When Elon Musk initially made the call to buy Twitter, he hinted at bringing numerous changes. As he’s set to acquire Twitter for a $44 billion price tag, many crypto users are wondering how things will change once he takes over.
Twitter is an important news platform for crypto proponents, investors, and holders. Not to mention, it’s a hub for many crypto scammers, as Twitter gets over 100,000 tweets every day about #Bitcoin alone. Aside from acting as a news outlet, Twitter also gives crypto users the opportunity to start entire crypto movements.
A good way to predict what changes could come next is to look back at the ideas he proposed. There was a lot of emphasis on getting rid of spam bots and ensuring free speech. Other ideas included the removal of fake accounts, an edit feature, and the introduction of crypto payments. If the deal goes through, it’s likely that all of these could still be part of the plan.
Getting Rid of Fake Accounts and Span Bots
In April, he talked about his plans for Twitter at a TED talk that took place in Vancouver. One of the things Musk wants to take care of after getting control of Twitter’s numerous spam bots and fake accounts.
Stating that eliminating them was a top priority, he said that they make the crypto product seem much worse. One of the most common crypto scams on the site includes those for Dogecoin. Musk gave the example by saying that he’d have billions in Dogecoin if he had a DOGE for every crypto scam he came across.
Authenticating All Accounts
To tackle the issue, Musk has proposed authenticating all the accounts run by humans. In an effort to express his dedication to the issue, he said that he would ‘die trying’ to defeat the site’s spam bots. Some analysts think that Musk intends to get rid of anonymous accounts entirely, but aside; there are major concerns about Twitter collecting personally identifiable information.
Many crypto strategist accounts on Twitter are under a pseudonym. The reason for this is that many major crypto holders prefer to keep their identity secret. In addition, the whole point of cryptocurrency is increased anonymity and decentralization, so it’s likely that crypto Twitter may find the money counterintuitive.
Other Ideas for Twitter
Some of Musk’s other ideas included the use of blockchain technology for the platform. He also proposed charging a fee of 0.1 DOGE for each tweet, but later revealed that it may not be feasible. At the moment, the crypto community is divided over how things will turn out, with many concerned about increased cybersecurity risks if people have to start verifying their accounts with ID.
James Thompson