So it's touted that Twitter is going to be placing a charge on verified Twitter accounts and I'm not surprised, new ownership, new rules. How did people not expect this? Firstly, Elon is a businessman and his main acquisition of Twitter was basically because of the potential of making more money.
I know people were expecting a different type of ownership, I mean Jack Dorsey was the guy who was mostly indifferent about blockchain and crypto and even though there was a time or two which he felt pro-crypto, I only felt it was only a charade to keep up with the latest sophistication out there.
The next big thing then?
Blockchain technology and crypto are the next level web and it was only natural that Twitter was going to tag along. However, because of Elon's massive influence on dogecoin, it was easier to think that his owning Twitter would be revolutionary for Crypto. I'm not saying it wouldn't, I just think it wouldn't be as massive as many people think.
Here's why I think so. Elon tried to desperately dissociate Crypto from Tesla, but people would never have it, much as he (Elon) was involved with crypto, it was always going to be difficult to keep Tesla out of the picture. I think Elon is trying to make Crypto his thing like he wants people to see him and his billions and not his conglomerate of businesses.
One of the reasons why I still think this was so was because of the volatility of crypto. We saw how his stocks rose and shrank due to all that volatility. Nevertheless, Crypto doesn't need the face of wealthy Individuals.
What these people only do is influence based on hype. For Elon, projects like doge were more of a fetish and we saw how he massively influenced a large following but today, doge is back to the trenches and nothing was achieved with all that hype.
So $44B acquisition and some people still think Twitter is up to something revolutionary
......But
The truth is, there's one thing wealthy people do and that's to make money, anything asides from that are secondary, especially when the primary aim is achieved.
I think a lot of people raised alarm when it was said that verified accounts were going to pay an initial fee of $20, but even if this was later reduced, I still think the intent was the same. Now I don't know if this will fee will eventually pass, but let's look at it this way.
Paying a monthly fee means only means that eventually people can be able to buy verified accounts by just having money. Another theory is that people should be willing to pay for their account since its verified status gives them an elevated status, whether they're accomplishing monetary or non-monetary value.
I think people a huge percentage of people with verified accounts will have no option but to pay these fees and this is when they'll only realize they've been achieving so much for free. Now I'm not saying anyone should pay anything to use social media, all I'm saying is we are getting into that era where people will have to pay to use stuff, because it'll be more business-driven than ever and because people have built their lives, personalities and business on social media and hence they'll have to pay.
Especially when they're made to believe that there's no other option. Web2 is heavily monetized from monthly subscriptions to data selling by big techs. One way or the other, private owners will completely dominate and this will only be the beginning.
Money Is Majorly The Endgame
I think Elon is looking to revamp the Financial outlook of Twitter and he feels that people who are deriving some sort of incentives or value have to pay. All these theories might be highly hypothetical, but it's majorly about money. I don't know how this will be sustainable, but since Twitter is going to be giving 3 months before verified accounts lose their verification, I think Twitter is about to go through a phase.
However, I do not think Twitter will lose its audience, especially those who are already too vested in the system. So people will keep paying as long as they need this presence, to validate their identity. Going forward, we have to keep spreading the world around hive. The question now is, do you see other media trying to do what Twitter is currently doing, or is this just Elon trying to swoop into moneymaking?
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All road leads to Hive.
I love that I'll no longer be intimated by verified accounts... Lol 😂
Well this is probably because you now know that it can be bought 😅😅😅
Hahaha.... Yes ooo 😂
I like this “all roads lead to Hive” saying.
Thanks.
In one way, this is a good thing. People, especially those that wildly use Twitter, will begin to see how much they are getting for free, as you have said. This is why so many of them misuse the platforms with the discrepancies they share up and down, which is mainly why I don't use it and am not active.
On the other hand, if this "next phase" is not executed properly, it may backfire, and it very well might be the beginning of the end of Twitter. Many think that Twitter can never die, but the truth is that Twitter isn't the space, nor is it the "bird app" itself; it is the people. And just like how Yahoo's glitch gave space for Google to come in, allowing Google to come through for people when their trusted search engine and email service failed. That is how Google got in, and they have been soaring high since.
Nothing lasts forever, and it is only a matter of time before a social media platform that probably already exists will see a hole in Twitter or similar web2 spaces and sweep their audience (or users) off their feet and onto their side. Or wait, does it not exist already? Hive's the name! We just need to get the word out.
