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Week in Review: The Search for a New Crypto Messiah

Greetings, and welcome once again to Week in Review!

In the previous week’s article, the focus was on the intersection of technology and the Disney corporation.

This week’s discussion centers on the ongoing quest to identify a new leading figure within the cryptocurrency space.

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The cryptocurrency landscape is currently seeking a prominent individual to guide its future direction.

This search follows periods of significant volatility and shifts in market sentiment.

Crypto, as an evolving technology, requires strong leadership to navigate challenges and foster innovation.

Identifying a suitable figure is crucial for restoring confidence and driving further adoption.

The need for a new voice arises from recent events and a desire for renewed direction within the cryptocurrency community.

This individual will likely play a key role in shaping the narrative and influencing the future of decentralized finance.

A Shift in Crypto Leadership

The influence of Elon Musk appears to be waning within the cryptocurrency community, prompting Bitcoin enthusiasts to seek a new prominent figure to champion their cause.

This past weekend witnessed a substantial gathering of crypto investors and proponents at a Bitcoin-focused conference held in Miami. The event, a large-scale and well-organized affair, featured both crypto personalities and mainstream celebrities, all aiming to generate significant attention.

Although I did not attend the conference personally, livestreamed panels from the main stage were readily available. Numerous invitations to exclusive afterparties, complete with celebrity appearances and complimentary refreshments, filled my inbox. The cryptocurrency market has experienced unprecedented growth and wealth accumulation during its latest bullish cycle, and optimism remains high despite recent market adjustments.

Despite this prosperity, a central figurehead, a guiding influence, remains elusive.

For a considerable period, that role was occupied by Elon Musk, the CEO of SpaceX and Tesla. His support for Bitcoin, including Tesla’s investment and acceptance of the cryptocurrency for vehicle purchases, significantly boosted its value. However, as previously discussed, Musk encountered difficulties aligning Bitcoin’s substantial energy consumption with his publicly stated environmental concerns, leading to a somewhat fractured relationship (though a return to favor remains a possibility).

Several celebrities have attempted to step into this void, with a recent, unsuccessful endorsement by Soulja Boy serving as a notable example.

The history of cryptocurrency is marked by instances of fraud, a fact acknowledged even by those involved. There's a growing consensus that a true leader must be someone already financially secure, possessing no further need for monetary gain. This sentiment explains the respect afforded to Vitalik Buterin, the founder of Ethereum, who demonstrably prioritizes philanthropic endeavors – donating approximately $1 billion in cryptocurrency to COVID-19 relief in India. However, a vocal advocate, akin to Musk, is also desired, leading to a search for a “Beneficial Billionaire.”

Currently, Jack Dorsey emerges as a leading contender. While, like Musk, he holds dual CEO positions, his demeanor and approach to public attention differ considerably. He was a featured speaker at the Miami Bitcoin conference.

Dorsey’s most significant contributions to the crypto space are through Square, where he actively promotes cryptocurrency adoption. Square’s Cash App already enables users to purchase Bitcoin. Prior to his onstage appearance on Friday, Dorsey announced via Twitter that Square is developing a dedicated hardware wallet for secure cryptocurrency storage, independent of centralized exchanges.

“Bitcoin fundamentally alters everything,” Dorsey declared during his presentation. “I believe there is no more crucial endeavor in my lifetime.”

While Dorsey appears promising, his frequent positive commentary on Bitcoin, his defense of its environmental impact, and his subtle displays of support – such as a visible Bitcoin tracker during a congressional hearing – are somewhat overshadowed by his leadership of Twitter. The platform’s efforts to moderate problematic content, including actions taken against certain users, have created friction with the crypto community’s libertarian-leaning faction.

Dorsey’s speech was briefly interrupted by a heckler accusing him of hypocrisy, with others joining in the protest. However, demonstrating the composure expected of a potential crypto leader, he calmly allowed the disruption to subside.

Notable Tech News

Several tech stories garnered attention this week. Here's a summary of key developments.

Facebook's Trump Suspension Extended

Following recommendations from the Facebook Oversight Board, Facebook announced that former President Trump will remain banned from its platforms until at least January 2023.

The company has reserved the right to prolong this suspension if deemed necessary.

Twitter Access Suspended in Nigeria

The Nigerian government has moved to restrict access to Twitter within its borders.

This action, according to a government official, is due to the platform’s alleged use for activities threatening the nation’s stability. Twitter has expressed significant concern regarding this shutdown.

Stack Overflow Acquired by Prosus

Prosus, a major investment firm with substantial holdings in Tencent, has acquired Stack Overflow, a widely used resource for developers.

The founders of Stack Overflow have stated that the site will maintain its operational independence under the new ownership.

Spotify Enhances Personalization Features

Spotify has introduced a new section called "Only You," designed to provide a more personalized music experience.

This feature builds upon the personalization elements showcased in Spotify’s annual "Wrapped" review, including collaborative playlists and mid-year summaries.

Supreme Court Ruling on US Hacking Law

The US Supreme Court issued a significant ruling that places limitations on the scope of the Computer Fraud and Abuse Act.

This decision, supported by justices across the ideological spectrum, clarifies what types of actions can be prosecuted under the law.

Insight into Apple's App Store Origins

An insightful email exchange between the late Steve Jobs and Bertrand Serlet, SVP of Software Engineering, reveals the origins of the App Store.

This correspondence has been annotated by Matthew Panzarino, offering a unique perspective on Apple’s history.

Key Takeaways from a $6 Million Funding Round

Raising $6 million from 50 investors provided several important lessons. Despite a strong vision, securing investment proved challenging while still in the pre-product phase.

Investors questioned the team’s experience in the productivity/scheduling space or found the overall vision unconvincing enough to meet the desired investment terms.

The Impact of Slowing Growth

Initial success doesn't guarantee sustained rapid growth for technology startups. Many companies will ultimately achieve moderate growth, or even experience a decline after reaching a certain scale.

A significant number of tech companies ultimately perform adequately or fall short of expectations following their initial expansion.

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