ConstitutionDAO

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    We're buying the constitution and it will be governed by the people.
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description

<h2><strong>Community</strong></h2>
<p><strong>This project has <a class="css-4rbku5 css-18t94o4 css-901oao r-18jsvk2 r-1loqt21 r-37j5jr r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-1ny4l3l r-1ddef8g r-tjvw6i r-qvutc0" dir="auto" role="link" href="https://twitter.com/ConstitutionDAO/followers"><span class="css-901oao css-16my406 r-18jsvk2 r-poiln3 r-b88u0q r-bcqeeo r-qvutc0"><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">72.2K</span></span> <span class="css-901oao css-16my406 r-14j79pv r-poiln3 r-bcqeeo r-qvutc0"><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">Followers</span></span></a></strong></p>
<p><strong><img src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/image1652776584215.image" /></strong></p>
<p>More information at: &nbsp;<a href="https://twitter.com/constitutiondao">Click Here</a></p>
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Community And Backers

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<p>DAOs are part of the emerging world of Decentralized Finance or DeFi. The World Economic Forum&rsquo;s 2021 DeFi Policy-Maker Toolkit, noted&nbsp;a sudden upsurge in the sector in 2020&nbsp;with the value of assets held in DeFi smart contracts growing 18-fold to $13 billion by year end.</p>
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<p>&ldquo;What is clear is that DeFi represents a distinct and potentially significant development, both within the landscape of blockchain and of financial services more generally,&rdquo; the report concluded, going on to warn regulators there were &ldquo;no clear answers&rdquo; about its future.</p>
<p>Read Full Article:&nbsp;<a href="https://coincu.com/currencies/people-constitutiondao/stories/">CLICK HERE&nbsp;</a></p>
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Verdict

<h1 class="has-luminous-vivid-orange-color has-text-color">What ConstitutionDAO?</h1>
<p><strong>ConstitutionDAO</strong>&nbsp;is a decentralized autonomous organization (DAO) established in November 2021 to receive an original copy of the United States Constitution.</p>
<h1>Oustanding Features</h1>
<h2>What is the project trying to achieve?</h2>
<p>ConstitutionDAO&nbsp;is, as the name suggests, a DAO - decentralized autonomous organization - a digital hub where individuals can combine to make purchases and share ownership, using cryptocurrencies like&nbsp;Bitcoin&nbsp;and Ethereum.</p>
<h2>What is the unique selling point?</h2>
<p>Constitution DAO was another instance of an internet-based grassroots movement taking on establishment symbols with the help of cryptocurrencies. Similar to what happened with&nbsp;GameStop, Constitution DAO channeled the virtual power of the masses to only narrowly miss out on making real-world history.</p>
<p>The DAO published its first tweet on November 12, only six days before the Sotheby&rsquo;s auction on November 18. The copy of the Constitution was the last remaining privately-owned copy, and the first time a copy of the Constitution went on sale in 33 years. Within hours, the DAO&rsquo;s Discord server grew several thousand people strong and eventually reached 20,000 members within a little over a week.</p>
<p>Relying on a mix of Nicolas Cage memes, inspired by a movie in which Cage is trying to steal the Constitution, and the crypto-specific (x,x) meme first popularized by Olympus (OHM), the attempt quickly went viral on Crypto Twitter. The DAO used Juicebox&nbsp;to receive donations in Ether and collected a sum north of $47 million, which would have easily been enough to win the auction, had it not been for the auction house fees and storage costs for the document that were not accounted for by the DAO. Ironically, Ken Griffin, a declared opponent of Bitcoin, won the auction.</p>

All about

<h2>Token Metrics</h2>
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<li>Token Name: <strong>ConstitutionDAO</strong></li>
<li>Ticker:&nbsp;<strong>PEOPLE</strong></li>
<li>Blockchain:&nbsp;<strong>Ethereum</strong></li>
<li>Token Standard:&nbsp;<strong>ERC-20</strong></li>
<li>Contract: <strong>0x7a58c0be72be218b41c608b7fe7c5bb630736c71</strong></li>
<li>Token Type:&nbsp;<strong>Utility,&nbsp;Governance</strong></li>
<li>Total Supply:<strong>5,060,137,335</strong></li>
