Cash App Blocks a Bitcoin User’s Access to Account with No Explanation

Bitcoin proponent Twitter CEO Jack Dorsey’s Cash App seized the funds of a user who was using it to buy Bitcoin.

The crypto user took to Twitter to share their grievance that they have been a user of the app for years to buy “thousands of dollars worth of Bitcoin” and convert it into fiat.

This happened while Bitcoin is enjoying a rally; today, it surged $15,000, up more than 100% YTD.

According to the app user, he wasn’t “engaged in any shady activity,” but Square’s Cash App reversed his withdrawals and took all his money, over $1,000.

“After a recent review of your transfer of funds, we detected the use at Cash App for activity in violation of Cash App, Terms of Service. As a result, you will no longer be able to use Cash App to send or receive payments,” said the message from Cash App’s email support. It further read:

“We are also exercising our discretion under Sections 4 and 5 of the Cash App Terms of service in the decision to block or reverse your transfer of funds.

For security reasons. Unfortunately, we cannot provide more details regarding our decision.”

As per the company policy, in peer-to-peer money transmission service, fraudulent transactions may result in the loss of funds with no recourse at all.

The crypto community voiced against this move, with Samson Mow, CSO of Blockstream, pointing how “This can and will happen with every custodial service; it doesn’t matter if their CEO is nice or supportive of Bitcoin.”

Miles Suter, Square’s cryptocurrency expert, then responded that it was all a mistake, and the issue has been resolved.

“There was a mistake made here. Your account should be in good standing, and your withdrawal is not going to be reversed,” said Suter.

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Author: AnTy

Coinbase’s Anti-Politics in Workplace Stance Goes Against Bitcoin’s Core Principle: Twitter CEO

Twitter CEO and Bitcoin proponent Jack Dorsey criticized Coinbase Inc.’s newly announced policy for keeping politics out of the workplace, saying it is exactly the opposite of what bitcoin and cryptocurrency are all about.

“Bitcoin (aka “crypto”) is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at *least* acknowledge and connect the related societal issues your customers face daily. This leaves people behind,” said the Twitter chief.

The tweet from Dorsey, who’s Twitter profile bio only reads “#bitcoin,” has been in reaction to Coinbase CEO Brian Armstrong’s blog post arguing that the company must be mission-focused and not “advocate for any particular causes or candidates internally that are unrelated to our mission, because it is a distraction.”

Social activism, according to Armstrong, has the potential to “destroy a lot of value” at a company by being a distraction and creating internal division.

“Jack making an appeal to all the (ex) Coinbase employees that are about to get paid to leave, well played,” tweeted one crypto community member, “Brian driving his talent away… Jack sniping it.”

Amidst this, former Twitter CEO Dick Costolo pushed things further by suggesting those who disagree with having political activism in the workplace will be “lined up against the wall and shot.”

The world is divided on Coinbase’s mission, with some completely against it and others hailing it as “leading the way” and interpreting it as “let’s stop shitposting about politics in slack and get back to work.”

The San Francisco-based cryptocurrency exchange with more than 35 million users says, “We are an intense culture, and we are an apolitical culture.”

The company took one step further and doubled down on its stance this week. In an internal email to employees, Armstrong offered any employee who “doesn’t feel comfortable with this new direction” four to six months of severance to leave the company.

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Author: AnTy

Jack Dorsey’s Square Launches COPA to Ensure Bitcoin & Crypto Remain ‘Free and Open’

Bitcoin proponent Jack Dorsey’s payment company Square, which first ventured into crypto in 2018, is now inviting cryptocurrency firms to join its Cryptocurrency Open Patent Alliance (COPA) to ensure the industry remains open-source. Dorsey wrote,

“Square is putting all of our crypto patents into a new non-profit org we’re calling the Crypto Open Patent Alliance, which will maintain a shared patent library to help the crypto community defend against patent aggressors and trolls. Join us!”

