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

Elon actually did it. The hilarious jester of Crypto Twitter-whose tweets about Dogecoin have repeatedly reset the price, and whose July 2018 “pedo guy” tweet about a British caveman landed him in court for defamation (he won), whose August 2018 “revenue” tweet. led to fraud charges from the SEC ($20 million) – now the company.

When this story started six months ago (!) with Musk’s first offer of $ 44 billion, I wrote, “Maybe Musk will not buy Twitter. But crypto fans should be encouraging him if they want to see Twitter every time accepting crypto tools. “I was wrong in the first figure; the second one is still unresponsive, but it is heating up quickly.

Musk previously said, both in public and in private (since leaked) text messages, that he intends to add Twitter to the chain and make it open-source, accepting Dogecoin for Paying for Twitter services, going to crypto spam bots.

And then, in a text with the representative of FTX CEO Sam Bankman-Fried, Musk wrote, “Blockchain Twitter is not possible. The bandwidth and latency requirements cannot be supported by peer-to-peer networks, unless ‘ The ‘peers’ are absolutely gigantic. , thus defeating the purpose of the network is pointless.”

And yet! Binance, the world’s largest crypto exchange, backed Musk’s latest round of funding to $500 million, and is “creating an in-house team to focus on how blockchain and crypto can help Twitter,” the company said. told him. Decrypt on Friday. Binance believes it has Musk’s ear.

Regardless of your opinion about Musk, anyone who believes in the future viability of crypto and blockchain solutions and likes to see more mass adoption should be happy to see what comes next.

Twitter users who speak out loudly against the owner and threaten to leave will often not leave. The irony is that if they do, many of their other options now also have crypto connections.

Facebook is committed to the metaverse it has renamed its company Meta, and even when the metaverse division Reality Labs lost $ 3.6 billion in Q3, sending the stock down more than 25%, it will double down on the plan. It is not known how much metaverse Meta will use crypto and blockchain, but remember that the company has tried to create its own cryptocurrency once.

Jack Dorsey, apparently, a confidant of Musk who can give him advice on what to do with Twitter, has left Twitter to focus on Block, formerly Square, which, like Facebook, is n ‘heart is publicly demonstrating its commitment to the new technology sector of the body. he changed the name of his company. But Dorsey’s various efforts “decentralized social media” Bluesky – born inside Twitter and now independent – has launched a website for its AT Protocol (it stands for paid transport) and opened a waiting list for its Bluesky application, which the team designed as a “browser” for accessing the AT Protocol.

Bluesky is pursuing Dorsey’s vision of incorporating Twitter into a protocol—just don’t call it blockchain (or Web3, since Dorsey doesn’t believe in that).

Even Kanye West is in the mix with Parler, the right-wing social media app he owns. Parler launched an NFT store in March called DeepRedSky which is powered by the Trump NFT collection. Kanye himself praised Bitcoin and was recently spotted wearing a Satoshi Nakamoto hat.

Controversy ended in the introduction of crypto wallets due to anger from players, but it is still the most popular house for DAOs, crypto companies running in local elections.

Mastodon, an “agnostic social media platform” launched in 2016 that uses a network of open servers, gained 30,000 new subscribers the day Musk bought Twitter.

Although some of the applications listed will say that they have nothing to do with crypto, it is significant that many social media platforms are used. decentralization, utopian rallying cry of crypto companies, to improve their UX or promote free speech.

I first wrote about Bitcoin in 2011, and what I was most interested in at that time was the possibility of using crypto to pay for a paywalled article, without the hassle of entering a credit card information and registering for a year. Likewise: What if the “killer app” for crypto and blockchain will end up being a better social media community?

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