CRYPTO NEWS

Jack Dorsey’s firm, Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Former Twitter CEO Jack Dorsey’s digital payments firm, Block Inc., registered a $1.9 billion profit in the second quarter of 2022 despite the ongoing turmoil within the crypto market. Revenue from Bitcoin services, however, dropped and only accounted for about $41 million of the overall profit.

The firm cited price volatility and lack of consumer demand for the reduced revenue from Bitcoin compared to past years.

The Q2 report showed that the digital payment firm saw its year-to-year profits climb by about 29%. This comes amid the reduced Bitcoin business.

Block Inc. Bitcoin business

Block Inc. generates Bitcoin revenue primarily from BTC trading services through its digital payment application Cash App. The reduced gross Bitcoin gross profit suggests that Bitcoin could be a high-cost venture for the digital payments firm.

Commenting about the reduced Bitcoin revenue, Block Inc. stated:

“The year-over-year decrease in Bitcoin revenue and gross profit was driven primarily by a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty around crypto assets, which more than offset the benefit of volatility in the price of Bitcoin during the quarter.”

The Block also realized a $36 million impairment loss on its BTC holdings, although that is just a loss on paper.

The firm was, however, quick to emphasize that the slump in Bitcoin profits does not reflect the broader performance of the firm’s business.

Following Block’s Q2 performance, investors seem to be quite impressed despite the fact that the firm’s stock dropped by over 7% in the after-hours trading.

The post Jack Dorsey’s firm, Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops appeared first on CoinJournal.

What’s the best approach to make PRNGs favourably deterministic a.k.a. biased and how to protect yourself against this?

I mean this has certainly been implemented by some scummy PRNG developers, which thought of the economics behind it (especially in the casino and similar businesses). So it might be even legal in some cases, but this not Law StackExchange 😉 Yes, I am aware that PRNG have a period and hence are practically deterministic::Listen

I mean this has certainly been implemented by some scummy PRNG developers, which thought of the economics behind it (especially in the casino and similar businesses). So it might be even legal in some cases, but this not Law StackExchange 😉

Yes, I am aware that PRNG have a period and hence are practically deterministic already.

My questions would be:

  • How do you make a certain PRNG (in two scenarios – black box and the opposite of it) favour certain amount of values? For example, in a casino game how do you make randomness biased for your own benefit?
  • And most important, how do you test that your or someone else’s PRNG is not biased like this? What if you in theory made such a system that only starts showing it’s true intentions after too computationally heavy amount of computations?
  • Has there been any real world case studies of this?

Jack Dorsey’s firm, Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

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