$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

Square has reported its Q2 2018 financial results, revealing that $37 million of Bitcoin-related revenue helped the company accelerate its growth during the period. While the company still made very little profit from cryptocurrency trading in Q2, management is content with not trying to push the monetization of the feature just yet.

Also Read: Coinmarketcap Launches Professional API and Derivatives Markets

$37 Million of Bitcoin Revenue

$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2Square Inc (NYSE:SQ), the developer of the mobile payment app Square Cash, has posted its financial results for the second quarter of 2018 on Wednesday, August 1st, showing very strong performance. Total net revenue was $815 million, up 48% year over year, and Adjusted Revenue was $385 million, up 60% year over year.

The figures show a pattern of accelerated growth when compared to the same results in the first quarter of 2018 with 45% and 51%, respectively. Despite delivering better results than analysts expected, the company’s stock price fell slightly in after-hours trading on Wednesday. Bitcoin revenue contributed $37 million to total net revenue in the second quarter, and related costs were $36.6 million resulting in a minor add to adjusted revenue of just $400,000. Still, this means that Square effectively doubled the profit its Bitcoin business brought in during the period, compared with just a meager $200,000 in Q1.

Still Learning About Crypto

$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2Speaking with reporters prior to the company’s earnings call, Chief Financial Officer Sarah Friar said that: “We’re not trying to push on the monetization of bitcoin today. The costs are effectively [the] costs for us to go into the market and buy bitcoin.”

The above seems to indicate that Square is still in the learning phase of its Bitcoin strategy which CEO Jack Dorsey outlined last quarter. He said at the time: “The reason we started this initially is because we did see cash customers wanting to buy crypto, utilizing their cash accounts. So, we made that a little bit easier. But we want to learn what this meant for us as a company and also for our industry and really pushed ourselves a lot to make sure that we were best in class in terms of providing a simple easy of exchange and then we can build off of that.”

Should Square shareholders try to push the company’s management to focus on making a more meaningful profit  from bitcoin? Share your thoughts in the comments section below.


Images courtesy of Square.


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Bit by Bitcoin: Square’s Cryptocurrency Profits Doubled in Q2

Bitcoin and other cryptocurrencies may have continued to endure a bear market during the second quarter of 2018, but that did not stop digital payments firm Square from recording a 100 percent increase in BTC profit over Q1. Square, which added bitcoin trading to its peer-to-peer payments app toward the end of last year, reported

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Since Twitter Won’t Stop Crypto Scammers, These Services Will

Since Twitter Won’t Stop Crypto Scammers, These Services Will

One of the most maddening things about lookalike Twitter scammers has been Twitter’s unwillingness to do anything about them. It’s not a complex problem to solve, and yet for months the micro-blogging service has prevaricated while the gullible public has given their ether away to flagrant scammers. A couple of third party services have now sprung up promising to solve the problem. If Twitter can’t stop crypto scammers, they will.

Also read: Bitcoin Funded Silk Road Performance Earns a Residency at Trafalgar Studios

Developers Are Taking Matters Into Their Own Hands

Crypto scams have been plaguing Twitter all year. They usually involve the scammer mimicking the account of a crypto influencer and then replying to their tweets promising free ETH for anyone who sends a small amount initially. Why any benefactor should require cryptocurrency in order to send out more cryptocurrency to the donor is a mystery, but the nonsensical nature of the scam hasn’t prevented naive Twitter users from being defrauded of cryptocurrency.

Since Twitter Won’t Stop Crypto Scammers, These Services Will

Metacert Protocol and Scam Clerk are two recently launched services that promise to weed out scammers and make Twitter a better place for everyone. The former of these two solutions – Metacert – is a general anti-fraud project that’s making the leap to blockchain. Its Twitter scammer software is still in beta, but appears to be effective at warning the followers of a high profile account that the reply they’re viewing is that of a copycat and not the original poster. The tool then blocks the scam account. Metacert’s Cryptonite tool (not to be confused with the hashing algorithm of the same name) also alerts crypto holders to phishing websites via a green shield symbol that appears in the toolbar.

