Bitcoin Forum

One of the great advocate of Bitcoin and CEO of social media platform Twitter and founder of Square, Jack Dorsey is now officially running his own Bitcoin node on the blockchain network as tweeted by him.He has previously promoted the growth of Bitcoin by launching #bitcoin for the users and allowing users to buy Bitcoin through his cash app.He is one who strongly believes in Bitcoin and always happy to admire the efforts of other in progressive way but now this time he has setup his own node which means he will validate transactions and add them in the block and mining btc as rewards using his node.He tweeted this on Friday:

https://i.ibb.co/pbQbXdX/Screenshot-20210207-013738-01.jpg (https://ibb.co/2WSWKdK)
upload photos online free (https://imgbb.com/)

The article further provides the detail for the same:Coindesk (https://www.google.com/amp/s/www.coindesk.com/twitter-ceo-jack-dorsey-bitcoin-node%3famp=1)

The global leaders who knows its importance are standing in favour of it and utililizing it's benefits.Jack Dorsey has involved himself at the time when mining has become difficult and costly as you need more hashing power and electricity to solve the cryptographic puzzle faster than other networks even if the rewards have been reduced to 6.25 btc per block mined.The only reason is you will still have good amount left with you when the prices will skyrocket in the future and you will ignore mining cost at that time.So isn't it interesting for you?

Jack Dorsey's payment firm Square has joined the patent protection consortium the Open Invention Network. According to the company, this step is an attempt to protect the cryptocurrency industry from a flood of patent lawsuits similar to those that pursue smartphone developers, and to promote the growth of the sector. https://ca.finance.yahoo.com/news/square-inc-joins-open-invention-090000946.html

That is wrong. Running a full node isn't equivalent to mining. They cannot mine a block just by running a full node, you need sufficient computational power for that, for which he definitely doesn't have. In a perfect world, economics might function on a supply-demand concept but it is hardly the case. It is just wishful thinking for people to assume that it will rise just because of it's deflationary principle.

If anything, the tweet is only to raise more awareness. It is easy to run a full node and everyone can do it. It isn't a big deal for anyone to do so.

I could almost guarantee that Jack Dorsey—being quite a technologically gifted person(understatement), has been running his own full node for a while now. This Tweet is most likely just an endorsement of running your own node, not necessarily that he just set up his own node for the first time.

I was going to say this. OP the basic concepts should be reviewed. I don't have much technical knowledge but that difference is clear to me.


What I see as good about the news is that it is one more step in the popularization of Bitcoin. Even people who do not understand much about Bitcoin but see the news thinking having a node=mining, see that someone known is getting more involved.

This news came out early this year. It was headlined in many publications, crypto publications particularly. There was no indication that Jack was already running his own node earlier. Jack's announcement came out as a sort of saying he is now supporting Bitcoin in another way. But he is of course already a strong Bitcoin advocate when he did this. He already made positive statements and pitched for Bitcoin years before he started running his own node.

Sure he hasn't announced in an earlier time; but do people in general actually need to announce the fact that he/she is running a node the first time he/she sets it up lol? I mean it's definitely a good thing, but on the other hand it really is nothing groundbreaking and newsworthy. Just like how when Jack showed the world that he has a BlockClock, doesn't necessarily mean that he literally just bought it.

Maybe I've lost faith in humanity but whenever I see something like this I immediately remember Elon Musk and others like him who started the same way and people thought it is going to help "in popularization of bitcoin" but it ended up only giving them some popularity which they abused in the end.

He has sold an NFT garbage and talked about creating a DeFi platform, so I wouldn't be so sure about his intentions...
As they say "Beware of Greeks bearing gifts".

Yea, there will always be good actors and bad actors. I just think that we should give him(or anyone) the benefit of the doubt. Something something innocent until proven guilty.

As for the NFT, it was donated to charity. And as for the DeFi platform, he's pushing it to be developed on Bitcoin.

I agree 100% that it's all about his image, about his popularity.
But for now I see a difference though: Jack has to maintain a good image in bitcoin community for the sake of his businesses, whether we talk about Square, or his upcoming hardware wallet or whatever he has in mind. On the other hand most of Elon's businesses are - by far - unrelated to crypto/bitcoin and he has his own destructive way to abuse his popularity, proven by his past, even before the bitcoin story.

I agree, everyone can run a full node if you are capable, so I think Jack being in the bitcoin market for many years now could have been running it for years already. Maybe this tweet is to show his full fledge support on BTC and maybe others would run their own node too. Just a little technical know how and you are good to go. And then of course, he wanted to be that influential (in a good way).

