By: HVY Journalists: With a one-word tweet, Jack Dorsey has created a firestorm on Twitter. That word happens to pack quite a punch – Bitcoin. The Twitter chief posted an image entitled Historical Bitcoin Transactions, as per the Imperial College London’s Data Science Institute. The illustration drew mixed reviews given the esoteric nature of the post, but it turns out the worm-like image, which he tweeted twice, demonstrates the global nature of bitcoin transactions and resilience of the network to attacks.
One Twitter follower responded with the following gif –
— Tommy Boy 🐔 (@cryptommy) June 11, 2019
On the other side of the spectrum, Dorsey’s followers were confused –
“This is … … I mean it looks like a tapeworm.”
Visualizing Big Data
After further digging, it turns out the image is designed to help you “visualize big data and make sense of it in a social fashion,” according to Imperial College London’s Dr. David Birch in the Financial Times. It makes perfect sense, then, that Dorsey would post the bitcoin transaction image on his social media platform.
Imperial College London boasts an entire lab comprised of dozens of high-def monitors dedicated to illustrating real-time bitcoin transactions across the globe. The image that Dorsey posted appears to reflect bitcoin transactions from 2016, and clearly, the network has expanded since then. According to Birch cited in the FT back then,
“There is about $4m worth of bitcoin on the screen right now.”
The images at the Data Science Institute are comprised of the global computers on the network, BTC peer-to-peer payments, and “chains of transactions” that let you “follow the flow of money through the bitcoin economy in real-time.” They also represent times when the Bitcoin network was “under duress:”
“These kind of worm-like spagehetti structures…correspond to Essentially an attack on the Bitcoin network.”
Dorsey Effect on Bitcoin
Even if the meaning behind Dorsey’s tweet wasn’t clear, Crypto Twitter got the message. He hasn’t forgotten about bitcoin even if Twitter hasn’t followed in the footsteps of its social media peer Facebook with plans to launch its own cryptocurrency.
Square, which is Dorsey’s payments company, is behind Square Crypto, which is just getting off the ground. The business recently tweeted:
“We are close to making our first hire. So let’s set some expectations. True to Jack’s founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable. Our goal isn’t to make money, but to improve it.”
Meanwhile, crypto ads continue to be banned on Twitter seemingly with some exceptions.