Scam Clerk Goes to Town on Twitter Impersonators

Scam Clerk, another new tool to have launched, bills itself as being “like a virus scan for Twitter”. It features a dashboard that reveals how many impersonators it has blocked, and retains a SCUM (Scam Clerk Universal Master) list of all Twitter scammers, not just impersonators. Thanks to the likes of Scam Clerk and the developing Metacert Protocol, clamping down on Twitter scammers is getting easier. In truth though, it shouldn’t fall to third party developers to conceive such solutions: this ought to be the job of Twitter, as it’s the reputation of their service that scammers are ruining.

Since Twitter Won’t Stop Crypto Scammers, These Services Will

For all his bullishness on bitcoin, Twitter CEO Jack Dorsey has been slow to act on crypto scammers. Even those who believe that scam victims deserve everything they get would agree that scammers spoil the discourse on crypto Twitter. Due to the prevalence of impostor accounts, which fill the replies to tweets with their incessant spam, Twitter is no longer suited to cryptocurrency discourse. If the bear market can’t kill off Twitter’s crypto scammers, perhaps third party solutions can.

Why do you think Twitter hasn’t bothered to stamp out scammers? Let us know in the comments section below.


Images courtesy of Shutterstock, and Twitter.


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Crypto World Cup Day 6: Warren Buffett vs. Andreas Antonopoulos

Warren Bufffett

Day 6 of the Crypto World cup has arrived and one of the biggest crypto bears out there comes with it – Warren Buffett! Does crypto reign supreme today or was Warren able to slash his claws and bring it down? Check out all that and more at the Crypto World Cup!

If you don’t know them all yet, meet the players of our Crypto World Cup.

Check out the results and highlights of today’s games Match 1: Warren Buffett 1-2 Andreas Antonopoulos

Warren Buffett is known in the crypto world as a huge ...

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Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain’s Official Account

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

This week the Twitter handle @Bitmaintech was locked down because Twitter administrators claimed the account belongs to a 4-year-old. The Twitter handle’s owner and Bitmain’s head of marketing have complained to the social media company’s support team and Twitter’s CEO Jack Dorsey. The account lockdown marks the second high profile bitcoin-related account that’s been banned from Twitter in just a few months.

Also Read: Study Reveals ASIC Miners Represent 30% of the Equihash Mining Hashrate

The Official Bitmain Tech Twitter Account Has Been Suspended

On June 14 Bitmain Tech’s head of marketing Nishant Sharma tweeted to his followers that the company’s official Twitter account @Bitmaintech had been banned from Twitter. At the moment the Twitter account is completely inaccessible to the public and the Beijing-based company’s active ad campaigns have been paused.   

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account
The official @Bitmaintech Twitter account was locked on June 14, 2018.

Bitmain’s account accumulated thousands of Twitter followers over the past four years and now the account is unable to post or utilize the social media platform in any manner until the case is resolved.          

“The @Bitmaintech account is temporarily inaccessible because apparently, Twitter thinks that the people behind the account are as old as Bitmain i.e. 4 years old,” says Sharma.

It should be back soon (and long before Bitmain turns 13). @Jack help please. Case# 85911059

The Recent @Bitcoin Account Suspension

The account removal comes at an awkward time for the Twitter CEO, Jack Dorsey, who has been asked to address multiple issues tied to the social media platform. For instance, just recently the @Bitcoin account was banned and the topic was very controversial. The account with over 750,000 followers was initially suspended and then the account was restored with a much lower follower count than it had prior to the ban. Some people accused Dorsey of being biased and showing a conflict of interest towards supporters of the Lightning Network (LN) by allowing the banning of the @Bitcoin account. The reason for this speculation is due to Dorsey’s recent investment into the LN project.

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

 Legitimate Accounts Banned, but ETH Bot Impersonation Thrives

Twitter users within the cryptocurrency industry are also dealing with the vast amounts of scamming ETH bots that have cloned nearly every well-known person in the crypto-community. The ETH bots have managed to scam millions worth of ether because Twitter will not remove the fraudulent accounts impersonating digital currency luminaries. So essentially people are pretty frustrated that Twitter has managed to ban and censor legitimate users like @Bitcoin and @Bitmaintech, while allowing fraudulent scammers to run amuck all over the platform.

