Twitter CEO Jack Dorsey Shows off Bitcoin Lightning Network Node

Francisco Memoria

Twitter co-founder and CEO Jack Dorsey has recently shown off a recently received Bitcoin Lightning Network full node he got from Casa, further showing the entrepreneur’s commitment to the flagship cryptocurrency and its layer-two scaling solution.

The node Jack Dorsey showed off on Twitter is one being sold by Casa for $300, that already comes with a gold membership on the company’s platform, and is already pre-synced to make it easier to set up.

The Casa Node, a plug-and-play solution, is built with Raspberry Pi 3B+ and comes with cables that help users get going. Running a full Bitcoin node helps validate the cryptocurrency’s blockchain, contributing to its decentralization and security.

Since Casa’s node allows Dorsey to participate in the Lightning Network (LN), the cryptocurrency’s layer-two scaling solution, the entrepreneur may also contribute to its liquidity. The LN’s capacity surpassed 50 BTC late last year, and is now over 733 BTC.

Dorsey, who’s also the CEO of Square, the company behind the Cash app, which lets users buy and sell bitcoin, has notably invested in the LN last year, helping it become a reality. Last month, he backed a ‘trust game’ based on it that saw users pass a ‘torch’ worth hundreds of thousands of satoshis to one another.

As CryptoGlobe covered, data from cryptocurrency analytics platform Data Light has shown that 74% of all Bitcoin nodes are located in only 10 countries, with the US alone having over 2,600 nodes.

Behind the US are Germany and France, with 2,016 and 698 Bitcoin nodes respectively. The countries with the greatest Bitcoin nodes per capita were Singapore and the Netherlands, at 17,700 and 32,000 citizens per node.

Could President Trump Ban Bitcoin? Experts Weigh In

  • Experts weigh in on the possibility of President Trump banning bitcoin.
  • Increasing concern over libra and large platform digital currencies is driving political agenda. 

Following last week’s attack on bitcoin and Facebook’s libra, experts have voiced their opinion on whether US President Donald Trump could realistically impose a ban on cryptocurrency. 

Not a Fan of Bitcoin

On July 11, President Donald Trump published a series of tweets attacking bitcoin and digital currencies, while championing the dollar. 

President Trump’s comments come in the midst of growing concern over Facebook’s libra, as political regulators around the world scramble to enact policies to deal with the rise of digital currencies. 

Members of the crypto community have questioned the impact of the US President taking an unfavorable stance towards bitcoin. Some crypto pundits predicted the tweets would be good for the price of BTC and ultimately increase exposure to cryptoassets. However, others worry that political influence may lead to a crackdown on cryptocurrency usage. 

Scenarios for Banning Crypto

Alex Kruger, economist and market analyst, published a tweet thread examining the legality and possibility of President Trump banning bitcoin. 

According to Kruger, It would be almost impossible for the US government to outlaw bitcoin as a technological instrument. Aside from the Herculean task of eradicating a decentralized, digital technology, bitcoin is code, which is protected under the first amendment.

However, that same protection is not extended to third-party operators, including cryptocurrency exchanges. 

Kruger quoted Abra CEO and Founder BIll Barhydt, who explained in a Forbes article how the government could target fiat onramps to exchanges, 

“You can’t prevent people from holding ones and zeroes on a device in their pocket. That ship has sailed. We already know that. The question is: What can they do at the edge of the network -- the onramps and offramps, the places where they exert control over the banking system, the exchanges, [and the] stablecoins.”

The US government could prevent retail investors from having access to crypto-assets through exchanges and prevent banks from allowing transfer of funds. Users would still be able to buy crypto through alternative channels, but the current ease of investing would be severely hampered. 

Unlikely, But Not Impossible

President Trump could also issue an executive order banning citizens from dealing in bitcoin, similar to the one he issued against the Petro. While there is a precedent for this route, Kruger claims the order could be easily overturned by Congress, 

Ultimately, Kruger believes that it is unlikley the President or Congress would move to ban bitcoin, and it would be difficult to enact fool-proof policy. However, it's worth considering the political landscape as regulatory concerns mount over Facebook's libra.

Just last week, a copy of a bill reportedly drafted by the House Financial Services Committee surfaced online, under the title "Keep Big Tech Out of Finance." The bill would put an end to Facebook and other large platforms from issuing digital currencies without incurring a severe penalty.

The same could be extended to bitcoin in the event the government finds crypto-assets no longer tolerable for the general public.