Gab switches to bitcoin after banks withdraw support

Alt-right social network Gab solicits bitcoin amid institutional backlash. Bitmain accused of stealing mining profits. Eth devs slammed for closed meeting.

Note: The Daily Debrief is Decrypt Media’s homespun newsletter that brings you only the best-in-show of crypto news, sparing you hours of parsing through articles you neither care about nor understand. Better yet? The official newsletter will start going out today, so sign up while you still can! Please.

Gab in the dark

Trying times for budding alt-right cesspit/social network Gab, which has seen banks withdraw support, one by one, after an avid Gab user shot dead 11 Jewish congregants in a Pittsburgh synagogue last month.

With no means of sustaining itself the traditional way, Gab has now been forced to turn to bitcoin. In an online post (included in prev. link), Gab founder Andrew Torba wrote that, as well as taking BTC, the company would be setting up a post box for diehard Gabbers to “mail cash/checks to.”

“This is what we need to resort to in order to have any revenue,” Torba thundered. “This is the level no-platforming has reached,” he added, saying he had done “absolutely nothing wrong.” Indeed, besides welcoming and facilitating the hate speech of a mass murderer, what has he done?

Bitmain under fire

Buyers of Bitmain ASICs—well, the three that are left—might have some cause for concern.

First-time buyer Gor Gevorkya, a miner based in North Carolina, has filed a class action suit against the company alleging that his new machine was configured to mine bitcoin and pocket the profit before he had the chance to set up his own account, enriching Bitmain at his expense.

By changing its startup procedure so that its machines begin mining before customers have had the chance to link them to their personal accounts, Gevorkya alleges, Bitmain has generated millions in illicit profit—the company’s total revenue, he asserts, is at “3-4 billion” for just this year.

Though that may have gone down recently.

Ethereum backroom deals

When CoinDesk’s Rachel Rose O’Leary published the minutes of a closed meeting at Devcon between top ethereum developers, the wider community went rug-chewing mad.

Bob Summerwill, the founder of blockchain firm Varrotech, tweeted that such closed meetings were “poisonous” and that developers should “grow some balls” and face the reporters who had, apparently, been purposefully excluded. “How the hell did that happen?” beseeched Ethereum dev Afri Schoedon.

So who originally leaked it? ‘Twas one Greg Colvin, a dev on the “wrong side of a closed door” who in fact didn’t leak the top-secret minutes but rather, er, shared a link to where they had already been posted online. Quite the scoop.

Elsewhere on Decrypt

Read next: Insider tirade