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Elon Musk says posts busted by Community Notes won’t earn revenue share

Elon Musk assured those attempting to “weaponize” the community notes feature will be immediately found out.

Posts corrected by X’s community-driven fact-checking feature will be “ineligible for revenue share,” to stem the flow of misinformation and sensationalism, says Elon Musk.

In an Oct. 29 X post, the executive chairman said misleading or inaccurate posts “corrected” by Community Notes — manned by X’s crowdsourced fact-checkers will not be eligible for revenue share.

Musk said the change would “maximize the incentive for accuracy over sensationalism” and claimed any attempted weaponization of the feature would be “immediately obvious” as the data is open source.

With little information to go on, X users and Crypto Twitter pundits questioned aspects of the change.

“Does that include notes that are added for context [of] the user’s claims rather than correcting false information?” one user asked. The crypto-focused account Bitcoin Archive said some notes add further context and not all are “refutations or corrections.”

Finance-focused X account “Not Jerome Powell” said Community notes applied to memes “in a funny way” or notes providing context “should be excluded.”

Related: Crypto community tells Elon Musk to dump Satoshi ‘X’ account

Others, however, were supportive of the change. “Pay attention to those who vehemently disagree with this,” wrote Dogecoin (DOGE) co-creator Billy Markus “It’s quite literally people who make a lot of money spreading misinformation.”

X hasn’t shared the number of accounts eligible for monetization nor who makes up its 100,000 contributors in 44 countries, according to an Oct. 26 post from X CEO Linda Yaccarino.

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Additional reporting by Jesse Coghlan.

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Dogecoin Has a Huge Week As Elon Musk Aims for X Financial Services To Launch by End of 2024: Report

Dogecoin Has a Huge Week As Elon Musk Aims for X Financial Services To Launch by End of 2024: Report

The popular meme asset Dogecoin (DOGE) is surging this week as billionaire Elon Musk reportedly aims to launch financial services on the social media platform X by the end of next year. According to a new report by The Verge, the business magnate says he expects X’s comprehensive financial features to roll out by the […]

The post Dogecoin Has a Huge Week As Elon Musk Aims for X Financial Services To Launch by End of 2024: Report appeared first on The Daily Hodl.

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Elon Musk’s X aims to revolutionize finance as a central hub

Elon Musk envisions X as an all-encompassing financial platform, embracing every aspect of users’ financial lives, from money and securities to eliminating the need for traditional bank accounts.

Elon Musk’s venture, X (formerly known as Twitter), aims to position itself as a central financial hub, encouraging individuals to consider using X as their primary financial solution instead of traditional bank accounts for various financial requirements.

According to reports, during the inaugural all-hands meeting on Oct. 26, Elon Musk articulated his vision for transforming the platform into a financial hub with a roadmap to implement new features by the end of 2024. 

Elon Musk envisions X as an all-encompassing financial platform, covering every aspect of users’ financial lives, from money and securities to eliminating the need for traditional bank accounts. According to reports, Elon Musk referred to his creation of the PayPal platform during the meeting. Musk co-founded X.Com, originally conceived as a comprehensive financial platform, which was subsequently acquired by PayPal, known for its payment application.

Elon Musk appears to be taking a hands-on approach, overseeing all feature developments and strategizing premium offerings for the brand. The focus is not only on revenue generation but also on positioning X as a versatile, all-round platform for users.

According to another report, Musk revealed that online platforms such as YouTube, LinkedIn, and Cision PR Newswire are seen as potential competitors to X as it progresses toward becoming an all-in-one app.

Musk and Linda Yaccarino, X’s CEO, unveiled a strategy to introduce a news wire service named XWire, positioning it as a potential competitor to Cision PR Newswire. X has gained recognition as a primary platform for news development and discussions. The details and features of X’s competitive services against YouTube, LinkedIn, and PR Newswire remain uncertain.

Related: X ‘everything app’ push continues as Elon Musk tests video …

In a recent blog post, Linda Yaccarino discusses the progress and advancements that the platform has achieved over the past year. She mentions notable products like Community Notes, Audio and Video calling, and the upcoming addition of a $1 payment feature to the platform.

Furthermore, on Oct. 27, Elon Musk provided an update, announcing that X is exploring the possibility of live-streaming company discussions.

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Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Crypto speculations simmer after cryptic posts on X

The crypto community on X is on edge over cryptic posts by Ripple’s chief technology officer and X itself.

