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Will Elon’s Twitter Innovation Bolster Universal Crypto Adoption

For Bitvo by Tristram Waye | Nov 3, 2022

Free speech - Will Elon's Twitter Innovation Bolster Universal Crypto AdoptionWell, it happened.  Elon bought Twitter.   DOGE ripped higher in anticipation.  And in spite of being the head of numerous companies, he’s been communicating with the public on Twitter. He’s taken some punches and done some solid trolling.  There are lots of questions about what this will mean. 

  • The crypto package is potent:  You can use crypto as a speculative asset or a payment asset.  You can use crypto as a value storage asset.  You have the option of self-custody and the ability to be your own bank.  You can use various crypto assets as a cost-effective and relatively fast payment rail or system to transfer value.

See:  Elon Musk Owns Twitter Now –> What’s Next? | $8 Verification Service floated

  • And the one area where crypto excels is censorship-proof exchange between individuals. Meaning, you can bypass the various toll booths in the financial system and deal directly with others.  It has become a significant issue over the last three years.
    • You can be unbanked as a result of legal activities that are unrelated to your payment activity.  Economic and financial sanctions aren’t just being applied to nations. They are increasingly used on citizens for speech that is legal but otherwise unapproved by various so-called gatekeepers.
    • PayPal recently revealed that they are willing to deduct money from your account if you violate their terms. What terms are they referring to? The use of misinformation and disinformation based on their judgment.
  • Twitter could be the most powerful infrastructure on the planet
    • Global Town hall:  Twitter is referred to as social media and it is that. It’s a unique platform that brings together the broadest swath of society from around the world. There are few places where you can interact directly with celebrities, billionaires, everyday people, and everyone in between.
      • It allows for the kinds of discussions you cannot find in the press these days.
    • From open debate to censorship: At one time you could discuss almost anything. That was before things started getting weird. The platform eventually became infected with digital trolls, propaganda bots, and ideological litmus tests. It moved from a powerful platform of open debate and idea exchange to a cesspool of censorship.

See:  Censorship: Vitalik Votes to Burn Staked Ethereum of Validators that Would Comply with Sanctions

  • Twitter can become a censorship-proof alternative to the existing system. A peer-to-peer discussion board.  Crypto, a peer-to-peer, censorship-proof payment option, can be involved in Twitter’s revival. And together, an emphasis on free expression and association can drive long-term use and adoption for both.
  • Twitter could do this in part by becoming a powerful identity layer that remains unobtrusive and outside government control. The platform could provide the ability to support, encourage and reward content creators by facilitating micropayments.
  • Expression as a core value: The world has changed a lot in the last three years. We are faced with numerous challenges, including rampant inflation, out-of-control unelected NGOs, failing economic decisions, the breakdown of democratic principles, and potentially the loss of sacred freedoms. At the core of these freedoms are those of speech, assembly, association, and bodily autonomy.  And the challenge many are facing is that their elected representatives no longer seem to speak for them.

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NCFA Jan 2018 resize - Will Elon's Twitter Innovation Bolster Universal Crypto AdoptionThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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