Jack Dorsey says bitcoin will be a big part of Twitter’s future

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TechCrunch 22 July, 2021 - 07:22pm 34 views

Does Elon Musk own Bitcoin?

This article is in your queue. Tesla Inc. TSLA -0.92% Chief Executive Elon Musk said Wednesday that he and his rocket company, SpaceX, hold bitcoin, a cryptocurrency he generally supports despite having concerns about its environmental impacts. The Wall Street JournalTesla CEO Elon Musk Says He Personally Owns Bitcoin—and So Does SpaceX

Does Elon Musk own ethereum?

Musk also revealed he personally owns Ethereum, sending the price of the Bitcoin rival past $2,000, as well as Dogecoin, the meme cryptocurrency he has taken a particular interest in in recent months. ForbesElon Musk Still A Bitcoin ‘Supporter’: ‘I Own Bitcoin, Tesla Owns Bitcoin, SpaceX Owns Bitcoin’

Twitter CEO Jack Dorsey confirmed to investors that bitcoin will be a “big part” of the company’s future, as he sees opportunities to integrate the cryptocurrency into existing Twitter products and services, including commerce, subscriptions and other new additions like the Twitter Tip Jar and Super Follows.

Dorsey has been a staunch bitcoin advocate for years, but how it would be put into action on Twitter’s platform had not yet been spelled out in detail. However, Dorsey has often publicly touted the cryptocurrency, saying it reminds him of the “early days of the internet” and that there wasn’t “anything more important” in his lifetime for him to work on.

More recently, Dorsey launched a $23.6 million bitcoin fund with Jay Z and announced plans to lead his other company Square into the decentralized financial services market by way of bitcoin. Square also this year acquired a majority stake in Jay-Z’s TIDAL music service with an eye toward how blockchain technologies and cryptocurrencies could change the music business.

Today, Dorsey also dubbed bitcoin one of three key trends for Twitter’s future, along with AI and decentralization — the latter which Twitter is pursuing through its “Bluesky” initiative.

Oh man, Jack Dorsey says he thinks Bitcoin is key to Twitter's future. Says it will "ensure people and companies can freely trade goods and services anywhere on the planet"

— Alex Weprin (@alexweprin) July 22, 2021

A Twitter rep confirmed this is the first time that Dorsey has spoken publicly about how Twitter could integrate bitcoin into its product lineup.

Dorsey also pointed out Twitter would not be alone in pursuing a crypto strategy, noting that Facebook was backing the digital currency Diem.

“There’s an obvious need for this, and appreciation for it. And I think that an open standard that’s native to the internet is the right way to go, which is why my focus and our focus eventually will be on bitcoin,” he noted.

Overall, Twitter delivered strong earnings in a pandemic rebound, which saw the company posting its fastest revenue growth since 2014, according to CNBC, which drove Twitter shares 9% higher in extended trading. The company pulled in Q2 revenue of $1.19 billion versus the $1.07 billion Wall Street expected, a majority ($1.05 billion) from its advertising business. It also saw earnings per share of 20 cents versus the 7 cents expected.

However, monetizable daily active users (mDAUs) — Twitter’s own invented metric meant to fluff up often flat monthly user growth — were only at 206 million, an 11% year-over-year increase, while analysts were counting on 206.2 million. The company blamed the decline on a slower news cycle and end of shelter-in-place in many U.S. communities, which may have impacted Twitter usage during the quarter.

Read full article at TechCrunch

Elon Musk says Tesla caused two-thirds of his personal and professional pain

CNBC 22 July, 2021 - 09:10pm

Tesla CEO Elon Musk said Wednesday that his electric vehicle and solar business could help bitcoin miners switch to renewable energy, but is currently limited by tight supply of battery cells.

He also acknowledged that Tesla is still not manufacturing its custom-designed 4680 cells for commercial use in electric cars or energy storage systems yet.