The crypto community on X (formerly Twitter) has been thrown into a series of guessing games by a couple of cryptic posts.

One of the posts was made by David Schwartz, Ripple’s chief technology officer. He published a picture of a frog sitting on the leaf of a lily pad, with a water lily flower on each side of the frog. This prompted a response from the cryptocurrency community, particularly XRP (XRP) and Pepecoin (PEPE) enthusiasts.

XRP enthusiasts expressed sentiments such as “Hoping this translates into a transformative XRP price” and “Anticipating a quantum leap or major shift.“ A PEPE-themed X account, xPEPE, suggested that Schwartz had come to a favorable realization and raised a “bullish flag for frog enthusiasts worldwide.“

X user Juan Martinez commented, “Welcome aboard Sir.“ The X user added an image of two frogs on the moon with a PondX logo on it.

Meanwhile, a second cryptic post was made by X itself, sharing a meme of a dog answering a telephone call, which has sparked speculations among the crypto Dogecoin (DOGE) community and others.

Although the post lacks specific details, it’s suspected by some Dogecoin enthusiasts that X, associated with Elon Musk, is likely exploring Dogecoin adoption on the platform. It’s worth noting that similar speculations have circulated in the past.

However, some believe the post hints at a new audio calling feature. X user Alx asked if an audio calling feature is imminent on X but received no clear response from X.

Related: Elon Musk’s X platform faces backlash over pro-XRP account suspension

Nonetheless, Musk’s previous endorsement and positive remarks about Dogecoin have ignited excitement among Dogecoin enthusiasts for a while.

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Elon Musk trials $1 subscription signup fee for new X users in New Zealand, Philippines

The Mercurial CEO is on the cusp of turning X into a fully subscription-based app.

X, formerly known as Twitter, is testing a signup model wherein new users will have to either pay to become a verified enterprise account, opt into an X premium subscription, or pay a $1 annual fee to prove they’re not a bot. The trial, which began on Oct. 17, is currently only applicable to new users in New Zealand and the Philippines. 

The experiment, according to a post on X’s Help Center, is called “Not A Bot.” As its name implies, its purpose is reportedly to deter bot activity on the app by requiring all users (that are included in the test) to verify their phone number and payment method.

Per the Help Center post:

“As of October 17th, 2023 we’ve started testing “Not A Bot”, a new subscription method for new users in two countries. This new test was developed to bolster our already significant efforts to reduce spam, manipulation of our platform and bot activity.”

The post goes on to state that “new users,” who pay the $1 subscription fee, “will be able to perform certain actions on the web version of the platform: post content, Like posts, Reply, Repost and Quote other accounts’ posts, Bookmark posts.”

Those who don’t pay the fee and opt out of subscribing, “will only be able to take “read only” actions, such as: Read posts, Watch videos, and Follow accounts.”

It’s unclear at this time exactly how X intends to determine the effectiveness of the “Not A Bot” trial. Our request for commentary to the company solicited an immediate response of “busy now, please check back later.”

Previous research on the nature of social media “bots” has revealed the term to be nebulous. According to one study (Gorwa, et. al., 2018), it isn’t always obvious whether accounts generating bot-like behavior are in fact bots.

There’s also the consideration that bots, and their behavior, are likely to become far more sophisticated in light of the ongoing large language model-driven revolution in consumer-facing artificial intelligence chatbot technology.

Related: Anthropic built a democratic AI chatbot by letting users vote for its values

According to X, the subscription is meant to chop the bots off at the knees by making it not only difficult to automate the signup process but, per the language used by X, also supposedly financially deterring the organizations and individuals responsible from deploying them.

Reaction in the crypto and finance communities — where spam bots remain an ongoing problem — has ranged from outright acceptance of the pay-to-interact model to a rejection of the premise. 

One user replying to a post from a popular account sharing the news called the move a value prospect at less than 10 cents U.S. per month, stating “anyone who complains about this simply wants the bot manipulation to run rampant.” Another simply opined that it represented “the end of X. It had a short run.”

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Elon Musk’s X platform faces backlash over XRP account suspension

Crypto Eri, a prominent figure in the cryptocurrency community, contacted Elon Musk on X, seeking clarification about the account suspension.

X (formerly Twitter) executive chair and chief technical officer Elon Musk has faced criticism for the suspension of an XRP-related account.

