Tencent knocks Sony out of race to buy Warframe’s Leyou-Computerfanfield

Tencent recently entered exclusive talks to buy Chinese gaming company Leyou, which produces the popular Warframe series of video games, and intends to take the company private.

Leyou confirmed details of the agreement in a Friday press release. Bloomberg, which first reported the deal , noted the Hong Kong-listed company was worth around $1.1 billion before its trade was suspended in the lead-up to the announcement .

China-based tech conglomerate Tencent serves as the world’s largest gaming company by market value, worth around $760 billion. Tencent and its subsidiaries own popular titles including Fortnite, as well as a 40% stake in the publisher of League of Legends.

Bloomberg previously reported that Sony had submitted bids to Leyou’s controlling shareholder Charles Yuk, as had Tencent-backed rivals Zhejiang Century Huatong and iDreamSky.

Trade in Leyou stock, which is up 20% in 2020, is set to resume on Monday. Tencent, on the other hand, is up 40% year-to-date.

PayPal to support Bitcoin and other crypto — but merchants must use fiat

PayPal is ready to let users to buy, sell, and hold Bitcoin and other cryptocurrencies, according to Reuters .

PayPal chief exec Dan Schulman told Reuters the company hopes this will “encourage global use of virtual coins,” and ready its network in anticipation of digital currencies issued by central banks.

The US payments giant said it plans to allow users to actually spend their cryptocurrency with the 26 million merchants on its network starting early next year. PayPal reportedly boasts roughly than 346 million active accounts, and the service processed $222 billion worth of payments in 2020’s second quarter.

As noted by Reuters, PayPal is not the first service to support cryptocurrency. Jack Dorsey-led fintech Square already lets users handle digital assets, and so does trading app Robinhood. Still, PayPal is definitely the biggest.

It’s also not the first we’ve heard of this. Back in June , industry outlet CoinDesk reported PayPal and its mobile payments arm Venmo were planning on rolling out cryptocurrency support in the near future.

And while it’s sounds bullish, there’s one big caveat: Cryptocurrency payments processed by PayPal will be settled in fiat currencies like the US dollar. This means merchants won’t actually touch incoming cryptocurrency, which to a certain degree defeats the entire purpose, doesn’t it?

Having just checked my personal PayPal account, it doesn’t look like PayPal‘s cryptocurrency support is live just yet. There’s also currently no available information as to when it will be activated, or which coins/tokens it will support in the beginning (besides Bitcoin). We’ll update this piece should we learn more.

Update 12:58 UTC, October 21: PayPal’s press release indicates it will initially support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

It also appears that users will not be able to use their digital assets outside their PayPal wallet or send crypto to other PayPal users, which effectively means all cryptocurrency on the PayPal network must stay there.

Satoshi Nakaboto: ‘Bitcoin continues downtrend with 5% loss in one day’

Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Satoshi Nakamoto used to say: Time to learn some stuff about Bitcoin!

Bitcoin price

We closed the day, May 24 2020, at a price of $8,790. That’s a notable 4.57 percent decline in 24 hours, or -$421.90. It was the lowest closing price in twelve days.

We’re still 56 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin market cap

Bitcoin’s market cap ended the day at $161,610,414,643. It now commands 66 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $32,518,803,300 was the highest in two days, 42 percent above the year’s average, and 56 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 585 tons of gold.

Bitcoin transactions

A total of 214,414 transactions were conducted yesterday, which is 33 percent below the year’s average and 52 percent below the year’s high.

Bitcoin transaction fee

Yesterday’s average transaction fee concerned $1.41. That’s $2.5 below the year’s high of $3.91.

Bitcoin distribution by address

As of now, there are 12,647 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.2 percent of the total supply, the top 100 14.7 percent, and the top 1000 35.0 percent.

Company with a market cap closest to Bitcoin

With a market capitalization of $162 billion, Toyota has a market capitalization most similar to that of Bitcoin at the moment.

Bitcoin’s path towards $1 million

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.3 percent behind being on track. Bitcoin‘s price should have been $343,946 by now, according to dickline.info.

Bitcoin energy consumption

Bitcoin used an estimated 159 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 58 terawatt hour. That’s the equivalent of Bangladesh’s energy consumption or 5.4 million US households. Bitcoin’s energy consumption now represents 0.26% of the whole world’s electricity use.

Bitcoin on Twitter

Yesterday 30,235 fresh tweets about Bitcoin were sent out into the world. That’s 56.6 percent above the year’s average. The maximum amount of tweets per day this year about Bitcoin was 82,838.