Jay-Z and Jack Dorsey Invest $24 Million To Make Bitcoin “the Internet’s Currency”
- Rapper Jay-Z and Twitter CEO Jack Dorsey established a $23.6 million Bitcoin endowment Thursday with the goal of making “Bitcoin the internet’s currency.”
- The duo, which will not be able to offer any guidance over the fund, donated 500 Bitcoins to aid the development of the cryptocurrency in India and Africa; however, India announced plans that same day to ban private cryptocurrencies in the country.
- While Bitcoin has boomed in Africa, last week, Nigeria’s central bank issued a directive to close accounts dealing in cryptocurrency.
- Meanwhile, Kenya has recently embraced Bitcoin by announcing plans to make it a reserve currency, as its primary currency faces volatility.
Zay-Z and Dorsey Donate 500 Bitcoin
Rapper Jay-Z and Twitter CEO Jack Dorsey established a Bitcoin endowment Thursday to fund development of the cryptocurrency in India and Africa.
As an initial sum, the two donated 500 bitcoin, currently valued at $23.6 million.
According to Dorsey, that fund, called Btrust, will be a blind irrevocable trust — meaning neither he nor Jay-Z will be able to offer any direction on how it’s run.
Dorsey also said Btrust is looking for three board members, and in an application linked in his tweet about the trust, Dorsey described its mission as “mak[ing] Bitcoin the internet’s currency.”
Bitcoin in India and Africa
While Bitcoin once again surged to an all-time high Thursday, this announcement still comes at a fairly ironic time.
That’s because India announced plans that same Thursday to ban private cryptocurrency investments. Notably, anyone in the country already holding cryptocurrency will have three to six months to sell it off once the ban is enacted.
That said, India is also seeking to establish an “official digital currency” that will be backed by the nation’s central bank, Reserve Bank of India.
Meanwhile, crypto trading has boomed in some African countries. For example, Nigeria traded over $400 million in crypto last year, and worldwide, it only trails behind the United States in terms of the volume of Bitcoin traded over the last five years.
In fact, Bitcoin played a major role in the #EndSARS protests in the country last year. Those protests, aimed at ending police brutality by a unit known as the Special Anti-Robbery Squad, found a financial lifeline in Bitcoin after the Nigerian government locked bank accounts that were fundraising in support of the protests.
Still, similar to India, the Central Bank of Nigeria last week issued a directive ordering banks in the country to close accounts dealing in cryptocurrency.
Kenya, on the other hand, has embraced Bitcoin and announced this week that it will use the cryptocurrency as a reserve currency. That move comes as Kenya is working to address the volatile nature of its own currency, the Kenyan Shilling.
See what others are saying: (TechCrunch) (Engadget) (Business Insider)
Schools Across the U.S. Cancel Classes Friday Over Unverified TikTok Threat
Officials in multiple states said they haven’t found any credible threats but are taking additional precautions out of an abundance of safety.
Schools in no fewer than 10 states either canceled classes or increased their police presence on Friday after a series of TikToks warned of imminent shooting and bombs threats.
Despite that, officials said they found little evidence to suggest the threats are credible. It’s possible no real threat was actually ever made as it’s unclear if the supposed threats originated on TikTok, another social media platform, or elsewhere.
“We handle even rumored threats with utmost seriousness, which is why we’re working with law enforcement to look into warnings about potential violence at schools even though we have not found evidence of such threats originating or spreading via TikTok,” TikTok’s Communications team tweeted Thursday afternoon.
Still, given the uptick of school shootings in the U.S. in recent years, many school districts across the country decided to respond to the rumors. According to The Verge, some districts in California, Minnesota, Missouri, and Texas shut down Friday.
“Based on law enforcement interviews, Little Falls Community Schools was specifically identified in a TikTok post related to this threat,” one school district in Minnesota said in a letter Thursday. “In conversations with local law enforcement, the origins of this threat remain unknown. Therefore, school throughout the district is canceled tomorrow, Friday, December 17.”
In Gilroy, California, one high school that closed its doors Friday said it would reschedule final exams that were expected to take place the same day to January.
According to the Associated Press, several other districts in Arizona, Connecticut, Illinois, Montana, New York, and Pennsylvania stationed more police officers at their schools Friday.
Viral Misinformation or Legitimate Warnings?
As The Verge notes, “The reports of threats on TikTok may be self-perpetuating.”
For example, many of the videos online may have been created in response to initial warnings as more people hopped onto the trend. Amid school cancellations, videos have continued to sprout up — many awash with both rumors and factual information.
