Coingeek Pulse Episode 86

The CoinGeek Pulse Episode 86: Elon Musk buys Twitter, PoW mining ban in NY, NFL drops commemorative ticket NFTs

From the largest shareholder to becoming the sole owner, Elon Musk shakes the world yet again when it was announced that he is buying social media giant Twitter in a $44 billion deal—instead of ending world hunger.

On Monday, Twitter Inc. announced that it will be acquired by an entity wholly owned by Musk under one of the agreements in which stockholders will receive $54.20 in cash for each share of Twitter stock that they own. 

Bret Taylor, Independent Board Chair of Twitter, said the board conducted a thoughtful and comprehensive process to assess Musk’s proposal with a deliberate focus on value, certainty, and financing. He added the proposed transaction is the best path forward for Twitter’s stockholders.

Musk shared his thoughts on the highly anticipated acquisition, saying, “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.” The tech billionaire also revealed his plans to make Twitter better than ever—enhancing the platform with new features, making the algorithms open source to increase trust, defeating spam bots, and authenticating all humans.  

Many Dogecoin holders on Twitter are bullish about this acquisition, tweeting how Musk will pump the digital currency through the platform. Some Twitter users, however, suggested allowing content monetization and sending tips with digital currencies on the social media platform.

This concept is no longer new in the BSV blockchain ecosystem as Bitcoin-powered social networks Twetch and Relica have been doing the said revenue-generating features for content creators and users for years with only a fraction of a cent transaction fee. 

Upon the completion of the buyout deal, which could take longer than many people expect, Twitter will become a privately held company.  

While most part of the Twitter world is celebrating, mining companies in New York are on the edge of their seats as the New York State Assembly passed a bill banning digital currency mining firms from using non-renewable energy sources. 

Assembly Bill A7389C will set a two-year moratorium on digital currency mining companies that use proof of work (PoW) authentication methods to validate blockchain transactions. This means that the state of New York will ban mining firms in the state from using carbon-based fuel for their mining operations. Sponsored by Anna Kelles, the bill gathered 95 in-favor votes and will now be carried for a vote in the Senate before a final sign-off into law. 

Bryan Daugherty, Public Policy Director for BSV Blockchain Association, said, “There are important questions to be answered here but lawmakers would be better served by first studying energy consumption of blockchain technology in light of its ultimate application.”

In November 2021, Canada-based independent auditing firm MNP released a report on BSV as the more efficient proof of work Bitcoin that may be the answer to the ongoing controversy surrounding the energy consumption of block reward mining. MNP validated its energy consumption model with real-world data from digital currency miners and concluded that BSV is, indeed, the more efficient blockchain there is today that can offset the renewable energy used due to its unbounded scalability.

In the world of NFTs, the National Football League drops another set of NFTs collectibles. Ahead of this week’s draft, the NFL marks the occasion with the launch of the official 2022 Draft ‘Virtual Commemorative Ticket’ NFTs. The collectibles were inspired by each of the NFL 32 teams, with 52 NFT collectibles for each group. The league has previously released NFTs for the Superbowl, regular season, and playoff games. 

Also this week, the popular NFT Bored Ape Yacht Club announced its Instagram account was hacked, resulting in the loss of about a million dollars’ worth of NFTs. The hacker used the Instagram account to post a fake airdrop with a phishing link, which transferred tokens out of users’ digital currency wallets. The Yuga Labs-created Bored Ape Yacht Club tweeted that they have already regained control of the account and have been investigating the incident. 

Before you go, check out the latest episode of More Than Money with Patrick Thompson featuring FYX Gaming CEO Adam Kling as they discuss the play-to-earn and gaming model and blockchain gaming. Watch the full video on the CoinGeek YouTube Channel

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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