A New Option “Select NFT” Coming to Twitter, Dating App Bumble Hiring the “Head of Crypto and Web3”

A New Option “Select NFT” Coming to Twitter, Dating App Bumble Hiring the “Head of Crypto and Web3”

Jack Dorsey’s Twitter will allow NFT profiles to be displayed in a different shape to the regular round images, found app researcher Alessandro Paluzzi.

Another assessment of Twitter’s code, this time by Jane Manchun Wong, showed that the social media giant would soon provide its users with a new option called “Select NFT” to update their profile image.

Users will then need to connect their crypto wallet to link their NFT collection directly into Twitter’s display tool.

With this, the idea is to verify the ownership of the NFT.

In September, Twitter announced that it would roll out a way for users to authenticate their NFTs on the platform. An early preview showed that users could link their personal cryptocurrency wallets and NFT marketplace OpenSea accounts to showcase their NFTs directly on Twitter.

The feature, accessible through the Edit Profile option, also showed that it allowed users to choose an avatar from their NFT collection to replace their profile picture.

Crypto Enters The Dating World

In other news, online dating app Bumble is hiring an executive role of “Head of Crypto and Web3,” as per the company’s job posting. The person will be responsible for laying the foundation to support Bumble’s crypto strategy, focusing on the creator economy. Bumble President Tariq Shaukat said in an interview,

“What we really think is really interesting in the near term is the application of blockchain and crypto in general to the experience that our communities have. Fundamentally, we are not just an ecosystem, but we are a community of people.”

Bumble is testing several things related to crypto that will be rolled out in the coming months, said Shaukat.

“This is something that is going to evolve. We want to make sure we’re setting the technical engineering foundation for whatever emerges in the metaverse and in the Web 3 world.”

Earlier last month, as we reported, the popular dating app Tinder also announced that it is rolling out an in-app currency so as to encourage users to spend more time swiping and spending real money on the app.

The company expects the coins to play “an important role” because virtual currency is useful in the context of gifting digital goods, said Chief Financial Officer Gary Swidler at the time.

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Author: AnTy

Jack Dorsey is Building a KYC-Complaint DEX for Bitcoin with a Decentralized Identity Solution

Twitter CEO and co-founder Jack Dorsey have shared more details about his project that revolves around Bitcoin.

Last month, Dorsey had said that decentralized finance (DeFi) on Bitcoin is his new goal — “an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services” and that the name of the business is “TBD.”

He further revealed this week that the idea is to build a decentralized exchange (DEX) for the leading cryptocurrency.

“We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for Bitcoin,” said Dorsey late on Friday.

DEXs have become immensely popular recently, and there is no shortage of them in the crypto space, with Ethereum-based Uniswap currently the leading the sector, accounting for 72.3% of DEX market share based on weekly volume, followed by SushiSwap, DODO, Balancer, Synthetic, Bancor, and 1inch.

Unlike centralized exchanges, decentralized exchanges don’t have a middleman.

Square’s General Manager of TBD, Mike Brock, gave us further insight into what the team is building and the questions they are facing during the process.

Centralized and custodial services like Square’s Cash App and Coinbase have a number of issues and aren’t distributed evenly around the world, is the problem TBD is looking to solve — making it easy to fund a non-custodial wallet anywhere in the world through a platform, said Brock.

“You can think about this as a decentralized exchange for fiat,” he added.

While entities exchanging fiat for crypto will still have to comply with KYC/AML laws, TBD will also focus “on a decentralized identity solution” in that regard.

As for regulation, “Navigating financial regulations to make things easy for people has literally been my forte for 7 years. We know what we’re up against,” assured Brock.

Brock reassured that the platform will be developed entirely in public and will be open-source with no foundation or governance model that TBD controls. “Permissionless or bust,” he added.

While the team is considering RSKSmart to make it Bitcoin-native, top to bottom, because gaps will be too large, they are also open to considering other chains as a bridge.