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<h2>Token Use Case</h2>
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<p>Members of a DAO typically receive&nbsp;a &ldquo;non-fungible token&rdquo; or NFT&nbsp;in return for their investment. Put simply, non-fungible means that it can&rsquo;t be exchanged for anything else, unlike cryptocurrencies, which like traditional currencies are designed to be exchanged for something.</p>
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<p>Holding an NFT means you are recognized as a member of a DAO and therefore eligible to vote on how it should be managed. But, as writer Geoffrey Mak found when he&nbsp;investigated several DAOs for The Guardian, not all tokens are equal when it comes to voting rights.</p>
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<p>One DAO he investigated allowed one vote per token. But, as tokens were also allocated based on the number of likes given to a member&rsquo;s posts in its chatroom, it was possible for one individual to accumulate a larger number of tokens than other members.</p>
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<p>The vulnerability of DAOs to hackers was spectacularly demonstrated in 2016 when a&nbsp;pioneering investment DAO, known simply as The DAO, was hacked. A flaw in the DAO&rsquo;s code allowed a hacker to extract $50 million in the cryptocurrency Ethereum.</p>
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Technical Data

<div class="sc-cnqt8g-0 jivVTJ"><img class="post-preview-image" loading="lazy" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1642482147215.png" srcset="https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/11/twweet3.1@2x.png 1400w, https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/11/twweet3.1@2x-300x175.png 300w, https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/11/twweet3.1@2x-768x447.png 768w" alt="this week on crypto twitter" style="max-width:100%;overflow:hidden;width:100%"><div>Illustration by Mitchell Preffer for Decrypt</div></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">In last week’s Crypto Twitter roundup, we included, “Desperate Housewives”</span> <span style="font-weight:400">star Eva Longoria’s open announcement that she was “</span><a href="https://twitter.com/EvaLongoria/status/1479621718528434178?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1479621718528434178%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F90038%2Fthis-week-on-crypto-twitter-cryptophunks-vs-bored-apes-bukele-defends-bitcoin-city" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">jumping into the #NFT space</span></a><span style="font-weight:400">.” She had asked her 7 million followers for advice on where to start, and the replies were predictably crammed with folk shilling her their NFT projects.</span></p><div class=" flex justify-center items-center"><div class=""><div id="div-gpt-ad-1634801906339-0-90503" data-google-query-id="COOd4f-6uvUCFWyKZgIdsJgD8A"><div id="google_ads_iframe_/22573224304/decrypt_desktop_articles_inline_0__container__" style="border: 0pt none;"><iframe id="google_ads_iframe_/22573224304/decrypt_desktop_articles_inline_0" title="3rd party ad content" name="google_ads_iframe_/22573224304/decrypt_desktop_articles_inline_0" width="300" height="250" scrolling="no" marginwidth="0" marginheight="0" frameborder="0" role="region" aria-label="Advertisement" tabindex="0" sandbox="allow-forms allow-popups allow-popups-to-escape-sandbox allow-same-origin allow-scripts allow-top-navigation-by-user-activation" srcdoc="" style="border: 0px; vertical-align: bottom;" data-google-container-id="1" data-load-complete="true"></iframe></div></div></div></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">She didn’t dally. On Monday, she changed her profile picture to her first NFT purchase: a World of Women NFT. World of Women is a collection of illustrations by artist Yam Karkai “featuring 10,000 artworks of diverse and powerful women” according to the </span><a href="https://opensea.io/collection/world-of-women-nft" target="_blank" rel="nofollow external noopener" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">description</span></a><span style="font-weight:400">. (Karkai made </span><i><span style="font-weight:400">Decrypt</span></i><span style="font-weight:400">’s list of the </span><a href="https://decrypt.co/88533/15-most-innovative-nft-artists-of-2021" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">most innovative NFT artists</span></a><span style="font-weight:400"> of 2021.)</span></p>
