you believe bitcoin doesn’t ultimately shift power from banks and corporations (the ones you fight!) back to the people globally, you’re right, [it’s] useless,” Dorsey responded via Twitter to influential U.S. senator Elizabeth Warren who called for a “crackdown on environmentally wasteful cryptocurrencies” that use energy to solve “useless, complicated math problems.”

Dorsey, who has eschewed so-called altcoins like ethereum and Musk’s pet project dogecoin in favor of bitcoin, last year added some 8,000 bitcoin, at the time worth $170 million, to Square’s corporate treasury.

Dorsey has repeatedly endorsed bitcoin over recent years, going as far as to claim bitcoin has the potential to become the world’s sole currency by 2030 in a 2018 interview with the Times of London newspaper, and has assumed the role of bitcoin’s booster-in-chief that Tesla’s Elon Musk has apparently abandoned.

Last week, Musk appeared to further distance himself from bitcoin after rolling back Tesla’s bitcoin support due to environmental concerns in May and posting a string of somewhat satirical dogecoin memes.

“I pretty much agree with Vitalik,” Musk posted to Twitter, replying to a wide-ranging YouTube interview with the ethereum cofounder Vitalik Buterin by AI researcher and podcaster Lex Fridman.

In the interview with ethereum’s de facto leader, Fridman asked whether it would be possible to upgrade dogecoin to “beat bitcoin hands down,” as Musk has previously suggested—with Buterin saying: “If doge wants to somehow bridge to ethereum and then people can trade doge thousands of times a second … that would be amazing.”

Amazon is the Disney World of online shopping; You practically need a tour guide to help you navigate the extensive attractions across every category. That’s why we compiled a list of products to check out this Prime Day. The e-tailer hasn’t revealed which price tags will get a rollback, but according to our editors, these are the products you don’t want to miss—you know—in case they go on sale. The two-day shopping event officially kicks off on June 21. With deals on over 2 million products, it’s a good idea to set your shopping intentions early.

“Some might say that having an Amazon Echo in virtually every room is overkill, but I love being able to control my lights, get the news and ask Jimmy Fallon to tell me a joke from anywhere. The new 4th generation Amazon Echo is the best model yet and has a fresh new spherical design. I’m looking forward to nabbing one or two when they inevitably go on sale (Amazon always discounts its smart speakers on Prime Day.)”

“I want to get an ice cream maker for summer, so I’m really hoping this Cuisinart one goes on sale for Prime Day. I used to make ice cream with my grandma when I was little and it was always such a fun summer activity, so I’d love to bring it back this year. And this machine seems super easy to use, you just pour in the ingredients and switch it on—no hardcore stirring necessary.”

“I’ve had the older model of this juicer (which I love) for about six years, so I’m hoping to upgrade to this one at a discount on Prime Day. Not only is the chute wide enough to fit whole apples—something that can’t be said for most masticating juicers—it also has special filters that you can use to make smoothies and sorbets with frozen fruit as the only ingredient.”

“I’d love to get a bread maker on Prime Day this year. Throughout quarantine, I’ve been making bread the old-fashioned way— kneading by hand— letting it rise in a proofing basket, and then baking in the oven. However, now that summer’s approaching, I need an alternative to turning on the oven, especially if the weather is 90+ degrees. Although it’s mini, it’s still a mighty machine that bakes one-pound loaves of bread along with other delicious treats including cookies and pasta dough—all under two hours from start to finish.”

“I’ve been meaning to upgrade my old TV stand that’s starting to show its gray hairs a bit, but I wanted something that’s truly unique as the centerpiece of my home entertainment setup. My friend showed me his fireplace-bearing TV stand with its clean lines and elegant outward look, and I plan to absolutely steal his swag if it happens to get another big discount for Amazon Prime Day. The model I want is big enough to hold a 70” TV, and I especially like how roomy the cable feeders in the back are to ensure you can route everything you need to the rear. Best of all, the centerpiece is a faux fireplace that gives off fake customizable flames and real heat up to 81 degrees.

“I love my Dyson V8 Absolute, but I’m ready to take my everyday cleaning routine to a whole new level with iRobot’s spiffy Brava Jet i6, which I’m hoping is on major sale this Prime Day. Not only does it tackle messes on all types of surfaces, but it also doubles up as a mop. (Take that sticky kitchen floor!) All I have to do is map out the route and sit back while my Roomba does all the hard work.”

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” Musk posted to Twitter, replying to a Cointelegraph piece that reported Magda Wierzycka, the chief executive of South Africa financial services company Sygnia, “criticize[d] Elon Musk for [an] alleged bitcoin pump and dump.”

“This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market,” Musk said. In February this year, Tesla revealed it had bought $1.5 billion of bitcoin and continues to hold most of it on its balance sheet.

Estimates for what percentage of renewable energy is currently powering the bitcoin network are inconsistent. A recent report estimated renewably-generated electricity made up almost 40% of energy consumed by the bitcoin network, however, a previous study put the figure at just over 70%, largely due to the abundance of hydro-electric generators in Southwest China and Scandinavia—both major bitcoin mining hubs.

The bitcoin price jumped by around 5%, climbing toward $40,000 per bitcoin, following Musk’s confirmation Tesla plans to eventually resume its bitcoin support.

Bitcoin crashed from its peak of around $65,000 in April, with its sell-off exacerbated in May by Musk pulling the plug on Tesla customers using bitcoin for purchases, citing the bitcoin network’s eye-watering energy demands that have spiked in the last few months.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk announced in May, sending shockwaves through bitcoin and cryptocurrency markets.

So-called bitcoin miners are rewarded with newly minted coins for securing the bitcoin network and validating transactions, something that requires a huge amount of computer processing power—thought to be more than the whole country of Finland, according to some calculations.

“[The North American bitcoin miners] committed to publish current and planned renewable usage & to ask miners [worldwide] to do so,” Musk posted to Twitter at the time, adding he thought the development was “potentially promising.”

In the meantime, Musk has lent considerable support to dogecoin, a meme-based cryptocurrency originally created as a “joke,” calling for developers to submit upgrade ideas and agreeing that a suggestion dogecoin could be used via the ethereum blockchain is “amazing.”

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