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Subscribers on X (formerly Twitter) can hide their blue check marks now

Twitter Help warns that other users may still be able to tell if you're a subscriber.

X users who subscribe to the “Blue” service now have the option to hide their “checkmark,” according to a recently updated Twitter Help article. 

Owner Elon Musk had previously warned that he wasn’t afraid to keep “blowing things up” as he and newly-appointed X CEO Linda Yaccarino continue to fudge the subscription service features further.

How it started:

One of Musk’s first moves upon his purchase of X, then Twitter, was to reconfigure the long-standing verification system. Previous to Musk’s changes, the service issued the checkmark to account holders considered noteworthy or those whose identity risked impersonation. These included celebrities, politicians, and journalists.

Twitter cleared the slate upon Musk’s implementation of the new subscription based system. Under the current X “Blue” subscription service, users are issued a checkmark once they pay for the service and attach a phone number to their account.

How it’s going:

X now offers subscribers the option to choose not to display their subscription badge. It’s unclear as to why the company is offering the choice — X typically replies to request for clarity with poop emojis — but the accompanying Twitter Help page does warn subscribers that the toggle isn’t definitive:

“The checkmark may still appear in some places and some features could still reveal you have an active subscription.”

Preprint research from a team at Princeton, published in June 2023, found that accounts who obtained a Blue subscription after the verification changes were disproportionately made up of those whose engagement consists of “posting conservative political content, exhibiting positive views about Elon Musk, and promoting cryptocurrencies.”

Unfortunately for those subscribers with good intentions, the association to cryptocurrency scams, hardline extremist political views, and the polarizing nature of Musk’s shadow over the global technology landscape have given the checkmark symbol a negative connotation among many X users.

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X’s ad revenue sharing: Crypto payments on the horizon?

Should Elon Musk’s platform choose to introduce crypto payments in the future, Stripe’s on-ramp service could prove beneficial.

Following the announcement of X’s (formerly Twitter) ads revenue sharing initiative, crypto exchange Kraken proposed the possibility of accepting payments in Bitcoin (BTC).

The X community responded positively to the tweet, praising the suggestion as a welcome idea. VJ Crypto Guerreier said it would be incredible if X CEO Elon Musk could begin with Dogecoin (DOGE) for payments. However, ixela.lens, another user on the platform, responded, stating that for the time being, it might be more realistic to receive payments in “Web Money.“

After eager anticipation, X finally introduced its ad revenue-sharing program for eligible creators worldwide. The initiative enables creators to receive a portion of the revenue generated from advertisements displayed in responses to their content on the X platform. According to the developers, this move is a significant step in X’s commitment to supporting individuals in earning a direct livelihood on the recently rebranded platform.

Creators with a minimum of 15 million impressions in the last three months, with at least 500 followers and the Blue verification subscription, will be eligible for payouts. Meanwhile, X has declared financial technology company Stripe as its payment processor for payouts.

According to a Cointelegraph report, Stripe launched a native fiat-to-crypto on-ramp service aimed at improving the crypto purchasing process for customers in the United States. Should Musk’s platform introduce crypto payments, the on-ramp service could prove beneficial. However, there are no indications or plans from X developers regarding implementing cryptocurrency-based payments.

Related: Crypto Biz: Elon Musk’s X targets financial services, PacWest emergency rescue and more

Cryptocurrency payment support has been available since April 2022, when Stripe introduced crypto payouts for Twitter creators. The possibility of crypto payments launching on the social media platform has been a topic of discussion for some time, with speculations suggesting that DOGE and BTC could be among the initial coins supported by X.

In reality, the crypto payments support has been available since April 2022, when Stripe added support for cryptocurrency payouts to Twitter creators.

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Crypto Biz: Elon Musk’s X targets financial services, PacWest emergency rescue and more

This week’s Crypto Biz explores Elon Musk’s plans for X, the Italian central bank’s take on DeFi, PacWest’s merger with Banc of California and more.