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<p lang="en" dir="ltr">Did I do this right? <a href="https://twitter.com/worldofwomennft?ref_src=twsrc%5Etfw" data-wpel-link="internal">@worldofwomennft</a> <br>&nbsp;<a href="https://twitter.com/hashtag/NewProfilePic?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="internal">#NewProfilePic</a> <a href="https://t.co/837jlQXWD9" data-wpel-link="internal">pic.twitter.com/837jlQXWD9</a></p>
<p>— Eva Longoria Baston (@EvaLongoria) <a href="https://twitter.com/EvaLongoria/status/1480658113833275392?ref_src=twsrc%5Etfw" data-wpel-link="internal">January 10, 2022</a></p></blockquote><div class="sc-lsn8jd-0 deJkMi"></div></div>
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<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">Longoria joins Reese Witherspoon as a World of Women holder. And whether it was thanks to Longoria buying in, or thanks to the collection signing with Guy Oseary for Hollywood reputation (just as </span><a href="https://decrypt.co/83255/bored-ape-yacht-club-nft-film-tv-music-guy-oseary" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Bored Ape Yacht Club has</span></a><span style="font-weight:400">), the </span><a href="https://decrypt.co/90379/world-of-women-ethereum-nfts-surge-bored-apes-hollywood" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">price floor surged this week</span></a><span style="font-weight:400">.</span></p>
<h2 style="margin-top:2em;text-align:left" color="#333" class="sc-1t633a1-2 igUuUh">Andre and Klay go crypto</h2><div class="sc-3e2f5m-0 bQkWom"></div>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">NBA legend Andre Iguodala announced on Monday that he and Golden State Warriors teammate Klay Thompson are taking part of their salaries in Bitcoin via mobile payment service Cash App.&nbsp;</span></p>
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<p lang="en" dir="ltr">I’m excited to announce I’m taking part of my salary in BITCOIN w. Cash App! Bitcoin is the future, <a href="https://twitter.com/KlayThompson?ref_src=twsrc%5Etfw" data-wpel-link="internal">@klaythompson</a> and I are both believers. To make bitcoin more accessible, we're giving out $1M in bitcoin back to fans today. Drop your $cashtag w. <a href="https://twitter.com/hashtag/PaidInBitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="internal">#PaidInBitcoin</a> &amp; follow <a href="https://twitter.com/CashApp?ref_src=twsrc%5Etfw" data-wpel-link="internal">@CashApp</a></p>
<p>— andre (@andre) <a href="https://twitter.com/andre/status/1480616697119711234?ref_src=twsrc%5Etfw" data-wpel-link="internal">January 10, 2022</a></p></blockquote><div class="sc-lsn8jd-0 deJkMi"></div></div>
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<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body"><span style="font-weight:400">The two NBA stars join a long list of pro athletes who have put part of their salary into Bitcoin, including </span><a href="https://decrypt.co/85023/aaron-rodgers-cash-app-giving-away-1-million-bitcoin" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Aaron Rodgers</span></a><span style="font-weight:400">, </span><a href="https://decrypt.co/86611/odell-beckham-jr-salary-bitcoin-give-away-1m-btc-cash-app" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Odell Beckham Jr.</span></a><span style="font-weight:400">, </span><a href="https://decrypt.co/61593/bitcoin-pushes-russell-okung-up-the-ranks-of-nfl-top-earners" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Russell Okung</span></a><span style="font-weight:400">, and </span><a href="https://decrypt.co/69064/nfl-trevor-lawrence-signs-endorsement-deal-with-blockfolio-ftx" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">Trevor Lawrence</span></a><span style="font-weight:400">. (FTX investor and pitchman Tom Brady has said he’d “</span><a href="https://decrypt.co/81511/tom-brady-open-earn-part-salary-bitcoin-ethereum-solana" target="_blank" class="sc-18vyx5u-0 hhLysY"><span style="font-weight:400">love to request that</span></a><span style="font-weight:400">,” but hasn’t.)</span></p>
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This Week on Crypto Twitter: NBA Stars Buy Bitcoin, Vitalik Welcomes Trolls, FWB DAO Ejects a Co-Founder

