Anyhow of all the news that’s been overlooked in the crypto market as the FTX Saga has held our gaze, the headlines related to Twitter are arguably the most important.
That’s because new Twitter owner Elon Musk recently warned that the social media platform could go bankrupt.
If Twitter does go bankrupt it would be very bad news for crypto simply because the algorithmic bubble that is known as Crypto Twitter provides the most up-to-date info about the crypto market.
A person could possibly get it would also mean no crypto integrations on the platform either.
Luckily Twitter seems to be in a good position as its number of daily active users recently hit an all-time high of over 45 million.
According to Elon this number has been rising ever since he announced his intention to acquire the platform in mid-April.
In theory this makes it the perfect time to introduce verification for all users at a low cost of eight dollars a month which is arguably worth it just for the entertainment it is provided on the platform these past few weeks.
In practice however this means that there are more people looking to game the Twitter system than ever before.
Low and behold this is exactly what happened when Twitter allowed anyone to buy a blue tick.
It didn’t take long for impersonators to start popping up not surprisingly Twitter’s decision to put an official label in gray on real accounts didn’t really stick out to users.
This is why I personally think Twitter should have kept the blue tick mark process as is and introduced a new verification mechanism instead.
I suppose it’s a bit too late for that now because the botched rollout of Twitter’s verification has done its damage.
Lots of famous people were impersonated including former heads of state and while it was amusing it was equally concerning the most famous case was an account that pretended to be a pharmaceutical company promised free medication for all and caused the stock of the actual company to crash.
Unfortunately Twitter’s attempts to ban these impersonator accounts were unsuccessful and the platform was forced to pause its new verification features until further notice, this means that Twitter is losing out on much needed revenue but so far it continues to stay afloat.