OP, I’m very confident that he has been running his own full node from the first day that he started HODLing Bitcoin. His post might simply be a reminder that you’re only actually using Bitcoin through your own node. OR, that’s his 10th node. He might be searching for the perfect set up. Hahaha.

So.. the "announcement" being a big deal or not, how does it change the fact that it's highly likely that he has been running his own node for a while now? My main point still stands.

Twitter users on iOS devices have the opportunity to accept donations via the Lightning Network. To do this, you need to connect a third-party service like CashApp to the profile. https://www.coindesk.com/tech/2021/09/23/twitter-to-add-bitcoin-lightning-tips-nft-authentication/

That might be true but the screenshot shows that the progress for his initial block download is still at 0.02 meaning he has just downloaded 20% of the blockchain data yet.
This does mean that he his starting the full node all over again or may be it can really be his first time.
But it's good that he is showcasing it to the people and now I guess more people will follow his lead.
Happy to be a full node myself  :)

Twitter's head of marketing, Justin Taylor, posted a video demonstrating an interface for working with NFT, which Twitter platform members will be able to use as avatars. To use NFT instead of a profile photo, the user will need to connect a digital wallet and select a token. The blockchain in which the asset is released will be displayed next to the avatar.

Users will also be able to showcase their collections. Twitter promises to add the corresponding Collectible tab to the activity menu.

This is probably a reference to Hal Finney's 2009 tweet:

https://twitter.com/halfin/status/1110302988

Jack Dorsey said that Square is considering the possibility of creating an open source bitcoin mining device. According to Jack, in order to increase the stability of bitcoin, mining should become more decentralized, simpler and more accessible.

I also think that this is not his first private Bitcoin node. Especially since he has been a supporter of Bitcoin for a long time.
But isn't it possible that he is referring to the first Bitcoin node running by Twitter itself? After all, Twitter is planning to support Lightning transactions soon. Thus, the assumption would not be so far-fetched.

This could also be one adding factor to the recent up that we saw.

Actually too many factors that we can think of with the recent price increase and everything that's related to the positive news like this is part of it.

Jack is serious with bitcoin and has been adding everything he can to contribute to price increase.

anyone "serious" about bitcoin purely for a FIAT profit.. is not that serious about bitcoin

He benefits from using this node of course he is going to be seriously making money. Having a node and an LN on it for Twitter users will be making a profit it's like owning a network of Billions of users. Scooping all the fees within the network is an endless flow of BTC without having to do mining. I'm not sure if he does it already but advertising on Twitter with BTC payments will make him more money.

We admit it or not, we all benefit from what he's doing.

Let's say he takes purely profit in fiat with his adoption and everything positive he does for bitcoin. While us, we're benefiting to the adoption that he contributes to the community.

We're good with that, still win-win for a small holder like me.

To me, Jack is a great person, he always does his best and has a great influence on the crypto space.  Applying fuel reduction, balance guarantee to bitcoin is a great idea.  With the mining problem decreasing from China FUD, Jack knows well that POW needs further micro-development and optimization to ensure the security of the entire bitcoin network.  For Jack, bitcoin is very important to the existence of Twitter… he always takes bitcoin seriously.  I hope it will be of great help to the bitcoin network

Jack made a tweet dedicated to hyperinflation associated with a 30-year high in consumer prices in the US. CEO microstrategy Michael Saylor responding to Jack's tweet says bitcoin is a solution to Inflation.

Jack Dorsey published a link to the white paper of the decentralized bitcoin exchange TBD based on his payment company Square, the project was named tbDEX. The platform will use decentralized networks to exchange assets, providing a basis for establishing public trust.  https://github.com/TBDev-54566975/white-paper

Jack Dorsey has confirmed that he has left the post of head of Twitter. According to the press release, the Board of Directors unanimously appointed Parag Agrawal as CEO and member of the Management Board. Previously, he held the position of technical director of the company.
Dorsey will remain a member of the board until his term expires at the shareholders' meeting in 2022.

Maybe Jack wants to dedicate more time to Square with making new hardware wallet and his announced tbdex bitcoin decentralized exchange.
I just hope twitter won't fall into some new level heavy censorship without him.

I'm very interested if he will now focus more on Bitcoin. Perhaps making a new Bitcoin focused company, or focus on building Bitcoin more into Square.

It's good he got LN tips on Twitter before he left. But too bad he didn't get some of Twitter's balance sheet in Bitcoin before he left. I think this drops Twitter out of contention for being one of the next big public companies to start adding Bitcoin to their balance sheet.

I gotta think he made this move to focus more on Bitcoin related things.

