Home » Elon Musk, Twitter, Dogecoin, Bluesky, and the Decentralized Social Media Race

Elon Musk, Twitter, Dogecoin, Bluesky, and the Decentralized Social Media Race

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Elon actually did it. The gleeful clown of Crypto Twitter — a tweet about Dogecoin that repeatedly moved the price, and in July 2018 a “pedophile” tweet about a British cave diver was brought to court for defamation (he won), “Funding secured,” he tweeted in August 2018. Leading to securities fraud charges from the SEC ($20 million fine) and now owns the company.

When this story began six months (!) ago with Musk’s original $44 billion proposal, I I have written, “Musk probably won’t buy Twitter, but crypto advocates should root for him if they really want Twitter to embrace crypto tools.” I was wrong in my count. The second has yet to be answered, but is heating up quickly.

Musk initially publicly and Private (since leaked) text messageshe said he aimed to turn Twitter on-chain and open-source, accept Dogecoin to pay for Twitter services, and track crypto-spambots.

But then in the text FTX CEO Sam Bankman-Fried PresidentMr. Musk wrote: “Blockchain Twitter is not possible. The bandwidth and latency requirements cannot be supported by a peer-to-peer network, as it defeats the purpose of a decentralized network unless these ‘peers’ are completely gigantic. ”

nevertheless! Binance, the world’s largest cryptocurrency exchange, Endorsed Musk’s final purchase “We are creating an internal team to focus on how blockchain and cryptocurrencies can help Twitter,” the company said. Said Decryption On FridayBinance believes it has Musk’s ears.

Regardless of your opinion of Musk, those who believe in the future viability of cryptocurrency and blockchain solutions and want more adoption can look forward to seeing what happens next.

Twitter users who have loudly denounced his ownership and threatened to leave hardly ever leave. Ironically, doing so would add crypto connections to many other options as well.

Facebook is so committed to the Metaverse that it has changed its company name to Meta. Even after Metaverse arm Reality Labs lost his $3.6 billion in the third quarter and its stock plummeted more than 25%, it still needs to double down on its strategy. It’s unclear to what extent Meta’s metaverse will utilize cryptocurrencies and blockchain, but remember that the company has previously attempted to create its own cryptocurrency.

Jack Dorsey, apparently a good friend of Musk’s, may advise him on what to do on Twitter, but like Facebook, it’s hard to publicly prove his commitment to new areas of tech. I left Twitter to focus on Brock, my former Square that I was very enthusiastic about. Changed company name.But Dorsey’s other “decentralized social media” effort, his Bluesky, is Twitter and now independent— launched the AT Protocol (short for Authenticated Transport) website and a waiting list for the Bluesky app. This app is configured as a “browser” for teams to access the AT protocol.

Bluesky pursues Dorsey’s vision of embedding Twitter into the protocol. Don’t call it blockchain (or Web3, because Dorsey doesn’t believe it).

Even Kanye West has been confused with the right-wing social media app Parlor. buyParler launched an NFT marketplace called DeepRedSky in March. Trump NFT CollectionKanye himself has also admired Bitcoin and was recently spotted wearing a Satoshi Nakamoto hat.

discord Stepping back from crypto wallet integration Due to outrage from gamers, DAO’s most popular homea crypto organization run by community votes.

Launched in 2016, Mastodon, a “decentralized social media platform” that uses a network of open source servers, Received 30,000 new signups The day Musk bought Twitter.

While some of these apps I’ve listed say they have nothing to do with crypto, it’s amazing how many social media platforms are considering using cryptocurrencies. decentralization, A utopian rallying cry for the crypto industry, improving UX or promoting free speech.

When I first wrote about Bitcoin in 2011, the most exciting thing at the time was using cryptocurrencies to publish paywalled news articles without the friction of entering credit card information and subscribing for a year. It was possible to pay for Similarly, what if the “killer apps” of cryptocurrencies and blockchain became better social media town squares?

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