Censorship, Bans, and ETH Scams: Twitter Suspends Bitmain's Official Account

The case of Bitmain losing it’s official account, because Twitter admins believe it belongs to a four-year-old, seems absurd, but Twitter has been a whacky place lately, and the company hasn’t been very responsive. The issues with Twitter also follows the recent accusations and admissions stemming from other social media platform CEOs abusing their powers. Back in 2016, the Reddit CEO Steve Huffman admitted to editing comments on the pro-Donald Trump subreddit, r/the_donald. This year Facebook’s Mark Zuckerberg has been scrutinized for selling user data to Cambridge Analytica. And now Twitter users are complaining about banned accounts and censorship and many of them are pointing their fingers at Jack.   

What do you think about Bitmain’s Twitter account getting banned because admins believe the account belongs to a four-year-old child? Do you think Jack Dorsey and Twitter have a lot of explaining to do? Let us know your thoughts on this subject in the comment section below.


Images via Pixabay, Bitmaintech, the Twitter logo, @bitcoin, @bitmaintech, @laurashin 


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The Crypto World Cup: Meet the Players, Guess Who Wins

Crypto World Cup

It’s time for the next saga in our crypto game adventures – the Crypto World Cup! The world of crypto has a lot of big names. It’s about time they faced off with one another. Who will come out on top?

Let’s meet the players!

Crypto World Cup: Who’s Who

Our crypto representatives come from all walks of crypto – token developers, crypto advocates, analysts, even some crypto naysayers.

All of our fabulous crypto representatives were assigned randomly to a country playing in the FIFA World Cup. Their progress in the Crypto ...

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Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

Brad Garlinghouse, Ripple CEO, answered candidly during an interview about crypto’s prospects for the future. Among other criticisms, he stressed blockchain technology is mostly hype, and that bitcoin core (BTC) is controlled by Chinese miners and has no hope of being a world currency.

Also read: Crypto and Virtual Reality Meet in Ken Liu’s Science Fiction

Ripple CEO Bashes Bitcoin

Attendees of the 2018 Stifel Cross Sector Insight Conference in Boston yesterday were probably expecting to learn more about Ripple, the world’s third most popular cryptocurrency by market capitalization. After all, none other than company CEO Brad Garlinghouse was guest of honor for an interview with Stifel Tech analyst Lee Simpson. And while Ripple certainly was the hot topic, Mr. Garlinghouse also took the opportunity to bash its main decentralized competitor, bitcoin core (BTC).

“A number of prominent people,” Mr. Garlinghouse explained, “even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense.” Indeed Woz has said as much, as have Twitter and Square CEO Jack Dorsey, who predicted it would happen within the decade.

Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

Brad Garlinghouse, 47, has held his present position since 2015. His professional background is almost all technology related. Stints with Yahoo!, AOL, working in the investment arena with the likes of Silver Lake Partners, @Ventures, @Home Network, SBC Communications, all round out his experience prior to Ripple.

His views about BTC and its eventual influence have found him very quotable of late, especially this month. He’s spent a great deal of time attempting to separate the coin aspect of Ripple (XRP) from the company itself, and this has lead to some interesting juxtapositioning in his method of argument.

BTC Blockchain Not Disruptive, Chinese in Control

During the Boston interview, he even took on the sacred cow of the corporate world, BTC’s distributed ledger technology. “There’s a lot of blockchain craziness, but there are three indicators of market winners. Blockchain will not disrupt banks […] it will play an important role in the way our system works. It’s a short-sighted view […]. Bitcoin is not the panacea we thought it would be.”

Mr. Garlinghouse then compared XRP to BTC. “This is how liquidity will be managed in the future. Bitcoin today takes 45 minutes to settle a transaction. Banks will use what is efficient and cheaper. And if you deliver a better product at a better price […] they will use it.” Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

An under-reported story, Ripple’s CEO insisted, is how BTC is “owned by China.” He noted, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

Lastly, he assured, “I own bitcoin. Many people consider it as digital gold. I acknowledge, I’m long [on] crypto. I’d advise folks to only invest in crypto only what you’re willing to lose. It’s early to tell how it is going to play out. I think it’s a pretty good investing strategy. I don’t think about the digital asset market. I think about the customer experience. There are millions unbanked or underbanked. When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”

Do you think Ripple’s CEO is correct? Let us know in the comments. 