Social media platform X — formerly known as Twitter — may soon advance plans to add financial services to its users, hoping to become the American equivalent of the Chinese super-app WeChat.

The concept of super-apps isn’t new. Tech giant Tencent, the company behind WeChat, has been refining the model since 2011. Like Twitter, it began as a social networking platform but quickly became the go-to app for everything in China, from shopping to filing for divorce with one click.

Musk believes that, if executed correctly, X could capture “half of the global financial system.” To accomplish that and keep his promise of delivering an “entire financial world” on the platform, the executive might include cryptocurrencies in its plans. There was even a hint that Dogecoin (DOGE) would be a part of it.

As the “global town square” where most crypto business and innovation takes place in real-time, X could play a crucial role in the crypto industry’s future. X is bigger than just a re-branding and could affect the future of money in the Western world.

This week’s Crypto Biz explores Elon Musk’s plans for X, the Italian central bank’s take on DeFi, PacWest’s merger with Banc of California and more.

Elon Musk says X will offer an “entire financial world” in the coming months

Twitter’s rebrand to X is part of a larger plan to incorporate financial services on the platform, its owner and chief technology officer Elon Musk said. According to Musk, users of X can expect to access an “entire financial world” on the platform in the coming months. In the upcoming “everything app,” digital assets are unlikely to be forgotten, with Musk suggesting that Dogecoin (DOGE) could play a key role in X services. Also, in April, he announced that the platform would soon offer crypto and stock trading through a partnership with eToro. Musk claims that, if executed correctly, X can encompass “half of the global financial system” with plans for banking, payments and more. 

Italian central bank backs DeFi tokenization project with Polygon, Fireblocks

The Italian central bank is embracing decentralized finance. The institution recently picked a decentralized finance (DeFi) project to help financial institutions get started with DeFi and tokenized assets. The project is developed by Cetif Advisory in collaboration with Polygon Labs, Fireblocks and other organizations. Italian banks, asset management companies and 10 other financial institutions will participate. The project has no “commercialisation purpose” but will extend “the scope of analysis” of security tokens on secondary markets — an area of growing interest within the crypto industry. 

PacWest stock flash crash recovers after rescue merger with Banc of Cali

Shares in PacWest bank briefly crashed by 27% on July 25 only to quickly recover on the news it had merged with the Banc of California, with both banks seemingly looking to shore up following the banking industry turmoil in early 2023. The banks combined are expected to have around $36 billion in assets and over $25 billion in total loans. PacWest’s market capitalization is around $1.2 billion, while Banc of California’s was roughly $764 million. The merger was backed by two private-equity firms, Warburg Pincus and Centerbridge, which will provide $400 million in equity, giving them around a 19% stake in the combined business. 

Crypto investors cool on Bitcoin funds, turning to Ether and XRP

Bitcoin-related investment products appear to have lost some of their sheen among crypto investors, recording their first week of outflows since BlackRock filed for spot Bitcoin ETF in June. According to a report from CoinShares, Bitcoin (BTC) investment products saw outflows of $13 million for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. In contrast, Ether (ETH) and XRP (XRP) investment products recorded a combined inflow of $9.2 million over the last week. Altcoins Solana (SOL) and Polygon (MATIC) have tracked some inflows as well, potentially benefiting from Ripple’s partial victory over the U.S. Securities and Exchange Commission. However, Bitcoin remains the dominant digital asset investment product, with $558 million in inflows in 2023.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

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Twitter Community Notes hits 44 countries as Elon Musk seeks ‘truth’ for X

Contributors from 44 countries are tasked with vetting the information being shared on posts that draw greater attention and are often subject to being picked up by mainstream media.

Tech entrepreneur Elon Musk’s Twitter (rebranded to X) added contributors from 18 new countries to ensure the accuracy of the information being shared on the platform. As a result, Community Notes — the information watchdog on X — now has contributors from 44 countries in total.

