I dive into all the clues pointing to Elon’s vision for a crypto based twitter.
In this video I talk about Elon’s relationship with dogecoin, his comments about a crypto wallet, his leaked DMs with Sam Bankman-Fried about a fully decentralized twitter, and the latest news about a Twitter Coin (cryptocurrency or something else?).
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0:00 START HERE
1:23 social media CEOs now…love crypto?
3:51 Elon’s leaked DMs
5:40 encrypted messages!
6:47 a twitter crypto wallet
8:43 Twitter Coin
10:39 my take
Hey everyone welcome back so it's been 42 days since Elon Musk took over Twitter and this has been a story for The ages pretty much since day one right You have one of the richest humans on Earth taking over one of the most Visited websites on the internet now the Facts about what has transpired since Elon has taken over really depends on Who you ask okay this has become a very Controversial topic it's a very Political topic some people are going to Tell you that Elon has ushered us into a New Utopia where free speech is king and You can say what you want you can be who You want and other people are going to Tell you that Twitter is basically on Life support okay and you can't spend More than a few minutes on that platform Without your body just being filled up With all these toxins until you have no Choice but to just fly off into the Sun But there's one issue in particular that We care about on this channel which is Whether or not Elon is going to be Friendly towards crypto and Decentralization and how much is he Going to integrate any of that into the Platform if at all so I went ahead and Did the research and I looked for every Piece of evidence that might give us an Answer one way or the other okay so is He building a crypto wallet will Twitter Start selling nfts are they going to be
Using Dogecoin for payments all that and More in a new segment that I like to Call Does Elon love the blockchain if we Step back for a second you'll see that This isn't whether or not Elon is going To be some Maverick that just dives into Crypto by himself at a time when Everyone else is moving away from crypto Okay actually what we've been seeing is That in general most social media Companies have been aggressively inching Towards crypto especially in recent Months and the most aggressive of these Is probably Reddit and I did a couple Videos on this but essentially they've Been going hard on their nft avatars or Digital Collectibles as they call them They're not up to four million wallets I Have minted one of these and they're Also looking into turning their Subreddits into tokenized communities so You know they're basically going all in Then after Reddit you have Facebook and Instagram and this is where Mark Zuckerberg has been making a huge bet He's basically putting his reputation on The line his business on the line on his Vision of what is going to be the Metaverse and I'm sure you've seen some Of the you know Exquisite teasers that They've been putting out around this but The relevant Point here is that Mark Believes that decentralized blockchains Will play a big role in the metaverse
And more recently we've seen Facebook And Instagram start adding nft and Crypto wallet features into their apps Now after Instagram there's a big drop Off in interest okay you have Tick Tock Which I haven't really heard anything Around crypto followed by YouTube which Has also pretty much ignored the topic You just hate to see it and then you Have Twitter which would probably be Somewhere in the upper half maybe Actually just below Reddit because they Were the first ones to let you connect Your wallet and actually show off your Nfts on their platform and apparently They were already working on a crypto Wallet before Elon ever even showed up But now we have new management and so The question is what does Elon think the Role of crypto should be on his platform And exhibit a would probably be elon's Relationship with Dogecoin now if you Don't know Dogecoin is a meme currency But it's one that Elon for some reason Really likes and he's pumped it a bunch Of times in the past most notably Mentioning it on Saturday Night Live Which funny enough pretty much marked The top of Dogecoin last year now Elon Has dropped little hints around Dogecoin In the weeks after he has purchased Twitter nothing really Concrete in terms Of how it's going to factor in but what We do know is that Elon has stated
Before that he thinks Dogecoin is even Better than Bitcoin when it comes to Buying things and he does want to turn Twitter into a Marketplace as well and So if he does integrate crypto at some Point and that I think that's likely Then you should assume that Dogecoin Would probably be one of those accepted Currencies okay moving on to exhibit B Which is a juicy conversation that Leaked between Elon Musk and fraudster Sam Bachmann free who apparently is now Every everyone's favorite podcast guest I mean I don't know what the hell is Going on but the guy is doing all the Rounds at this point I'm not gonna be Surprised if he ends up like on Jimmy Kimmel or schmoozing it up with Stephen Colbert okay but anyways we got some DMS Leaked during the whole Elon Twitter you Know lawsuit and this one in particular Is interesting okay so here we have Michael Grimes who I believe was one of The bankers for the Twitter deal and He's referring to Sam and he says that He wants to put in one to five billion He's serious about partnering up and Then below here we could see uh could do 5 billion of everything Vision lock Would do the engineering for social Media blockchain integration founded FTX Crypto exchange believes in your mission Major Democratic donor yada yada yada And then Elon Musk responds blockchain
Twitter is impossible as the bandwidth And latency requirements cannot be Supported by a peer-to-peer Network Unless those peers are absolutely Gigantic thus defeating the purpose of a Decentralized network and then you Actually see Elon dislike Michael's last Message about Sam Michael has a few more Things to say and then Elon sort of Cautiously agrees to talk at least he Says so long as I don't have to have a Laborious blockchain debate so in Reading this you might say Okay Elon is Against a crypto infused Twitter but I Think it just means that he more so Doesn't believe that a fully Decentralized Twitter is possible Technically today okay as in every Single tweet and profile is updated to The blockchain in real time now I don't Have enough expertise to say whether This is true one way or the other but to Me this still leaves a door open for Some crypto features to enter Twitter Even if it does for now close the door On a fully blockchain powered platform Okay Exhibit C is encrypted DMS now this One came straight from a recent Presentation that Elon tweeted out Regarding his vision for Twitter 2.0 and So as of today this is the most Definitive evidence of a crypto feature That's in the pipeline of course it's Crypto in a different sense right we're