Some of the gaps are around scalability and cost, which is solved by Lightning with payments, but a similar infrastructure is required for exchanging assets like stablecoins.

“We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all.”

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Author: AnTy

The Debate on Bitcoin’s Energy Consumption Continues

Twitter CEO Jack Dorsey, along with Cathie Wood’s Ark Invest, are working towards using Bitcoin mining to “accelerate the global energy transition to renewables.” According to CoinShares, an estimated 74% of the energy used in bitcoin mining actually comes from renewable sources.

While people argue that given the majority of Bitcoin’s hashing power comes from China, that it energy consumption is based on coal, but that’s not true because most of the Chinese miners depend on hydroelectric power; which is the cheapest power source.

Inner Mongolia, the second-largest coal producer, has shut down crypto mining, which could further push miners towards using renewable sources.

As a step towards making the world greener, the CEO of crypto exchange FTX announced the donation of $1 million to offset the blockchain resources it uses. Another exchange, BitMEX, has joined FTX in its green efforts.

Amidst the energy consumption discussion, Sam Korus, an analyst at Ark Invest, posted an update to ARK’s open-source solar, battery, and Bitcoin mining model, which now allows one to test how the system would have performed in historic Bitcoin bull and bear markets.

“The takeaway is that regardless of a Bitcoin bull or bear market, Bitcoin mining can incentivize additional solar and battery installations,” he said. “The next step is to dimension solar+battery+Bitcoin mining at the household level.”

Elon Musk also chimed in here.

As Brett Winton, Director of Research at Ark Invest, talked about Bitcoin mining being able to allow solar and battery systems to economically scale to provide a larger share of grid energy, Musk took part in this conversation by agreeing that “this can be done over time.”

However, “recent extreme energy usage growth could not possibly have been done so fast with renewables,” he added.

Musk then goes on to say how Bitcoin’s energy usage has started to exceed that of medium-sized countries, making it “almost impossible for small hashers to succeed without those massive economies of scale.”

As Bitcoiners have been pointing out, Bitcoins’ energy usage is what makes the network so secure and decentralized.

“Achieving truly decentralized finance – power to the people – is a noble & important goal. Layer count depends on projected bandwidth & compute, both rising rapidly, which means single layer network can carry all human transactions in future IMO,” said Musk. “For now, Lightning is needed.”

In a separate tweet, he continued to share his love for Dogecoin as he demonstrated a Doge dollar sticker that a Tesla supporter gave him in Berlin.

Musk further revealed that he actually owns DOGE, the sixth-largest cryptocurrency by the market of $50.3 billion, trading at $0.3574, and that he has no plans to sell any. DOGE -10.22% Dogecoin / USD DOGEUSD $ 0.36
Volume 7.42 b Change -$0.04 Open $0.36 Circulating 129.69 b Market Cap 46.44 b
6 h The Debate on Bitcoin’s Energy Consumption Continues 3 d FTC Data Reveals Big Jump In Crypto Investment Scams, Losses Totaling $80M 3 d Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More

“I haven’t & won’t sell any Doge,” said Musk.

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Author: AnTy

Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll

Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll

  • Months after introducing Bitcoin as payment for purchasing Tesla sedans, Elon Musk is now considering adding Dogecoin.
  • The billionaire started a Twitter poll asking his followers whether or not Tesla should accept Dogecoin.

Musk Continues His DOGE Campaign

Musk asked his almost 54 million followers on Twitter if they wanted Tesla to accept Dogecoin. So far, the poll had received no less than 2 million votes, with the overwhelming majority replying “Yes.”

Musk has been one of the meme coin’s most vocal and prominent supporters. He is known to have tweeted about Dogecoin severally and even once called it his favorite cryptocurrency. These tweets have helped to affect the price of Dogecoin over the months, making it rise exponentially.

The Tesla CEO’s new move comes after his appearance on the last Saturday Night Live show, in which some comments about the coin triggered a downturn in the cryptocurrency’s price.

