Elon Musk’s Effect on Crypto Twitter

The circus surrounding the eventual downfall of Sam Bankman-Fried, which played out all week on TV and in Washington, DC, overshadowed another major event in the crypto world — growing disillusionment with Twitter’s new owner. In a series of tweets, key figures on the so-called Crypto Twitter expressed displeasure with Elon Musk’s handling of a platform that is central to the industry’s news and identity.

The response is notable as news of Musk’s purchase of the platform was greeted as a welcome development by many in the crypto crowd, which has a strong libertarian bent. Many cheered his arrival, believing that he would leave the platform alone, while curbing some of the excesses of the awakened left. It didn’t work out that way: In his short tenure as head of Twitter, Musk embraced all the worst impulses of the previous regime—and more.

Instead of restoring the political neutrality of the platform as he promised, Musk has used it for the dumbest kind of cultural antics – promoting lies and cruelty and silencing anyone who disagrees with him. Meanwhile, it failed to deliver promised technical fixes such as bot reduction, and led an analysis of key features.

Even more, Musk’s latest dictatorial behavior – which includes kicking journalists and competitor Mastodon off Twitter – has some influential crypto figures speaking out. Peter McCormack, popular presenter What Bitcoin has done and which is no one’s leftist idea, he complained Musk’s campaign against “vigilance” went too far, writing, “Yes, diversity and inclusion are tricky, but that doesn’t mean we shouldn’t be aware and anti-prejudice.”

Neeraj Agrawal, Coin Center’s director of communications whose memes and insights have made him a popular figure in cryptocurrency, observed: “Who knows maybe Elon could have successfully turned twitter into a paid platform, but he ruined his chances by making it all about the culture war. this place is done”—earning a nod from influential right-wing journalist Frank Chapparo.

All of this may seem like just another micro-drama that Twitter users have enjoyed for years. But this time it feels different. What Musk is doing is destroying the most important media platform in the world for no better reason than owning libs. This destruction is only accelerating in light of his latest decision to purge his critics, including prominent journalists, which will lead others – myself included – to feel they have no choice but to leave as well. A once vibrant source of discussion and information is fast becoming a derelict clown show run by bots.

This is a sad development for Crypto Twitter, which has been using the platform for a decade to make friends, exchange ideas and in many cases surpass the mainstream media when it comes to reporting important stories. If you want something better, many cryptographers are already predicting that Musk’s decision to destroy Twitter will only accelerate the creation of a decentralized Web3 alternative. Fingers crossed that they are right.

Jeff John Roberts
[email protected]
@jeffjohnroberts

DECENTRALIZED NEWS

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The incoming GOP president Financial Services Board asked the finance minister to delay reporting rules imposed on crypto companies as part of last summer’s infrastructure bill. (CoinDesk)

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

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MEME MOMENT

Even the January 6th conspiracists are freaking out about Trump’s NFTs:

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