The r/bitcoin subreddit, created in 2010, now boasts almost 1.3 million subscribers—more than double it had at the peak of bitcoin’s 2017 bull run. “Nothing bolsters my faith in a currency like a crappy MS Paint doodle,” one Reddit user said of the ad when it was created. The ad was made by another still-somewhat-active Reddit user going by the name mavensbot. I write about how bitcoin, crypto and blockchain can change the world. The user told the New York Post late on Tuesday that he is in fact a prankster from Germany. Reuters could not independently verify the user’s identity or whether his initial or subsequent claims were accurate. About a week ago I signed up for Bitflyer as it seemed to be recommended to people living in Japan and submitted my personal info and JP bank account info.
Oil prices bounced back on Tuesday, partly due to the blockage of the Suez Canal, a key transit route for the commodity. Brent crude shot up more than 5pc to $64.3 a barrel over fears disrupted shipments could put oil supply under pressure, and as “bargain hunters swooped in to snap up the relatively cheap contracts”, said David Madden, analyst at CMC Markets. It came after oil fell to its lowest mark in over a month on Monday on concern tighter coronavirus restrictions in Europe would dampen demand from key industries like aviation. Figures last week reported stockpiles of 2.4m barrels, suggesting that “refineries are working their way through the backlog caused by the big freeze”, said Madden. Some analysts suggest a slowing increase in stockpiles, which comes as travel starts to rebound in the US, could help crude oil rally to fresh highs. Heavyweights BP and Royal Dutch Shell gained on the expectation, adding 5.8p to 301.55p and 27p to £14.63 respectively. BP’s gains come despite Moody’s downgrading the oil giant from its highest rating. The gains helped to lift London’s markets higher after a shaky start to the week, with the benchmark FTSE 100 adding 13.7 points to 6,712.89 and the FTSE 250 closing up 70.78 points to 21,402.54. Energy and mining stocks helped lead the benchmark after data showed a better-than-expected rebound in British business activity in March with services increasing at the fastest rate since August.
However, it has not revealed usage statistics for bitcoin payments on its site. At the time of the 2013 announcement, Coinbase had hoped that Reddit’s decision would kickstart mainstream adoption of bitcoin. While bitcoin has exploded in value since those days, mainstream adoption of the cryptocurrency remains a pipe dream. A moderator on the site said they might enable bitcoin payments again if there automated trading is demand and based on progress of Coinbase Commerce, a service launched by North America’s largest cryptocurrency exchange to enable merchants to accept bitcoin. The moderator also said they’d observed bugs for payments made using bitcoin. It also didn’t quite line up with Tesla’s Monday regulatory filing, which said the company bought Bitcoin after changing its investment policy in January.
— Daniel Roberts (@readDanwrite) March 24, 2021
Bitcoin cash is a cryptocurrency created in August 2017, arising from a fork of Bitcoin. Coinbase Commerce allows merchants to accept multiple cryptocurrency payments from global customers. Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest btc auto trading in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns 0.01 bitcoin.
Bottlepay Launches Bitcoin Twitter Payments, Reddit, Instagram Come Next
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The purchases spanning 72 hours would have had to start during the final days of December if TSLAinsider’s timeline were accurate. His initial post — which at first got no comments from other users on Reddit’s Bitcoin-focused forum — was dubious enough that moderators of the message board dedicated to Tesla stock removed it, according to Hendrik. Tesla stunned Wall Street on Monday when it revealed it had acquired $1.5 billion in bitcoin to “further diversify and maximize returns” for the cash on its balance sheet. Tesla said it also plans to start accepting the cryptocurrency as a payment option for its electric cars. The user posted a link to the Post’s story and appeared to corroborate it. The cryptocurrency bitcoin has just hit a record high and is poised to rise even further. The power of social media users on forums such as Reddit’s WallStreetBets to band together and move prices has come into focus in recent weeks after a surge of retail buying helped fuel wild rides in shares of GameStop and other so-called meme stocks.
