Elon Musk says on Twitter that crypto has a big role to play. He’ll face a tall climb.
The new boss of the platform has big plans to stop scams and promote dogecoin.
Elon Musk doesn’t hide the fact that he likes cryptocurrencies. Tesla, his company, used to have nearly $2 billion in bitcoin, but they sold a lot of it. He tweets a lot about dogecoin as well.
Now, the business tycoon seems to be bringing that same energy to Twitter. Elon Musk got $500 million from the cryptocurrency exchange Binance to pay for his new purchase. He also hired Sriram Krishnan, a former Twitter executive who was an important crypto investor at Andreessen Horowitz, to come back to Twitter as part of his new team.
In the past few months, Musk has tweeted a lot of ideas about how crypto tokens and ideas could be useful. This has led crypto enthusiasts to think that he will help bring their way of thinking to a wider audience.
But what can Musk do on the platform with cryptocurrency? The Post looked at all of his statements on the topic and then talked to crypto regulators, watchdogs, and content creators to find out if they were possible and what kind of effects they might have.
He wants to defeat crypto scams.
Elon Musk said this year at a TED Talk in Vancouver that he thought it was very important to stop crypto scams.
“Getting rid of the spam and scam bots and bot armies on Twitter would be my number one goal,” he said about the site. “We’d have 100 billion doge coins if I had a dogecoin for every crypto scam I saw.” (Twitter and Tesla didn’t answer when they were asked for a comment from Musk.)
Watchdogs say that a big part of the more than $1 billion that has been lost to crypto scams since the beginning of last year has been lost through Twitter scams. Some of these scams are strange because they involve people pretending to be Musk himself.
Musk hasn’t said what tools he will use to reach his goal yet. But regulators who have worked hard to solve this problem don’t think he can keep his word because no technology can stop scammers from tweeting, they say.
In a text message to The Post, Joe Rotunda, who is in charge of enforcement at the Texas Securities Board, said, “I’m naturally skeptical.” “If Mr. Musk can stop crypto scams on Twitter in a big way, he’ll have done something that many technology experts think is impossible.”
He thinks that Twitter transactions can be done with dogecoin.
Even though dogecoin was made in 2013 as a joke about crypto, Musk has worked with the people who made it and thinks it’s “pretty cool.” When it was first said that he might buy Twitter, he even said that a Blue premium subscription could be bought with doge.
Dogecoin’s value has doubled since Elon Musk started formalizing his purchase of Twitter and after he tweeted a picture of a doge mascot-breed Shiba Inu wearing a Twitter shirt.
Technical experts have said that the idea of putting doge on Twitter is plausible because it can be used to make transactions much faster than bitcoin, which has made it harder for people to use. But it’s not clear what Musk would be selling on Twitter. (At the moment, the site does accept bitcoin “tips.”) Even though dogecoin can handle transactions faster than bitcoin, traditional payment methods like Visa can handle them hundreds of times faster.
He wants content moderation rules to be less strict, which could help crypto voices.
Those who use crypto On Twitter, where a lot of people share tips and often troll each other, people have said for a long time that they think the system can punish them. This is especially true with shadow bans, which are when the algorithm limits how much other users see their posts.
Musk and other leaders of the new Twitter say that they will be less strict about censoring content. Musk told advertisers last week that his Twitter would be a place “where people with many different ideas can have healthy debates.” Changpeng Zhao, the CEO of Binance and a friend of Musk, said on Tuesday that this promise also applied to cryptocurrency.
He told Yahoo Finance Live, “Twitter is a town square for crypto and most of the world’s hottest topics, so it’s a good place to support free speech.”
Some crypto Twitter users said that Musk hasn’t changed the way he moderates content yet, but some crypto influencers say they can tell a difference. PlanB, a controversial bitcoin influencer, tweeted this week that since Musk took over his account, it seems to be getting more attention.
“Elon Musk said that they did not change their POLICIES, but they did take away some BANS,” PlanB wrote. “Read the comments from the hundreds of people who replied to my last tweet and who can now see my tweets again after 9 months.”
PlanB told The Post that he thinks Twitter just stopped showing his followers his tweets.
He wants to run Twitter more like crypto.
One of the most important ideas in the crypto world is that institutions can be run in a more decentralized way, with a large group of people making decisions together instead of an executive structure that runs from the top down. This is how bitcoin and Ethereum work, more or less.
Elon Musk told Twitter’s founder, Jack Dorsey, in text messages earlier this year that he wanted to change the site into “something new that is decentralized.”
Could that take place?
Some people in the world of cryptography think it could. “There was talk of a group of leaders with different ideas. Alanna Roazzi-Laforet, who started Decrypt Studios and is the publisher of Decrypt Media, told The Post that this is a good first step. “Next is a governance token and a plan to give the community power over governance,” she said, naming Krishnan as someone who could push for it.
But critics are still not convinced.
In his message to The Post, crypto skeptic David Gerard said, “Twitter will never be meaningfully ruled by a decentralized force.” “Musk owns the business. I don’t think he’d ever let anyone have real power over him. He is Elon Musk!”
He could reverse Twitter’s pro-NFT stance.
You might have seen non-fungible tokens (NFTs), which are used to mark an image as belonging to one user, as Twitter profile pictures. That’s because Twitter’s rules changed in January to let users link their NFTs to their wallets.
Musk has spoken out against NFTs, and in a meme, he said that they are all just the hallucinations of people in mental hospitals. And Elon Musk didn’t like anything about how Twitter worked. He tweeted in January, “Twitter is investing technical resources on this… while crypto fraudsters are having a spambot block party in every thread!”
Musk may soon have to put his beliefs into action: As he was getting ready to take over Twitter, the company’s developer account told him that “tweet Tiles,” a feature that will make it easier to sell NFTs outside of the site, would be coming out.
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