Images via the Pixabay.


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Twitter Experience Worsens, Ether Fake Giveaways Taking Over

Twitter Experience Worsens, Ether Fake Giveaways Taking Over

Fake ether token giveaways are clogging Twitter threads, and seemingly by the second. Targeting well-known ecosystem figures, doppelganger accounts are created, complete with matching avatars. A particularly active post can almost assuredly be counted on to receive seemingly organic calls for participation in free crypto programs hosted by the respective personality. And now they’re incorporating Google+ redirects. And it’s working. And Twitter seems to be either doing nothing about it or is just plain impotent.  

Also read: Crypto and Virtual Reality Meet in Ken Liu’s Science Fiction

Twitter Crypto Celebs Hounded by Fake Giveaways

Ari Paul, investor guru from Blocktower hedge fund fame, was on another multiple tweet philosophical lecture, spaced out and numbered. The topic was a meditation on over the counter and regular exchanges’ impacts on price. It proved so interesting, no personage less than Laura Shin, Forbes journalist, popular podcast host, and ecosystem gadfly attempted a read. She soon came up against what more and more Twitter users are facing: fairly elaborate ether (ETH) come-ons, fake giveaways using mirror’d accounts.Twitter Experience Worsens, Ether Fake Giveaways Taking Over

Ms. Shin’s trademark Valley Girl patois could almost be heard echoing through her corresponding response tweets of disgust and alarm: “Ari wrote an interesting thread, but FYI, @twitter and @jack, my experience reading it was marred by all the spam accounts touting free ETH that made it harder for me to find the real discussion.”

Just a few clicks later, and she discovered another awful truth: she’d been personally compromised. Someone with the account @XaedenJ was using Ms. Shin’s professional reputation and likeness to tacitly approve a 10,000 Ethereum giveaway, and it directs readers to a website asking for payment. The scam even went so far as to create a thread conversation about the giveaway, in effect dialoguing with itself. “If you’re late for this event,” the fake Laura Shin posted below the landing page advert in the thread, “you’ll get your investment back at once!”

A little more digging, and she found the offending scam post garnered a quick 28 likes, which were probably from bots designed for the very purpose. These could seem rather enticing to cryptocurrency noobs, and thus the problem. In utter exasperation, Ms. Shin, the real Ms. Shin, tweeted, “Someone please create a better Twitter. This is ridiculous.” At press time, the offending address, @XaedenJ, was scrubbed by Twitter, taken down permanently, and way too late.  

Twitter Experience Worsens, Ether Fake Giveaways Taking Over
A common auto response certainly not helping Twitter in a branding war.

Over 4,000 ETH Scams Logged, Hundreds Ongoing

Ms. Shin’s platform, her access to movers and shakers within the industry, made it easy for Twitter to recognize the problem and take immediate-ish action. But, again, it was too late. It went out there, and no doubt some were probably lured. It, of course, isn’t just Ms. Shin who is being hounded.

Twitter Experience Worsens, Ether Fake Giveaways Taking Over
Scam landing page.

For whatever reason, ether (ETH) tokens make these sorts of scams very easy. Part of the Stanford Mafia, and cofounder of crypto-related startups Bloom and Cognito, John Backusperformed a quick, back of the envelope calculation about ETH related scams. He found “ETH ‘scam’ giveaways staggering numbers: 8,148 ETH ($4.9M) received (between scams and baits); A fool sent 30 ETH to fake Erik Voorhees […]; Over 4000 scams logged; Almost 700 “ongoing” scams logged.”

He was quick to differentiate scams related to Twitter, roughly 500 of that number derived from the social media site, of the overall thousands of ETH giveaway frauds cataloged. His calculus includes any “kind of scam, including phishing scams that have nothing to do with Twitter,” he typed.  