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<p><span style="font-weight: 400;">This man Jack Mallers has a way of finding himself in the middle of historic transactions. This time, the Strike CEO used the recently unveiled Twitter Tips Lightning integration to send $10 instantly to San Salvador. The person at the other end of the line then uses the money to buy coffee in a little-known independent coffee shop. We’re witnessing the fusion of one of the biggest social networks in the world with Bitcoin’s open monetary network.</span></p>
<div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 500px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" class="" style="position: static; visibility: visible; width: 500px; height: 943px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=edprospero23&amp;dnt=true&amp;embedId=twitter-widget-0&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1441089090628177933&amp;lang=en&amp;origin=https%3A%2F%2Fbitcoinist.com%2Fwatch-jack-mallers-send-10-to-el-salvador-via-twitters-lightning-tips%2F&amp;sessionId=c1d699fb9276735e157c1ba4983c9f0c8f731b47&amp;siteScreenName=bitcoinist&amp;theme=light&amp;widgetsVersion=1890d59c%3A1627936082797&amp;width=500px" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen" data-tweet-id="1441089090628177933"></iframe></div>
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<p><span style="font-weight: 400;">In </span><a href="https://jimmymow.medium.com/announcing-the-strike-api-c18a4e9c54de"><span style="font-weight: 400;">the linked blog post</span></a><span style="font-weight: 400;">, Jack Mallers explains the transaction and its significance:</span></p>
<p style="text-align: center;"><em><strong>Related Reading | <a href="https://bitcoinist.com/jack-mallers-outlines-bitcoin-top-issues-how-btc-will-drive-the-future-of-payments/">Jack Mallers Outlines Bitcoin Top Issues, How BTC Will Drive The Future of Payments</a></strong></em></p>
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<p><span style="font-weight: 400;">“In the above demo, I sent a $10 tip from my house in Chicago, USA to my friend David in San Salvador, El Salvador. The payment settled instantly for no fee. The singular, open, monetary network that allowed me to send an instant, free, cross-border payment to David is the same singular, open monetary network that allowed David to immediately use that money to buy a cup of coffee at Starbucks as soon as he got the Twitter notification that I had sent him money.”</span></p>
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<p><img class="size-medium wp-image-160396 aligncenter" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1638938880387.png" alt="BTCUSD price chart 09/25/2021 - TradingView" width="640" height="358" loading="lazy" data-lazyloaded="1" data-src="https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-640x358.png" data-srcset="https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-640x358.png 640w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-980x548.png 980w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-768x430.png 768w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-750x419.png 750w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37.png 1012w" data-sizes="(max-width: 640px) 100vw, 640px" data-pin-no-hover="true"><noscript><img loading="lazy" class="size-medium wp-image-160396 aligncenter" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1638938488196.png" alt="BTCUSD price chart 09/25/2021 - TradingView" width="640" height="358" srcset="https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-640x358.png 640w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-980x548.png 980w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-768x430.png 768w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37-750x419.png 750w, https://bitcoinist.com/wp-content/uploads/2021/09/BTCUSD_2021-09-24_21-08-37.png 1012w" sizes="(max-width: 640px) 100vw, 640px"></noscript></p>
<pre style="text-align: center;">BTC price chart for 09/25/2021 on Exmo | Source: BTC/USD on <a href="https://www.tradingview.com/symbols/BTCUSD/">TradingView.com</a></pre>
<h2><span style="font-weight: 400;">The previous time Jack Mallers found himself in the middle of a historic transaction</span></h2>
<p><span style="font-weight: 400;">When Strike’s CEO </span><a href="https://bitcoinist.com/watch-jack-mallers-send-free-instant-non-reversible-10-to-nigeria/"><span style="font-weight: 400;">sent $10 to Nigeria,</span></a><span style="font-weight: 400;"> he described that other transaction in terms that also apply to today’s historic transaction.&nbsp;</span></p>
