Elon Musk openly supports cryptocurrencies. His company, Tesla, once held nearly $2 billion in bitcoin before selling a lot of it.
Additionally, he tweets frequently on dogecoin. The corporate tycoon now seems to be applying the same enthusiasm to Twitter. Musk has bought $500 million from the cryptocurrency exchange Binance in order to finance his next acquisition. Sriram Krishnan, a well-known crypto investor with Andreesen Horowitz and a former executive at Twitter, has also been added to his new team.
Musk has been tweeting a lot of thoughts lately about how cryptocurrencies and beliefs might be useful, leading supporters to believe he’ll assist spread their viewpoint.
But what is it that Musk can actually do with the platform’s cryptocurrency? The Post looked over all of his comments on the matter before consulting with regulators, watchdogs, and content producers to gauge their viability and possible impact.
He aims to stop cryptocurrency fraud
This year in Vancouver, Musk said he believed it was essential to combat bitcoin scams.
Eliminating the spam, fraud, and bot armies that are present on Twitter would be one of my main priorities, he stated. They’d have 100 billion dogecoin if he had one for each cryptocurrency fraud he observed.
Watchdogs assert that Twitter frauds, some of which oddly involved Musk impersonators, have cost investors a large percentage of more than $1 billion lost to cryptocurrency scams since the start of last year. Musk has not yet specified how he plans to get there.
Regulators believe he won’t fulfil his promise since they say there is no technology that can prevent scammers from tweeting, despite their best efforts to find a solution to this problem.
Mr. Musk will have accomplished something that many IT experts believe is impossible if he can drastically reduce the number of cryptocurrency scams on Twitter. He thinks Dogecoin can be used for Twitter transactions
He believes Twitter transactions can be made using Dogecoin
Musk has worked with doge developers and believes the token is “pretty cool.” When rumors first started to circulate that he might buy Twitter, he even suggested that a Blue premium subscription could be purchased with doge. In 2013, Dogecoin was developed as a parody of cryptocurrencies.
The value of Dogecoin has surged by twofold since Musk began formally acquiring Twitter and after he posted an image of the Shiba Inu doge mascot wearing a Twitter shirt.
Technical experts have noted that the idea of adding doge to Twitter is feasible given that doge transactions can happen much more quickly than those of bitcoin, whose slow rate of transaction has slowed adoption. But it’s unclear exactly what Musk’s Twitter would be selling. (At this time, the website accepts bitcoin “tips”). Compared to bitcoin, dogecoin can process transactions more quickly, although traditional payment systems like Visa can do so hundreds of times faster.
He wants less strict content policing, which would encourage more crypto voices
Cryptocurrency users Twitter users have long expressed their concern that the system can penalize them in areas of the site where vast numbers of people share advice and, at times, troll each other. This is especially true for shadow bans, in which the algorithm limits how much other users see their posts.
Musk and other officials of the new Twitter have stated that they will adopt a more relaxed approach to content moderation. Last week, Musk promised advertisers that his Twitter would be a site where a wide spectrum of opinions can be argued in a healthy manner. On Tuesday, Binance CEO and Musk ally Changpeng Zhao stated that this pledge extended to cryptocurrency.
Twitter is a great place to support free expression since it’s a town square for cryptocurrency and most of the world’s trending subjects, he said.
Some crypto influencers claim they perceive a difference, even though users of cryptocurrency Twitter pointed out that Musk hasn’t changed the policies for content control. This week, the contentious bitcoin influencer PlanB tweeted that it seems like more people are paying attention to his account now that Musk is in charge.
Elon claimed that they did not alter their POLICIES, but they undoubtedly lifted some BANS, PlanB wrote.
PlanB told The Post that he believes Twitter simply stopped showing his tweets to his own followers in a message.
He desires to run Twitter more like a cryptocurrency
A fundamental belief in the cryptosphere is that organizations can operate more decentralized, with a vast community making choices collectively rather than through a top-down management structure. This is basically how ethereum and bitcoin both work.
In texts to Twitter co-founder Jack Dorsey earlier this year, Musk expressed his intention to change the website into “something new that’s decentralized.
The crypto community has some members who believe it might. There was suggestion of a governance body with a variety of perspectives. Alanna Roazzi-Laforet, the creator of Decrypt Studios and publisher of Decrypt Media, told The Post in a message, This is a terrific starting step. The next stage, according to her, is to develop a governance token and a plan to offer the community more control over governance, citing Krishnan as the potential proponent.
However, detractors are unconvinced.
Crypto skeptic David Gerard wrote in his own message to The Post that a decentralized force is never going to run Twitter in any meaningful way. The owner is Musk. He would be amazed if Elon ever gave anyone actual control.
He might change Twitter’s support for the NFT
He might alter Twitter’s support for non-fungible tokens (NFTs), which can be used to specifically watermark an image for a single user and occasionally show up as profile pictures on Twitter. The reason behind this is that in January, Twitter authorities let users to link their NFTs to their wallets.
NFTs have come under fire from Musk, who claimed in a meme that they are all just the hallucinations of people suffering from mental problems. Musk also didn’t like Twitter’s policies very much. He tweeted in January: While crypto scammers are having a spambot block party in every thread, Twitter is investing engineering resources on this!?
Musk may soon have to act on his convictions: He announced the launch of a “tweet Tiles” function, which will allow NFT purchases outside of the website, on the company’s developer account as he was getting ready to take over Twitter.
