Twitter Shares a Series of Community Updates

NFT Feature

Social media giant Twitter thrilled its communist members after sharing updates of the projects going on within the platform. One of those announcements was that Twitter would soon support  NFT authentication for creators that would help authenticate their ownership of their works.

This NFT feature has not been fully figured out, and various conversations are going on over what it would look like. There are questions if an authentication badge would pop up on the artist’s profile or each artist’s NFT avatar would be of a different shape. 

Speaking of the update, a Twitter spokesperson said, “We’re interested in basically making it somehow visually clear that this is an authenticated avatar and then give you some interesting info and insight about the provenance of that NFT, so that’s kind of where we’re at today.”

 While this feature is being explored, the microblogging site announced that crypto users can now connect their wallets and take payment directly from Twitter for their works. This would mean artists can now receive compensation and tips in cryptocurrencies like Bitcoin or crypto wallet apps. 

Bitcoin Tipping for IOS Users

Earlier this month, rumors made rounds about Twitter possibly figuring out ways to roll out its tipping function, and the platform has gone on to confirm such words announcing that its tipping function is now available and bitcoin integration included via the Lightning network.

Tipping in Bitcoin is Twitter’s way of ensuring that monetization is accessible to users in places that might be difficult to access fiat currency or make payments in third-party platforms like CashApp.

According to product manager Esther Crawford, the Lightning Network was chosen for the tipping feature due to its low transaction fee. Additionally, users can allow tip sending and receiving in bitcoin by adding their bitcoin lightning wallet or bitcoin address. For the time being, Crawford Noted that the integration is only available to iOS users, but she assured others that Android users would get it shortly.

The product team at Twitter is sourcing for various ways to enable payouts in different countries throughout the world, but Crawford claims that utilizing bitcoin to tip mitigates this.

 In a recent press briefing, Twitter’s product manager, Crawford, said, “We want everyone to have access to pathways to get paid digital currency that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible help us get there.”

Healthy Conversations

Twitter is taking steps towards ensuring people are part of healthy conversations and protect their mental health. A new feature to alert users when they are about to join a heated conversation on Space is in place so users can be fully aware of what is being discussed and decide if they are up for it.

Twitter May Pay Its Employees, Vendors in Bitcoins, Says CFO

Twitter seems to be following the Tesla way of integrating bitcoin into its organization. According to Ned Segal, CFO suggesting they may delve into paying employees and vendors with bitcoin. 

A news publication on cointelegraph claimed that Ned Segal, who is the CFO of Twitter, said that they might pay employees and vendors using bitcoin. Segal says that they have decided to ask them if they want to be paid using bitcoin. 

The tech firm’s chief financial officer answered questions during an interview on CNBC’s Squawk Box today. Segal was asked about the response to Tesla investing $1.5 billion into bitcoin. 

Gordon Gekko is Ready for #Bitcoin $250,000, who is a bitcoin holder since 2013 had this to tweet on Twitter going to pay its employees in bitcoin. 

The CFO made it clear that the firm hasn’t made any substantial changes as of now. However, in due time, things could change if players demand it. They may play the wait and watch the game because they are dealing with players from different countries. 

Jack Dorsey endorsing bitcoin 

Jack Dorsey, who is the CEO of Twitter, has made his affinity towards bitcoin out in the open. Dorsey has a passion for bitcoin. The CEO found himself explaining reasons for banning Donald Trump, the USA’s former President, from the social media site, due to Capitol Hill’s violence. 

Dorsey said that he has an immense passion for bitcoin because it is the foundational internet technology, and everybody has the same playing field. There is nobody controlling the currency, which makes it equally attractive to do business with. 

Dorsey has already ventured into the cryptocurrency by purchasing Square, in which the Twitter CEO invested $50 million last year in October 2020. Anthony “Pomp” Pompliano says that CFOs will be questioned if they will follow Tesla’s move. 

Nathan Cox, the CIO at Two Prime, also added that digital currencies are beginning to play a massive role in sheet management. It will not be surprising to see many organizations making the delve into bitcoin. 

However, this is a sign that is too hard to ignore. Probably, it is a sign of things to come shortly. Twitter stock was able to raise more than 10% since their recent earnings report. Interestingly, the bitcoin price plunged 5% to stand at $44,880.

Twitch Director Shaan Puri Moves 25% of Net Worth into Bitcoin Market

Bebo Shaan Puri, who is the Twitch director and former CEO of Bebo, announced he is putting 25% of his net worth into the bitcoin market. 

A news post on Bitcoin News claimed that Shaan Puri, who is the director of Twitch, a streaming video platform owned by Amazon, said that he had invested 25% of his net worth into Bitcoin. He announced the popular social media platform Twitter. 

Puri had simply tweeted, “I have moved 25% into bitcoin.” Puri was the CEO of Bebo, which was a social networking platform, but is now defunct. He was the CEO between 2017 and 2019 after it went bankrupt in the year 2013. Puri feels that Bitcoin is a force to reckon with. 

According to Puri, Bitcoin presents a rare opportunity for institutional capital. Bebo went through a series of acquisitions, finally getting bought by Twitch, which belongs to Amazon. He is the Senior Director of Product. 

Besides, Puri is an angel investor who spends $2.5 million on more than 20 startups annually. Anders Iversen, who is an avid crypto market analyst, had tweeted that “the world’s leading CEO’s are moving into Bitcoin, do they know something that we don’t.”

Puri’s tweet has made waves in the Twitter world, with many expressing their shock and astoundment at this move. As of now, there were more than 250 comments, 2500 likes, and 150 retweets. 