Twitter Experience Worsens, Ether Fake Giveaways Taking Over
Note how Twitter’s CEO responded over four months ago.

It’s to the point where a tracking website exists to keep abreast of ETH scams as they happen, are discovered, and end. Appropriately titled Ethereum Scam Database, it’s maintained by My Crypto, and includes a Github reference along with detailed reporting instructions. The project is open source, however “All reports end up in a private Slack to protect people’s privacy. The reports can be read by all team members of [My Crypto] and they can decide whether the report makes it to the blacklist,” they explained.

Twitter Experience Worsens, Ether Fake Giveaways Taking Over

My Crypto recommends “Use cold storage – Buy a Ledger Nano S or a Trezor; Bookmark your crypto sites – Use those bookmarks and only those. Only send funds to trusted addresses – Double-check what address you’re sending ETH to. Look up the address at etherscan.io and check if there are bad reviews; Never trust any discord/slack/telegram/reddit message – Don’t ever fall for messages that say you can get free ETH or that a hack has occurred.”

Do you think such scams hurt the brands of Twitter and ETH? Let us know in the comments. 


Images via the Pixabay, Twitter.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Crypto Bears vs. Crypto Bulls: The Who’s Who in Cryptocurrency

Crypto bears and crypto bulls

Crypto bears and crypto bulls – we know ’em, we love ’em, well, some of them at least. Shots have been fired in both directions, and the battle lines have been drawn. Who will come out on top? This is crypto bears vs. crypto bulls.

Crypto Bears and Crypto Bulls

First, what is a crypto bear or a crypto bull? These are some of cryptocurrencies’ base terms that you’ve no doubt seen getting thrown around on the market.

At their simplest, a crypto bear is a downer on cryptocurrencies, and a crypto bull is ...

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Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

In Bitcoin in Brief today, billionaire Warren Buffett has been reminded that he was wrong about Google and Amazon, and told he might be wrong about bitcoin, too. Billboards have appeared outside his office to convey the message of the crypto community. Also, a report suggests that the US cryptocurrency exchange Coinbase may apply for a banking license. Some conflicting views on the future of the Internet and its money complete Saturday’s roundup.  

Also read: Bitcoin in Brief Friday: UN Backs Crypto-Solar Project in Moldova, Malta Uses Blockchain in Public Transportation

“Warren: Maybe You’re Wrong About Bitcoin?”

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by BankingBillionaire investor Warren Buffett, known for his negative attitude towards cryptocurrencies, has been targeted in a bitcoin advocacy campaign lead by one of the largest cloud mining companies. Genesis Mining has recently posted billboards in front of Buffett’s office reminding him that he was wrong about Google and Amazon, and telling him that he may very well be wrong about bitcoin, as well.

The initiative has received a lot of support from the crypto community on social media. Genesis co-founder Marco Krohn posted on Twitter photos of the message to the investment guru with a short note saying: “Some new billboards outside of Warren Buffetts office! :)”

Earlier this month, the American business magnate issued another warning in regards to bitcoin and the like. “Cryptocurrencies will come to a bad ending,” he said during the annual Berkshire Hathaway’s shareholder meeting, but he didn’t stop there. “If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth,” he said, concluding that bitcoin is “probably rat poison squared.” Needless to say, Buffett’s comments provoked reactions and even inspired new business ideas. A tokenized marketplace called Ecoinmerce has announced the “Rat Poison Squared clothing line.” Т-shirts and hats are already offered online, but one can also order a mug with the winged phrase.

The Money of the Internet and the Internet of Money

Square CEO Jack Dorsey has recently reiterated his views about bitcoin. “The internet is going to have a native currency, so let’s not wait for it to happen, let’s help it happen,” he said during a blockchain conference, adding: “I don’t know if it will be bitcoin but I hope it will be.” Dorsey, who is also the chief executive of Twitter, wants his payment processing company to be at the forefront of the efforts to achieve adoption of cryptocurrencies as global means of payment. In an interview in March, he predicted that there will be a single world currency in the next ten years. The billionaire believes that will be bitcoin, although he admits the cryptocurrency is still slow and costly.