The New York Post added that with the timeline on the Reddit post, Tesla would have had to start buying bitcoin in late December. I have always intended bitcoins as something to buy and hold in terms of an investment. When r/Bitcoin moderators began censoring content and banning users they disagreed with, r/btc became a community for free and open cryptocurrency discussion. Today, r/btc users can discuss any cryptocurrency topic without fear of moderator retaliation, while r/Bitcoin and r/CryptoCurrency are both still heavily censored. Moons reward posters, commenters, and moderators for their contributions to the subreddit. They are distributed monthly and used to weight your vote on polls.
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- A German prankster claims that he was behind a mysterious Reddit post last month that appeared to anticipate Tesla’s blockbuster bitcoin buy this week — and that he was on LSD when he did it, The Post has learned.
- “I would expect it works best for medium sized market-cap cryptos and using more sophisticated sentiment analysis techniques on the comments than frequency counts.”
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That may put the Reddit users in a rare and relatively untested legal area of criminal but not civil liability, Wolfe said. “At the end of the day, the SEC probably can’t do anything because we’re not talking about a security. The Commodity Futures Trading Commission will undoubtedly be interested in this, but I don’t know they can satisfy the personal benefit test,” said Kurt Wolfe, an associate at Troutman Pepper. Reddit posters were revisiting the post on Tuesday in the light of Tesla’s disclosure, with some even joking that Musk might have bitcoin auto trading written it himself. Hendrik went on to praise Musk for “getting Tesla into the bitcoin game” in the rest of the interview. But the identity of that poster has now been revealed by the New York Post, in an article which includes a rather shocking revelation from the 24-year-old political science student stating he was “high on acid” when he wrote it. Now, the bitcoin wizard can’t be found anywhere on the bitcoin subreddit. For better or worse bitcoin has outgrown this “weird” niche—the suits are firmly in control and the Big Money has arrived.
Reddit User Says Post On $800m Tesla Bitcoin Buy Was A Hoax
GameStop Corp said on Tuesday it may sell new shares as the U.S. video game retailer that led the Reddit rally of “meme stocks” looks to take advantage of a more-than-800% surge in its stock price since January. GameStop commented on the potential share offering in a regulatory filing for fourth-quarter earnings which showed a return to profitability, with 175% growth in e-commerce sales. Grapevine, Texas-based GameStop’s shares have skyrocketed this year as retail traders bet against Wall Street hedge funds reddit bitcoin that had shorted the stock. The investment bank responds to complaints of a long-hours culture, while rival Citi starts Zoom-free Fridays. Private sector PMIs, Eurozone consumer confidence, and COVID-19 news in focus in the day ahead. Bitcoin touched its all-time high of $48,003.72 on Tuesday after the Tesla announcement. The cryptocurrency traded 0.10% higher at $46,392.83 at press-time. Civil insider trading cases typically hold tippers to a standard of benefitting from the sharing of information.
A German prankster claims that he was behind a mysterious Reddit post last month that appeared to anticipate Tesla’s blockbuster bitcoin buy this week — and that he was on LSD when he did it, The Post has learned. As the post was focused on bitcoin, the tipper may benefit from a grey area in oversight and enforcement, as the US Securities and Exchange Commission does not treat the cryptocurrency as a security, one expert said. Reuters news agency could not verify the user’s identity, whether the user is a Tesla employee or whether the post was modified from the original. Tesla did not immediately respond to an email to its press office. A Reddit post that predicted Tesla’s $1.5 billion purchase of bitcoin on Monday has been revealed as a hoax, after the New York Post tracked down the user. There are dedicated subreddits for most major cryptocurrencies as well as broader forums like r/cryptocurrencies—all of which regularly discuss bitcoin and the bitcoin price. Tesla said in its annual report published Monday that the decision to move nearly 8% of its reserves into bitcoin was part of its broad investment policy as a company aimed at diversifying and maximizing its returns on cash, including holding gold.
