Twitter Must Adopt A Bitcoin Dividend For Users

More companies, countries and capital firms are embracing bitcoin than ever before. Notably, Jack Dorsey recently announced that Twitter would allow for users to tip other content writers on Twitter using bitcoin. This is welcome news because it shows another use case for bitcoin as a currency and pushes the world closer to “hyperbitcoinization.” However, while it is nice that Twitter is facilitating bitcoin donations through their platform, this isn’t adequate. In keeping with the ethos of Bitcoin, Twitter and other social media platforms should embrace paying all of their users a bitcoin dividend for using the site.

Twitter created its tip jar as a way to pay its content creators. It does so by allowing fans to tip their favorite content creators. Twitter is, however, a multi-billion dollar company whose value directly comes from selling its users’ data to advertisers. While most of us are aware of how Twitter and other social media websites monetize, we rarely view ourselves as being the product that Twitter sells. We should also consider that social media companies are known for using predatory tactics to make their content more addictive and toxic, as evidenced by Instagram’s recently leaked report. As a result of this predatory environment designed to profit off of our usage, perhaps we should all — both influencers and regular users — demand to be paid for creating content. It is time they start paying users, no matter how small they are, for creating content. For upvotes, shares and retweets, users could get paid in bitcoin proportional to the engagement that their posts bring to the website. Users are the unpaid labor force of these social media companies.

Many social media founders, for example Jack Dorsey, claim to embrace bitcoin’s philosophy. Integral to that philosophy is the ethos of decentralization. This decentralization should be applied to monetization for users.

Platforms like YouTube, TikTok and Snapchat have dividend-like monetization programs for influencers where the content creators get a slice of the advertising money that is poured into the platforms. Of course, these monetization programs as they exist now are somewhat elitist in the sense that there are rigid barriers for entry. I create content on YouTube. For the first year and one month I brought roughly 100,000 views and over 5,000 watch hours to the platform, but was still unable to monetize my content because YouTube requirements state that in order to be part of their monetization program you need 1,000 subscribers (I eventually hit this number in July of 2021 and started getting paid). TikTok and Snapchat are similar in their barriers to monetization. There are other platforms that are paying content creators in various cryptocurrencies for making content, but they lack scale and none are bitcoin only.

Now, does it seem ambitious to think that companies like Twitter, Instagram and Facebook would pay us to use their social media? Yes. However, it is important to start thinking about what that world would look like once we approach hyperbitcoinization. That is a world in the vein of John F. Kennedy’s moonshot mission, one of forward thinking, equity and optimism. In that world, bitcoin would be a borderless, permissionless and censorship-resistant primary form of currency and there would be radical changes to how we operate.

When YouTube originally started paying its content creators, few would have forseen the creator economy as it is today, with thousands making their careers through YouTube, Twitch, TikTok and other platforms. By extending bitcoin dividend payments to their unpaid labor force, social media companies would be helping to facilitate the adoption of a borderless, permissionless and censorship resistant form of global currency. If a notable amount of influential content creators began to demand the dividend, social media companies would be forced to reckon with these demands. The creator economy has far more power than it may realize, and demands laid upon the platforms which empower them can have great sway. Given the simultaneous fear of artificial intelligence taking many jobs and the growth of the creator economy, perhaps the bitcoin dividend is not just logical, it is imminent!

This is a guest post by Jacob Kozhipatt. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.


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Meet Float Protocol – The Algorithmic Stablecoin Built By An Anonymous Team

Last month, when digging through a library of Satoshi’s writings, I found an email thread that piqued my interest. 

Anonymous Writer: You will not find a solution to political problems in cryptography.

Satoshi: Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

To this day, Satoshi remains anonymous as the founder of Bitcoin. His anonymity is the key feature of Bitcoin’s design and, presumably, a crucial piece in the asset’s decentralization. Satoshi’s continued anonymity has prevented governments from truly controlling the supply of Bitcoin, making it akin to a commodity rather than a financial instrument. Even with China continuously making efforts to regulate and ban Bitcoin, the asset continues to come back stronger.

But can anonymity benefit other crypto currencies and even stablecoins?

“In the same way we are all Satoshi, we are all John, Paul, George and Ringo,” says John L. of Float Protocol.

