THE DAILY ENCRYPT

[date-today format='F j, Y']

Is Elon Musk Buying Twitter Good or Bad For Twitter’s Crypto Community?

Elon Musk appears to have decided to acquire Twitter, barring any other changes of heart . This raises the question of whether or not all...
black smartphone on blue surface
Photo by Joshua Hoehne

Elon Musk appears to have decided to acquire Twitter, barring any other changes of heart . This raises the question of whether or not all of the changes Musk initially suggested for the platform will actually become a reality. Musk has been open about his vision for Twitter, flagging free speech, eliminating spam bots, and eliminating fake accounts as points of interest.

It is used by crypto investors, users, and enthusiasts. The social media platform receives approximately 120,000 tweets per hour about #Bitcoin, according to BitInfoCharts.

A look back at Musk’s original comments when he suggested a buyout of Twitter might shed some light on the changes he sees for the platform.

This includes a focus upon free speech, eliminating all spam bots fake accounts, an editor function, and possible crypto payments. These items have all been considered. They could still be on the agenda, if the deal makes it through.

One area that could be of interest is Twitter’s alleged spambots.

Musk stated that if his offer of Twitter’s purchase was accepted, a “top priority would be to eliminate spam and scam bots from the platform.” This was in Vancouver, April.

I would rank eliminating spam bots and bot armies on Twitter as my top priority.
They make the product less effective. He said that if I had a Dogecoin to pay for every crypto-scam I found, I’d have 100 trillion Dogecoin.”

He proposed to overthrow them by “authenticating every human” and even said “we will defeat spam bots or lose trying!”

Later, issues relating to spambots became one of Musk’s key arguments to walk out of the deal.

Trump’s return and freedom of speech
In April, Musk first addressed his position on free speech. He stated at the time that “even my fiercest critics will remain on Twitter because that’s what free speech means.”

He has not publicly changed his stance in the months that have followed. He elaborated on what this could mean for the platform, including the return of former President Donald Trump to Twitter. Trump was banned permanently following the Jan. 6, 2021 U.S. Capitol Riot.

In a tweet on May 13, he stated that he believes Trump shouldn’t run again for president because he is “divisive.” However, Musk did state that he does believe he should “restore Twitter to him.”

Musk also considered making Twitter’s algorithm available to the public, creating another poll that saw over a million votes and had 82% responding to the proposal.

Musk’s intentions are not clear. However, it could be that the software will be made available for public inspection so users can read it, test it and suggest changes.

Others ideas are either dead or in progress, like plans to use blockchain technology and charge 0.1 Dogecoin ( DOGE) per retweet or tweet. Musk later stated that this was impossible.

Musk had also suggested adding an edit button to long-form tweets and a short-form tweet. After Twitter revealed the option, Musk may have been outdone by Twitter with the edit button.

While the crypto community is divided on whether this move will be a helpful one for the platform, others are making fun of the situation.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES