This week in crypto, Justin Sun’s spit with Hive stirred up the Steem community, the incarcerated Silk Road founder Ross Ulbricht got a Times Square billboard, Libra gets a new general council, and Coinbase becomes a remote company.
Coinbase switches to working remotely first even after locking
Coinbase had to send her employees home when the coronavirus lockdown hit; the city that calls it home, San Francisco, forced with a few exceptions after strict quarantine. But working remotely has a “silver lining,” CEO Brian Armstrong said in a statement blog post: “It was less complicated to switch than we expected.”
“We estimate that between 20 and 60% of the company will work remotely to start (once the limitations of COVID-19 are lifted). If successful, we expect our remote population to grow organically,” wrote he.
Its eureka moment – why send a team of people to the office all day so they can sit alone? – was shared by other technology companies, such as Twitter and Facebook, who also plan to have some of their staff work remotely – COVID-19.
Armstrong realized that this not only fits office space – one floor of office space in ten cities – and commute times, but also fits in with his company’s alleged decentralization principle! “A mix of in-office and remote work allows us to take too much risk by centralizing too much in one location,” he wrote. (Of course Coinbase is a highly centralized entity).
Justin Sun pricks Hive with a stick
Justin Sun, CEO of TRON, still is locked in a fight with users of the Steem blockchain, which includes the Steemit social media site (essentially a decentralized version of Reddit).
In March, Steem users voted to lock up Steem tokens won by Steem owner Ned Scott, who was transferred to Sun when he purchased the site. Scott hadn’t used his use of the tokens to vote on the future of the network, but users were concerned that Sun would do just that.
Sun didn’t like this so I moved to take the administrators of the Steem network out of power.
That started an arms race between Sun and the Steem users. Knowing they could not overcome Sun’s immense treasure chest, a group of enterprising Steem users branched out the network. They have been launched Beehive, a network almost identical to Steem, except one: Sun and his supporters were unable to participate. Hive users could do that transfer over their Steem tokens, depriving Steem of both its wealth and its users.
Sun hates all this. He claims that the makers of Hive are hackers and have acted illegally. He is work with law enforcement to get back what he considers to be stolen money.
And recently, the Steem network (purportedly by Sun) voted to confiscate millions of dollars value of STEEM token from accounts associated with the rebel offshoot.
A “Anonymous Hero” retaliated and sent $ 5 million in funds to the Bittrex exchange, along with a note stating that “the money” had been stolen by the Steem witnesses “and” please return it to their original owners before the split. Bittrex then gave one pronunciation implying that it would return the money to the original portfolio holder, “provided that the owner or owners of the portfolio can prove that the money belongs to them.”
“A chain is the responsibility of the administrators, not their property. And that responsibility can be removed in an instant, ” tweeted Vitalik Buterin, Ethereum co-founder, this week.
Amber Baldet noted during the consensus: distributed conference earlier this month that: “Decentralization is not just ‘oh, we have all taken over my protocol, “but it’s more about having all these different choices.”
What will Sun do next?
Silk Road founder gets Times Square billboard
Ross Ulbricht is currently serving double life imprisonment without parole. He founded Silk Road, the first dark web marketplace to trade smuggled goods such as drugs and hacked credit card information for Bitcoin. His parents are seeking grace for Ulbricht, whose site generated $ 214 million in sales before it was shut down by the FBI.
Now, one “Generous supporter” has bought billboard space in New York’s most populous hub, Times Square, according to Free Ross, the campaign for its freedom. It says: “Free Ross”, a link to FreeRoss.org, the website about Ross that is run by his parents.
The campaign added that “no # FreeRoss money was spent on it.”
A petition for Ulbricht’s grace, launched after his imprisonment, has reached 291,000 signatures. It will be sent to US President Donald Trump when it reaches 300,000.
Libra Association hires general advice
The Libra Association-the controversial kind of-stablecoin network directed by Facebook, this week appointed her first general counsel.
The lucky candidate is Robert Werner, founder of GRH Consulting and former director of the Financial Crime Enforcement Network (FinCEN).
Werner was director of the Office of Foreign Assets Control (OFAC), senior counsel to the Undersecretary for the Treasury for Terrorism and Financial Intelligence, and assistant general counsel for enforcement and intelligence in the general counsel’s office.
He is Libra’s latest high-profile rental after the appointment of his first CEO, Stuart Levey. Levey is HSBC’s Chief Legal Officer and a former Undersecretary for the Treasury for Terrorism and Financial Intelligence – a position he held in both the Bush and Obama administrations.
Werner has a tough job. Libra is widespread throughout supervisors and private companies, who are concerned that Facebook, and the approximately twenty other companies in the Libra Association, the the central bank of the world.
At launch, currently scheduled for sometime in the second half of 2020, the value of the Libra coin will be linked to a basket of fiat currencies, the relationship that the Libra Association will control. This takes power away from central banks, which work in the public interest.