I first met with the founders of the decentralized stablecoin protocol FLOAT, over Zoom to ask a few questions about their project. During our conversation about team development, it became apparent that John and Paul were not their real names. After a brief inquiry, they explained to me that the team drew inspiration from the Beatles, using their names as pseudonyms. 

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As the project outlives us, there may be another John and another Paul. What matters is that they step in the same role and continue to serve the project in a similar way,”  says John L. of Float Protocol.

Over the last year we have seen a meteoric rise in the popularity of stablecoins. From USDT, with a market cap of $70 billion, and USDC, with a market cap of $32 billion, to other exchange-specific coins such as Binance-USD and the Gemini Dollar, it seems stablecoins are becoming increasingly more integral as DeFi outpaces the legacy financial system. Even central governments have started taking note, rolling out their own government-sponsored digital currencies – most notably, China’s Digital Renminbi. 

These digitized alternatives, however, are still pegged to fiat, and with it, carry the flaws of the centralized financial legacy system. First, anything tied to the dollar will face increasing regulatory scrutiny. Just this week, the SEC subpoenaed Circle’s records, the company behind USDC. Second, most stablecoins are U.S. centric in a time when much of the world is looking for opportunities to avoid the pitfalls of hyper-dollarization. Third, the value of the dollar is at the mercy of the decision-making capabilities of just a  few individuals leading the Federal Reserve. Since the dollar was unpegged from gold in 1971, the expansionary monetary policies implemented by the Federal Reserve has steadily eroded its value.

In answer to this, many new stablecoins are displaying a design paradigm shift. Algorithmic stablecoins are unpegged, and collateralized by a diverse collection of assets. Several notable projects have been deployed over the last two years including RSR by Reserve, XST by SORA, OHM by Olympus, RAI by Reflexer Labs, and most recently, FLOAT by Float Protocol. 

Float recently completed a $1.2 million raise, aptly referred to as a “treasury diversification round.” Participants included Eden Block, AAVE founder Stani Kulechov, Akropolis founder Ana Andrianova, and popular DeFi investor Santiago Santos, along with several DAO’s, including MCV and the LAO. According to the team, Float is designed to be a native internet currency, functioning in a way that satisfies the three major properties of legitimate money – as a medium of exchange, a store of value, and a unit of account, and is designed to provide a decentralized alternative to inflationary, dollar-pegged stablecoins.

Float Protocol answers the problems of USD inflation, crypto volatility, and regulator scrutiny of stablecoins with groundbreaking elegance and simplicity,” says Dermot O’Riordan of Eden Block.

The protocol utilizes a two-token system – FLOAT, the stablecoin that ties its value to a collection of digital assets, and BANK MTB , the protocol’s governance token. BANK can fluctuate in price, absorbing volatility, while FLOAT aims to be relatively stable while still reflecting market conditions. The starting price during issuance was set, very cleverly, at $1.618 – the golden ratio in mathematics. Notably, the protocol reached a record “total value locked” of $1.5 billion, one of the highest of its peers. Since then, the price has ‘floated’, as its collateral is ETH, expanding in a bull market and contracting during bearish periods, but with smoothness and low-volatility. 

The protocol utilizes Dutch Auctions, which are not only efficient due to their game-theoretical nature but they are also flash-loanable. This allows for a capital efficient and profitable opportunity for traders and arbitrageurs alike,” says Paul M, lead developer at Float Protocol.

In an increasingly heightened regulatory climate, it seems that anonymous teams are onto something. Stablecoins have been drawing the attention of the Biden administration, due to the perceived risks for consumers and the traditional financial system. As U.S. officials continue to make stablecoins the focal point of regulatory control over crypto markets, many predict that stablecoins will soon be the first to face comprehensive regulation. And with the wounds of the 2008 financial crisis still fresh in the minds of many officials, it seems likely that stablecoins will be declared “systemically important” and, therefore, placed under strict regulation.

If DeFi hopes to avoid the pitfalls of the traditional financial system, it is important that stablecoins move away from being tied to those same traditional systems. Collateral diversification, algorithmic design and anonymous founding teams might just make the perfect combination to make decentralized finance a reality.


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Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst

Bitcoin has made a number of marked recoveries in its price lately. The most notable of this recovery has been the break above $57,000. This effectively set a new four-month high, hitting price points that have not been reached since the market had peaked in May.

