Bitcoin Fans Salute Billionaire Saylor, $0.006 at a Time

Michael Saylor’s firm MicroStrategy recently activated a special Bitcoin “Lightning Address” mapped to his corporate email.

Rather than QR codes or complicated strings of characters, Lightning Addresses allow users to direct bitcoin (BTC) to standard internet identifiers, such as email addresses or usernames.

So, BTC can now be sent to Saylor via [email protected]. 

Saylor shared a screenshot showing a steady stream of bitcoin tips flowing from fans, each one 21 satoshis (the smallest bitcoin unit, otherwise known as sats).

Bitcoin’s Lightning Network is a layer-2 scaling solution that makes BTC transactions faster and cheaper, although there are security trade-offs.

Lightning balances and transactions are somewhat private compared to Bitcoin mainnet. It’s not possible to reverse engineer either MicroStrategy or Saylor’s transactional history to determine just how “rich” Bitcoin fans are making Saylor (whose net worth is already valued at $1.2 billion).

Still, as of Monday evening, Saylor had netted 7,985 sats ($2.40), per his screenshot, and he’s almost definitely received more since then. Saylor’s MicroStrategy holds more bitcoin than any other public company in the world, with 140,000 BTC ($4.2 billion).

Loading Tweet..

Communicating through micropayments like these is common in crypto circles. Hacking victims have even negotiated with their attackers via on-chain messages tied to tiny crypto transactions.

Other instances involve sending BTC to fictional characters to break the fourth wall, as was the case when a BTC address tied to Elliot “Mr. Robot” Anderson briefly flashed on screen in season four.

Fans sent a total of 0.00443373 BTC ($134.14) to Elliot’s address over time, which was eventually withdrawn. Saylor may attract even more to his email-fused Lightning Address. 

But there’s a long way to go to cover Saylor’s potential losses resulting from his ongoing Washington, DC tax lawsuit. The former MicroStrategy CEO, now only executive chairman, is still on the hook for $25 million in unpaid taxes, ​​penalties and associated interest.

That works out to be 828 BTC at current prices, or more than 3.9 billion individual tips of 21 sats a pop.

Read more: The Best Bitcoin Loan Platforms of 2023

Updated Apr. 19, 2023 at 3:35 am ET: Added context about Saylor’s role at MicroStrategy.

Comments

Post a Comment

Popular posts from this blog

Coinbase is developing new stablecoin generation

The head of the Coinbase, Brian Armstrong, believes that flatcoins could become the next iteration of stablecoins. In an interview with Yahoo Finance, he stated that flatcoins are “the next iteration of stablecoins.” Coinbase has not yet started development in this area, but they are “interested in it,” Armstrong added. “[The Flatcoin concept is] a new thing on the horizon. There’s a couple teams working on it.” Brian Armstrong, Coinbase CEO Armstrong considers this idea “the best form of money in the crypto space” compared to the current cryptocurrencies and stablecoins. “I also put out a blog post talking about some of the future ideas on the horizon. And a number of our venture investments might go into things like that. But I talked about flat coins, which is kind of the next iteration of stablecoins that’s more maybe linked to CPI or purchasing power.” Brian Armstrong, Coinbase CEO What is flatcoin? Flatcoins are decentralized stablecoins that, for example, can be used
Read more

Shiba Inu: $1000 in 2020, Is Worth $7.5 Million in November 2023

Image
Shiba Inu (SHIB) witnessed a meteoric rise soon after its launch in August 2020. Within just one year, the token reached its all-time high. Early investors who got into SHIB when it was trading with about ten zeros after the decimal became multi-millionaires and, in some cases, even billionaires. If you put $1000 into Shiba Inu (SHIB) in August 2020, you would have received tens of trillions of SHIB tokens. The value of the $1000 investment would have grown to a whopping $7.58 million in November 2023. The increase in the portfolio’s value translates to a growth of about 758,703%. Also Read: Shiba Inu vs. XRP: Which Will Gain More by Christmas 2023? Source: Changelly However, if you had decided to sell when Shiba Inu (SHIB) reached its all-time high in October 2021, you would have walked away with an eye-watering $75.39 million. The trade would have resulted in a profit of about 7,539,215%. Source: Changelly Is buying Shiba Inu in 2023 a loss? Source – Outlook Despite
Read more

JPEX crypto exchange faces controversy over asset conversion

JPEX’s attempt to transition into a DAO has sparked controversy and frustration among some users. The users who claim their assets were converted without their consent. The exchange is also facing scrutiny from authorities in Hong Kong. In a surprising move, the JPEX cryptocurrency exchange has initiated a contentious DAO Shareholder Dividend Scheme, leaving some users in distress as their assets reportedly get converted without their consent. JPEX recently announced its intention to transform into a decentralized autonomous organization (DAO) and offered users the opportunity to convert their frozen asset s into DAO Stakeholder dividends at a 1:1 ratio. Additionally, the exchange introduced a repurchase option, allowing users to recover 30% of the conversion price after one year and 100% after two years. Disquiet among customers JPEX’s scheme was seemingly devised to tackle JPEX’s ongoing liquidity challenges, providing an incentive for users to lock up
Read more