<blockquote>
<p><span style="font-weight: 400;">“If you don’t see how huge this is, think about it as Jack Mallers does. He “didn’t have to register the transfer through a financial intermediary such as Western Union, request private banking details of Bernard Parah, or wait days for the payment to settle.” On the other side, Bernard “didn’t owe any intermediary a percentage of the transaction, the payment wasn’t reversible and settled instantly.”</span></p>
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<p><span style="font-weight: 400;">Bernard Parah’s Bitnob and Strike are interoperable because they both joined the Bitcoin and Lightning open monetary network. And now, Twitter and its millions of users joined both of those companies and the network. This is immense.&nbsp;</span></p>
<p><span style="font-weight: 400;">Also, the previous time Jack Mallers proclaimed, “</span><em><span style="font-weight: 400;">Today, Strike became the best remittance option from the US to Nigeria without even trying</span></em><span style="font-weight: 400;">.” This time, he feels even more confident:</span></p>
<blockquote>
<p><span style="font-weight: 400;">“Twitter’s integration with the Strike API turns Twitter into one of the best remittance experiences in the world, one of the greatest global creator marketplaces in the world, one of the greatest global payment experiences in the world, one of the best global micropayment marketplaces in the world, and allows an internet communications company to interoperate with the monetary standard for the world, enabling global payments for their users.”</span></p>
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<p><span style="font-weight: 400;">Boom!</span></p>
<div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 500px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" class="" style="position: static; visibility: visible; width: 500px; height: 1160px; display: block; flex-grow: 1;" title="Twitter Tweet" src="https://platform.twitter.com/embed/Tweet.html?creatorScreenName=edprospero23&amp;dnt=true&amp;embedId=twitter-widget-1&amp;features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1441092004759293965&amp;lang=en&amp;origin=https%3A%2F%2Fbitcoinist.com%2Fwatch-jack-mallers-send-10-to-el-salvador-via-twitters-lightning-tips%2F&amp;sessionId=c1d699fb9276735e157c1ba4983c9f0c8f731b47&amp;siteScreenName=bitcoinist&amp;theme=light&amp;widgetsVersion=1890d59c%3A1627936082797&amp;width=500px" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen" data-tweet-id="1441092004759293965">

Watch Jack Mallers Send $10 To El Salvador Via Twitter’s Lightning Tips

<div class="sc-cnqt8g-0 epmiuL"><img class="post-preview-image" loading="lazy" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1636382356475.png" srcset="https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/03/Roberts-on-Crypto-Larger.png 540w, https://cdn.decrypt.co/resize/1400/wp-content/uploads/2021/03/Roberts-on-Crypto-Larger-300x122.png 300w" alt="roberts on crypto header" style="max-width:100%;overflow:hidden;width:100%"><div><span opacity="0.58" color="#333" class="sc-jb7pox-1 GwxAa"></span></div></div>
<p>Jack Dorsey, the <a href="https://decrypt.co/78391/why-does-jack-dorsey-hate-ethereum" target="_blank" class="sc-18vyx5u-0 hiPYeO">Bitcoin maximalist</a> CEO of Twitter, put his money where his mouth is this week. His company rolled out "<a href="https://decrypt.co/81731/twitter-bitcoin-tipping-nft-avatars" target="_blank" class="sc-18vyx5u-0 hiPYeO">Bitcoin tipping</a>" to its 300 million active users, a service that will let anyone send or receive Bitcoin by sharing a wallet address or using an app called <a href="https://decrypt.co/73845/el-salvadors-u-s-bitcoin-partner-lacks-key-licenses" target="_blank" class="sc-18vyx5u-0 hiPYeO">Strike</a>. And to top if off, Twitter also announced a plan to let users connect their Bitcoin wallets to <a href="https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain" target="_blank" class="sc-18vyx5u-0 hiPYeO">NFTs</a> tied to their identity.</p>