On Thursday, the announcement was made, and COPA was launched. In its “fight to keep bitcoin and crypto free and open,” the new initiative is introduced, which ensures new ideas don’t get tied up by patent litigation.

Free to Pursue Crypto’s Future

To tackle the concern of “patent lockup” stifling innovation and adoption, Square asked the crypto community to do “what it is so famous for and come together for the greater good.” The official website reads,

“We believe there needs to be a global native currency for the internet,” and everyone should be able to “participate in cryptocurrencies and have access to its underlying innovation.”

A separate entity from Square, COPA, has a two-prong approach, including a pledge that no member asserts their patents on foundational crypto technology ever except defensively, and creating a shared patent library where members pool their crypto patents and allow each other to use them. Square Crypto said,

“As more companies join and the shared patent library grows, the freer we’ll all be to pursue crypto’s future.”

In the US, the number of blockchain and crypto-related patents already doubled between 2016 to 2017. Even Microsoft filed a patent last year for a mining system powered by human activity.

The Native Currency of Internet but “Intuitive”

Dorsey is known for his bitcoin support, who believes it could be the “native currency of the Internet.”

In an interview with Reuters this week, Dorsey re-emphasized on it, saying, like the internet, bitcoin is consensus-driven. He said,

“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

But for the leading digital asset to interact with money and change the way most people think of it, it must be “intuitive.”

The main main point here is that bitcoin is expensive to use and that people must understand why they use it and access it in a way that is similar to dealing with cash. Dorsey said,

“We have to build the coin in such a way that it is as intuitive as fast and as efficient as what exists today and obviously goes beyond that.”

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Author: AnTy

Another Fork of the Fork? Bitcoin Cash Upgrade Coming in November

Bitcoin ABC and its lead developer Amaury Sechet are forking Bitcoin Cash now, according to BCH proponent Roger Ver.

“Bitcoin ABC and @deadalnix have announced that they are forking away from #BitcoinCash on Nov 15th. We wish them good luck with their new coin and thank them for the free airdrop to all BCH holders,” tweeted Ver.

Ironically, November 15th is also the day when Bitcoin Cash (BCH) was hard forked into Bitcoin SV (BSV) back in 2018.

However, it is just an upgrade, as a month back, Sechet published an update about Bitcoin ABC where he talked about making primary improvements such as a new Coinbase Rule and change to the Difficulty Adjustment Algorithm to the blockchain.

“The addition of this new rule represents a significant step. […] node implementations, have developed a financial reliance on powerful interests such as mining corporations, venture capital funds, and angel investors,” read the blog.

Ver’s reaction came following Bitcoin ABC’s 0.22.1 release, which will activate the new coinbase rule, diverting 8% of all newly minted BCH to a development fund on Nov. 15.

Cointext CTO Vin Armani, who sees a split to be a more desirable outcome than infighting, says the most important thing about the event is that “there will finally be a Bitcoin network, with the roadmap necessary to become peer-to-peer cash at a global scale, that doesn’t include vocal and influential humans who believe you can fund such a project with donations.”

He further shared that the vocal people in the council have cryptographically proven that they are major miners and holders in the network, and their incentives are aligned with increasing the value of the network. If these influential people get “overthrown,” it will be by those with an even greater stake.

In the Bitcoin Cash network, Bitcoin ABC has 533 nodes (42%), while BCHN’s 126 nodes represent just a 10% share in the network’s 1,260 total nodes.

Bitcoin Unlimited (BU) implementation that has the largest share 44%, with 565 nodes, however, is opposed to the coinbase rule. And if BU and BCHN come together, they can reject the November upgrade.

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Author: AnTy

Galaxy Digital’s Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs’

Bitcoin proponent, Mike Novogratz is still “most excited” about the world’s leading cryptocurrency but “if it doesn’t go all out by the end of the year I think I might just hang my spurs,” he said.

“We should have doubled within six months, we really should, this is the time, maybe within the end of the year, no retesting the old highs again,” said Novogratz.