Not talking about blockchains or Cryptocurrency these it's just good Old-fashioned cryptography now Essentially Elon wants to use the signal Messaging protocol now signal is a text Message app that fully encrypts DMS Which means that the message only gets Revealed on the device that the message Is sent to and so they don't live on Some third-party server somewhere which Means that it's extremely hard to spy on Anyone the current situation on Platforms like Twitter is that your DMs Can basically be viewed by any Twitter Employees they can be subpoenaed by the Government they can leak out in a hack And so Elon wants to use the signal Protocol to change that now in my Opinion this is a pretty big win for Everyone involved you just love to see It but as I said it's crypto in a Different sense right it's not really Blockchain focus but still probably a Great thing for the platform okay Exhibit D is a crypto wallet so as we Said earlier Twitter was already working On a crypto wallet before Elon showed up Now what this wallet was going to be Used for we don't really know it's Probably going to be used for like Buying maybe nfts or some other digital Assets and you know you'd probably have Crypto along with other traditional Payment methods however what we do know
Is that Elon basically gazunt the team That was working on the wallet and for Now it looks like the project has been Tabled now to understand the motivations Why he might do this uh I'll point to a Twitter space where some people did ask Some questions around crypto and I'm Going to play that here is Twitter Looking at launching a crypto wallet Well we're looking at a lot of things But it's it's a crypto wallet is not Soon but I mean maybe something down the Road would be open to it but right now Twitter's just got a You know get the basics right so and Like I do think there is a role for Crypto In the future without speaking to any Big particular crypto coin Um as a means of ensuring that the Monetary system does not get Completely corrupted it essentially it Provides competition to the fiatric System so bottom line is that once again He's leaving the door open for a crypto Wallet okay so a lot of maybe who knows I like but he definitely he's just like All hands on deck trying to save Twitter As Advertiser Revenue plummets as they Have like a Skeleton Crew That's just Trying to keep the lights on and at the End of the day a crypto wallet is really Just a nice to have feature okay it's Not a must-have at least for now and so
Probably once they feel like the the Platform is a little more stable then we Might see something like a crypto wallet Come back to the table and it certainly Aligns with elon's vision of you know Reducing centralized control over People's freedoms and rights uh and so I Do think the two really meshed together And then finally we have exhibit e which Is Twitter coin now this was first Reported I Believe by Jane Wong who Discovered a few days ago that they're Working on a tipping system using Something called coins and there's even A little logo for it with some high School level graphic design and we Pretty much don't know anything else so It is possible that you know Twitter is Going to release a cryptocurrency However a more likely scenario is that This is just going to be a web 2 virtual Currency that lives on a centralized Database instead of an open blockchain So something like a V bucks for all the Fortnite players in the crowd and the Reason why I think this is more likely Is because it already exists on another Social media platform okay specifically Reddit so Reddit has Reddit coins and You can use this currency to tip people And give them Awards as well and how it Works is if you subscribe to Reddit Premium you get a bunch of these coins Every month that you can give out and
One of the benefits of receiving these Coins as tips is that you can actually Exchange them to instead receive an Ad-free Reddit experience and I think They're gonna add a bunch of other Benefits down the road so there is some Value tied to the coins so chances are That Twitter will follow a similar model And so maybe in the future you'll be Able to tip people for their tweets Using you know Twitter coins and they'll Be able to take those coins and I don't Know buy one month of Twitter blue or Something like that or maybe this is a Cryptocurrency right maybe Elon does Want to give everyone Twitter coins and Have them use it as governance so you Know you have been doing a bunch of These polls where people are voting on Things that actually impact you know Twitter features and this would be a Better way of doing that and removing Some of those Bots we just don't really Know enough at the moment and so this is Probably the most inconclusive piece of Evidence so far okay so that is the Extent of what I found so far now it's Possible I'm missing some tweets or Comments that Elon has made recently if I did feel free to drop them in the Comments below my take in general is That there's definitely evidence Pointing in both directions okay Elon Moving towards crypto and maybe Elon
Moving away but you know what is clear Is that right now they're focusing on Bigger things you know probably just Trying to keep the lights on and so any You know crypto related things are Probably going to take a back seat and We're unlikely to see any major features Let's say in the next six months now Long term I do think a fully Decentralized Twitter does seem unlikely But I think that over you know a longer Term period of time we are going to see Just more features you know the crypto Wallet maybe just payments in general Maybe nfts as we see other social media Companies find use cases that end up Being pretty lucrative for example Reddit avatars can likely become a Business that's worth you know hundreds Of millions of dollars and something Like that would be very valuable to a Twitter which is a pretty comparable Size as Reddit at the very least I think Elon's history shows that he's Technologically curious uh and he's open To this kind of decentralized vision uh Especially in light of him talking about Freedom of speech open source and so all Of these things do point to him maybe Inching Twitter to a more decentralized Platform over time but who knows okay He's also at the end of the day just a Capitalist billionaire so maybe it Really just comes down to what's going
To make him more money so if you're Someone who is a fan of blockchain Technology and you want to see it Flourish I do think there's a lot to Like in this new takeover but I guess You know cautiously optimistic is Probably the best position all right Guys that's it for today thanks for Watching don't forget to subscribe like The video and I'll catch you the next One