Ocean, a Bitcoin mining pool backed by Jack Dorsey, announced the launch of an international hub in El Salvador through a new entity. Ocean Mining S.A. de C.V., headquartered in San Salvador, will “continue the advancement of decentralization of Bitcoin mining across the globe,” according to a press release. The company looks towards leveraging the […]
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Ex-Twitter CEO Jack Dorsey Says Bitcoin Will Reach $1 Million, Here’s When
Jack Dorsey, the former CEO of X (formerly Twitter) has predicted when Bitcoin will reach million. The tech entrepreneur is a familiar figure in the crypto space and is known to be heavily invested in the flagship crypto.
When Bitcoin Will Hit Million
In an interview with Pirate Wires, Dorsey mentioned that BTC could hit million in 2030 and beyond. In addition to predicting Bitcoin’s future trajectory, Dorsey took time to appreciate the Bitcoin ecosystem. He remarked that besides its history, “the most amazing thing about Bitcoin” is how those who work on it, earn from it or invest in it all contribute to making the ecosystem, which in turn causes Bitcoin’s price to go up.
Dorsey further claimed that Bitcoin is a “fascinating ecosystem and movement” and that he has learned a lot from it. Based on his assertion, the tech entrepreneur is undoubtedly one of those contributing to the growth of the Bitcoin ecosystem. Dorsey and his digital payments company, Block, already hold over 8,000 BTC.
His company also recently announced plans to begin investing 10% of its monthly Bitcoin-related gross profits in buying more BTC. This investment plan could lead to the company investing as much as million in BTC one year from now. It is also worth mentioning that Dorsey has been actively looking to build in the Bitcoin ecosystem.
It was previously reported that the former Twitter CEO was planning on building a decentralized exchange (DEX) for Bitcoin. More recently, Dorsey’s Block announced that they had completed a BTC mining system they had been working on since April 2023.
BTC Hitting Million Could Be This Year
The CEO of Jan3 and Bitcoiner Samson Mow shares a contrary opinion with Dorsey. He predicted before now that Bitcoin could reach million before the end of this year. Mow alluded to the increasing demand for Bitcoin as why he holds such a belief. The crypto founder suggested that this prediction would likely be attained next year if it didn’t happen this year.
Crypto analyst PlanB also believes that next year is a more feasible timeline for BTC to reach this price level. He stated that million could be the market top for BTC in this bull run based on the Bitcoin stock-to-flow (STF) indicator, which hinted at 0,000 being the average price for BTC in this market cycle.
Other crypto analysts have given more conservative price predictions for this bull run. CryptoQuant’s CEO Ki Young Ju recently predicted that BTC could hit 5,000. Meanwhile, Anthony Scaramucci, the founder of SkyBridge Capital, predicted that BTC could peak at 0,000 in this market cycle.
At the time of writing, Bitcoin is trading at around ,800, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Jack Dorsey Forecasts Bitcoin to Reach $1 Million by 2030
Twitter co-founder Jack Dorsey predicts that the price of Bitcoin could hit at least million by 2030, suggesting its value may grow even further thereafter. In an interview, he expressed his enthusiasm not just about Bitcoin’s potential for price growth but also highlighted the unique and collaborative nature of its ecosystem, implying that efforts […]
Bitcoin News
Jack Dorsey-Backed Initiative Donates $21M to Bitcoin Nonprofit Opensats to Bolster Development
According to the 501(c)(3) public charity Opensats, a nonprofit focused on supporting Bitcoin-related initiatives and efforts that contribute to Bitcoin’s success, Jack Dorsey’s philanthropic endeavor #startsmall has contributed million to the organization. Bitcoin Development Nonprofit Opensats Receives M From Dorsey’s #Startsmall On May 3, Opensats disclosed receiving a million contribution from Jack Dorsey’s […]
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Jack Dorsey’s Block Faces DOJ Probe Over Alleged Transactions With Sanctioned Nations and Terrorist Groups
Department of Justice (DOJ) federal prosecutors from the Southern District of New York are investigating fintech company Block, formerly known as Square, for significant compliance failures in its transaction monitoring systems after a former employee revealed lapses that included processing transactions with sanctioned nations and groups linked to terrorism. Allegations against Block include handling transactions […]
Bitcoin News
Jack Dorsey’s Block Targets Chip Advancement With 3nm Bitcoin ASIC Mining Rig
On Tuesday, Jack Dorsey, the founder of Block, took to X to announce that the company is “building a mining rig.” Dorsey also shared a blog post authored by Block’s lead for mining hardware products, Naoise Irwin. The post revealed enhancements in the chip design, upgrading from the initially planned 5-nanometer (nm) process to an […]
Bitcoin News
Jack Dorsey-Backed Ocean Bitcoin Mining Pool Introduces Block Template Options
Ocean, a Bitcoin mining pool backed by Jack Dorsey, has introduced block template options to allow individual miners to decide which transactions will be included in the next block. The feature, dubbed “path to decentralization,” will allow pool users to mine transactions with Ordinal inscriptions, paying a premium of 2% over the other miners in the pool.
