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| October 23, 2018

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Disney pulls the plug on its proposed luxury hotel in Anaheim, citing the loss of a tax break

October 11, 2018 |

The Walt Disney Co. has canceled plans to build a 700-room luxury hotel near its Anaheim resort, citing the city’s elimination of a tax rebate agreement that would have saved the media giant $ 267 million over 20 years.

The cancellation of the hotel — what would have been the fourth at the resort…


L.A. Times – Business

PayPal Pulling Plug on Alex Jones’ InfoWars

September 21, 2018 |

Another day, another digital banishment for Alex Jones and InfoWars. This time, it’s PayPal, which informed InfoWars of the ban on Thursday, saying the site violated “acceptable use policy” by promoting “hate,” The Verge reports. Among other digital platforms that have recently banned Jones—infamous for promoting conspiracy theories, harassing…
Newser

Square’s Big Week: Crypto Patent, Shares Leap and Lightning Plug

August 30, 2018 |

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug

Smartphone app payments company Square has had a pretty big week. It was revealed the company is further dipping its toes in the cryptosphere through a granted payments patent, and it’s causing quite a stir. Wall Street analysts have deemed the company a golden goose, thereby helping its stock price jump by 6%, and it’s finally getting an Apple-ready Lightning plug to ease users’ and merchants’ worries about design changes.

Also read: Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push

Square Granted Patent for Crypto Payment Network

Merchants using the Square digital payments platform will soon be allowed to accept virtually any cryptocurrency, if the patent granted to the publicly traded company is to be believed. Ecosystem news outlet CCN appears first to have uploaded the 30-page approval document from the US Patent & Trademark Office. The company’s application was submitted Fall of last year, and the approval is dated from a few days ago.   

Converting from fiat currencies into crypto is something that has been done for years within the ecosystem by platforms such as Bitpay. The difference with Square is that it hits the crypto world already well established among millions of merchants. One of the most difficult aspects of spreading adoption among businesses is convincing them to also come along on other aspects of the infrastructure, from wallets to specialized point of sale systems. Square skips all of that, and thus its power.

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug

One immediate worry for any mainstream payments company dabbling in crypto is a possible slowdown in confirmations, as in the case of bitcoin core (BTC) during late 2017, impacting transaction times. According to the patent, Square has its own private blockchain, which could theoretically allow the company to monitor balances before final wiring/broadcasting. Double-spending is still possible, though difficult, but Square has smartly taken that burden off merchants and placed it on its own shoulders.

“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies,” the patent reads, “including virtual currencies including cryptocurrencies (bitcoin, ether, etc.)…than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies. Specifically, the payment service described herein can facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice.”

Square Lauded, Jumps 6%

The most highly touted crypto patent by a publicly traded company has been Bank of America (BA) adding to its collection. To anyone’s knowledge, BA has yet to act on any of them. Some have suggested they were only used as ways to market the legacy bank more than anything else. Square might be different here, again, though it doesn’t have to be. Its CEO has more or less predicted bitcoin core (BTC) will be a world standard currency within the decade.

Whatever the actual case, it has been a good week, news-wise, for Square. On top of making the ecosystem buzz with a crypto payments patent, its shares rose by 6% after Guggenheim showered it with praise as a “best idea” within the financial technology space. It went further, suggesting Square is its “highest conviction name” in the sector, and raised its price call from $ 75 to $ 100.

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug

In 2018 alone, the company’s stock price has boomed by more than 130%, and Guggenheim’s Jeff Cantwell noted, “We expect a strong rate of revenue growth for SQ which should drive further share price appreciation.” Much of that optimism is based around the company’s application, Cash App.

It eerily apes what original cryptos like BTC were meant to do: borderless money transfers, be a staple of micro finance, and even act as way to get at the unbanked. Mr. Cantwell continued, “We think Cash App’s future revenue potential is underappreciated, we see it providing a key ‘services’ role for the underbanked.” In this year’s second quarter, Cash App users spent a quarter of a billion dollars with its linked debit card, Cash Card.

Lightning

If patents and stock prices booming were not enough, the iconic smartphone reader and payments platform has also finally received a Lightning plug to make up for Apple’s ditching of a listenable headphone jack.

For Apple it was a matter of phone aesthetics and space. For Square users and merchants, it was a matter of financial life and death. Without the square reading block, usually white, the entire project goes out the window.

Square's Big Week: Crypto Patent, Shares Rise 6%, & Lightning Plug
Left is the old, clunky setup. Right, Lightning.

Ultimately its users found workarounds and adapted. It was a stroke of genius to initially re-purpose the headphones’ auxiliary, but it also left them, at least momentarily, exposed should a design change happen. Square would give in and sell a clunky adapter, but that obviously lessened some of the get-it-and-go cache the product was built upon.   

Returning to their initial business model, Square announced recently it will now offer an answer to Apple’s Lightning opening – that slim, rectangular entrance every Apple user is familiar when charging their phone. The plug will make the device compatible from 2012 products to the present day. The company can stay small, agile, and refrain from forcing its users into adapters. 

Is Square becoming an important part of crypto? Let us know in the comments below. 


Images via Pixabay.


We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto. 

The post Square’s Big Week: Crypto Patent, Shares Leap and Lightning Plug appeared first on Bitcoin News.

Bitcoin News

TMZ

Philadelphia Eagles White House Visit Is Off, Trump Suggests He Pulled the Plug

June 4, 2018 |

Donald Trump has announced the plans for the Philadelphia Eagles to visit the White House to celebrate the Super Bowl victory is officially OFF … and POTUS is making it seem like it was his decision.  Instead, Trump says he will still have…

TMZ.com

ECB Pulls Plug on Latvia’s Failing ABLV Bank

February 24, 2018 |

The Latvian bank, facing U.S. sanctions for allegedly helping North Korea, will be wound up under local laws after the European Central Bank declared it “failing or likely to fail.”
WSJ.com: What’s News Europe

Trump administration, in a gift to telecom firms, is pulling the plug on net neutrality

November 22, 2017 |

Black Friday is still a couple of days away, but the Trump administration already has handed out gifts to the telecom industry.

The Republican-controlled Federal Communications Commission on Wednesday took the wraps off its rollback of net neutrality rules, which it will finalize next month and…


L.A. Times – Business

Power plant developer pulls the plug on its natural gas project in Oxnard

October 17, 2017 |

The developer of a proposed natural gas power plant in Ventura County asked state regulators Monday to suspend review of the plans, effectively ending the controversial project.

In response to regulators’ recommendation this month to reject the project, NRG Energy asked the California Energy Commission…


L.A. Times – Business

How a tiny L.A. cybersecurity firm pulled the plug on a global ransomware attack

June 29, 2017 |

Salim Neino had been waiting for something like WannaCry.

Fast, indiscriminate and disruptive, the computer infection locked up computers in British hospitals and was spreading across the world when Neino’s company Kryptos Logic stepped into the ring.

One of his researchers found a so-called kill…


L.A. Times – Business

CNN

Trump vows to plug leaks after facing fuming British prime minister

May 26, 2017 |

President Donald Trump arrived at NATO headquarters here Thursday under a cloud of suspicion about the security of foreign intelligence shared with the United States, a controversy he tried to head off by vowing to end leaks of secret information.
CNN.com – RSS Channel – World