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking

Circle co-founder and President Sean Neville, however, has a different vision of what’s to come for the digital space and the digital currencies. “Very excited about the idea of reimagining what global finance can be,” he says that a dollar token is the future of the Internet of money. “One of the things that’s interesting for us is how we take fiat money and put in on blockchains, how do we get the benefits of a public blockchain infrastructure, which might underpin something like HTTPS of money,” he told Bloomberg.

Neville thinks there is a problem with using existing crypto assets for payments and settlements – they are very volatile. “So, it makes sense to have something like the US dollar represented as a token that can transfer anywhere in the world, to any digital wallet and any exchange that can support it,” he explained. Sean Neville, whose company raised $110Mn USD in a fundraising round led by Chinese giant Bitmain, believes that “we need a replacement for SWIFT.” He also predicted that eventually everything of value will be tokenized in a “hybrid world” of centralized and decentralized services. Boston based Circle has announced plans to issue a dollar-backed cryptocurrency called USD-C.

Coinbase May Apply for a Banking License

Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by BankingBy attracting some serious investments, Circle has actually joined the club of the most well-funded cryptocurrency companies. Another of its members, Coinbase, seems tempted to expand its financial business to include banking services. According to a report by the Wall Street Journal, representatives of the crypto brokerage have met with US regulators to talk about the possibility to apply for a banking license.

A source quoted by the WSJ has revealed, that the company, which operates the largest cryptocurrency exchanges in the United States, has contacted officials from the US Office of the Comptroller of Currency earlier this year to discuss the matter. Beside the opportunity to broaden the types of products it offers, a banking license would allow Coinbase to operate without the need to partner with banks.

What are your thoughts on today’s Bitcoin in Brief stories? Tell us in the comments section below.   


Images courtesy of Shutterstock, Marco Krohn (@mkrohn5).


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Bitcoin News: Price Below $8,500; Jack Dorsey Talks BTC at Consensus 2018

Jack Dorsey on BTC

Bitcoin (BTC) has dropped below the $8,500 mark. This is significant news, and it’s likely Bitcoin bears are going to try to drag the currency below the $8,000 mark during the remainder of the week. Will it happen, though? Only time will tell, but we can look to various mediums to see if there is any specific Bitcoin news bringing the price down today, but what may help to turn it around for the coin is Jack Dorsey on BTC— his thoughts are very interesting.

Bitcoin (BTC) Daily Chart

Bitcoin (BTC) is currently selling for $8,325.74. ...

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I Hope Bitcoin Will Be Internet’s ‘Native Currency’: Twitter CEO Jack Dorsey

Jack Dorsey — CEO of both Twitter and Square — hopes that bitcoin will one day be the internet’s native currency. Dorsey made this statement during an interview with Elizabeth Stark of Lightning Labs at a fireside chat today at the Consensus 2018 conference in New York. Dorsey revealed that grew up in St. Louis, MI

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Consensus 2018: NYC Blockchain Week Brings in $17 million

Consensus 2018

Consensus 2018 NYC Blockchain Week – After Bitcoin (BTC) catapulted in price at the latter half of 2017, the world began to take notice of cryptocurrency and its underlying technology the blockchain. At last year’s blockchain week, only 2,700 attendees were reported by CoinDesk. Yesterday, the final attendee count for the first day of the event was over 8,500.

Final attendee count for #Consensus2018: ~8,500

— Barry Silbert (@barrysilbert) May 14, 2018

Consensus 2018 is bringing in at least $17 million in ticket sales this year, as tickets were running $2,000 a ...

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This Week in Bitcoin: A New Dawn

This Week in Bitcoin: A New Dawn

It’s too early to tell whether the crypto markets are out of the woods and inching back into the light. If a doctor was giving the prognosis, she would probably venture that we should remain “cautiously optimistic”. But if the top stories from this week in bitcoin are an indicator, there’s every reason to feel confident about the shape of crypto to come.