Crypto Eri, a well-known figure in the cryptocurrency community, directly reached out to Elon Musk on X, seeking clarification on whether the account suspension was an error.

The account in question — Digital Asset Investor.XRP — was recognized for its outspoken advocacy of XRP (XRP), the asset of the XRP Ledger blockchain. Various controversies and legal disputes have long surrounded XRP, notably a lawsuit by the United States Securities and Exchange Commission (SEC) claiming that XRP is an unregistered security.

However, XRP has sustained a committed group of backers who remain optimistic about its future. Digital Asset Investor.XRP served as a space for XRP enthusiasts to exchange information and perspectives and participate in conversations about cryptocurrency.

Although some individuals have defended Musk, suggesting that the suspension was a precautionary measure to prevent potential scammers, the absence of any response from X officials has given rise to speculation.

In reply to a remark proposing that the suspensions were a measure to deter scammers, Crypto Eri remained steadfast in her belief that the account’s suspension was unjust:

“I have been doing my part to stick to the facts. Even when I’m called the crypto police or part of the cancel culture. That’s not been fun. I have empathy because he built his whole channel around using the X platform,”

The dispute, which has garnered the attention of prominent industry advocates, such as pro-XRP attorney John Deaton, now revolves around whether the suspension is an isolated incident or signals a resurgence of censorship within the X community.

Related: X's 'everything app' push continues as Elon Musk tests video game streaming

Meanwhile, a recent report has disclosed an ongoing SEC investigation into Musk. The inquiry focuses on whether Musk breached federal securities regulations concerning his stock acquisitions and subsequent statements and filings about the X acquisition.

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U.S. Securities and Exchange Commission (SEC) Seeks To Force Elon Musk Testimony in Twitter Takeover Probe

U.S. Securities and Exchange Commission (SEC) Seeks To Force Elon Musk Testimony in Twitter Takeover Probe

The U.S. Securities and Exchange Commission (SEC) is looking to force billionaire Elon Musk to testify in its probe of his purchase of the social media platform X, formerly known as Twitter. In a new litigation release, the regulatory agency says that it has filed an application seeking an order that directs the business magnate […]

The post U.S. Securities and Exchange Commission (SEC) Seeks To Force Elon Musk Testimony in Twitter Takeover Probe appeared first on The Daily Hodl.

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Friend.tech SIM-swap scourge continues as scammer nets $385K in Ether

Leaked mobile phone numbers have given scammers an easy way to drain Friend.tech user accounts.

A single scammer has reportedly managed to steal around $385,000 worth of Ether (ETH) in less than 24 hours amid a scourge of SIM-swap hacks seemingly targeting Friend.tech users.

On Oct. 5, blockchain sleuth ZachXBT reported the same scammer had pilfered 234 ETH over the past 24 hours by SIM-swapping four different Friend.tech users.

The on-chain movement of crypto assets was traced back to the same hacker who drained the accounts of the four victims.

One of the reported victims of the most recent chain of SIM-swap attacks posted to X (Twitter) following the attack:

“Got sim swapped. Apparently, dude was able to do it from an Apple store and switched it to an iPhone SE. Don’t buy my keys, that wallet is compromised.”

X user “KingMgugga” reported an attack targeting them happening in real time, posting to X that they were “getting f---ing sim swapped watching it happen” and asking for help. Meanwhile, another X user, “holycryptoroni,” confirmed they were similarly attacked, lamenting, “I got swapped sorry.”

Earlier this week, a further four Friend.tech users claimed to have their accounts drained as a result of a SIM-swap or phishing attack, totaling around 109 ETH stolen.

Friend.tech allows users to purchase “keys” of individuals, which grants access to private chat rooms with them.

The SIM-swap scam occurs when scammers gain access to the victim’s phone number and use it to acquire authentication, which enables them to access their social media and crypto accounts.

Manifold Trading, a firm building tools for the ecosystem, estimated that $20 million of Friend.tech’s $50 million of total value locked could be at risk. It called for the platform to beef up its account security measures by enabling two-factor authentication (2FA).

Related: How easy is a SIM swap attack? Here’s how to prevent one

There have also been calls for X to implement 2FA security measures to prevent mobile phone numbers from getting leaked following the high-profile hack of Vitalik Buterin’s account in September, which was also due to a SIM swap attack.

“0xfoobar,” founder and CEO of wallet security firm Delegate, advised removing phone numbers from social media accounts.