The founder and CEO of Galaxy Digital shared this on CNBC’s “Closing Bell” where he said with central banks printing money, it feels like money is growing on trees. And this is the perfect setting for bitcoin, the hard asset.

Novogratz said “one story that is so crystal clear right now is bitcoin,” while central banks around the world monetize their debt.

“We’re going to have four or five six trillion dollars of fiscal debt monetized by this and literally it is a printing press. It’s exactly why bitcoin was created.”

After ending the quarter first of 2020 with a negative, 10% loss, bitcoin was off to a good start in April. Yesterday, the digital asset jumped above $7,000.

The leading crypto asset is currently up over 80% from the $3,850 low it put in mid-March. The violent sell-off in the crypto market that was in line with the stock market, however, saw increased interest from retailers. As we reported, from Coinbase, Kraken, to BitBank, Luno, and others, everyone saw record trading volume and signups.

But institutions might also be in for stacking some stats by buying the dip.

“I am seeing investors I never saw before, hedge fund investors, high net worth investors getting into Bitcoin for the first time.”

But, as we have been seeing the liquidity crunch that resulted in everything from the stock market, to gold being sold -off, the dollar rose as everyone scrambled for USD. However, according to Novogratz, that’s always the first reaction.

“What’s the first reaction is to get to safety. All of a sudden though people are going to say, wait a minute what are you doing in the dollar.

So, that’s when we come up with the next fiscal package which they’ll come up with, I’m sure within the next four months another two or three trillion dollars because the first one wasn’t enough.”

And this will be when more and more people will be getting into bitcoin, he said just like he’s “seeing it as we speak. I’m getting calls from real big investors who had never thought about it before are saying ‘tell me about this bitcoin.’”

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Author: AnTy

Monero’s Riccardo Spagni Gets Back at Craig Wright Over Comments on Money Transmitters

Monero’s Riccardo Spagni Gets Back at Craig Wright Over Comments on Money Transmitters

Chief Scientist at nChain, Self-proclaimed Satoshi Nakamoto and a Bitcoin SV proponent, Craig S. Wright, recently released an article in which he questions the security and privacy traits of Monero XMR.

The crypto token which is the 13th largest in the market based on market capitalization is popular for its privacy features as it is constructed on the cryptographic layer system. These cryptographic qualities of the token offer an untraceable exchange of funds and separate characteristics by default.

The article details on how Monero and other mixed coins are engaged in the activity of money transfers and money handling, which according to Craig makes them Money Service Businesses [MSBs] and should therefore follow the corresponding rules. The rules include:

“Complying with the anti-money laundering (AML) program, maintaining records, and issuing against the reporting requirements as defined in their jurisdiction. Compliance would include filing Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs). Peer-to-peer exchange is covered under the anti-money laundering (AML) rules. Avoiding the requirements of the Bank Secrecy Act (BSA) in the US is not an option.”

The article also went further to state that:

“every node, software, wallet and person engaged in the transfer of funds – any funds including Bitcoin and cryptocurrencies, was acting as a money transmitter”.

Furthermore, money transmitters and any subsystems are required to adhere with the Bank Secrecy Act [BSA] law, a U.S law requiring financial institutions in the United States to assist government agencies in detecting and averting money laundering.

Riccardo Spagni’s Response

Lead maintainer of Monero and host of Magical Crypto Conference, Riccardo Spagni, also known as Fluffypony, is one of the best-known figures in the crypto community. Riccardo then tweeted a response with an analogy saying

“Parents: are you giving lunch money to your kids? According to Craig Wright you are a money transmitter and will go to prison! Welcome to law. Have a nice life.”

And implying that with Craig’s accusations even the most basic forms of money exchange is illegal and should be prosecutable by law. However, some proponents of BSV weren’t moved by the remark and tweeted in support of the article claiming that Craig S. Wright was simply pointing out the law.

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Author: Damola