<p>Where to begin? For starters, this might be the most mainstream moment in Bitcoin's history. That's because Twitter isn't just a mega social media platform used by political and sports divs, but also a major force in media that helps drive the news of the day. Tying crypto payments to all this could spur tens of millions of people to use Bitcoin for the first time.</p><div class="pa-global-class pa-pl-16409 pa-pl-multiInsert" id="pa-container-1" style="z-index: 50; background: transparent; max-width: 166%; display: block; position: relative; width: 166%; pointer-events: none;"><div class="pa-unit-global pa-pl-16409" id="pa-unit-1" style="z-index: 1; height: 0px; background: transparent; position: relative;"><div class="pa-observer-px" style="height: 0px; width: 100%; background: transparent; position: absolute; left: 0px; top: 0px; pointer-events: none;"></div></div></div>
<p>The Bitcoin integration means Twitter has already done something other tech giants could not: Build a borderless payment system right into its app. You may recall Facebook sought to do that three years ago with a new type of stablecoin called Libra, but regulators <a href="https://decrypt.co/78891/facebook-crypto-wallet-is-ready-market-is-market-ready-novi" target="_blank" class="sc-18vyx5u-0 hiPYeO">all but killed the plan</a>. Twitter is more likely to avoid that fate since it doesn't wield Facebook's monopoly power and because it is relying on an existing global currency—Bitcoin—rather than trying to mint its own money.</p>
<p>Bitcoin tipping also coincides with the launch of a number of other new (non-crypto) Twitter products, including newsletters and a live forum called Spaces, that are designed to let artists and creators connect directly with their audiences. In practice, this means that a comedian in Mexico could perform on Twitter and instantly receive tips from people in Madrid, Buenos Aires and New York. The company has even set up an invoicing system.</p>
<p>The world has been waiting for something like this. For decades, media and culture have been borderless, but payments have not. Sure, we've been able to use credit cards (and crypto) internationally, but there's still no easy one-click tool plugged directly into the apps we use every day. Twitter's Bitcoin tipping feature could change that, and also spur the likes of YouTube, TikTok, and others to follow suit. Meanwhile, adding NFTs as a form of identification, as Twitter has pledged to do, could help <a href="https://decrypt.co/79071/cryptopunks-bored-apes-nft-avatar-trend-is-about-community-building" target="_blank" class="sc-18vyx5u-0 hiPYeO">make crypto communities</a> even more mainstream.</p>
<p>If people use the features.</p>
<span class="" style="display:inline-block"></span>
<p>First, Dorsey has to show he can pull this off. And that's an open question. Twitter delighted cryptoland by launching Bitcoin tipping—you can see how it works <a href="https://twitter.com/Twitter/status/1441085130487975952" target="_blank" class="sc-18vyx5u-0 hiPYeO">here</a>—but that doesn't mean it's going to work as planned. For one thing, the reliance on Strike could mean trouble, since the app and its obnoxious founder <a href="https://decrypt.co/73845/el-salvadors-u-s-bitcoin-partner-lacks-key-licenses" target="_blank" class="sc-18vyx5u-0 hiPYeO">don't appear ready</a> to deal with the regulatory issues that go along with launching a global payment network. Strike was also the partner for the El Salvador government's <a href="https://decrypt.co/80436/el-salvador-forced-through-bitcoin-law-any-means-necessary" target="_blank" class="sc-18vyx5u-0 hiPYeO">bumpy Bitcoin rollout</a>. And speaking of governments, the tax rules surrounding Bitcoin remain a mess, especially in the U.S., and it's possible that those who use Twitter tipping will find themselves with an unpleasant surprise come tax time—something that will certainly chill adoption.</p>
<p>Then there is Dorsey's decision to embrace Bitcoin and Bitcoin alone. This has already ruffled the feathers of Ethereum fans, and led <i>Decrypt</i>'s founder Josh Quittner to wonder if Dorsey excluded Ethereum over fears it would threaten Twitter's centralized platform. Whatever his motives, Dorsey's Bitcoin-only path will create political opposition from DeFi diehards the project could really use on its side.</p>
<p>Then, there are the practical problems with Twitters's plan, especially when it comes to NFTs. The company says it will let users display NFT-based badges that are tied to their wallets, but the Bitcoin blockchain doesn't appear up to this task, and Twitter refuses to explain how exactly this will work. Never a good sign.</p>