Ever since Musk’s acquisition of Twitter, the entrepreneur claims he has envisioned transforming the platform into an everything app, which involves eradicating misinformation and preventing scam accounts from operating openly. Following Twitter’s rebranding to X, Musk expedited the transformational drive, given the aggressive efforts made by Threads and TikTok clones to dominate the text-based social media realm.

Contributors from 44 countries are tasked with vetting the information being shared on posts that draw greater attention and are subject to being picked up by mainstream media. As part of the rebranding effort, the X app refrains from addressing itself as a social media platform and instead positions itself for “breaking news, entertainment, sports, politics and everything in between.”

X’s (previously Twitter) app description on Google Play store. Source: Google Play

“This platform aspires to be the best (or least bad) source of truth on the Internet,” said Musk when discussing the fact-checking system — Community Notes — on July 22.

Related: TikTok launches text posts feature to rival Twitter and Threads

Moreover, the entrepreneur made a user-centric decision by backtracking on his decision to permanently change the X user interface to a dark theme.

While X continues its aggressive attempts to reinvent itself, its biggest competition — Threads — introduced a new feature to resemble the original Twitter.

Adam Mosseri’s explanation for the introduction of rate limits on Threads. Source: Threads

Following its launch on July 5, Threads witnessed a record-breaking uptake of new users, surpassing 100 million users within five days. Unfortunately for Mark Zuckerberg, the engagement seems rather short-lived.

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Elon’s ‘not afraid of blowing things up’ — ex-Twitter exec on working under Musk

Esther Crawford claimed Elon Musk’s inability to handle criticism created a “zealous and fanatical” inner circle.

A former product director at Twitter, now X, has shed new light into the once inner workings of the social media firm, along with some of the peculiarities that come with working under entrepreneur Elon Musk. 

In a lengthy 2,400-word tweet and accompanying video, Crawford described the pre-Musk Twitter as both “amazing and terrible” being hamstrung by bureaucracy, while the new post-Musk Twitter has been “difficult and dramatic.”

“Twitter moved at the speed of molasses and suffered from bureaucracy but now X is run by a mercurial leader whose instinct is driven by the unique and undoubtedly weird experience of being the biggest voice on the platform.”

Crawford was one of the few members from the original Twitter team that voluntarily stayed on board after Musk took over — a decision she said was made in the hope that the billionaire would begin steering the company in the right direction.

Notably, she was fired along with 200 others in Musk’s February round of layoffs.

“I saw him as the guy who built incredible and enduring companies like Tesla and SpaceX, so perhaps his private ownership could shake things up and breathe new life into the company,” she wrote.

Describing Musk as “bold and inspiring” she admitted he was “oddly charming and genuinely funny,” even if he was prone to repeating the same stories and jokes over and over.

Despite his endearing qualities, Musk’s infamous leadership style became problematic rather quickly, with Crawford saying that he often lacked empathy to a “painful” degree.

Crawford adds that Musk was extremely unpredictable and that many Twitter employees became scared to present him with bad news or opinions that contradicted his own.

“Since it was hard to read what mood he might be in and what his reaction would be to any given thing, people quickly became afraid of being called into meetings or having to share negative news with him.”

This inability to deal with criticism, Crawford explained, ultimately led to the creation of a “fanatical and zealous” inner circle that offered unwavering support for everything Musk said.

Ultimately however, it became apparent that Musk was “obviously not afraid of blowing things up” and often looked outside of employees or the trusted members of his inner circle for advice on major decisions.

“Instead he'd poll Twitter, ask a friend, or even ask his biographer for product advice. At times it seemed he trusted random feedback more than the people in the room who spent their lives dedicated to tackling the problem at hand. I never figured out why and remain puzzled by it," she said.

Related: Twitter vs. Threads: Users are the real losers

Cointelegraph contacted Twitter for comment but did not receive an immediate response.

