Elon Musk’s Effect on Crypto Twitter

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The circus surrounding Sam Bankman-Fried’s final downfall, which played out on TV and in Washington, D.C., all week, overshadowed another significant development in the crypto world: growing disillusionment with the new owner. from Twitter. In a series of tweets, key figures from so-called Crypto Twitter expressed their displeasure with Elon Musks’ handling of the platform that is at the heart of industry news and identity.

The response is notable as news of Musks buying the platform was hailed by many in the crypto crowd, which has a strong libertarian bent, as a welcome development. Many applauded his arrival, thinking he would leave the platform alone while curbing some of the excesses of the woke left. It didn’t work out that way: During his short tenure as Twitter’s steward, Musk embraced all of the previous regime’s worst impulses and more.

Instead of restoring the platform’s political neutrality as he promised, Musk used it for the dumbest kind of cultural antics, encouraging lies and cruelty and silencing anyone who isn’t. agreement with him. Meanwhile, it failed to deliver promised technical fixes, such as bot reduction, and presided over breaking down key features.

Additionally, Musk’s latest dictatorial behavior, which includes the expulsion of journalists and competitor Mastodon from Twitter, has influential crypto figures speaking out. Peter McCormack, the popular host of What Bitcoin Did and who has no idea of ​​a left-hander, complained that Musks’ campaign against revival had gone too far, writing, Yes, diversity and inclusion are tricky, but that doesn’t mean we shouldn’t be aware and against bias.

Neeraj Agrawal, the communications director at Coin Center whose memes and ideas have made him a popular figure across crypto, observed: Who knows, maybe elon could have successfully turned Twitter into a platform. paid form, but he ruined his chances by focusing on the Culture War. this place is done before earning a nod of agreement from influential right-wing journalist Frank Chapparo.

This may all seem like just another micro-drama of the genre that Twitter users have been reveling in for years. But this time it’s different. What Musk is doing is destroying the world’s most important media platform for no reason other than owning the libraries. This destruction is only accelerating in light of his latest decision to purge his critics, including prominent journalists, which will lead others, including me, to think they have no other choice. than leaving as well. A once vibrant source of debate and information is fast becoming a deserted, robot-infested clown show.

It’s a sad development for Crypto Twitter, which has used the platform for a decade to make friends, share ideas and, in many cases, outshine mainstream media when it comes to reporting important stories. If you want a silver lining, many crypto figures are already predicting that Musks’ decision to destroy Twitter will only accelerate the creation of a decentralized Web3 alternative. Fingers crossed they are right.

Jeff John [email protected]@jeffjohnroberts

DECENTRALIZED NEWS

Startup Aztec Network has raised $100 million in a Series B round led by a16z to create a Web3 “privacy layer” that consists of allowing users to encrypt individual activities on Ethereum. (Tech Crunch)

New York’s powerful financial services regulator, NYDFS, has released new rules for banks looking to go crypto. (WSJ)

The new GOP Chairman of the Financial Services Committee has asked the Secretary of the Treasury to delay the reporting rules imposed on crypto companies as part of last summer’s Infrastructure Act. (CoinDesk)

Singapore-based Amber Group raised $300 million at a lower valuation to pay clients after losing 10% of its trading capital on FTX. (Bloomberg)

Donald Trump disappointed his fans by revealing his “MAJOR ANNOUNCEMENT” as a ploy to sell NFTs for $99 describing him as a superhero. (Decrypt)

EVEN OF THE MOMENT

Even the January 6 coup plotters are disappointed with Trump’s NFTs:

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