The best and worse thing happened to the blockchain yesterday.
Elon Musks proposal to buy Twitter for $44B was accepted by Twitters board. This move takes a public company from public to privately owned. Elon is a proponent of decentralized blockchain cryptocurrencies like Bitcoin, Ethereum and Doge but this move resides solely in the heart of centralization. It represents more of the same.
How can you tell
Look at the details and check out the ownership structure. While Musk does toot the freedom of speech horn, he does so while sticking a whole entire behemoth in his back pocket.
As a community, 860M posts were generated on April 25th, 2022 alone. That was just one day and that is regular usage for the platform.
Why Does It Matter
Every day we tweet our thoughts, our desires, laugh at jokes, corral the forces, dream out loud and connect with the network all around the world. Those tweets, trends, behaviors, likes and dislikes are stored in the form of data. Its data we happily give over in trade of social connection
Ive Got Questions
We should all have questions. They sound a little something like thishow much of that bid was allocated to your wallet? How many votes did you get in the right to sell your data? Did anyone ask you if they could sell your data to Elon? How much better off are you for this deal? Data and community were arguably bought and sold yesterday under the guise of freedom of speech and we did not get a dime.
In this transaction, decentralization took a licking. Arguably, the rich just got richer and they used our own space to make it look like it was for our benefit.
👀Decentralization does not look like this.
While the deal is still in progress, there are a few hints as to what Elon will do down the road. We know that he retains traditional ownership of his companies like Tesla and is showing no signs of giving up the power and control that thrive in traditional spaces. The hierarchy, the board, the irrelevance of community in the decision-making process, all of those are indications of more of the same.
While this deal will no doubt generate interest in blockchain cryptocurrencies, it sets a precedent for centralizing decentralized movements. This is NOT the way to empower the people. This does not give the power to the people. We are not necessarily better off for this disruption, especially given Elons views on certain issues of inclusivity and diversity.
Elon Musk’s proposed $44B buyout of Twitter raises concerns about centralization, despite his support for decentralized blockchain. Data and community may be sold under the guise of freedom of speech, and the deal sets a precedent for centralizing decentralized movements. It highlights the need to challenge the status quo and think differently to empower the people. The article covers various topics such as the Metaverse, decentralized technology, financial literacy, gaming, NFTs, and virtual reality.The form we typically speak of utilizes technology. In our we reap rewards for the individual and community. Imagine what you could be getting back in return for your Tweets and Twitter engagement if it were a DAO or a re-defined real social engagement using the blockchain, heck even as #deso. Face it, centralization within decentralization is simply centralization and doesnt need to be fought for, we already have it at our fingertips. Its 2022, we got work to do.
Think Differently, Challenge the Status Quo, these are my thoughts just putting them here until I can record them on the blockchain.🧠
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