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Former Overstock CEO And BTC Supporter, Got Banned By Twitter

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Former Overstock CEO and a strong Bitcoin supporter got banned by Twitter after supposedly spreading conspiracy theories as we read more in our BTC news today.

Patrick Byrne, the former Overstock CEO, was an early proponent of BTC as his company was the first major retailer to start accepting the cryptocurrency. however now, he got banned by Twitter for spreading conspiracy theories. Byrne’s account was removed on Tuesday and Twitter has yet to respond to a request for comment but the suspension results from the continued claims that the 2020 election was rigged which shifted the sentiment after the US capitol got stormed by Trump supporters a week ago.

The suspension came after the recent Twitter bans for the pro-Trump conspiracy group which believes the president is fighting the scenes of war against a cabal of “deep state” who are mostly Democrat pedophiles. According to the blog post on Twitter, the platform removed 0,000 QAnon accounts since Friday and the company wrote:

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 “These accounts were engaged in sharing harmful QAnon-associated content at scale and were primarily dedicated to the propagation of this conspiracy theory across the service.”

Byrne could not be a QAnon adherent as his posts will be easily construed as Qanon associated and he claimed in an interview that there’s a “Communist Party takeover” in the US. In 2014 when Byrne was the head of the company, Overstock became the first online retailer with more than $1 billion in annual sales to start accepting BTC as a method of payment. He was also the main force behind Medici Ventures which is the blockchain initiative branch of the company which worked on everything from blockchain-based systems like tZero and wine as a digital securities trading platform.

patrick byrne, overstock, bitcoin, twitter
Patrick Byrne

He was also a crypto luminary and jumped in three years before the price of one BTC hit $1000 and made him an early adopted in the world of business. The CEO was Michael Saylor before anyone in the crypto space even heard of him but he was an outspoken evangelist for BTC. For the past two months, he was back to his outspoken-ness but not about Overstock but about the US election. Crypto conspiracy theories have been exclusive but Byrne’s recent run put him towards the fringe of BTC adopters. He claimed to have funded a team of hackers that compiled evidence which proved the election results were fraudulent.

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Source: https://www.dcforecasts.com/about-dc/former-overstock-ceo-and-btc-supporter-got-banned-by-twitter/

Blockchain

The Countdown: Cardano (ADA) to Reach Full Decentralization on March 31st

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Less than a year after launching its IOHK-owned network of federated nodes, Cardano is on schedule to reach full decentralization at the end of March 2021. At that point, the already established network of over 1,800 community pools will be responsible for producing all new blocks.

Cardano Goes for Full Decentralization

With the approaching so-called D (=0) day, IOHK, the company behind the popular blockchain project Cardano, published a post highlighting the latest milestone in its development.

Cardano is on track to get out of the realm of centralization in less than a month. The post explained that upon the release of the Shelley update in July 2020, the developers built the network in a way that every block was produced by IOHK’s network of federated nodes.

This caused some confusion within the cryptocurrency community as such an approach was the “antithesis of decentralization.” However, the statement justified this somewhat controversial decision with enhanced security – “a wise approach for the near term while the stake pool operator (SPO) network got up and running.”

Furthermore, Cardano’s developers built in an automatic readjustment process, which reduced the parameter that governs what percentage of transactions are processed by the genesis nodes (referred to as d) at a rate of 0.02 per epoch. This means an increase by 2% in community block production every five days.

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Thus, the community received a more significant role in block production over time, which led to the current situation – only 12% of blocks are produced by federated nodes. The number will continue to gradually decrease until it reached zero (also known as D=0 Day) on March 31st.

Upon doing so, the network will become “fully decentralized,” as “D=0 pushes power to the edges.”

ADA Price Update

While the Cardano community is patiently anticipating the D=0 day, the native cryptocurrency has been on a roll since the start of the year, despite the recent retracements.

ADA entered 2020 at about $0,18 before it skyrocketed to a new all-time high just shy of $1.5. Following this 730% surge, the asset retraced slightly intact with last week’s market crash but has remained well above the $1 tag.

Naturally, ADA’s price surge impacted the market capitalization as well. As such, ADA surpassed other altcoins like Binance Coin and Ripple and is currently the 3rd largest cryptocurrency by market cap.