The comments came during an appearance at The B Word Conference, which was focused on bitcoin and other cryptocurrencies. During a panel, Square Crypto lead Steve Lee asked Musk what the energy-intensive bitcoin industry can do "to accelerate the transition to renewable energy" and "could Tesla Energy play a role?"

Musk replied, "Well, I think Tesla can play a role."

Then, the 50-year-old CEO broke into a reflective moment, implying that Tesla's entire reason for existence was to transition the world to clean energy.

"I would say I've had some pretty tough life experiences and Tesla's probably responsible for two-thirds of all personal and professional pain combined to give you a sense of perspective there."

Tesla has been selling commercial and residential solar installations since acquiring SolarCity in 2016 for around $2.6 billion, a deal that landed Musk in a Delaware court this month.

But before it got into the solar business, Tesla created and began selling energy storage products in 2015, including a backup battery for homes called the Powerwall, and larger batteries that can store solar or wind energy generated intermittently so it is available for use whenever utilities need it.

Tesla has installed a number of these utility-scale energy storage systems, Musk reminded his audience on Wednesday, that have helped utilities with "load-leveling the grid," including in South Australia and elsewhere. But he noted that battery production was currently constraining produciton.

"In fact the limiting factor for us right now is cell production. So we need to both internally get our Tesla internal battery cells produced as well as increase supply from suppliers."

Musk also repeated that even once Tesla can make its own battery cells, it will still rely on other battery cell makers. Its current cell suppliers include Panasonic, LG and CATL.

"Generally when I talk to our suppliers and they say 'how many cells would you like?' I say 'how many cells can you make?' you know 'cause sometimes they're concerned, is Tesla gonna compete with them on cells? I'm like no no, if you want to make the cells be our guest. It's just that we need a crazy number of batteries."

In a Twitter exchange with fans after the bitcoin conference, Musk wrote that Tesla is still "not quite done" getting to "volume production" of its custom-designed 4680 battery cells.

He also acknowledged that Tesla sold Maxwell Technologies' ultra-capacitor business and other assets to a San Diego-based startup called UCap Power, which is led by Gordon Schenk, preivously Tesla's VP of sales for its Maxwell division.

Tesla initially acquired Maxwell in 2019 in a deal valued over $200 million. The exact terms of the sale to UCap Power Inc. were not disclosed, but may be discussed when Tesla holds its second-quarter earnings call on Monday, July 26.

Finally, at The B Word conference, Musk said energy storage systems, combined with solar and wind weren't the only ways to transition bitcoin to cleaner energy. He endorsed existing hydropower, geothermal and nuclear energy to reduce the environmental impact of bitcoin mining.

"My expectation is not like that the energy production must be pure as the driven snow, but it also cannot be using the world's dirtiest coal which it was for a moment there. So. You know, that's just difficult for Tesla to support in that situation. I do think long-term renewable energy will actually be the cheapest form of energy, it just doesn't happen overnight."

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Tesla closes its very first Supercharger station

CNET 22 July, 2021 - 09:10pm

Pour one out for Tesla's very first Supercharger station. No matter where you stand on Tesla's cars and the company, there's no doubt one of the firm's grand achievements remains its Supercharger network, and as of Monday, the first station is no longer. News of the closure first made its way to Reddit on Saturday after a user posted signage explaining the station would close to the public on July 19. Electrek reported the news on Monday, the day of its closure.

As for why Tesla decided to close the station, we don't have an official answer. The company does not operate a public relations department to field requests for comment and CEO Elon Musk's Twitter feed doesn't mention the news. However, according to the Reddit user who posted the information, they spoke with personnel at the site and decided to close the site over security reasons. This Supercharger station is actually located at Tesla's design studio in Los Angeles, California. According to the information, the public would occasionally wander into the design studios and some conference rooms are even visible from the station. Essentially, it sounds like Tesla doesn't want the public poking around whatever projects the firm's working on. And honestly, that's valid.

The Supercharger is no longer available on the company's map or in-car navigation system, so it's a goner, folks. Like the sign said, Tesla owners can find other Superchargers across the street at a local Target or at a nearby Marriott hotel.

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