It is no doubt that the bulls currently have control of the market and investors’ sentiment is very positive with this. But CrossTower research analyst Martin Gaspar thinks this may only be the beginning of the rally. It would seem the analyst is in the camp of investors who expect the digital asset’s price to hit $100,000, which Gaspar says could very well happen in the three months left of 2021.

Related Reading | Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz

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Market Holding Steady

The CoinMarketRecap podcast hosted CrossTower research analyst Martin Gaspar on its latest episode to talk about the future trajectory of the top cryptocurrency. Gaspar, who took a bullish stance on the digital asset, emphasized the asset’s growing scarcity as a good thing for its value going forward.

Bitcoin’s scarcity is partly attributed to the increase in long-term holders of the asset. A reported 81% of the entirety of bitcoin’s supply is currently held in wallets that are holding for the long-term, also referred to as diamond hands. And this has put significant buy pressure on the market as bitcoin heads into a historic supply squeeze.

Bitcoin price chart from

Bitcoin price chart from

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Gaspar also commented that the expected 200,000 BTC coming into the market from the Mt. Gox settlement will not lead to a mass sell-off. The analyst believes that the investors who are finally getting their bitcoins back after years of fighting for it are most likely just going to hold the coins given the growth of the asset in the past few years.

“I don’t think we’re going to see as much selling pressure from these sorts of investors. Bitcoin has continued to outperform all other assets during this timeframe, so I think a lot of them will feel it may just be safer to hold on to their Bitcoin.

Bitcoin Hitting $100K By Year-End

Martin Gaspar outlined factors that influence bitcoin price towards the end of the year. The analyst explains that the time-crunch of the year running out usually has traders putting money into the market to squeeze out more gains before the year runs out. Also, Gaspar says, that traders are coming out from the slow months of summer, and this resumption in activities can boost the market.

Related Reading | CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin

Even with the recent gains in the market, Gaspar sees the market trending higher for the rest of 2021 and well into the first quarter of 2022. With this trend, the analyst puts the price at the end of the year above $100,000, perhaps even trending as high as $150,000. But Gaspar believes investors will hold through this point. Only seeing some sell-off around the $200,000 mark.

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Early Facebook Investor Andreessen Horowitz Nabs Engineers From Novi Crypto Wallet

In brief

  • Andreessen Horowitz has a $2.2 billion fund to use for crypto investments.
  • It’s tapped two Novi wallet engineers as a16z Crypto’s CTO and CISO.

Venture capital firm Andreessen Horowitz, a founding member of the organization behind Facebook’s Diem cryptocurrency project, is making sure something good comes of an investment that has thus far failed to bear fruit.

Two lead engineers for Facebook’s Novi wallet, which will be used to hold a dollar-based stablecoin issued by the Diem Association that Facebook created, are moving into senior roles at a16z Crypto, according to a blog post from the firm today.

Riyaz Faizullabhoy and Nassim Eddequiouaq, who transitioned from roles at crypto custody firm Anchorage two years ago to begin working on Facebook’s wallet, have been named chief technology officer and chief information security officer, respectively, of the outfit.

The two veteran engineers were around long enough for Facebook’s crypto ambitions to shift, along with its project names. 

Facebook announced Libra in 2019. Originally, its intent was to create a digital asset whose value was tied to a basket of major world currencies. Instead of a stablecoin that maintains a 1:1 peg to the U.S. dollar or other currency, Libra would theoretically enjoy a stable price while becoming its own de facto global currency—to be held in the Calibra wallet. Shepherding the project was the Libra Association, which included Coinbase and Andreessen alongside major credit card companies and non-governmental organizations.

All of that has changed. Libra became Diem and Calibra swapped out its three syllables to become Novi, but the rebranding hasn’t diverted attention away from the project’s turmoil. The association lost a slew of members—including eBay, Mastercard, Stripe, and Visa on the same day—after U.S. lawmakers warned of the regulatory implications. The newly christened Diem Association downgraded ambitions for the asset this year to a simple U.S.-based stablecoin as founders and executives left the project. 

Now, Faizullabhoy and Eddequiouaq join co-founder Kevin Weil, Head of Strategy Morgan Beller, and others in seeing themselves out—even as co-founder David Marcus said in August that the wallet “is ready to come to market.”