<p>The bottom line is that Twitter's Bitcoin initiative is full of promise, but fraught with peril. Hey, let's not judge just yet—the company has just pushed forward with a Bitcoin feat the world has never seen before, and for that it deserves kudos. Have a great weekend.</p>
<p><i>This is&nbsp;</i>Roberts on Crypto<i>, a weekend column from Decrypt Editor-in-Chief&nbsp;<a href="https://decrypt.co/author/daniel-roberts" target="_blank" rel="noopener" class="sc-18vyx5u-0 hiPYeO">Daniel Roberts</a>&nbsp;and Decrypt Executive Editor&nbsp;<a href="https://decrypt.co/author/jeff-john-roberts" target="_blank" rel="noopener" class="sc-18vyx5u-0 hiPYeO">Jeff John Roberts</a>. Sign up for the&nbsp;<a href="https://decrypt.co/modal/emails" target="_blank" rel="noopener" class="sc-18vyx5u-0 hiPYeO">Decrypt Debrief email newsletter</a> to receive it in your inbox in the future. And read last weekend's column:&nbsp;</i><a href="https://decrypt.co/81230/solana-outage-sol-growing-pains" target="_blank" class="sc-18vyx5u-0 hiPYeO">Solana's Growing Pains</a>.</p>

Bitcoin on Twitter: The Promise and the Problems

<div class="sc-ktzkjh-0 hIxHRr"><h4 color="#333" class="sc-1t633a1-4 PUmZU">In brief</h4><ul>
<li>Michael Burry once held around 5% of all GameStop shares.</li>
<li>He sold his position before the meme stock hit all-time highs above $400.</li>
<li>In January, he called for the SEC to regulate what he saw as "unnatural" trading.</li>
</ul><div class="sc-zni0p2-0 ggVtwx"></div></div><p><span style="font-weight:400">One of the biggest players in the GameStop saga is being drawn into an investigation by the U.S. Securities and Exchange Commission.</span></p>
<p><span style="font-weight:400">Michael Burry, head of investment firm Scion Asset Management, tweeted today that the firm has received a subpoena from the SEC. A scanned copy of the letter shows that it relates to GameStop Corp. and was issued on September 21. The tweet has since been deleted.</span></p><div class="pa-global-class pa-pl-16409 pa-pl-multiInsert" id="pa-container-1" style="z-index: 50; background: transparent; max-width: 166%; display: block; position: relative; width: 166%; pointer-events: none;"><div class="pa-unit-global pa-pl-16409" id="pa-unit-1" style="z-index: 1; height: 0px; background: transparent; position: relative;"><div class="pa-observer-px" style="height: 0px; width: 100%; background: transparent; position: absolute; left: 0px; top: 0px; pointer-events: none;"></div></div></div>
<p><span style="font-weight:400">Burry owned more than 5% of GameStop stock last year before </span><a href="https://www.forbes.com/sites/antoinegara/2021/02/16/michael-burry-the-hedge-fund-genius-who-started-gamestops-4000-rise-sold-before-its-reddit-surge/?sh=786678af6359" target="_blank" class="sc-18vyx5u-0 hiPYeO"><span style="font-weight:400">selling 1.7 million shares</span></a><span style="font-weight:400"> in the fourth quarter for between $10 and $20. By January GME shares were trading for over $400; they currently sell for $185 on the New York Stock Exchange.&nbsp;</span></p>
<p><span style="font-weight:400">GME's rise was facilitated by an army of amateur day traders and a handful of anonymous Wall Street veterans, who poured into online forums like WallStreetBets to coordinate stock picks. It was the first meme stock, an asset without intrinsic value which is traded for its cultural cachet. Other companies in decline, among them theater company AMC and 2000s throwback BlackBerry, have also found fresh money this year as meme stocks.</span></p>
<div class="sc-155ftbs-0 sc-155ftbs-1 eAya-DO jpxtSH"><div class="sc-155ftbs-2 ccosHo"><div class="sc-155ftbs-3 jcayOL"><a href="/81076/what-robinhood-gamestop-taught-us-bitcoin-billionaires-author-ben-mezrich" class="sc-18vyx5u-0 vsGFO" style="width: 100%;"></a></div></div></div>
<p><span style="font-weight:400">Meme stocks are close relatives to meme tokens and coins, cryptocurrencies that lack much in the way of utility but can be traded for half-ironic LOLs—and sometimes for big money, if holders can convince others to join in.&nbsp;</span></p>