The thing is, he is a billionaire with the resources to throw at any number of projects he chooses or he could simply retire while having more money to spend every day than most people will see in a lifetime. It's quite possible we will never hear of any future projects he starts working on, because nothing is likely to eclipse the Twitter site that he built over the years. I hope he spends his future time and money on charitable causes, he has always been a rather quiet leader compared to people like Zuckerberg or Elon. He already launched Tweet bitcoin donations if I recall correctly which will be a huge benefit to the wider Bitcoin promotion and uptake.

Bitcoin nodes are not too special and everyone can run a Bitcoin in full node or prune node mode.

Don't exaggerate what Jack Dorsey did just because he is a billionaire and run his first Bitcoin node. Because Bitcoin has a decentralization so his node has same importance as other nodes on the network.

His node does not have more importance than other 9k2 nodes on Bitcoin network.
https://bitaps.com/

You are confused about how things work.
You can't make money by running a bitcoin node. In other words there is only security and privacy incentive to run a full node not monetary.
As for LN nodes, the amount of fee they can earn is so minuscule that you can't call it "profit" or "making money" as you put it. It is a small incentive to handle transaction routing but not exactly a reward.

The benefits Dorsey gains from his tweets involving bitcoin is popularity then he starts projects like his centralized decentralize exchange (https://bitcointalk.org/index.php?topic=5372301.0) where he can use that popularity to attract customers and make money.

He is more focused on other projects like you mentioned and has given some hints that he is into deep bitcoin promotion and adoption like running a node, creating hardware wallet,LN tipping system on Twitter and now the exchange and all other but we hope the same as you said and it remains the same old way as it is free from any control.

He has gained enough popularity and with tweeting and making some good btc initiative like selling first tweet as nft to donate the money for charity causes.He might be confused that nodes are making money but you explained him the same that they are not into profit generating and Dorsey has many ways to make money and is already having good amount.

I totally forgot about the NFT garbage he sold for a lot of money. It's funny how everyone who wants to make money through shittokens mentions "charities" too. I have already seen it 3 times among some celebrities who have sold various types of shittokens to the public for millions of dollars!

Yes, you are right about this and there is already confirmation of this :) : Square has announced a rebranding, it will change its name to Block, the company will change its legal name on December 10. Its shares will continue to be listed on the NYSE under the ticker SQ. The Square Crypto project focused on bitcoin promotion will now be called Spiral.

So Square is now renamed to Block (boring name) and this probably means that all devices they make will be renamed, including future hardware wallet.
I checked their website and everything is still in Square(s).

Even the biggest preminer Vitalik Buterin donated bunch of his shittokens to charity but is still holding his dear premine, except foundation coins that he sells on regular basis.
I don't know who even use that junk now with crazy fees, and he was complaining about fees for Bitcoin that can't be internet of money  :D

Someone also bought a jpeg image of some rock for million dollars and they are trading such things for the same amounts and all wants to jump in without having look at it and these shittokens are being distributed at wide scale now and those who have so much are again making more out of others pocket.

I also heard about the same that they are changing the name and stepping down from Twitter CEO position but see what they are planning on next.

The latest hard fork has also not helped and the network is still witnessing high fees and just imagine paying more than the transaction in fees is stupidity but still if he thinks that ETH is superior then leave him in imaginary world.

The following part from Jack's resignation letter/email reminds me of a certain someone :)
^{- I salute him for that!}

• Quote from: https://twitter.com/jack/status/1465347002426867720
  I believe it's critical a company can stand on its own, free of its founder's influence or direction
  

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It appears that apart from the "Square Crypto to Spiral" change, everything else will remain the same:

• Quote from: https://www.businesswire.com/news/home/52543725/en
  There will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands.

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Based on my limited knowledge, it's not yet fully implemented ^{[it'll happen at some point in 2022]}; hence why it still has unreasonably high fees!

Jack Dorsey's Spiral presented a set of LDK (Lightning Development Kit) tools for the development of cryptocurrency wallets and other technical solutions based on the Lightning Network.
https://www.youtube.com/watch?v=oOT78Bgy1Qw
https://lightningdevkit.org/

Block CEO Jack Dorsey noted that the Internet of the Web 3.0 concept based on blockchain will not be decentralized due to the strong influence of venture capital.
https://twitter.com/jack/status/1473139010197508098

Well, when a developer just starts working on a project, he is looking for someone who can invest in it to continue working, but after gaining popularity, he begins to doubt the independence of others

Well they are investing to run a different project which is quite different from Twitter and square CEO. This is a risk because people are already familiar with the bitcoin they are using so the chance of their getting attracted towards bitcoin node are lesser but as the investors are well-known and reliable for everyone so there are a little bit chances that they may be giving give aways to make it familiar to everyone.