Ocean Bitcoin Mining Pool Introduces Block Template Policies
Ocean, the Bitcoin mining pool backed by former Twitter (now X) CEO Jack Dorsey, has announced a change in its block template policies for mining. According to a press release, the company will now offer several block template options to allow miners to choose the transactions included in their blocks.
Ocean detailed that it will offer three block template policies, including two that filter Ordinal inscriptions and one that follows Bitcoin Core’s unmodified policies, referred to by Ocean as having the “fewest financial transactions and most spam.” While the first ones will enjoy a 0% “promotional pool fee,” the third option will have a 2% “competitive” fee.
Bitcoin Mechanic, global head of sales for Ocean, stated:
Block template construction has become so centralized that we can make significant progress towards improving things simply by providing a glimpse into the future.
The move, which departs from Ocean’s former position of filtering Ordinal inscriptions and Samourai Wallet privacy transactions, was received both positively and negatively by the Bitcoin community.
Bob Burnett, who revealed himself as an investor and a board member of Ocean, praised the announcement, explaining that this was a move focused on achieving Ocean’s decentralization goal. He declared:
This gives all miners a choice of a template that likely closely aligns with their own philosophy. This is a major step toward the ultimate goal of having 1000s of miners each running their own node and making their own templates with whatever criteria they wish.
However, others pointed out this move was an acknowledgment of Ocean’s mistake in filtering what they call “spam” transactions since day one. Udi Wertheimer, co-founder of the Ordinals inscriptions project Taproot Wizards, stressed that this was Ocean’s capitulation, recognizing the economic profit from mining these transactions.
What do you think about Ocean’s introduction of block template policies? Tell us in the comments section below.
Jack Dorsey’s Block Launches Bitkey: A New Self-Custody Bitcoin Wallet With No Seed Phrases
Block, Inc. has recently introduced Bitkey, its innovative self-custody bitcoin wallet, offering a unique approach to bitcoin management. Unlike traditional wallets which rely on passwords or seed phrases, Bitkey utilizes a distinctive 2-of-3 multi-signature mechanism for recovery.
Bitkey Wallet Approach Ditches Traditional Seed Phrases
Bitkey, conceived and built by Block, Inc. (formerly Square, Inc.), is a new bitcoin (BTC) wallet that encompasses a mobile app, a hardware device, and a suite of recovery tools. The non-custodial aspect of Bitkey’s design is different as it eliminates the traditional reliance on seed phrases. Instead, the wallet employs a 2-of-3 multi-signature scheme where the user is provided with two keys: one integrated within the mobile app for everyday transactions and another stored in a separate hardware device for additional security. The third key, held by Bitkey, serves as a recovery mechanism.
“People holding bitcoin on exchanges and custodial platforms today are often hesitant to move to self-custody wallets because they are nervous about making mistakes, especially with the historical requirement that you must safely guard 12 or 24-word long passwords called ‘seed phrases,’” Lindsey Grossman, the Business Lead for Bitkey said. “People have often felt stuck: worried about the lack of control they might experience on a custodial platform or exchange, yet also anxious about the unforgiving product experiences that exist in other self-custody wallets historically available.”
Grossman added:
With Bitkey, we wanted to build a product that helps bring everyone to self-custody, combining robust security and recovery options, with a simple customer experience that puts them in control of their money.
Block and Bitkey are not alone in shifting from the conventional seed phrase approach. Binance recently unveiled a self-custody Web3 wallet that utilizes a shared key system. Similarly, Ledger, a prominent hardware wallet maker, has rolled out a shared key shard system for recovery. Although Bitkey retains the third key for the cryptocurrency owner, the company emphasizes its inability to access the funds without the other two keys.
“A third key is on Bitkey’s server and is used for only two things: to help customers move bitcoin with just their phone for the transactions they choose to make on the go without their hardware device, and to help customers recover their wallet if they lose their phone or hardware – or even both,” Bitkey’s announcement details. “Importantly, because Bitkey only has access to one, not two or three keys in this 2-of-3 multi-signature wallet, Bitkey cannot access or move a customer’s bitcoin without them.”