Also read: Bitcoin Ransomware Attack Halts Major American City’s Government and Police

Battle of the Acronyms

This Week in Bitcoin: A New DawnWords are constantly evolving. “Literally” used to mean literally, only now it’s more commonly used to exaggerate stories for dramatic effect. Then we have FOMO and FUD, two acronyms frequently used in the cryptocurrency space, both of which have also evolved from their original definitions. This week in bitcoin, we’ve got an equal stack of both: bullish stories that constitute FOMO and bearish ones that go down as FUD.

FUD (fear, uncertainty, and doubt) is now applied to any story that bagholders believe detrimental to their chosen cryptocurrency. The story about child porn on the bitcoin blockchain definitely falls into that category – the reality is nothing of the sort. FOMO (fear of missing out) has similarly been misapplied so that it’s now used to denote anything positive. We’ll get to the upbeat stuff shortly, but first let’s finish this week’s allocation of fear.

Spies Gonna Spy

This Week in Bitcoin: A New Dawn
Ross Ulbricht is a hero in the eyes of many bitcoiners.

There was fear alright in the revelation that the NSA was aggressively targeting bitcoin users as far back as 2013, as the latest Snowden leaks show. It’s not a big surprise, but there’s still something daunting about seeing it in black and white. The leaked slides also provided further evidence that Silk Road’s Ross Ulbricht may have been snared by the NSA trawling the web for bitcoin-related activity. If so, this evidence wasn’t disclosed in court, and thus Ross’s defense team were unable to contest it. It’s long been suspected that “parallel reconstruction” – the practice of faking an evidence trail after the suspect’s been nabbed – is rampant at the highest level, and the NSA docs do nothing to allay that fear.

The news that at least $3.4 billion of ethereum is in the possession of ICOs, who could dump it on the market at any time, is real alright. This week’s most read story, it qualifies as FUD because this knowledge is bound to sow fear, uncertainty, and doubt in the market. Some people believe that ethereum shouldn’t be used at all for ICOs, and that a stablecoin should become crypto’s de facto crowdsale coin. That’s easier said than done though, and meanwhile almost 4% of ethereum’s total supply sits in ICO wallets, ready to be dumped on an exchange whenever projects need to pay the bills.

Feel the FOMO

This Week in Bitcoin: A New Dawn
Jack Dorsey is turbo-bullish on bitcoin.

This week also brought its share of positive stories for bitcoin, or perhaps it just feels that way because everyone’s stopped being so gloomy now the markets have picked up slightly. Twitter and Square founder Jack Dorsey expects bitcoin to become the world’s ‘single currency’ in about 10 years, and while that’s, like, just his opinion man, it’s a very bullish one from a man who knows his trends. Add in the appointment of an allegedly bitcoin-friendly governor of the People’s Bank of China and things are looking up.

The conclusion of the G20 summit of world leaders, without passing any motions on cryptocurrency regulation, was also interpreted positively. Far better that officials should kick the proposal into the long grass than rush through ill-thought legislation for the sake of being seen to be tough. If all that’s not enough reason for cheer, have some solace in the fact that 2018’s bear market is nothing like that of 2014. Tl;dr: the crypto markets of today are far more resilient to bad news.

Not every story that made the news this week can be lazily lumped into the FUD or FOMO category. Some got readers clicking and commenting simply because they were damn interesting, like the precocious 15-year-old who rekt Ledger’s wallet security, then refused their bounty payment so as to rek them again by publishing the full exploit. The difficulty of cashing out large quantities of bitcoin obtained back in the day was another post that got a lotta love. For more insights on these stories, plus the latest crypto developments from China, your amiable host Matt Aaron has got you covered in the This Week in Bitcoin podcast.

Do you think 2018’s bear market is starting to ease up, or is there more pain to come? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Jack Dorsey believes bitcoin will be the world’s sole currency within 10 years

We knew Jack Dorsey was bullish on bitcoin, but some new quotes reveal that he’s really, really bullish.

In an interview with The Times of London, the Twitter and Square chief executive expressed a strong belief in bitcoin’s shot at outliving its growing pains in order to grow into a ubiquitous digital currency.

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey said. He added that the timeline would play out “probably over ten years, but it could go faster.”