The cryptocurrency had reportedly fallen by 35% after the show as it struggled to reach $0.47 against the dollar. By Sunday evening, it recovered slightly to reach $0.49, but that was still well below the $0.73 to $0.68 it hit before the weekend. Doge is still currently at $0.49, according to CoinMarketCap.

Dogecoin’s price tumble led to over $280 million liquidations reported across different cryptocurrency exchanges, with Binance leading with the largest single liquidation order valued at $12.07 million.

Dogecoin was originally created as a joke in 2013 by founders Billy Markus and Jackson Palmer. It was solely based on the Doge meme, an image depicting a dog of the Shiba Inu breed, whose inner monologue is displayed in comic sans font.

Tesla’s Interest May Push Other Companies To Accept Dogecoin

Over the past year, Dogecoin has risen in popularity and price. However, it has not been accepted widely by institutional investors, unlike Bitcoin, for example.

Musk’s possible move of making Dogecoin a payment method for Tesla may encourage other institutional investors to warm up to the meme-based coin.

Tesla already accepts Bitcoin (BTC) as a payment method for its electric vehicles. The company made the announcement back in March while also stating its intentions to run a Bitcoin node. Tesla also holds Bitcoin in its portfolio after purchasing $1.5 billion worth of the asset in February.

Meanwhile, Dallas Mavericks owner Mark Cuban is also a known supporter of Dogecoin. The professional basketball team announced its acceptance of Dogecoin as payment for tickets, games, and team merchandise in March, making it the first merchant to do so.

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Author: Jimmy Aki

Justin Sun Says He’s ‘Off Twitter For Awhile’ Amidst the Accusation of Undisclosed Paid Tron (TRX) Shills

Justin Sun Says He’s ‘Off Twitter For Awhile’ Amidst the Accusation of Undisclosed Paid Tron (TRX) Shills

Things turned out to be just what the Crypto Twitter (CT) was expecting them to be.

Yesterday, popular YouTuber Marques Brownlee revealed that he was offered a “compensation” to promote the Tron (TRX) cryptocurrency without disclosing it. Brownlee said in his video,

“So I get this email. So this one said they just wanted a tweet and that they already have participation from Lindsay Lohan, Amanda Cerny, NeYo, Lil Yachty, Kendra Lust, and more.”

The shared email reads that the promotion need not look like a “sponsored tweet” and “Marques can openly make a remark” – “nothing dictated or scripted” on Tron. Brownlee has over 13.5 million subscribers on YouTube and 5 million followers on Twitter. Brownlee said,

“The more I read into this email, the more sketchy it is. They mention they’re often referred to as the ‘Ethereum killer’—whatever you say—and that they need to make it look like it’s not a sponsored tweet.”

Not disclosing that it is a sponsored content is illegal as per Federal Trade Commission’s regulations. Many celebrities like DJ Khaled and boxer Floyd Mayweather who did so during the 2017 ICO bull mania, landed in hot waters with regulators.

As the video started doing the rounds and gaining traction, Justin Sun, the creator of Tron cryptocurrency, took to Twitter to deny running such a campaign.

Addressing the allegations, Sun said they are not behind this and that “Tron Foundation believes that transparency is key. If any celebrities are paid to promote TRON, we require them to disclose. We believe that all influencers who are shaping public opinions about public blockchain networks should publicly disclose if they are being paid.”

Just last week, Sun told Bloomberg that he “would hire more celebrities and artists to better position Tron as a ‘meme-friendly’ coin.”

Meanwhile, in his clarification to Brownlee that he isn’t behind this paid endorsement of Tron, Sun offered an educated lesson about the “much faster and cheaper than all of its competitors” cryptocurrency to the YouTuber.

“Would you be interested in learning more about TRON? I will be happy to share with you more and give you a demo of the TRON.”

Today, Sun announced that he would be “Off Twitter for a while.”