What do you think about the Bitkey wallet? What do you think about wallets moving away from traditional seed phrase methods? Share your thoughts and opinions about this subject in the comments section below.
Jack Dorsey Backed Bitcoin Mining Pool Ocean Acknowledges Filtering Ordinal Inscriptions
Ocean, a Bitcoin mining pool that recently raised .2 million in a seed funding round led by former Twitter (now known as X) CEO Jack Dorsey, is currently filtering ordinal inscription transactions. Giacomo Zucco, a bitcoiner, confirmed that Ocean was using Knots as a node, a software developed by Luke Dashjr known to filter Ordinal inscriptions.
Ocean Bitcoin Mining Pool Filtering Ordinal Inscriptions
Ocean, a Bitcoin mining pool, has acknowledged that it is currently applying a filter that affects Ordinals-related transactions. The pool, which recently closed its .2 million seed round led by former X CEO Jack Dorsey, excludes certain Bitcoin Ordinals transactions using Knots, a Bitcoin node known to apply these filtering policies.
Giacomo Zucco, who was part of the conference as part of the relaunch of the pool, confirmed this fact, stating that it was currently using several filtering policies, excluding what he called “spam.”
Zucco stated:
Some ‘inscription’ spam is done this way, so it’s filtered away from Knots, which Ocean uses right now for centralized template creation. So shitcoin spammers will have to wait [for] phase2 of Ocean (the real deal) to create their own templates full of sh*t. I guess they are impatient.
Ocean’s Bitcoin Mechanic also acknowledged this, stating that the pool would “continue to filter inscriptions spam,” inviting others to mine with other pools if this bothered them.
The issue was first raised by checksum0, co-founder and CTO at Pow.re, a Bitcoin mining company, when he found that Ocean was excluding high-value transactions “costing on average 5-10% in fees, much more sometimes.” He declared:
Doing spot check of high-paying transactions, I have seen no transactions including any data after op_false … Mining with Ocean WILL cost you money.
The findings divided the cryptocurrency community, with some considering this filtered data as spam and agreeing with the measure, while others rejected this behavior, stressing that this was considered censorship. F2Pool, another Bitcoin mining pool, recently admitted it had been excluding transactions from OFAC-flagged addresses but ceased after facing a backlash from the community.
What do you think about the transaction filtering policies of Ocean? Do you believe they constitute censorship? Tell us in the comments section below.
Jack Dorsey Contributes $1M to Kickstart Guaranteed Basic Income Pilot in St. Louis
Jack Dorsey, co-founder of Twitter and current CEO of Square Inc., is contributing million to support the launch of a pilot program for guaranteed basic income in his hometown of St. Louis, Missouri. According to the city, applicants will be selected on a first come, first serve basis “for 0 monthly payments for 18 months.”
Jack Dorsey Supports St. Louis’ Guaranteed Basic Income Pilot
Twitter’s co-founder and the current CEO of Square Inc., Jack Dorsey, is contributing million to jumpstart St. Louis’ Guaranteed Basic Income (STL GBI) Pilot Program, which aims to combat poverty in the city. The city of St. Louis announced the launch of the program on Tuesday, noting that participants will receive 0 a month for 18 months.
The announcement details that in December last year, St. Louis Mayor Tishaura Jones signed Board Bill Number 116 (BB116), sponsored by Alderwoman Shameem Clark Hubbard, to establish the first guaranteed basic income program in the U.S. state of Missouri. The program originally planned to enroll 440 families. However, thanks to Dorsey’s contribution, the program can now handle 100 more participants. The city described:
Jack Dorsey’s #startsmall philanthropic initiative, with operational support from Deaconess Foundation, is contributing million to add an additional 100 participants to the program for a total of 540 participants.
To be eligible for assistance, applicants must meet specific criteria, including residing in the city of St. Louis, having a child or dependent under 18 enrolled in a public school, maintaining a combined household income below 170% of the federal poverty level, and demonstrating negative financial impacts due to the Covid-19 pandemic, such as loss of work or increased childcare costs.
A number of U.S. cities have independently initiated pilot programs to provide basic income for residents. “St. Louis is joining more than 30 municipalities across the country in trying this new, exciting way to financially empower families and lift them out of poverty,” said Mayor Jones. She added that the city is “thrilled to have the support of St. Louis native Jack Dorsey to help even more families make ends meet.”
The city explained, “Applicants chosen via lottery will be invited to submit financial documentation and verification of City of St. Louis residency,” adding:
Applicants will then be selected on a first come, first serve basis for 0 monthly payments for 18 months.
What do you think about Jack Dorsey contributing million to kickstart St. Louis’ guaranteed basic income program? Let us know in the comments section below.