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Elon Musk told to dump Satoshi ‘X’ account: crypto community

The crypto community has asked Elon Musk to remove the X account under the name of Satoshi Nakamoto claiming it is in breach of the platform’s terms of use.

Members of the crypto community have rallied behind a post on X calling for Elon Musk to remove the profile on the platform that has been claiming to be the fabled creator of Bitcoin (BTC) Satoshi Nakamoto. 

On Oct. 3 the X profile Pledditor posted saying both the account claiming to be Satoshi Nakamoto and the account with the handle “Bitcoin” should be removed as they are breaching the platform’s terms of service for using "misleading and deceptive" identities.

Pledditor continued to highlight the areas of the terms and conditions in which they believed the accounts to be violating. 

“You can't misappropriate someone else's identity without disclosing you are a parody account. It's no different than making a fake 'Tesla' or 'Elon Musk' account.”

The terms and conditions of the X platform have a specific policy for misleading or deceptive identities, in which it says, “[users] may not misappropriate the identity of individuals, groups, or organizations or use a fake identity to deceive others.”

It defined this as impersonation of someone who already exists, and also deceptive identities which it defines as misleading the public with an identity that isn’t real.

Related: Satoshi Nak-AI-moto: Bitcoin's creator has become an AI chatbot

Aside from the ongoing controversy over the true identity of Satoshi Nakamoto, which has been a subject of discussion in the Bitcoin and crypto community for years, the account has been claimed to be run by an X user named Andy Rowe back in 2018.

On July 2, 2018 Rowe posted saying he curates “quotes” for the Satoshi account.

The account has been quiet since Oct. 31, 2018. However, on Oct. 2 of this year, the account made a new post saying “Bitcoin is a predicate machine” and then going on to explain how it will “explore different aspects of the whitepaper” over the coming months. 

Members of the crypto community rallied behind Pledditor’s post calling the account “embarrassing” and that this “needs to happen now.” One user said he previously tried to reach out to administrators about those accounts but was ignored.

Another user called for the accounts to be disabled and likened them to what X did with the account with the handle “@internet.”

Satoshi’s true identity remains a mystery, with many takers over the years. The most prominent claim of Satoshi’s identity is from Craig Wright. 

On July 21, a court in the United Kingdom granted Wright an appeal in the Bitcoin rights lawsuit, in which he claimed copyright to the Bitcoin white paper and database.

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Vitalik Buterin reveals X account hack was caused by SIM-swap attack

The Ethereum co-founder has regained control of his T-Mobile account, confirming that a SIM-swap attack resulted in the hack of his X account.

Ethereum co-founder Vitalik Buterin has confirmed that the recent hack of his X (Twitter) account was the result of a SIM-swap attack.

Speaking on the decentralized social media network Farcaster on Sept. 12, Buterin said that he has finally recovered his T-Mobile account after the hacker managed to gain control of it via a SIM swap attack.

“Yes, it was a SIM swap, meaning that someone socially-engineered T-mobile itself to take over my phone number.”

The Ethereum co-founder added some lessons and learnings from his experience with X.

Vitalik Buterin confirms how his X account was accessed by hackers. Source: Warpcast

“A phone number is sufficient to password reset a Twitter account even if not used as 2FA,” he said, adding that users can “completely remove [a] phone from Twitter.”

“I had seen the ‘phone numbers are insecure, don't authenticate with them’ advice before, but did not realize this.”

On Sept. 9, Buterin’s X account was taken over by scammers who posted a fake NFT giveaway prompting users to click a malicious link which resulted in victims collectively losing over $691,000.

On Sept. 10, Ethereum developer Tim Beiko strongly recommended removing phone numbers from X accounts and having 2FA enabled. "Seems like a no-brainer to have this default on, or to default turn it on when an account reaches, say, >10k followers," he said to platform owner Elon Musk.

Related: How easy is a SIM swap attack? Here’s how to prevent one

A SIM-swap or simjacking attack is a technique used by hackers to gain control of a victim’s mobile phone number. With control of the number, scammers can use two-factor authentication (2FA) to access social media, bank, and crypto accounts.

It is not the first time T-Mobile has been involved in this type of attack vector. In 2020, the telecoms giant was sued for allegedly enabling the theft of $8.7 million worth of crypto in a series of SIM-swap attacks.

T-Mobile was also sued again in February 2021 when a customer lost $450,000 in Bitcoin in another SIM-swap attack.

Article updated to include additional comments from Tim Beiko.

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