Why are crypto lovers and free speech lovers united on Musk’s move? Covered: Crypto Unites Around Elon Wall-Street Versus Crypto Open Source Promise Censorship Resistance Crypto Unites Around Elon Set aside the fact that Elon Musk owns a lot of Bitcoin. That fact is well established. Remember, many in crypto derided Musk last year after […] The post Why The Crypto World Loves Elon’s Twitter Vision appeared first on CryptosRus.

Why The Crypto World Loves Elon’s Twitter Vision

Why are crypto lovers and free speech lovers united on Musk’s move?

Covered:

  • Crypto Unites Around Elon
  • Wall-Street Versus Crypto
  • Open Source Promise
  • Censorship Resistance

Crypto Unites Around Elon

Set aside the fact that Elon Musk owns a lot of Bitcoin. That fact is well established. Remember, many in crypto derided Musk last year after they rightfully saw him unduly toying with the market for his own personal kicks. However, when scrolling on the timeline over the last 24 hours, it’s evidently clear that the crypto community is saluting Musk’s new role as Twitter’s totalitarian. Tonight, Jack Dorsey made it known he thinks Musk is the only man for the job.

Dorsey is just one man, and a bitcoin maximalist as well. Still, do your own research and you will see that the crypto community and the bitcoin maximalist community are both on the same page here. What is the reason for this? What stake does the crypto community have in this? After all, the crypto world is generally fearful of one man having sole control over decisions of an entity that ought to be a public good.

Wall-Street Versus Crypto

As Dorsey noted in the above tweet, Twitter had been under the control of Wall-Street. There is no greater foe to the crypto world than Wall-Street. We need not go back any further than the recent madness around Melvin Capital and Gamestop ($GME). There was a massive overlap between the crypto community and the average person involved in this crusade against Melvin, hoisting their metaphorical pitchforks across Twitter.

So Elon Musk, much like Satoshi, was the sole man who came in with a solution to try and thwart the power of Wall Street. Now the anonymity makes the analogy weak, but the point is that Elon is seen as a force for good, like Satoshi. He is juxtaposed to the shadowy elite of Wall-Street, the Melvin Capitals of the world. Elon’s Twitter feed is like an open ledger of his mind, his truth, and his ideals. Much like the Bitcoin blockchain, he is transparent and honest.

Open-Source Promise

Of course, Elon has his flaws. As mentioned at the beginning, many thought his actions in 2021 showed disregard for crypto holders. However, the crypto public has clearly fleshed this out and collectively backed Elon. Another reason for this is because of commitment to making the Twitter Algorithms open source. Open source is the backbone of crypto and smart contracts. Every smart contract and DeFi protocol is auditable, usually via Github.

Making the algorithm open-source would be a fundamental shift towards transparency. There would be no more questioning about shadow-banning, unjustified suspensions, and favoring one idea or ideology over another. This is directly in line with the crypto ethos. All of crypto is predicated on transparency. The mantra is “trust but verify”. It also would be a major shift towards decentralization. If the source code is visible, then that allows Twitter users to verify.

Censorship Resistance 

This is the real fulcrum behind the crypto communities support for Elon. He has made his entire takeover mission centered around the idea that free-speech is essential to a functioning democracy. This is by default him coming out against censorship. Essentially, he is aiming for “permission-less” access to Twitter that is not censored. The only permission is that you are a human and not a bot. So there will be some KYC, of course.

The entire idea of Bitcoin and crypto was to allow for transacting with sovereignty over your assets. No one can stop you from using Bitcoin. Elon is trying to allow for something similar, within the bounds of the law of course. Illegal content will of course be censored. However, it’s a similar ideal: make a communication protocol that, much like email, is totally bulletproof free-speech wise.

One thing is definitely clear. Elon picked up on a lot of Satoshi’s ideals in his tact regarding Twitter. No doubt that is a good thing. At the root of it all, he’s a renegade, an outsider, and a man that seeks to disrupt. He is an apparent enemy to the establishment. For these reasons alone, the crypto community will back him. He says he loves humanity. We will have to trust him for now, but verify soon.

The post Why The Crypto World Loves Elon’s Twitter Vision appeared first on CryptosRus.