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Source: https://cryptopotato.com/the-countdown-cardano-ada-to-reach-full-decentralization-on-march-31st/

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Ripple’s CEO: SEC Lawsuit Did Not Affect Business in Asia Pacific

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Ripple’s CEO Brad Garlinghouse told Reuters in an interview today that the company is still conducting and growing its business in the Asia Pacific region despite the SEC legal case against Ripple and its executives. 

The last four months have been some of the toughest for Ripple after the company was slammed with a $1.3 billion lawsuit by the United States Security and Exchange Commission (SEC). The regulator alleged that Ripple and its executives, including Garlinghouse, conducted an unregistered securities offering using XRP. 

News of the lawsuit spurred panic, and some major crypto exchanges offering services to U.S. clients were quick to delist XRP from their platforms. Ripple’s partner Moneygram also pulled the brakes on its alliance with the company following the SEC fiasco.

The price of XRP suffered severely, and the once-third-largest cryptocurrency by market cap now ranks seventh on CoinMarketCap.

No Fallout In Asia

Despite the company’s mishap in the United States, Garlinghouse noted that Ripple has continued its operation without hassle across Asia, especially Japan, thanks to the regulatory clarity in the region. 

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“It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in Asia Pacific. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,” Ripple’s CEO said during the interview.

Garlinghouse believes the lack of a clear regulatory framework for cryptocurrencies in the United States is a hindrance to innovation and the SEC lawsuit is an attack on all crypto. However, he said that Ripple will not let the regulator bully the industry.

An Attack On All 

The CEO, alongside Ripple’s co-founder Chris Larsen, recently filed two separate motions, calling for the dismissal of the lawsuit against them and the company. 

Garlinghouse described the SEC action as a “regulatory overreach.” Ripple and its executive want US regulators to treat XRP as a virtual currency just like Bitcoin and Ether, but the SEC continues to insist that it is a security. 

With a settlement very unlikely at this point, both parties have agreed to August 16, 2021, as the discovery phase deadline, during which they will present all evidence and argument.

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Source: https://cryptopotato.com/ripples-ceo-sec-lawsuit-did-not-affect-business-in-asia-pacific/

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Bitfury’s US Bitcoin mining subsidiary to go public via $2B SPAC merger

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Cipher Mining Technologies Inc. a subsidiary of blockchain development firm Bitfury has inked a $2 billion merger deal with Nasdaq-listed Good Works Acquisition Corp — a special purpose acquisition company, or SPAC. Both companies have entered into a business combination agreement.

According to a press release issued on Friday the merger will see Bitfury’s U.S. Bitcoin (BTC) mining enterprise become a publicly-listed company under the banner Cipher Mining Inc.

In addition to the combined $2 billion valuation for Cipher, investors like Morgan Stanley-backed Counterpoint Group and Fidelity Management and Research company will also lead a $425 million funding round.

This additional cash influx will proceed via a private investment in public equity, or PIPE, funding round. Bitfury will also provide a $50 million investment-in-kind to add to the $170 million left over from the October 2020 Good Works initial public offering, thus setting the combined company’s gross cash holdings at $595 million.

Commenting on the merger, Cipher Mining CEO Tyler Page remarked that the deal was a significant step in the emergence of properly capitalized Bitcoin mining enterprises, adding:

“With this transaction, we will be able to combine the formidable skill sets and technologies developed by Bitfury Group over the past 10 years with what we believe will be a leadership position on the global cost curve, and thereby create a true leader in the Bitcoin mining industry.”

With the merger expected to close in Q2 2021, Cipher is looking to achieve a 745 megawatts mining capacity by end of 2025. The company says it hopes to cross the 445 MW milestone between the end of 2021 and Q2 2022.

Cipher is the latest Bitcoin mining establishment to pursue a public listing albeit via a merger with a SPAC entity. As previously reported by Cointelegraph, Australian green energy Bitcoin mining outfit Iris Energy is set for a $39 million IPO in the summer.

With designs towards 745 MW in mining capacity, Cipher is also the latest example of the expanding Bitcoin mining outlay in North America. While China still dominates the BTC hash rate distribution, firms in the U.S. and Canada are reportedly increasing their inventory in the quest to dilute China’s control of the Bitcoin mining arena.

Meanwhile, Chinese miners are coming under significant regulatory pressure from municipal authorities. Earlier in March, reports emerged of crypto miners planning to exit Inner Mongolia amid energy consumption concerns.

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Source: https://cointelegraph.com/news/bitfury-s-us-bitcoin-mining-subsidiary-to-go-public-via-2b-spac-merger

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