Andrew Torba, the founder of the social media platform Gab had his Coinbase merchant account terminated according to the official Gab.com account on Twitter and in today’s blockchain news we will find out why.
Gab’s business account on Coinbase was closed somewhere in December 2018 and some sources say that one of the reasons that this happened is because it was extremely difficult for Gab to obtain a payment processor because of the reputation for being the one platform that people come to after they get banned from mainstream media for hate speech.
Gab was used in the past allegedly by the shooter in Pittsburgh where he posted a final message before he went on with the attack on the synagogue. After the shooting, Torba made clear that the shooter is not a representative face for the larger user base of his social media platform.
According to the website, Gab is a place where people can practice free speech and individual liberty. Users can get free flow of information here and all of those who appreciate the free speech is welcome.
Coinbase also terminated the merchant account of the nonprofit WikiLeaks due to terms of service violation. The founder of WikiLeaks, Julian Assange urged all of the donors to donate to the online publication in cryptocurrency in order to bypass the financial blockade by the national governments.
Many have written before about the liberating potential of Bitcoin saying that this cryptocurrency can improve the economic flow far away from the government’s reach. However, a writer in Times Magazine believes that fraud and the desire to earn a lot of money in a matter of minutes have thrown a huge shadow over blockchain and cryptocurrency, hiding their real potential.
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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
Bitfury Enters Music Industry With Blockchain-Based Open Source Platform Launch
“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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