Few observers felt that 25% is a minimal amount for Puri, and few warned that the investment might not go as planned. He responded with another tweet saying that those are saying to move at 90%, the denominator matters.

The Twitch director feels that the cryptocurrency market is something that you cannot go wrong with. Besides, you can go far. Puri thinks that Bitcoin’s true colors will be seen and felt throughout the world in a few years. 

This move comes as no surprise because several institutional investors are investing in Bitcoin. Their numbers are only increasing in Bitcoin. Strategists in JP Morgan studied that the funds moving out of gold exchange-traded funds (ETFs) are going in Grayscale’s bitcoin trust.

Besides, a greater number of firms have Bitcoin in their treasury reserves. Some of them include Nasdaq-listed Microstrategy. It owns more than 40,824 bitcoins, and the firm intends to purchase more for itself.

Twitters hack and why Decentralization is important

Twitter accounts of leading businesses and high-profile individuals were compromised this week. In one of the most complex breaches on the platform, there are opinions pointing out to the vulnerability of the system to let this mishap happen. The scam has already swindled about $120,000 which could have been far worse given the scale of the scam.

Twitter, in a statement, said that the attack took place because an unknown person either tricked or forced an employee to provide access to Internal Twitter admin tools. The first notable signs of unauthorized intrusion came around 3 PM EST when Binance tweeted a message about its partnership with “CryptoForHealth” with a link asking people to give back 5000 bitcoin to the community. A few minutes after that tweets on the same line were fired from Joe Biden, Amazon CEO Jeff Bezos, President Barack Obama, Tesla CEO Elon Musk, former New York Mayor Michael Bloomberg and investment mogul Warren Buffet

Twitter detected a coordinated social engineering attack by people who first targeted Twitter employees and accessed internal systems. They captured the access to take control of prolific accounts and tweeted on their behalf. Twitter is further investigating any other malicious activity or information the hackers might have got their hands on. Mid-level employees having access to site-wide admin tools increases the possibility of tools falling in the wrong hands indicating vulnerability in Twitter’s systems.

This has exposed some serious concern about Twitter’s centralized system unifying users under a platform that is not transparent. The scam in itself was common but the fact that hackers were able to use important official accounts is a bit bizarre and has made gullible people more likely to fall victim. Bitcoin is not to be really blamed for the attack but the few people against Bitcoin have already started to blame the Cryptocurrency. Mainstream media have expressed their concern about Bitcoin and its history of exposure to fraudsters. The Crypto industry has asked one simple question – Why ask for Bitcoin? 

Bitcoin has once again proved to be the currency of value and cannot be blamed in the hack.

One part of Bitcoin worth lauding is that it is not controlled by any central authority. Users do not have to trust any single organization to protect their money. Along with this the stolen funds are not being retraced back, something which could not have been done through physical cash.

Do note when exchanges like Coinbase and Gemini were hacked, its decentralized exchange system triggered them to put the hacker’s digital wallet addresses on a blocklist when they became aware of the scam. Industry players point out a fundamental issue with Twitter and other such centralized systems. This makes an argument for decentralized systems like Bitcoin because blockchain systems are intrinsically secure. Its decentralized nature as well as the cryptographic algorithm makes it immune to attack.

How this happened is unknown but with a centralized system with a point of contact exists, hackers can easily access the contact and try to penetrate into the system which is why Twitter appears so easily breakable.

There are a few notable decentralized social media platforms, however nothing comes close to competing with the likes of Twitter.

Lets hope Twitter takes into consideration a more decentralized approach in the next upgrade. Over to you Jack and team!

Image Source – KAP Digital

Rich Dad Poor Dad Author’s warning – Bitcoin is the only savior!

Who hasn’t heard of the famous book ‘Rich Dad Poor Dad’? The book garnered rave reviews and also raked in the moolah by being the best seller. Over the years, the author cum Bitcoin investor Robert Kiyosaki has been advocating people to start investing in Bitcoin. Well, it is true that there are indeed many who are doing the same, but the best-selling author also is being extremely vocal about his sentiments surrounding Bitcoin. Robert took to Twitter to tell people that amidst the major financial crisis, Bitcoin seems to be the silver lining. 

He rolled out a tweet that does not appreciate the Federal reserve’s pandemic treatment. He also pointed out that between such a crisis it is only assets like gold, silver, and Bitcoin that would ultimately prove to be investor’s safe havens or the cushion. The Tweet had a powerful message for the people to note. Robert reminded people that the entire country was going broke and instead of relying on the fake notes being printed, people should instead consider investing in assets like gold, silver, and bitcoin to save themselves. 

Another tweet that was written just 5 hours before this, had clear and harsher warning signals. The tweet mentioned Dr. Anthony Fauci who is the director of the national institute of Allergy and Infectious disease. He is also a quite noted authority when it comes to infectious diseases. Robert was disgruntled and expressed that the biggest fears of the virus being strong even in later parts of 2020 might be a glaring and startling reality. 

Carrying further his opinion Bitcoin he has predicted that Bitcoin price will reach $75000 in a much more somber manner. He is notably unimpressed with the manner the Feds have handled the issue and has pointed out their failures. He also has time and again expressed major worries about an economy that may be at the last stages of survival and an impending financial crisis which is not handled well in this great country!

Meanwhile, the tweets are slowly picking steam with more and more people noticing the warning messages by the author. It could be a cue that people take and understandably start investing in such assets especially Bitcoin which can be good for its future. 

Image Source – Rich Dad