Reddit co-founder Alexis Ohanian has joined Twitter CEO Jack Dorsey and Tesla CEO Elon Musk in updating their Twitter bios to "#Bitcoin." Ohanian’s bio update seemed to be in response to a tweet by tech entrepreneur and former Coinbase chief technology officer Balaji Srinivasan. As part of the tweet, Srinivasan highlighted the growing appeal of Bitcoin to the likes of Musk and Dorsey, calling Bitcoin (BTC) “the flag of technology.” Ok changing the bio.....#Bitcoin https://t.co/LOYYdRAfqY — Alexis Ohanian Sr. 7️⃣7️⃣6️⃣ (@alexisohanian) January 29, 2021 The Reddit co-founder is a known crypto advocate and has previously revealed that he holds a …

The influence of Reddit’s r/Wallstreetbets subreddit has apparently spread to the cryptocurrency space, after a new coin appeared at the top of CoinMarketCap’s rankings on Friday. Dubbed WallStreetBets (WSB), the new coin apparently gained in excess of 130% in the past 24 hours, with a daily trade volume of $100 million. However, the new coin appears to be the latest in a series of jokes played by the CoinMarketCap team. The coin’s page on CMC features the following message: “All UR MeMes R belong to us and Charmander-marth!!11. We seek alpha and master beta. Please note that this is a …

Dogecoin (DOGE), a meme coin created as a joke, has seen a groundswell of Twitter activity in the past 24 hours after attention was thrown on the coin by the now-infamous Reddit group responsible for pumping the share price of GameStop. Dogecoin’s Twitter volume — the number of daily tweets versus the 30-day average — skyrocketed 1,787% on Thursday, according to crypto data provider The TIE. In total, there were 89,991 tweets about DOGE over a 24-hour period. In fact, The TIE’s data suggests it’s the first time any altcoin has surpassed Bitcoin in terms of volume. Dogecoin tweet volume …

Legislators are responding fast to the madness surrounding GameStop and AMC shares and the hedge funds selling them short. On Thursday, Chairwoman of the House Financial Services Committee Maxine Waters announced a coming hearing on short-selling. Sherrod Brown, the incoming chairman of the Senate Banking Committee, similarly called for a reexamination of stock market rules. Short-selling has been the subject of widespread controversy as the past two days have seen wild volatility for certain securities, especially Gamestop. Retail traders, communicating via Reddit and buying on Robinhood, have been busy buying up GME in the face of soon-to-expire short positions from …

Popular social media network Reddit, which counts over 1.7 billion monthly visits, is deepening its ties with the Ethereum Foundation in what it has formalized as its first-ever blockchain partnership. According to an announcement from Reddit admin u/jarins, the aim of the partnership will be to increase the site's “commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors.” In 2020, Reddit had already initiated two, large Ethereum-focused projects. The first, an application called Community Points, was a rewards system that awarded redditors with ERC-20 tokens …

The success of the GameStop short squeeze in pumping the price above $370— and the reaction from centralized authorities and markets to it — has highlighted the need for decentralized finance, according to some in the crypto industry. The stock, which was trading at less than $20 per share earlier this month, was deemed by members of the r/WallStreetBets subreddit to be under attack by a hedge fund which had disclosed a large short position in the stock. As a result of the pump coordinated on Reddit and executed by individual traders using platforms like TD Ameritrade and Robinhood, hedge …

A Redditor named “u/FollowMe22”, 27, says he has finally sold off the last of his Ether (ETH) stash acquired back in 2016. According to the Reddit post, he began buying ETH back in 2016 when the price was slightly above $2, adding: “I put my whole tax return in 2016 and threw a couple hundred at it whenever I could. I didn't buy a car and biked to work to save money. I remember at the time thinking there was about a 1/3 chance it would 100x, so there was an asymmetrical risk/reward in my opinion.” The Redditor said that …

Reddit’s r/Bitcoin community continues to pull on our heartstrings. On Thursday, a user by the name of “u/Bigtony96” claimed to have sold their entire Bitcoin (BTC) stash to pay off their parents’ mortgage. The Redditor supposedly unloaded a total of 6 BTC accumulated over the past three years to close out the remaining balance on their parents’ home. They said there was enough money left over to cover taxes and, possibly, buy a new car. “Today is the day I've dreamt of for the past several years, and it feels so surreal,” the user said. In the post, u/Bigtony96 explained …

A Reddit user by the name of “satoshinakamoto7” claims to have used their free MOON tokens to pay this month’s rent, offering another sign that cryptocurrencies are beginning to add real value to people’s lives. In a post that appeared on Tuesday, satoshinakamoto7 said they had burned through all of their cash savings and gold during the pandemic after being without a job for ten months. That’s when they remembered that they had over 14,000 Moons in their possession. The user explained: “I was wondering what to do for the rent, for a week now. And just remembered I had …

A Reddit user by the name of "u/Cryptorich13" has capitalized on the social media platform’s crypto reward system by converting his stash of free coins into Bitcoin (BTC). In a Sunday post, u/Cryptorich13 explained how he converted his 80,000 Moon reward into Bitcoin earlier this year. The value of his holdings has ballooned following the latest Bitcoin price pump. He said: “I shitposted a lot in 2017. I was awarded 80k reddit moons earlier this year which I sold on the rinkeby testnet using XDai and honeyswap and immediately bought BTC with it. (0.92 BTC to be exact).” U/Cryptorich13 claims …

The United States Federal Trade Commission is making the giants of social media account for their user data practices. On December 11, the FTC published orders for special reports from unnamed social media companies. The commission's stated aim for the reports is: "To compile data concerning the privacy policies, procedures, and practices of Social Media and Video Streaming Service providers, including the method and manner in which they collect, use, store, and disclose information about users and their devices." The initial orders, however, did not include the names of the companies involved. On Monday, the FTC publicized that the orders …

Many late adopters of Bitcoin often lament the fact they missed out on the chance to purchase coins when the price was under $1,000, $100, or even $1. However, one Redditor says his own situation is even worse as he’s forced to compare his “dumb” decision to invest in silver against his twin brother’s much wiser decision to back Bitcoin. The story — which may be apocryphal given the source is a throwaway account named “TheDumbTwin” — claims the two brothers each received a $100,000 inheritance in 2013 but took drastically different financial paths. “I’ve been a silver bug, and …