Since Musk took over the company in Oct. 2022, he has introduced a wealth of new crypto and finance-related features to the app.

As part of its most recent rebranding to “X,” Musk intends for the social media platform to become an “everything app,” which will include electric payments, voice calls and potentially some form of integration with the meme token Dogecoin (DOGE).

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Scammers pile on to impersonate Worldcoin on Twitter following token launch

Twitter announced its rebrand to “X” on July 24, the same day the Worldcoin token launched and provided an opportunity for scammers.

Several fake accounts on Twitter — currently rebranding to X — were pushing malicious links to users following the launch of the Worldcoin human identity verification token.

July 24 marked Twitter’s rebrand to the letter "X” as well as the launch of the Worldcoin token. Though the change in brand has had mixed reactions online, the social media platform has not changed its policy of purchasing or applying to display differently colored check marks based on the type of account — a policy that went into effect in December 2022 while Elon Musk was CEO.

Since launching its Twitter account in August 2009 and later receiving a gold check mark for a business, Worldcoin has seen a number of impersonators arise. Though dozens, if not hundreds, of fake Twitter accounts bear Worldcoin’s logo and variations of its name, at least seven at one point showed a blue check mark, requiring the scammer to pay $8 per month.

One of many fake Worldcoin Twitter accounts that had a blue checkmark being being suspended. Source: Twitter

At the time of publication, Twitter had suspended many of these fake accounts impersonating an airdrop for the Worldcoin token onto followers. Many fake accounts created prior to the launch of the Worldcoin token also stepped up the frequency of their tweets since July 24.

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Ironically, the Worldcoin project said it was aimed at distinguishing real people from bots by providing retinal scans for identity verification. The project saw more than 2 million people sign up prior to the official launch, with the goal of getting more than 2 billion, if not the entire world. Since launching the token, Worldcoin co-founder Sam Altman reported a new person was “getting verified every 8 seconds” through iris scans around the world.

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Twitter to X rebrand sparks debate over new name for ‘tweets’

Amid the new changes to the online social media platform now known as X, users have begun to debate on what to name the iconic posts formerly called tweets.

The social media platform formerly known as Twitter began its metamorphosis from its iconic blue bird, tweet-centric operations, to its new form as ‘X’ on July 24. 

X has replaced its bird logo with a simple white X, along with a color scheme shift from the trademark sky-blue to black and white. While links continue to read “twitter.com,” the web address “x.com” currently redirects over to the Twitter address.

Elon Musk, the owner of X and former CEO of the platform, said the rebrand is part of an entirely new strategy for the social media site. This includes turning it into a hub through which users can conduct their “entire financial world,” according to Musk. 

There has been a great deal of hype surrounding the changes on the platform, with many users left with mixed feelings about the changes. Twitter began in 2006 and has created a legacy with its former branding, giving a new meaning to the words “tweet” and “tweeting.”

Some users have called the decision to rebrand “insane,” while stating that they will continue to call the platform by its old name. 

Cointelegraph created a community survey on Twitter to poll readers and users of the platform what they believe the posts on the platform should be referred to with the options of “tweet,” “xeet” and a space for users to offer their own ideas. 

At the time of writing, there have been 692 votes with “tweet” and “xeet” in a tie at 45%. Users offered up suggestions for post names which include “drops,” “crossings,” “xpresssions,” “tweex” and “Xtweets.”

Related: Twitter to impose daily limits on DMs for unverified accounts

Other users across the internet have also offered up renaming possibilities, including various pop-culture references.

Despite users’ guesses, Musk has yet to make any concrete comment as to the future of “tweets” on the platform. 

Instead, trademark attorneys are already predicting that the branding shift to X could spark lawsuits costing upwards of millions over the coming years.

Attorney Josh Gerben said on July 25 via a thread on X, that other U.S.-based companies including Microsoft and Meta already are in possession of similar “x” trademarks for different products and services, while many others could also have grounds for similar lawsuits.