Moderators in r/Tesla, a subreddit dedicated to posts on the electric carmaker, appeared to remove the post. It’s unclear why the original poster, who we now know is a German national named “Hendrik,” decided to come clean about the post. Given what started as a prank escalated into a story that captured the attention of international news outlets such as Reuters and Bloomberg, Hendrik may have feared legal ramifications if his “trollpost” escalated further. Meanwhile, some smaller Reddit cryptocurrency communities continue to closely reflect their respective digital token prices—and Gilbert reckons analysis of these could be used to predict the price of, for example, ethereum and litecoin. Bitcoin’s subsequent sell-off throughout 2018 saw bitcoin mentions fall along with the price. Reddit was once very important to bitcoin and the cryptocurrency community—but now that no longer seems to be the case. Back in 2014, at a bitcoin and cryptocurrency conference I attended in Dublin, Reddit’s r/bitcoin forum was mentioned many times on stage and even more by the audience.
I know this sub has been talking about this a ton, a few top page posts saying what an unreliable source these guys are. Follow our special coverage of Coronavirus pandemic in India and get news updates from around the world. The company also stated that the app lowers the merchant charges and transfer fees associated with digital payments. According to Bottlepay, a user needs only to tweet for the feature to send a specific amount of sats to another user’s account. Reuters could not independently verify the user’s identity or whether his initial or subsequent claims were accurate. The United States Dollar accounts for 80% of the world’s transactions whereas it only contributes to 25% of global gross domestic product.
From an investment perspective, people were rewarded for hoarding USD as a savings over the last few decades. We now know that the monetary policy behind USD is fatally flawed. We have already seen that governments will never condone private currencies that they cannot control. Securities and Exchange Commission regulations sparked outrage from privacy concerned groups . Similar call for regulations were issued from Christine Lagarde of the European Central Bank and Janet Yellen, Secretary of the U.S. This will inevitably create an environment of colored coins, effectively splitting BTC into a class system of “white-listed” vs. “colored” bitcoins.
This was three years before bitcoin was thrust into the global limelight by its epic 2017 bull run that saw the bitcoin price soar from under $1,000 in January to around $20,000 by December—making it easily the decade’s best investment. Per the company, in the coming months, users should also be able to spend and transfer money via Reddit, Discord, Instagram, Twitch, Telegram, and Mastodon. “I have no idea what will happen once this reaches the newspapers but I think the price will explode even more,” the user wrote. Reddit is the latest among large online platforms to shut its doors on cryptocurrencies. Facebook Inc. , Twitter Inc. , and Alphabet Inc. subsidiary Google have already banned ads related to cryptocurrency. This bit of news comes amidst a regulatory crackdown and a downward spiral in cryptocurrency prices. Not long after the surprise announcement, attention turned to a Jan. 2 post from a Reddit user named “TSLAinsider” who had claimed to have a hot tip about Tesla’s move into the cryptocurrency market.
Bitcoin Is Braced For A Huge $6 Billion Price Earthquake This Week
Rakesh Sharma is a writer with 8+ years of experience about the intersection between technology and business. Rakesh is an expert in investing, business, blockchain, and cryptocurrencies. Reddit posters were revisiting the post on Tuesday in the light of Tesla’s disclosure. “Thanks for the heads up Elon,” noted one poster, Valoured, on Tuesday. Hendrik provided The Post with a screenshot showing himself logged into the TSLAinsider Reddit account, which triumphantly posted “I TOLD YOU SO” after Tesla’s market-moving Monday announcement. Intel CEO Pat Gelsinger offers an update tone on the company’s relationship with Apple. Jefferies Financial Group delivered record quarterly earnings results on Wednesday after the closing bell, with increased market share across its lines of business.
