Bitcoin (Currency)
The Humbling of Coinbase
The bloat was especially severe on Coinbase’s customer-service team. New staff members often felt that they didn’t have enough to do. “I got maybe four phone calls a day for a while,” said David Visini, a customer-service employee who was laid off. “It was dead, dead, dead.” Ms. Choi, the chief operating officer, acknowledged that […]
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The Crypto Market Crashed. They’re Still Buying Bitcoin.
“If you call out someone’s risks they’re taking, and they’re otherwise healthy, you can be accused of creating a run on the bank or being a troll,” said Michael Saylor, the chief executive of MicroStrategy, a software company that has built up a large Bitcoin reserve. “It’s kind of hard to explain this theoretically before […]
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Cryptomining Capacity in U.S. Rivals Energy Use of Houston, Findings Show
Seven of the largest Bitcoin mining companies in the United States are set up to use nearly as much electricity as the homes in Houston, according to data disclosed Friday as part of an investigation by congressional Democrats who say miners should be required to report their energy use. The United States has seen an […]
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Crypto Crash Widens Divide Between Rich and Amateur Traders
ENGLEWOOD, Colo. — The cryptocurrency market was in ruins. But Tyler and Cameron Winklevoss were jamming. The billionaire twins, best known for their supporting role in the creation of Facebook, twirled and shimmied across the stage with their new cover band, Mars Junction, at a concert venue outside Denver last week, the latest stop on […]
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Bitcoin Plummets Below $20,000 for First Time Since Late 2020
Square, another payments company, bought $50 million of Bitcoin and changed its name to Block, in part to signify its work with blockchain technology. Tesla bought $1.5 billion of it. The venture capital firm Andreessen Horowitz raised $4.5 billion for a fourth cryptocurrency-focused fund, doubling its previous one. Excitement hit a peak in April last […]
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Tether: The Coin That Could Wreck Crypto
Even by crypto’s often-surreal standards, Tether has a peculiar history. The company was founded in 2014 by Brock Pierce, a cryptocurrency evangelist who, as a child actor, starred in the “Mighty Ducks” movies. He and his partner, Reeve Collins, later handed control of the firm to a former plastic surgeon named Giancarlo Devasini, who has […]
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Inside Kraken’s Culture War Stoked by Its C.E.O.
Jesse Powell, a founder and the chief executive of Kraken, one of the world’s largest cryptocurrency exchanges, recently asked his employees, “If you can identify as a sex, can you identify as a race or ethnicity?” He also questioned their use of preferred pronouns and led a discussion about “who can refer to another person […]
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Crypto Firms Quake as Prices Fall
SAN FRANCISCO — No one wanted to miss out on the cryptocurrency mania. Over the last two years, as the prices of Bitcoin and other virtual currencies surged, crypto start-ups proliferated. Companies that market digital coins to investors flooded the airwaves with TV commercials, newfangled lending operations offered sky-high interest rates on crypto deposits and […]
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Bitcoin Drops 18 Percent to Lowest Price Since 2020
The cryptocurrency market melted down again on Monday, as the price of Bitcoin plummeted to its lowest point since 2020, wiping away years of investments. Bitcoin is down 18 percent over the last 24 hours, falling to about $23,000, its lowest value since December 2020, according to CoinMarketCap, an industry price tracker. Ether, the second-most […]
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