I am looking forward to this conundrum phase and how it will all play out.
You're right, people are what constitutes Twitter and at the moment Elon musk probably feels invincible and he's trying to activate his business skills and make more money for himself. Let's not forget power can buy money, money buys more money. There's nothing social about the Twitter's purchase and I think you're right. Irrespective of this nothing lasts forever.
Oh yes, Hive is what you're talking here and I think the only problem is marketing at the moment. We're already the next phase of the internet. It's a pity people are still keyed into what web2 is serving them
Damn... Even Twitter now. Oh well, I guess it was kinda inevitable at the end 😑.
Pff, rich people problems am I right?? XD
Hive is going to take the world my storm someday I'm positive. But for now, we just gotta keep grinding and pushing the Blockchain.
Even Twitter too and this is becat Twitter is no different though, same old, same old
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Before now ,whenever I see someone gets verified on twitter, it makes me have more interest in such person because I tend to believe they have must deserve the verification badge and that was why they got it...But with these recent development by Elon musk , it means that anyone can now simply buy the verification badge , and now I will just see it as something that anyone can get as long as you have money to throw around...I find that to be too predictable and not impressive at all..
Exactly, anyone can now buy the verification badge and it's now more about who brings more money to the table. I think there might be potential scam in the future because of this. Even when someone gets verified it might still be a scam project.
Damn.. that's insane actually °_°
God help us all
Elon is certainly not doing anything revolutionary.
Elon Musk will not decentralise Twitter or anything truly innovative in the space.
More like moving the company backward from a tech point of view.
Streamlining rather than innovating to make money and a strange position for someone like him.
I think we'll see Elon's true colours and the real reason he bought the network in due time...
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Yes, we're likely to see the reasons he bought Twitter and I'm not going to be surprised if it's even for more affluence and the opportunity to make more money. It's a crazy situation though. Rven old owner Jack Dorsey is already starting up a new social media.
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Here’s what I think he should’ve done about charging a monthly verification badge fee.
Twitter should still have operated in the way the used to with respect to issuing the verification badges. I dob’t know the initial requirements to be verified, but Elon should’ve still kept those requirements, whiles ONLY billing already verified accounts. This way, the verification badge still means something, and users need timo strive to attain it.
Selling the badge to users will at some point kill the need for verification because anyone can have a badge for as “low” as $20.
I think the badge is presently for verified accounts, but who is to say he wouldn't make the verification tag purchasable? The thing is, it's possible he'll do that, I don't think he understands the aspect of social media "Freedom". The fact that the new owner of Twitter is business oriented, It'll surely reflect on Twitter's Principles and all that.
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I see. I think there’s a bit of confusion as to whether he’ll only be charging already verified users, or selling the verification to everyone entirely at the monthly subscription fee.
I agree about Elon showing his true colors soon. Many people believe Elon bought twitter to make it a better place. That may be the case, by we should remember first and foremost, the fact he’s a business man, and everything he does with his business is principally to make him money. His plans for twitter will be more of business oriented that superhero saving.
I am certainly waiting earnestly for what will happen in tune because this way Elon musk is going will drive most of those accounts holder to doing what he wants
He's already doing the driving though. I think it's something familiar with all these people who want to control social media
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Yeah tho, you are right
He needs money or they are gonna go belly up!
Most people always think if we can persuade one of these big names to buy into a crypto project there will be changes but on paper, this has not been that successful.
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You're right, influencers are mostly waiting to line their pocket. I think true adoption comes when people decide to do their research and adoption the project they feel comfortable with.
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I think Elon overpaid and I don't think he's trying to disassociate Tesla from crypto. From my view, he wants to make a central hub and earn some income from managing it as a payment processor. If it works out, I think he wouldn't mind using it for payments into Tesla. However, I think it will be tough to change Twitter and I don't think it can be that profitable.
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No one saw the $20 coming for verified accounts, I think there will be more ways to squeeze out value for him, it'll be creative ways which we might not even be able to imagine.
Elon has been changing the price of verification and it should also come with a few extra benefits. However, it won't matter to most of us anyways so I don't think it's worth paying for.
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And that's the money quote right there.
So many people are invested in that blue check-mark that they'll do whatever is necessary in order not to lose it. This journey will be interesting to watch going forward.
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