It’s not yet here, but a16z has plenty of work to keep the duo busy. Its crypto fund—the firm’s third—raised $2.2 billion this summer after earlier bets on decentralized exchange Uniswap and decentralized lender Compound paid dividends. Just last week, Andreessen led the $152 million Series B funding round for popular Ethereum NFT game Axie Infinity.

According to a16z Crypto COO Anthony Albanese, Faizullabhoy and Eddequiouaq will be responsible for helping the companies within the firm’s portfolios “apply rigorous security measures and technical guidance.”


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FTX U.S. Launches NFT Marketplace on Solana

Key Takeaways

  • A Solana NFT marketplace went live today on FTX US.
  • NFTs minted on the platform can trade in USD, SOL, and ETH.
  • Users of the NFT marketplace will be subject to KYC requirements.

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FTX’s U.S. arm has launched an NFT marketplace on Solana. Solana NFTs deposited on FTX US must list in SOL, whereas NFTs minted on FTX US can be listed in SOL, ETH, or even USD via bank ACH or credit card. 

FTX US, Solana Continue Growth

FTX’s U.S. arm has launched an NFT marketplace on Solana.

Solana NFTs deposited to FTX US must be listed in SOL, whereas NFTs minted on FTX US can be listed in SOL, ETH, or even USD via bank ACH or credit card. FTX US will take a 2% fee on NFTs, as compared to the 2.5% fee on OpenSea.

Since FTX US is a centralized, regulated exchange, NFT projects must abide by FTX US terms and conditions. Once users deposit Solana NFTs, they will either be automatically accepted or rejected. Otherwise, they will go up for review by FTX US’s internal review team. Moreover, customers will have to pass either KYC level 1 or KYC level 2, depending on the dollar value of the withdrawal. 

While NFT creators will still be allowed to collect royalty fees, NFT holders cannot receive royalties. Additionally, creator royalties will be capped at 40%. By comparison, OpenSea’s cap comes in at only 10%. As of now, one still cannot set a royalty at the time of minting NFTs on FTX US, though FTX US claims that is coming soon. 

While most NFTs still exist on Ethereum, Solana’s lower fees and faster transactions could promote a thriving NFT ecosystem. There are already roughly three-quarters of a billion dollars worth of Solana NFTs in existence.

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FTX is one of the biggest cryptocurrency exchanges, and it has recently raised $900 million at an $18 billion valuation. It first set up an NFT marketplace in June. As with its trading platform, FTX has a separate NFT marketplace for U.S. citizens

(Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.)

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Bitcoin Dominates Institutional Capital Flows As Investors Accumulate Ethereum, Solana and Cardano: CoinShares

Digital asset manager CoinShares says Bitcoin (BTC) is taking the lion’s share of institutional capital as sentiment in the crypto markets remains upbeat.

In their weekly report, CoinShares says that the total amount of crypto assets under management (AUM) is only 5% away from setting all-time highs due to recent positive price action.



The firm also says that SEC head Gary Gensler’s recent hints about possibly supporting a Bitcoin futures exchange-traded fund (ETF) could have fueled the rise in sentiment.

“Bitcoin saw inflows totaling US$225m, comprising a significant majority of the total.

We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC Chair Gary Gensler, potentially allowing a Bitcoin ETF in the US.”

CoinShares says that Etheruem (ETH) once again conceded a portion of institutional flows to Bitcoin, giving up 1% of total AUM over the last week. Looking at altcoins in general, the firm has mixed findings.

“It was a mixed picture in other altcoins with recent favorites Solana [SOL] (US$12.5m) and Cardano [ADA] (US$3m) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin.

Other altcoins, namely Polkadot [DOT,] XRP, and Litecoin [LTC] didn’t fare so well with outflows of US$2.1m, US$0.6m, and US$0.2m respectively.”

Source: CoinShares

The full CoinShares report can be read here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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This Ethereum On-Chain Metric in Very Risky Zone, According to Crypto Analytics Firm Santiment

Crypto analytics firm Santiment says Ethereum (ETH) is showing signals that could foreshadow some headwinds for the second-largest digital asset in the near future.

