Jack Dorsey promised that Bitcoin will inspire him to turn Twitter into an uncensored social network. The executive said that the most important thing in his life is to work on the adoption of the cryptocurrency.

In recent days, Twitter and payments firm Square’s co-founder Jack Dorsey expressed his optimism about Bitcoin. He said that he would work on the development of the pioneering cryptocurrency if he did not work at Square or at Twitter.

Dorsey told Alex Gladstein, chief strategy officer at the Human Rights Foundation, that Bitcoin is a technology that changes absolutely everything. For that reason, he stated that he does not believe “that there is anything more important in [his] life to work on.”

“If [Bitcoin] needed more help than Square or Twitter, I would leave them [to work with the cryptocurrency]. However, I believe that both companies have a role to play [regarding Bitcoin]. I will do everything my companies and I can to make Bitcoin accessible to everyone for the rest of my life,” said Dorsey.

Bitcoin Would Give More Financial Freedom to Unbanked Communities

Gladstein asked if Bitcoin can become a network that allows unbanked people to achieve greater financial sovereignty. The billionaire assured that the pioneering cryptocurrency can create a new financial infrastructure suitable for communities that the traditional financial system neglects.

The CEO of Twitter explained that he sees Bitcoin as a way to protect himself against the devaluation of fiat currencies. Besides, he believes that the main cryptocurrency on the market can accelerate fund transfers across borders.

In that regard, he highlighted the advantages of blockchain networks for exchange between people from different countries. Likewise, he said that he does not believe that there is something else that empowers people more worldwide.

Bitcoin Could Become the Internet’s Native Currency

The executive said that he is working hard for his companies to help Bitcoin become the native currency of the Internet. He believes that an increasing number of people will be using BTC in their day-to-day life in the coming years.

His financial services company added more than USD 170 million worth of Bitcoin to his balance sheet in February. It did this after having invested in the pioneering cryptocurrency for the first time in October 2020.

The company’s financial results for the first quarter of 2021 indicate an appreciation of its Bitcoin reserve by 114.5%. That percentage is equivalent to an amount of USD 272 million of profit.

Many Accuse Dorsey of Undue Censorship on Twitter

Many people consider that Dorsey practices undue censorship of free speech on Twitter.

The businessman said that Bitcoin’s open-source model could inspire a censorship-free social media platform. In this regard, he told Gladstein that he would like to create a Bitcoin-based social network.

He commented that, by creating a new platform entirely inspired by Bitcoin, they could do the same with Twitter. Although he knows that many call him a “liar”, he promised that his platform would become censorship-free.

By Alexander Salazar

Those affected will gain the possibility to claim up to 90% of the remaining bitcoins of the bankrupt exchange. To fulfill the plan, at least 50% of the claimants must participate.

The trustee of the Mt. Gox exchange reported that the victims of the 2014 hack are now able to vote for or against the draft plan to recover part of their lost bitcoins (BTC). The information appeared in a letter on May 31, informing about the resolution of the Tokyo District Court issued on February 22 of this year.

Nobuaki Kobayashi, managing attorney of the bankrupt exchange’s funds, states in the letter about the voting deadline, which will take place on October 8 this year.

The Conditions and the Process to Set a Recovery of the Currencies

The document also states that claimants who do not vote will appear as votes against the plan, in addition to requiring at least 50% participation for the proposal to meet its acceptance.

The lawyer asks those affected to set a registration in the system where they can review the needed information on the proposed recovery plan. This record will also serve as a tool for the reimbursement procedure.

Kobayashi indicates that once the Draft Rehabilitation Plan receives its approval and the Tokyo District Court confirmation order is final and binding, the Rehabilitation Plan starts applying its effect and reimbursements will happen following the Rehabilitation Plan.

