Twitter Gets Tough on @Bitcoin (Again) 4 3525

@Bitcoin Ban

Social media platforms and search engines don’t seem to like digital currency very much. After Google announced the ad ban on any content related to cryptocurrency, ICOs, or exchanges, Twitter promptly followed suit. And its stance against cryptocurrency is turning positively aggressive, as now even the @Bitcoin account has been banned, as well.

While the reasons for banning advertisements may be in the best interests of Twitter users, it’s not clear as to the purpose behind the outright ban on the @Bitcoin handle.

What’s Behind The @Bitcoin Account Ban?

Speculation, speculation, speculation. Is Twitter in league with some mysterious entity driven on flooding the crypto markets with FUD? Is there something underhand happening that the wider public don’t know about? Twitter claims that the @Bitcoin Twitter account, is in “violation of the Twitter rules.” Which could be 101 different things, and this vague statement raises a lot of additional questions.

For an account to get suspended on this social media platform, it has to get a few complaints. And it needs to be reported by several people. Well, the @Bitcoin account has certainly had its fair share of adversaries over the last few months.

A lot of the people against the @Bitcoin handle seem to be Bitcoin fans themselves. The content shared lately by this account seemed to be favoring Bitcoin Cash over the classic Bitcoin. (For those of you who don’t know, there are many purists within the crypto space. They don’t like false claims or misinformation being spread).

Is This a Slippery Slope to Censorship?

Bitcoin is still not illegal in most countries, albeit, traded without the backing of any government so far. However, many countries, especially Japan and South Korea seem to be embracing the digital currency and cryptocurrencies in general, while others like Bolivia and China have banned it.

Twitter making such a drastic move starts to look a little like censorship, especially when Google will no longer display crypto advertisements either.

And while it’s very nice of Twitter to look out for its users’ best interests, its users are, for the most part, adults who can decide for themselves where to invest their money. It remains to be proven that the @Bitcoin account was actually spreading misinformation, as no evidence of this has been submitted, thus far. In fact, it may not have even violated Twitter’s terms of service, so it could be reinstated.

Twitter and Cryptocurrency in General

What has a lot of people wondering is just how aggressive Twitter plans to get on cryptocurrency in general. Because with the way they’re treating @Bitcoin, it is starting to feel an awful lot like using a search engine or social media platform in China or Russia. Preventing advertisements thought to be misleading is one thing. Preventing open discussion about a topic that is not even illegal on social media is another.

And will it lead to regular accounts being shut down should they dare to speculate on the state of digital money? Thanks to the reaction from the crypto community and public at large over this maneuver, it’s likely that Twitter will release some kind of statement at the very least. This is not the first time the @Bitcoin account was suspended from Twitter. And the last time, the account was reinstated pretty fast. Whether that will be the case this time around is not clear.

But as is the case in this lawless community, new developments happen daily to drive the discord and fractionism among parties. We’ve already seen a breakaway from those who prefer Bitcoin Cash over traditional Bitcoin. We’ve seen a split between Ethereum and Ethereum Classic. And now we’ll certainly hear of other debates as emotions escalate and contribute to the already bearish crypto markets.

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Christina is a technology and business communicator who has worked with high profile ICOs and blockchain influencers to break industry news.

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Fidelity to Offer Bitcoin in 401(k) Retirement Plans Comments Off on Fidelity to Offer Bitcoin in 401(k) Retirement Plans 48842

The move is the first for a major retirement plan provider and may signal more widespread adoption of the cryptocurrency. 

On April 26, Fidelity announced its intention to add a Bitcoin investment option to its 401(k) retirement plans. Employees of businesses that pursue the option will be able to allocate as much as 20% of their contributions to Bitcoin, all from the company’s main investment dashboard. According to reporting by the Washington Post, Fidelity said that at least one employer has already signed up for the option which will launch later this year.

“Fidelity’s leadership, especially CEO Abby Johnson, has been at the forefront of institutional Bitcoin and crypto integration for years and is no stranger to the space, with Fidelity’s private equity and venture capital arm being a major source of capital for crypto miners, crypto SPACs, crypto hedge funds and more,” says Eric Lamison-White, Director at STS Capital Group LLC, a cross-border advisory and investment firm. “It is completely in character for Fidelity to steadily and cautiously extend access to their working class customers as the regulatory climate becomes more productive.”

Critics suggest that the volatility of Bitcoin poses an unnecessary risk to a retirement portfolio. It’s a reasonable argument. At the time of this writing, the cryptocurrency’s price has fallen by more than 6% just today. Meanwhile, at $37,978 it’s a far cry from Bitcoin’s high of $68,000, representing more than a 40% drop since November 10th of last year. 

However, advocates of cryptocurrency’s long-term utility disagree.

“Cryptocurrency is a reliable, long-term store of value because it cannot be corrupted by central authorities,” says Lisa Carmen Wang, founder of The Bad Bitch Empire, a platform for female investors in web3. “We’ve already seen hyperinflation, bank failures, and other egregious disasters happen in the last few years, so trust in governments is at an all-time low. Crypto is inevitably volatile now because it is an early stage high-risk/high-reward investment, but for those who believe in the values of a decentralized economy, crypto is an attractive long-term investment that people should consider having in their portfolio.”

Regardless of your appetite for risk, the notion that savers will be able to easily manage contributions to Bitcoin in a respected retirement plan is meaningful.

As of last year, 63% of US adults that did not hold crypto were curious about it. Many people in the crypto-curious category don’t invest because they simply don’t know how. There’s a technological barrier to entry that can feel daunting. 

When you have major retirement plan managers like Fidelity making it easy to add Bitcoin to a portfolio through a dashboard users are already familiar with, we may see this group start investing in the asset class, moving digital currencies further along toward mainstream adoption.

How a Thief Stole More Than $1M in NFTs on Instagram Comments Off on How a Thief Stole More Than $1M in NFTs on Instagram 109

A common use case for the blockchain is reducing fraud. Shouldn’t that mean it’s impervious to hackers? Not necessarily. Here’s how a hacker was able to amass more than $1 million in stolen Bored Ape Yacht Club NFTs.

For any of us that have received a nefarious link in our emails or on social media that encourages us to input private information, we’re already familiar with the logistics of phishing. A hacker sends us a link, usually under the guise of a brand or person we recognize, and asks for personal details like usernames, passwords, or bank details that aid them in assuming our identity or assets. 

It’s precisely what happened in the case of the Bored Ape Yacht Club hack which was announced on Twitter Monday morning. 

A hacker was able to take charge of the official Bored Ape Yacht Club Instagram profile, and sent a communication to followers claiming to be offering an “airdrop,” which is a term used to describe a free token giveaway. (Note: it’s not clear at this time how the hacker was able to login to the official Instagram, in the first place.)

Users were asked to link their wallet to benefit from the airdrop, which made their mobile wallet susceptible to the hacker and resulted in the transfer of multiple NFTs, presumably including four Bored Apes and a number of other NFTs minted by the Bored Apes creators, Yuga Labs.

The hack illuminates a glaring problem in the NFT market. Namely, MetaMask, the popular wallet application, only supports NFT display on mobile which is less user-friendly than the platform’s browser extension leading to mistaken transaction approvals.

What’s the solution for NFT holders? “MetaMask with Ledger,” according to Adryenn Ashley. “NFT holders need a wallet that gives them the ease of MetaMask with the security of hardware.”

The hack is a reminder that even though the blockchain has the potential to overcome fraud, users still need to be mindful of third party applications that manage their data. 

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