In a new report, Santiment says Ethereum’s MVRV (market value to realized value) is putting ETH in a vulnerable spot. MVRV compares an asset’s total market cap to its realized value and can be used to time market tops and bottoms.



The firm says Ethereum’s MVRV is hovering at a high-risk area.

“Ethereum short-term 30d MVRV seems to be close to a very ‘difficult’ level around 10%, but there is room to grow till around 25%. On longer-term 365d MVRV, we are already super high, super overvalued, very risky zone:”

Source: Santiment

Santiment also says inflows of Ethereum to exchanges have accelerated as of late. According to the crypto insights firm, the increased exchange inflows could mean that ETH sees some selling pressure in the short term.

“Is starting to pick up a little bit: seems there might be a little bit more sell-side pressure to be absorbed around price resistance level. That might be a little bit difficult for Ethereum.”

Source: Santiment

Santiment says not all of the available data is pointing to bearish pressure for Ethereum. The firm points to a significant surge in active addresses, as well as a huge recent spike in network growth.

“The biggest spike since May. Is this the beginning of a renaissance of Ethereum network? It could also be just a short-term uptick for price reasons or something else.”

Source: Santiment

You can read Santiment’s full report on Ethereum here.

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Bitcoin Retakes May Highs With Spike In On-Chain Activity, Next Target $60K?

Anyone paying attention to Bitcoin in the past months will notice a subtle, but importance change in its fundamentals. As BTC’s price made its way back to May’s high, just before the first capitulation event, there was an uptick in on-chain activity.

Related Reading | On-Chain Data Shows Bitcoin Miners Hold Off On Selling Despite BTC Rallying Above $57k

Unlike the sell-off period that occurred from May to end of July 2021, there was an increase in Bitcoin transactions. This rise led to an increment in network fees, as shown by explorer

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At the time of writing, a high priority Bitcoin transaction needs to pay a 20 sat/vB to be included in the blockchain, one of the highest fees in the past month. Conversely, BTC trades at $57,632 with a 19.3% profit in the daily chart.


Although the Bitcoin network is still far from the levels of activity experienced during its price peaked, the uptick is significant and could point towards a sustain rally by end of 2021.

According to a recent report by Glassnode, the boost in network activity suggest fresh demand for Bitcoin could arrive to the market in Q4. The research firm records a 19% grown in individual participants on-chain during the past 7-days.

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Related Reading | TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet

This metric stands at 291,000 active entities per day. Glassnode noted the following on what this could mean for BTC:

This value is on par with counts from late 2020 at the beginning of the last bull run. More active market participants has historically correlated with growing interest in the asset during early stage bull markets.


In addition, there has been an increase in the median transaction size during September. This metric stands at over 1.3 BTC, the research firm claimed.

A surge in the median transaction size doesn’t necessarily implies a continuation of the current rally, but suggest more institutions are coming into the market, Glassnode added:

Generally speaking, periods near the end of bear markets are when smart money start to accumulate in size. These periods are often characterised by lower (but rising) on-chain activity and increasingly large transaction sizes.

Bitcoin To Enter Bullish Phase?

Additional data provided by Glassnode notes an increase in some important metrics. For example, the Bitcoin Percent Supply in profit for the past week reached a 4-month high.

The transaction volume in the BTC Perpetual Futures Contract reached a 3-month high of $281,278,010 on crypto exchange Bitfinex. This suggest that the derivatives market is also starting to heat up and could once again become an obstacle for the BTC bulls.

Related Reading | Why The $1 Trillion Coin Is Another Reason To Stay Long Bitcoin

However, the Transfer Volume as a percentage of the Realized Cap, a metric used to compare on-chain activity with the “value stored” in Bitcoin, recently rose above 3%. As Glassnode indicated, this suggest BTC could be about to enterer a bullish market phase.

Transfer Volume has once again broken above the 3% threshold suggesting growing demand for on-chain settlement of value. This is a bullish a development worth watching in the coming weeks based on its high historical signal.



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Ethereum NFT Game Sorare Investigated by UK Gambling Commission

In brief

  • The U.K. Gambling Commission announced that it is investigating Ethereum NFT-driven fantasy soccer game, Sorare.
  • The investigation seeks to determine whether Sorare needs a gambling license to continue operating in the United Kingdom.