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But bitcoin isn’t “weird” any more and its “magic” is being dissolved by corporate interests. The individuals who made bitcoin what it is today, discussing bitcoin developments on r/bitcoin and BitcoinTalk threads, have lost control and lost interest. At the time, the bitcoin wizard no longer featured prominently on the forum, sitting at the bottom-right of the newly redesigned site. social media analysis could be used to predict the price of smaller cryptocurrencies. “I suspect there are entities out there right now mining social data for insights,” Gilbert said. “I would expect it works best reddit bitcoin for medium sized market-cap cryptos and using more sophisticated sentiment analysis techniques on the comments than frequency counts.” The last two years have seen global financial institutions from JP Morgan to Goldman Sachs buy into bitcoin, cryptocurrencies and blockchain technology. Once thought of as an alternative piece of financial technology, overheard bitcoin-related coffee shop chats are now more likely to involve startup CEOs and finance executives than grassroots libertarians and economic revolutionaries. “It’s a sign that bitcoin has matured and is starting to hit the mainstream.”
Michael Saylor of Microstrategy is probably one of the loudest evangelists in this space. Notably, Michael favors government regulation and is also one of the first to denounce the privacy and censorship resistance aspects of BTC . The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.
The user’s original post stating Tesla was buying bitcoin drew little attention when it appeared Jan. 2. But it received a second look Wednesday, a day after the electric carmaker and its CEO Elon Musk disclosed a $1.5 billion investment in the cryptocurrency that sent bitcoin to fresh highs. “I am a software dev working at R&D at Tesla in California, over the past 72 hours our company bought BTC at an average price of 33142$,” the user with the handle TSLAinsider posted on Reddit last month. “I am a software dev working at R&D at Tesla in California, over the past 72 hours our company bought BTC at an average price of 33142$,” the user with the handle TSLAinsider posted on Reddit last month,” the post read, asreported by Reuters. The post looked like such a prescient prediction of Tesla’s bitcoin investment that financial news outlets including Reuters and Bloomberg picked it up this week. “I am a software dev working at R&D at Tesla in California, over the past 72 hours our company bought BTC at an average price of 33142$,” the user with the handle TSLAinsider posted on Reddit last month,” the post read, as reported by Reuters.
Moderators in r/TSLA, a subreddit dedicated to posts on the electric carmaker’s technology and stock price, previously appeared to remove the post here. It was left up in r/bitcoin, where the cryptocurrency is discussed. “I have no idea what will happen once this reaches the newspapers but I think the price will explode even more,” the user wrote. Treasury Secretary Janet Yellen last week vowed to protect investors, but said financial market regulators needed to fully understand the recent trading frenzy involving beaxy crypto exchange GameStop Corp and other retail stocks before taking any action. Moderators in r/Tesla, a subreddit dedicated to posts on the electric carmaker, previously appeared to remove the post. Since the app launched last month, users have made total transactions of more than GBP 1.7m (USD 2.37m), they added. Recently-launched payments app Bottlepay has revealed its new feature that enables users to send and receive bitcoin via Twitter. “I told you so,” TSLAinsider wrote on Monday after the Tesla news on bitcoin.
Well, you will only be able to use it outside of countries that ban unregistered addresses. Alex Gladstein, a champion of human rights and Bitcoin maximalist, laid out his thesis on the NLW podcast . Unfortunately, it is inevitable that Bitcoin becomes a speculative tool of Wall Street, in a two class system of registered and unregistered Bitcoin addresses. Bitcoin will also always retain its transparency that is required for its immutability. Credit cards provide a modicum of pseudonymity from the public imparted by the the credit card company. Some BTC developers are trying to build a second layer on top of Bitcoin that provides optional privacy as a patch. However, we already know that optional privacy is no privacy at all. For instance, ZCash is often erroneously touted as a privacy coin. As a result, crypto tracking companies such as Chainanalysis are able to document over 99% of ZCash transactions based on the resulting metadata .