Silicon Valley Giant Spat Over Crypto's 'Currency of the Internet' Status Highlights Inevitability
FN Media Group Presents USA News Group News Commentary
VANCOUVER, B.C., April 26, 2022 /PRNewswire/ -- USA News Group – Bitcoin (BTC) or Dogecoin (DOGE)? Which cryptocurrency will prevail and be embraced as the "currency of the internet and the people"? This question recently caused a brief but intense spat between a pair of Silicon Valley giants: Jack Dorsey, the co-founder of Twitter Inc. (NYSE:TWTR) and CEO of Block, Inc. (NYSE:SQ), and Vlad Tenev, CEO of Robinhood Markets, Inc. (NASDAQ:HOOD). Dogecoin has surged over the last two years in popularity and mindshare, to knock at the door of #2 cryptocurrency Ethereum. Soon after SpaceX CEO Elon Musk began making a serious play to acquire Twitter, DOGE prices shifted, causing Forbes to infer Dogecoin as a 'Proxy for Twitter Stock'. As the debate rages onward, cryptomining specialists have benefitted such as Neptune Digital Assets Corp. (TSXV:NDA) (OTC:NPPTF), and Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF) which recently combine its crypto mining capabilities with its successful video livestreaming and matching businesses.
The newly launched DogeChat and DoggeChat apps from Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF) are set to allow users to match and/or video chat with other individual users from across the globe. When a connection is made, 1-on-1 video calls will generate revenues on a per-minute basis, paid for by the call's initiator to the call's receiver—now with the option to pay in crypto, which Hello Pal also is in the business of mining.
"We expect these apps to be very synergistic to our current livestreaming and crypto-mining operations," said KL Wong, Founder and Chairman of Hello Pal. "They will not only bring into our existing ecosystem new users from different markets, but also allow us to start implementing our goal to make the use of cryptocurrency more widespread in the world, starting with our users."
Where DogeChat payments will be made in DOGE and other cryptocurrencies, DoggeChat payments will be in fiat currencies made through Apple Pay and Google Pay. First to launch will be DoggeChat, before DogeChat is launched at a later date, using the same user pool. However, regular users of DoggeChat will be incentivized in various ways to switch to DogeChat.
Hello Pal made history back in May 2021 by becoming the market's first listed company focused on DOGE mining. Reaction to the announcement was swift, causing a surge in traffic so heavy it temporarily caused a website outage.
Both the DoggeChat and DogeChat launches represent Hello Pal's market expansion into the burgeoning 1-on-1 video chatting space, as well as its foray into the North American market.
More significantly, it also represents their plan to start incorporating cryptocurrency payments into their social and livestreaming businesses.
Meanwhile, in terms of revenues from cryptocurrency mining, Hello Pal and Neptune Digital Assets Corp. (TSXV:NDA) (OTC:NPPTF) have similar market caps and both recently reported strong revenues from their operations.
Back in February Hello Pal, was still transitioning its mining operations out of China, while increasing its mining assets and improving upon its crypto-mining operations infrastructure.
"Our livestreaming operations continue to deliver strong operating results as we continue to diversify outside of China," said KL Wong. "With our focus on cryptocurrency mining operations, we anticipate that revenue and profit will continue in an upward trend."
Whereas Hello Pal focuses its mining on DOGE, Neptune Digital Assets focuses more on BTC.
During Q1 2022, Neptune Digital Assets set a fiscal quarter record with C$13 million in comprehensive income, derived from not only mining, but staking and DeFi earnings and crypto fund investment as well.
"We hope to see the general crypto space grow as we move forward into 2022 and our Bitcoin mining, staking, and DeFi earnings to increase accordingly as we grow those arms of the business," stated Cale Moodie, Neptune CEO. "We anticipate another 53 petahash of mining capacity to come online in Q2 thus growing our Bitcoin earnings. We are staying true to our diversified model and will continue to manage our risk while maximizing our earnings across the board."
Which brings things back to the feud on Twitter Inc. (NYSE:TWTR) between Jack Dorsey CEO of Block, Inc. (NYSE:SQ), and Vlad Tenev, CEO of Robinhood Markets, Inc. (NASDAQ:HOOD).
Tenev began the conversation, positing in a Tweet: "Can #Doge truly be the future currency of the internet and the people? As we added the ability to send/receive DOGE on Robinhood, I've been thinking about what that would take."
He went on to claim that Dogecoin could outperform Visa with respect to transaction speedsd, and that the crypto coin's transaction speeds would eventually surpass the credit card giant's current 65,000 transactions per second (TPS) capabilities.
"Doge would need to be able to significantly outperform Visa, which entails increasing throughput by at least 10000x," wrote Tenev.
While there was plenty of support for Tenev's musings, others on Twitter began to push back, including the social media platform's co-founder and former CEO, Jack Dorsey, with pointed barbs that reflected some of the audience's skepticism due to Robinhood's more recent dependence on DOGE for its revenue and profits.
Dorsey responded to Tenev's final tweet with a snarky, "u thirsty?", to which Tenev fired back with "U mad?"
Not leaving it alone, Dorsey replied, "nah I'm good I don't use Robinhood."
Tenev cleverly got the final word, capitalizing on an opportunity for Robinhood plug, replying "you would pay less for your bitcoin if you did!"
Twitter Inc. (NYSE:TWTR) itself isn't playing a spectator in the cryptocurrency scene, by working with online payments firm Stripe to become the first company to integrate a new payment method that makes payouts in crypto through the stablecoin USDC. Beginning right away, Twitter will let a certain number of creators receive their earnings from its paid Ticketed Spaces and Super Follows features in USDC.
Block Inc. (NYSE:SQ) CEO Dorsey has gone all in on Bitcoin, with his departure from Twitter leading Bloomberg's Businessweek to claim his intention is become Bitcoin's "Spiritual Leader."
His company is set to work with cryptocurrency storage company Blockstream to construct a solar-powered BTC mining facility in Texas. The 3.8-megawatt (MW) facility will be outfitted with Tesla's solar photovoltaic cell array and a 12 MWh Megapack.
As some were criticizing Tenev for being biased in his support of DOGE, the seemingly critical anti-Dogecoin and anti-Ethereum statements of Dorsey while being hyper-focused on BTC could also be seen as biased.
For more information go to: https://usanewsgroup.com/2020/11/16/live-streaming-is-taking-the-market-by-storm/
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USA News Group
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