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Trademark attorney predicts legal fights ahead with Twitter’s rebrand to X

According to Josh Gerben, the social media platform could be embroiled in lawsuits over its 'X' branding for years, costing upwards of millions of dollars.

Josh Gerben, a trademark attorney with Gerben Intellectual Property, has suggested the company formerly known as Twitter could spend upwards of $100 million in dealing with litigation as a result of the X rebranding.

In a July 25 X thread, Gerben predicted that lawsuits against X related to trademark infringement could appear in United States courtrooms “in the next few weeks” with legal problems on the international stage likely to be a “very big issue” for years. U.S.-based companies including Microsoft and Meta already own similar ‘X’ trademarks for different products and services, and many others may have grounds for a lawsuit against X.

“To cast aside an asset this valuable [the blue bird] in favor of a new trademark is unprecedented in history,” said Gerben. “If Elon had stuck with the Twitter brand, his company would likely not spend a dime to justify its Twitter trademark on just about anything he wanted to do with the brand.”

Former Twitter CEO Elon Musk announced the rebranding would be taking place on July 23, with the company’s iconic blue bird being replaced by a black and white ‘X’ logo. X Corp is the parent company of Twitter, established by Musk in March. The platform’s search bar still bears its former namesake at the time of publication, as does the blue ‘tweet’ button and retweet counter.

Many on X have criticized the rebranding as not well thought out. Musk himself was unable to provide a definitive answer as to the new name of a retweet in a July 24 thread. He has also hinted that users should expect to conduct their “entire financial world” on the X platform with plans to offer services affecting “half of the global financial system”.

The move is the latest controversy by one of the biggest social media platforms in the world. Musk took over Twitter in October 2022 following a $44-billion agreement, later firing members of the company’s executive team and phasing out the platform’s legacy verification system — blue checkmarks — in favor of various paid options.

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Though Musk briefly changed the Twitter logo to that of the Dogecoin (DOGE) shiba inu in April, many on the platform speculated at the time that the decision was only temporary. For the rebranding to X, the company’s logo on its brick and mortar headquarters in San Francisco may soon change from a bird to a letter:

Under Musk, U.S. advertising revenue for Twitter reportedly dropped roughly 59% from April to May compared to that over the same period in 2022. Former NBCUniversal exec Linda Yaccarino took over as CEO in May, while Musk continues to actively post Xs on the social media site.

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TikTok launches text posts feature to rival Twitter and Threads

Just 20 days after Mark Zuckerberg’s Meta launched Threads to rival Elon Musk’s X, TikTok joined the race by allowing users to create and post text-based content.

Social media giant TikTok announced a feature launch aimed at dethroning Twitter (recently rebranded to X) as the go-to text-based social media platform.

Just 20 days after Mark Zuckerberg’s Meta launched Threads to rival X, TikTok joined the race by allowing TikTokers to create and post text-based content. The new feature aims to provide a platform for users that display their creativity over comments and captions.

TikTok user interface for text posts. Source: TikTok

When creating a new post on TikTok, users can choose between photo, video and text. Unlike Threads and X, TikTok allows greater customization to text posts, allowing TikTokers to include features such as location and music.

According to TikTok, the other features “to make your text-based content stand out” are stickers, tags and hashtags, background colors and saving drafts.

Related: Elon Musk to rebrand Twitter to X, but Crypto Twitter has other ideas

While TikTok strives to differentiate itself from its competitors, Threads has been accused of blatantly copying an interface that Twitter has been using for over a decade. However, the similarity between Threads and X is no longer limited to the visuals.

Threads recently imposed rate limits to block crypto and spam bots.

Adam Mosseri’s explanation for the introduction of rate limits on Threads. Source: Threads

“Spam attacks have picked up so we’re going to have to get tighter on things like rate limits, which is going to mean more unintentionally limiting active people (false positives). If you get caught up [in] those protections let us know,” explained Instagram head Adam Mosseri.

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