2023-06-28

🤯 Bitcoin Drama - Dorsey Confronts Apple Head!

June 28, 2023

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🙃 Cook's Crypto Conundrum
🇬🇧 UK Crypto Property Pitch
☀️ Sun Scorches Bitcoin

🍏 Dorsey Puts Apple's Cook on the Spot Over Bitcoin Blind Spot

Jack Dorsey, former Twitter CEO and current head of Bitcoin-focused firm Block, has publicly called out Apple's CEO Tim Cook over the lack of Bitcoin support in Apple Pay.

This questioning follows the threat to remove Damus, a Bitcoin-friendly app, from the App Store for allegedly violating in-app purchase guidelines.

Instead of using Apple Pay, which doesn't support crypto, Damus enables users to tip content creators with Bitcoin.

(Thus circumventing Apple’s 15-30% chunk of the pie on in-app transactions) 🥧

Dorsey's Tweet highlights Apple's reluctance to bite into the Bitcoin pie, a decision that could significantly impact the cryptocurrency's mass adoption considering Apple Pay's vast userbase.

Meanwhile, the Damus saga raises critical concerns about Apple's influence over consumer apps and seemingly adds fuel to the crypto community's drive for a financially censorship-resistant system.

Maybe Cook should jump on the Bitcoin bandwagon…🚃

Dorsey's quest for answers remains unanswered, but it certainly puts the Bitcoin ball in Apple's court.

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🇬🇧 UK Law Commission Seeks New Property Class for Crypto

The Law Commission of England and Wales has proposed a novel idea: classify digital assets like cryptocurrencies as a distinct type of personal property.

The suggestion was part of four key recommendations in a report delivered to the government, targeting enhanced recognition and protection of cryptocurrencies' unique traits.

The commission, comprising esteemed professionals in law, argued the existing personal property laws could accommodate crypto.

Interesting concept; let experts in the field do the work…take note, U.S. Government! 👀

However, the singular attributes of cryptocurrencies necessitate specific legislation, a recommendation initially made in a consultation paper in 2022.

The commission further proposed the creation of an expert panel for crypto-related legal advice, a dedicated legal framework for crypto collateral arrangements, and law reform to clarify these arrangements.

Justice Minister Mike Freer emphasized the importance of updating the law to suit the intricacies of emerging technologies.

This push for a crypto-conscious legal system in the UK could set a precedent for crypto regulation globally.

The U.K. might be small, but boy, do they innovate! 🆕

🔥 Heatwave Halts Bitcoin Mining in Texas

The sizzling summer sun in Texas has forced Bitcoin miners to hit the brakes.

A persistent heatwave and a surge in electricity prices have strained the state's power grid, leading to a pause in mining operations.

The sun is quite good at energy supply...just saying! 😇

As per a Bloomberg report, miners and the Electric Reliability Council of Texas (Ercot), the grid manager, have confirmed the standstill.

The state teetered on the brink of a power crisis last week as electricity demand soared while supplies dwindled, sometimes leaving only 2% spare capacity.

This operation halt coincides with a grueling two-week heatwave in Texas that has exerted unprecedented pressure on the power grid.

Despite the scorching temperatures of 110ºF (43ºC), power outages are not anticipated this summer, with winter considered the higher risk period.

With only 15% of Texas’ energy coming from solar and then only at peak hours…it might be time to add a few solar panels to the grid!

…but that doesn’t pay the oil companies! 🙊

With air conditioners humming full tilt, Stuart Reilly, interim general manager of Austin Energy, urges citizens, "Please, please do what you can to conserve energy."