<p><span style="font-weight:400"><span class="link"><a href="https://decrypt.co/resources/dogecoin-crypto-cryptocurrency-guide-how-to-buy-doge" target="_blank" class="sc-18vyx5u-0 hiPYeO">Dogecoin</a></span>, launched as a joke nearly a decade ago, is the preeminent meme coin with a market cap of $27 billion. The more recent Shiba Inu, which borrows DOGE's dog-based iconography, has a market cap of $3.6 billion. It recently began trading on <span class="link"><a href="https://decrypt.co/46690/coinbase-review-a-great-jumping-on-point-for-bitcoin-beginners" target="_blank" class="sc-18vyx5u-0 hiPYeO">Coinbase</a></span>, which has found itself in competition with mobile trading app Robinhood—where many if not most GameStop and Dogecoin speculators plied their trade early in 2021.</span></p>
<p><span style="font-weight:400">Robinhood's participation in GameStop's rise was contentious. At one point, as GME's price tag was rising, Robinhood restricted users from buying more GME. Users were upset they couldn't buy more, while politicians from progressive Alexandria Ocasio-Cortez to arch-conservative Ted Cruz suggested a hearing was necessary to determine whether the app was picking winners and losers. Others in government worried that GameStop's surge was a sign of market manipulation, as everyday investors were perhaps being duped by more powerful forces behind the scene—just like crypto pump-and-dump schemes on Telegram.</span></p>
<div class="sc-bn4v3i-1 kKVLkh"><div class="sc-1lyao0r-0 bYXVxv"><div class="sc-1stj48q-1 jIqIqg"><div class="sc-1ao5pjp-0 iDmTWe"><div color="#b7a048" class="sc-1joxzke-0 iLgkbE"><img class="sc-1joxzke-1 iqMMhj" src="https://imagesofcmsprod.s3.ap-southeast-1.amazonaws.com/post/1636255533965.png" dimension="29"></div><span class="sc-jb7pox-2 hPjvKB sc-1stj48q-3 hVlrdy" color="#333" opacity="1">DOGE</span></div><div class="sc-1lyao0r-0 sc-1stj48q-2 bYXVxv hzlQar"><span class="sc-jb7pox-2 bGpjfZ sc-1mjd3js-0 dDOcjm variation-value" value="7708.33" color="#333" opacity="1"><span>+</span>7708.33%</span><span class="sc-jb7pox-1 gPoHne current-price" color="#333" opacity="1">$0.2107</span></div></div><div class="sc-1stj48q-0 jWoPsV"><div class="sc-ktzkjh-0 sc-1qwrltn-2 hIxHRr irYpKJ"><div class="sc-1ao5pjp-0 sc-1qwrltn-0 iDmTWe cdDhPC"><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">24H</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">7D</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">1M</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 chOUVj" color="#333" opacity="1">1Y</span><span class="sc-jb7pox-1 kHsKFY sc-1qwrltn-1 loxyPn" color="#333" opacity="1">MAX</span></div></div><div class="sc-zni0p2-0 ggVtwx"></div><div height="180" class="sc-dunrjg-0 bPZqaA"><div data-highcharts-chart="0" style="height: 100%; overflow: hidden;"><div id="highcharts-jy1wary-0" dir="ltr" class="highcharts-container " style="position: relative; overflow: hidden; width: 367px; height: 180px; text-align: left; line-height: normal; z-index: 0; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); user-select: none;"><svg version="1.1" class="highcharts-root" style="font-family:&quot;Lucida Grande&quot;, &quot;Lucida Sans Unicode&quot;, Arial, Helvetica, sans-serif;font-size:12px;" xmlns="http://www.w3.org/2000/svg" width="367" height="180" viewBox="0 0 367 180"><desc>Created with Highcharts 8.2.2</desc><defs><clipPath id="highcharts-jy1wary-1-"><rect x="0" y="0" width="312" height="142" fill="none"></rect></clipPath></defs><rect fill="#ffffff" class="highcharts-background" x="0" y="0" width="367" height="180" rx="0" ry="0"></rect><rect fill="none" class="highcharts-plot-background" x="45" y="10" width="312" height="142"></rect><rect fill="none" class="highcharts-plot-border" data-z-index="1" x="45" y="10" width="312" height="142"></rect><g class="highcharts-grid highcharts-xaxis-grid" data-z-index="1"><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 44.5 10 L 44.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 87.5 10 L 87.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 130.5 10 L 130.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 173.5 10 L 173.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 215.5 10 L 215.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 258.5 10 L 258.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 301.5 10 L 301.5 152" opacity="1"></path><path fill="none" data-z-index="1" class="highcharts-grid-line" d="M 344.5 10 L 344.5 152" opacity="1"></path></g><g class="highcharts-grid highcharts-yaxis-grid" data-z-index="1"><path fill="none" stroke="#e6e6e6" stroke-width="1" data-z-index="1

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$0.033893

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