“I’m scared off my ass, what do I do???” one TikTok user said in a now-deleted video, according to People.
“The post is vague and not directed at a specific school, and is circulating around school districts across the country,” Chicago Public Schools said in a letter, though it did not identify any specific post. “Please do not re-share any suspicious or concerning posts on social media.”
According to Dr. Amy Klinger, the director of programs for the nonprofit Educator’s School Safety Network, “This is not 2021 phenomenon.”
Instead, she told The Today Show that her network has been tracking school shooting threats since 2013, and she noted that in recent years, they’ve become more prominent on social media.
“It’s not just somebody in a classroom of 15 people hearing someone make a threat,” she said. “It’s 15,000 people on social media, because it gets passed around and it becomes larger and larger and larger.”
See what others are saying: (The Verge) (Associated Press) (People)
Jake Paul Says He “Can’t Get Cancelled” as a Boxer
The controversial YouTuber opened up about what it has been like to go from online fame to professional boxing.
The New Yorker Profiles Jake Paul
YouTuber and boxer Jake Paul talked about his career switch, reputation, and cancel culture in a profile published Monday in The New Yorker.
While Paul rose to fame as the Internet’s troublemaker, he now spends most of his time in the ring. He told the outlet that one difference between YouTube and boxing is that his often controversial reputation lends better to his new career.
“One thing that is great about being a fighter is, like, you can’t get cancelled,” Paul said. The profile noted that the sport often rewards and even encourages some degree of bad behavior.
“I’m not a saint,” Paul later continued. “I’m also not a bad guy, but I can very easily play the role.”
Paul also said the other difference between his time online and his time in boxing is the level of work. While he says he trains hard, he confessed that there was something more challenging about making regular YouTube content.
“Being an influencer was almost harder than being a boxer,” he told The New Yorker. “You wake up in the morning and you’re, like, Damn, I have to create fifteen minutes of amazing content, and I have twelve hours of sunlight.”
Jake Paul Vs. Tommy Fury
The New Yorker profile came just after it was announced over the weekend Paul will be fighting boxer Tommy Fury in an 8-round cruiserweight fight on Showtime in December.
“It’s time to kiss ur last name and ur family’s boxing legacy goodbye,” Paul tweeted. “DEC 18th I’m changing this wankers name to Tommy Fumbles and celebrating with Tom Brady.”
Both Paul and Fury are undefeated, according to ESPN. Like Paul, Fury has found fame outside of the sport. He has become a reality TV star in the U.K. after appearing on the hit show “Love Island.”
See what others are saying: (The New Yorker) (Dexerto) (ESPN)
Hackers Hit Twitch Again, This Time Replacing Backgrounds With Image of Jeff Bezos
The hack appears to be a form of trolling, though it’s possible that the infiltrators were able to uncover a security flaw while reviewing Twitch’s newly-leaked source code.
Hackers targeted Twitch for a second time this week, but rather than leaking sensitive information, the infiltrators chose to deface the platform on Friday by swapping multiple background images with a photo of former Amazon CEO Jeff Bezos.
According to those who saw the replaced images firsthand, the hack appears to have mostly — and possibly only — affected game directory headers. Though the incident appears to be nothing more than a surface-level prank, as Amazon owns Twitch, it could potentially signal greater security flaws.
For example, it’s possible the hackers could have used leaked internal security data from earlier this week to discover a network vulnerability and sneak into the platform.
The latest jab at the platforms came after Twitch assured its users it has seen “no indication” that their login credentials were stolen during the first hack. Still, concerns have remained regarding the potential for others to now spot cracks in Twitch’s security systems.
It’s also possible the Bezos hack resulted from what’s known as “cache poisoning,” which, in this case, would refer to a more limited form of hacking that allowed the infiltrators to manipulate similar images all at once. If true, the hackers likely would not have been able to access Twitch’s back end.
The photo changes only lasted several hours before being returned to their previous conditions.
First Twitch Hack
Despite suspicions and concerns, it’s unclear whether the Bezos hack is related to the major leak of Twitch’s internal data that was posted to 4chan on Wednesday.
That leak exposed Twitch’s full source code — including its security tools — as well as data on how much Twitch has individually paid every single streamer on the platform since August 2019.
It also revealed Amazon’s at least partially developed plans for a cloud-based gaming library, codenamed Vapor, which would directly compete with the massively popular library known as Steam.
Even though Twitch has said its login credentials appear to be secure, it announced Thursday that it has reset all stream keys “out of an abundance of caution.” Users are still being urged to change their passwords and update or implement two-factor authentication if they haven’t already.