Sorare, an Ethereum-based fantasy soccer game built around NFT digital trading cards, has come under scrutiny by the United Kingdom’s Gambling Commission, which is investigating whether the game requires a gambling license—which it does not currently hold—to continue operating in the country.

The U.K. Gambling Commission posted a statement on Friday, writing, “The Gambling Commission is currently carrying out enquiries into the company to establish whether requires an operating licence or whether the services it provides do not constitute gambling.”

Sorare lets players buy and sell officially-licensed digital trading cards featuring players from more than 100 soccer teams from around the world, including clubs like Juventus FC and Paris Saint-Germain FC. Each card is sold as a verifiably scarce NFT, which acts like a receipt for any kind of rare digital item.

Unlike fellow licensed NFT project NBA Top Shot, however, Sorare also includes a fantasy sports element to it. Users can build weekly lineups using their cards and compete against other Sorare users, earning points based on the real-world performance of their respective players. The top players in each cycle can win free cards or even Ethereum cryptocurrency rewards.

The U.K. Gambling Commission’s statement suggests that Sorare’s approach may constitute gambling in some form, and it is exploring whether or not to require the company to obtain a license to continue operating in the country.

According to its statement, the commission will not comment further until its investigation is complete. Sorare, for its part, does not believe that its service requires a gambling license.

“When a product with a nascent technology becomes successful, such as Sorare’s digital collectable cards and game, it is normal and expected to be regulatory questions,” the firm wrote in a statement posted today. “We are very confident Sorare does not offer any forms of regulated gambling.”

“This has been confirmed by expert legal opinions at every stage since the company was founded, including during a number of fundraising rounds,” it continued. “We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game. We believe this is the responsible way to grow our game and community globally.”

Sorare recently raised a $680 million Series B funding round at a valuation of $4.3 billion, and the game counts notable investors such as social media influencer and NFT entrepreneur Gary Vaynerchuk, as well as Reddit co-founder and Seven Seven Six founder Alexis Ohanian.

Alongside last month’s funding, Sorare announced significant growth initiatives, including plans to open a United States office, add women’s soccer teams, and expand its NFT-based brand into additional sports.


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YouTube deletes and restores Bitcoin bull Anthony Pompliano’s channel

Video sharing platform YouTube removed the 251,000-subscriber channel of Anthony ‘Pomp’ Pompliano, co-founder of Morgan Creek Digital and host of The Pomp Podcast, before later restoring it.

In an Oct. 11 update on his Twitter account, Pompliano — a Bitcoin (BTC) bull known for his interviews educating skeptics and others on crypto — said he received a message from YouTube claiming a recent livestreamed interview with stock-to-flow model creator PlanB encouraged “illegal activities.” Pompliano’s entire channel was unavailable for roughly two hours before being returned to the platform, with all videos on BTC and crypto viewable to the public.

“[YouTube] first stated that the content, an interview on Bitcoin, was harmful and dangerous,” said Pomp. “They then stated that we would receive a strike, but then I received a second email saying the channel was being deleted seconds later.”

According to Pomp, he had received no “strikes” — violations of YouTube’s community guidelines; three strikes within 90 day can result in a channel being permanently removed — and the video seemingly didn’t have any questionable content or otherwise. However, the platform’s guidelines state it has the right to remove channels for “a single case of severe abuse” or for accounts dedicated to content including hate speech, harassment, or impersonation.

YouTube had previously targeted crypto-related content on the platform, with its algorithms labeling videos on BTC and other cryptocurrencies as “harmful content,” and leaving human reviewers to assess any grounds for appeal. In Pomp’s case, he was able to get the attention of YouTube’s support team on Twitter within minutes — likely due to his 1.1 million followers and verified account. However, other crypto content creators have reported waiting days after having their channels similarly terminated.

Related: Content creators fed up with YouTube now have a compelling alternative

The seemingly arbitrary removal of the account of a major player in the crypto space highlights the danger of relying on a centralized platform like YouTube. Last week, Facebook, Instagram and WhatsApp went offline for roughly six hours, likely disrupting community engagement around crypto and blockchain projects.

In addition, YouTube has been at the center of attention for attempting to purge videos related to misinformation on health around the COVID-19 pandemic. In August, the platform said it had removed more than one million video “related to dangerous coronavirus information” since February 2020.