In spite of conceding that bitcoin “does not have the capabilities right now to become an effective currency,” Dorsey thinks that it will grow into a better one over time as improvements to the core technology roll out.

“It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable,” Dorsey told The Times.

Just last week, Dorsey contributed to a $2.5 million seed round for Lightning Labs, a Bay Area startup focused on the Lightning Network, a protocol that layers on top of a cryptocurrency like bitcoin. That layer aims to speed things up by creating a secondary channel with its own mini digital ledger that keeps excess traffic off of a congested blockchain (you can read more about how that works in this helpful Coindesk explainer).

Dorsey also intends to continue supporting bitcoin through Square, his mobile payments company. Square Cash added support for bitcoin last year and the feature recently rolled out to all Square Cash users.

Twitter CEO: Bitcoin Will Become The World’s Single Currency

Twitter CEO

Twitter CEO, Mr. Jack Dorsey, said in an interview published today by the well-known British newspaper “The Times” that according to his predictions, Bitcoin will eventually dethrone the Dollar and the Euro from their position and become the most important currency worldwide.

He said he believes that the globalized world is pointing towards the adoption of a single currency. A feature that is easier for Bitcoin than for the traditional FIAT currencies over which the dollar has a preponderant position:

“The world ultimately will have a single currency; the internet will have a single ...

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Twitter and Square CEO Jack Dorsey: Bitcoin to be World’s Currency

Twitter and Square CEO: Bitcoin to be World’s Currency

Jack Dorsey, CEO of both Twitter and payment platform, Square, told the Times of London there will be a single world currency in the next ten years, and he believes that will be bitcoin. His comments came at a downturn in the broader crypto markets and amidst declarations of bitcoin’s imminent demise.   

Also read: Bitcoiners Demand More Crypto CFDs and Spread-Betting in the UK

Twitter and Square CEO Bullish on Bitcoin

“It’s slow and it’s costly,” Mr. Dorsey spoke of bitcoin as a currency, “but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable,” the Times of London reports (paywall). He is in London this week to promote one of his companies, Square.

Mr. Dorsey, 41, is a billionaire at least four times over, and is considered something of a sage in the technology space. He was instrumental in establishing the micro-blogging platform Twitter. The San Francisco-based social networking staple has proven itself over its decade of existence to be a galvanizing space, especially for the cryptosphere, with over 300 million users.

Twitter and Square CEO: Bitcoin to be World’s CurrencyThough the world’s most popular cryptocurrency “does not have the capabilities right now to become an effective currency,” Mr. Dorsey explained the “world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” expecting this to take place “probably over ten years, but it could go faster.”

He’s also CEO of Square, Inc., San Francisco-based as well, a point of sale payments platform allowing for person-to-person commerce serving the US, Australia, Canada, Japan, and the United Kingdom. The popular smartphone client announced last month it would launch an in-app bitcoin buy and sell option. “We support bitcoin because we see it as a long-term path towards greater financial access for all — This is a small step,” Mr. Dorsey detailed. The move has proved compelling to merchants, as even amidst price volatility 60% said they’d accept Square. Square is also reportedly launching an instant deposit service. After about 20 minutes, merchants can access funds in their accounts, making cashflow much easier for smaller businesses.

Twitter and Square CEO: Bitcoin to be World’s Currency

Mr. Dorsey isn’t a passive bitcoin investor. He participated in a seed financing round of 2.5 million USD for Lightning Labs, hoping to help power bitcoin core beyond its recent headaches of congestion and fees. In the hodl versus currency bitcoin debate, Mr. Dorsey seems to reside right in the middle.

Do you think bitcoin will be the world’s currency in ten years? Let us know in the comments!


Images via Pixabay, Twitter. 


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Bitcoin Will Be World’s Leading Currency in 10 Years: Square CEO Jack Dorsey

One of Silicon Valley’s most revered entrepreneurs is going all in on Bitcoin. Square CEO Jack Dorsey, who is in London this week promoting the digital payments firm, told The Times that he believes Bitcoin could become the world’s leading currency within a decade — or perhaps even sooner. “The world ultimately will have a … Continued

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