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Author: AnTy

Bitcoin’s Decentralized Model is What The Internet Wants To Be: Twitter CEO

Bitcoin’s Decentralized Model is What The Internet Wants To Be: Twitter CEO

While calling banning President Donald Trump the “right decision for Twitter,” Jack Dorsey said this sets a “dangerous” precedent.

Twitter CEO Jack Dorsey took to Twitter on Wednesday to clarify his decision to ban President Donald Trump on the platform, which he maintained was the “right decision for Twitter.”

For starters, he isn’t celebrating or feeling pride in this move to ban Trump, but it was made “after a clear warning” and with “the best information we had based on threats to physical safety both on and off Twitter,” he wrote in his series of 13 tweets.

Despite calling this the “right decision,” Dorsey called this ban “a failure of ours ultimately to promote healthy conversation” and set a “dangerous” precedent of an individual or corporation having this much power over a part of the global public conversation.

As other companies made such decisions, Facebook being another big giant to do so, Dorsey says, over the long term it will be destructive to the noble purpose and ideals of the open internet.”

While a company moderating itself is different from a government removing access, Dorsey said it might feel so while adding, “If folks do not agree with our rules and enforcement, they can simply go to another internet service.”

But at the same time, he maintained that Twitter does need more transparency in such moderation operations.

And this is why he has all this passion for Bitcoin, which he has previously said that one day could be the currency of the Internet.

“The reason I have so much passion for Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be,” said Dorsey, the founder of payment company Square, whose Cash App supports BTC.

Dorsey has been calling for an open, decentralized standard for social media, and it has been towards this goal that they have been developing Bluesky — “a client of that standard for the public conversation layer of the internet.”

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Author: AnTy

Youtuber Casey Neistat: Mining Bitcoin ‘Yielded More Heat Than the Lava on Mustafar’

YouTuber Casey Owen Neistat took to Twitter on Thursday to share with his 2 million followers that he had mined Bitcoin in the past.

While sharing his story of running the Bitcoin mining operation, the filmmaker, vlogger, and co-founder of the multimedia company Beme further commented on the mining machines’ extreme heat. He said,

“I once ran a bitcoin mining operation of questionable legality out of a NYC office building. I had to eventually shut it down because it sounded like I had a dozen lawnmowers running 24/7 and it yielded more heat than the lava on Mustafar.”

Neistat also shared that Sam Sheffer, who has worked at Engadget, Verge, and Mashable, was his accomplice in the Bitcoin mining endeavor.

This is not the first time Neistst shared his love for Bitcoin and all things crypto.

Earlier this month, the day the digital asset was trading above $15,000, he tweeted “BTC.”

The same day, he shared that he is also an investor in the second-largest cryptocurrency, Ethereum, which he bought at $40 in 2017 and is “still holding.”

The crypto market has been on a rampage for these past two months; while Bitcoin ran-up over 85% to hit $19,500, ETH jumped to $620. However, this week, cryptos are experiencing a pullback, with BTC trading around $16,880 and ETH at $509.

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Author: AnTy

What’s Up with Treasury Secretary Targeting Self-Custody Wallets as Forewarned by Coinbase CEO

Late Wednesday night Coinbase CEO, Brian Armstrong took to Twitter to forewarn the crypto community about the plan of the US Treasury Secretary to “rush out some new regulation regarding self-hosted crypto wallets before the end of his term.” Armstrong said,

“I’m concerned that this would have unintended side effects.”

Jake Chervinsky, a General Counsel at Compound Finance, praised Coinbase for taking a stand on the right side of the issue while calling out, “We must oppose them.” He added,

“Restrictions on self-custody are the definition of bad regulation, imposing huge burdens on commerce & individual financial freedom without conveying any benefit to gov’t whatsoever.”

Former Coinbase CTO and general partner at Andreessen Horowitz, Balaji Srinivasan also called out the community to resist this move by the regulators vigorously.