The Biggest Bitcoin Hack in History

Mt. Gox was the largest cryptocurrency exchange in the world and handled more than 70% of all Bitcoin transactions. It suffered several hacks that might surpass 1.35 million BTC. The latest attack in February 2014, went down as the largest exchange hack to date, losing more than 850,000 BTC. More than 20,000 users claimed their refunds.

On February 25, Mt. Gox released a document in which it announced the assignment of the process to the lawyer Kobayashi and the resolution of the Tokyo District Court issued a few days before. The exchange, which was based in Shibuya, Japan, stated that, according to the Tokyo District Court, there is no reason to disapprove the draft compensation process.

The court approved a payment schedule that adds a creditor voting process to the proposed repayment plan. As part of this procedure, the trustee will start determining the voting creditors on March 24. After October 8, right before 2021 ends, is the deadline for plaintiffs to vote; it was established that creditors will attend a meeting on October 20, 2021, on the resolution of the compensation plan.

The text sets three modalities for creditors to vote for the draft rehabilitation plan: online voting, voting by email on a form, and voting in person on the day of the creditor’s meeting. Creditors will choose one of these methods.

The report also notes that the creditors’ voting method and schedule for the rehabilitation plan will be posted on the Mt. Gox website and other media outlets.

By: Jenson Nuñez

Since the last restriction, the exchange rate between the yuan and Tether decreased to 4.4%. Since mid-May, transactions of almost USD 1 trillion in cryptocurrencies have been estimated in China.

After China’s financial institutions recently prohibited the use of bitcoin (BTC) and cryptocurrencies in all payment services, mutual funds, and savings, their use clandestinely increased, according to some reports. The Chinese government sees crypto assets as a risk because they are not receiving support from a real value, and because of their constant volatility in the market.

Cryptocurrency over-the-counter platforms have exploded in a vast part of the Asian nation, these platforms got installed when national exchanges were banned. According to Bloomberg agency, these kinds of platforms, which operate clandestinely, have seen a big increase in their operations since then.

Since early May, when this ban appeared, it has become an indicator among the population that the exchange rate between the Chinese yuan and the stablecoin Tether, crumbled down as much as 4.4%. Following this warning from local authorities, there is a recovery of more than half of the loss, according to crypto data platform Feixiaohao,  which is a Chinese equivalent of CoinMarketCap.

This measure created a rise in the proliferation of local OTC (Over The Counter) platforms, which can count as “over-the-counter”, as well as peer-to-peer (P2P) networks. Due to the difficult-to-trace nature of these platforms, it can be a hard task for local authorities to enforce a wholesale prohibition.

According to the US news agency, There is some kind of relief for cryptocurrency enthusiasts worldwide after concerns about a drop in the sale of BTC in the Asian nation appeared. According to data recorded by the news agency, almost USD 1 trillion in digital assets have been negotiated in China since mid-May.

Losses and the Repression of Cryptocurrencies

About the losses resulting from the recent price drop and about the censorship of cryptocurrencies in China, Blomberg led a consult to a man that expressed his lack of interest in such matters. He also assured that he has been purchasing cryptocurrencies since 2017 and claimed to have lost $ 11 million in three days in the recent pullback.

The exchange ban has made those figures impossible to measure, but Chinese investors are still famous for having a relevant presence in the crypto world through domestic OTC platforms and exchanges from other sectors that they have access to, like virtual private networks.

China Has Banned Bitcoin at Least Seven times

Since 2013, the Asian nation has banned at least seven times every single operation, commercialization, or promotion of bitcoin, and other cryptocurrencies.

The Asian giant keeps having a tight relationship with BTC as a cryptocurrency but has been more flexible in terms of digital mining. However, this latter aspect of the industry is also beginning to change with new provisions in the Mongolia region.

The restrictions that China recently applied on trades with bitcoin and other cryptocurrencies could impact business innovation in the Asian country, estimated Sheila Warren, who led, in May 2021,  the World Economic Forum topics regarding blockchain and digital assets.

By: Jenson Nuñez