One trader said that while this could kill Coinbase, it will “never stop crypto innovations or bitcoin” neither in the US nor in the rest of the world.

As we recently reported, the central bank has forced Dutch crypto exchanges to verify the legitimacy of the owner of a given bitcoin address by asking their users to upload a screenshot of their wallet or by signing a message.

Su Zhu, the CEO of Three Arrows Capital, pointed out how these laws are also already in effect in Switzerland and passed in Singapore.

“I think it’s only natural for regulators to take this approach, given existing laws,” said Su Zhu, adding:

“I’ve long warned folks in DeFi that govts will certainly not grant DeFi projects a regulatory arbitrage moat vs. preexisting financial companies.”

Embrace the Open Nature of Cryptocurrency

In his long Twitter thread, Armstrong shared his concerns about why regulating non-custodial or self-custody wallets that do not rely on third parties is harmful to the industry.

He said the poised regulations are likely to require financial institutions like Coinbase to verify the self-hosted wallet owner by collecting identifying information about them before allowing the withdrawal. Armstrong said,

“This sounds like a reasonable idea on the surface, but it is a bad idea in practice because it is often impractical to collect identifying information on a recipient in the crypto-economy.”

This is so because many reasons, including cryptocurrency, are sent to smart contracts or various merchants online or to people in emerging markets where it is difficult to have meaningful KYC information.

Not only do many recipients value their financial privacy, but crypto is also being used with new types of apps online, like upvoting content on Reddit. Coinbase CEO added,

“This additional friction would kill many of the emerging use cases for crypto. Crypto is not just money – it is digitizing every type of asset.”

“The open nature of cryptocurrency is what makes it a powerful tool for innovation,” and creating a walled garden would mean pushing US citizens to use foreign unregulated crypto companies and cutting the US off from innovation happening in the rest of the world.

Armstrong argued that the US needs to embrace crypto just like it did the internet, from which it “benefited enormously.”

While Coinbase has sent a letter to the Treasury citing all the concerns, Coin Center, the cryptocurrency policy think tank in the US, is also “making a case for protecting the right to hold our own stuff.”

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Author: AnTy

CNBC’s Mad Money Host, Jim Cramer, Says ‘Not Too Late for Bitcoin’ Even at $19,000

Jim Cramer, the founder of The Street, took to Twitter to share with its 1.4 million followers that it is a good time to jump into Bitcoin. Cramer said,

“It is not too late for Bitcoin.. great alternative to gold… which I have always believed in.”

The host of CNBC’s Mad Money comments came when the largest digital asset is trading above $19,000, a level last seen during the peak of the December bull run. BTC is just inches, not even 5% away from its all-time high of $20,000.

While millennials are already into cryptocurrencies big time, boomers may make an entry into the market too.

Bitcoin is up 168% YDT, with the majority of these gains, nearly 80%, coming in these last two months.

Unlike BTC, which is strengthening its digital gold narrative, the precious metal itself is having a rough past few months. Ever since hitting a new high above $2,000 in August, the gold price has been on a decline. Up only 18.7% year-to-date, the bullion is down -3.74% this month, dropping to the $1,800 level today.

While gold is getting sold off, BTC continues to climb up, inching that much closer to its new ATH. As we reported recently, analysts at Deutsche Bank said that Bitcoin is seeing increasing demand to be used to hedge dollar risk, inflation, and other things for which previously gold has been used.

Bitcoin whales are the one that is busy accumulating bitcoin currently. In the short-term, a much-anticipated pullback could make an entrance, with the number of accumulation addresses falling.

However, going by the narrative that the rally is largely driven by professional asset managers, “this means that Bitcoin will play a more active part in portfolio construction, going forward,” said Denis Vinokourov of Bequant.

Talking about its implications for Bitcoin, he said it would make “its once cherished non-correlated asset appeal (…) unclear, but it makes sense that if more institutions hold it, the more likely it will become correlated to traditional assets.”

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Author: AnTy

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