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Elon Musk’s X is unraveling in real time – And crypto’s role?

Elon Musk’s X (formerly known as Twitter) is quite literally unraveling before our very eyes. There is a rapid deepfake problem that has undermined the platform’s credibility, especially within the crypto community. As you scroll through X, it’s hard-if not impossible-to not bump into deepfake videos featuring prominent figures like Michael Saylor, Vitalik Buterin or Brian Armstrong, promising the moon with crypto airdrops. Even Solana’s Anatoly Yakovenko hasn’t been spared.

The Scam Epidemic on X

Central to this mess is a technology that’s turning old scams new again; AI. These deepfake videos, complete with AI-generated voiceovers and sophisticated lip animations, are nothing short of a digital mirage. They beckon with promises of free money, urging you to scan a QR code or follow a link. But let’s be clear: following these breadcrumbs can lead to disaster, exposing you to the risk of losing not just your digital assets but also your personal information.

The popularity of these scams is no joke, with one account racking up hundreds of thousands of views for its deepfake content. What’s worse, X seems to be profiting from these scams, marking them as ads and giving them a veneer of legitimacy, all while Elon Musk’s promises to tackle spam seem like distant memories.

The influx of these scams, alongside a barrage of spam and questionable ads, has turned X into a minefield. This chaos is a far cry from the platform’s golden days as a hub for crypto discourse and industry connections. And with tech advancements, like OpenAI’s text-to-video product, we’re likely only seeing the beginning of what could become an even bigger problem.

A Crossroads for Crypto and Social Media

This debacle raises a crucial question: what’s next for social media and the crypto community? Should we start looking towards alternative platforms, or could crypto-centric networks offer a sanctuary from these pervasive scams? The industry needs to amplify its voice on this issue, pushing for a response from X and Musk. After all, if Musk’s battle against spam bots could see some success, why can’t he tackle the deepfake dilemma with equal fervor?

Meanwhile, Elon Musk’s interactions with Stephen King highlight a broader issue of tone-deaf responses to legitimate concerns. The legendary author became a vocal critic of Musk’s policies, especially the shift towards paid verification. King’s contention was not with the fee per se but with the principle of the matter. He argued that the essence of social media lies in its ability to provide an equal playing field for discourse, a philosophy seemingly contravened by Musk’s monetization approach.

Musk’s response to King’s criticism was emblematic of his unconventional approach to leadership and public relations. He quipped that the platform needed to find ways to “pay the bills” and jokingly offered an $8 per month subscription model directly to King. Musk then later claimed he was “personally” covering the cost of King’s premium account.

The friction between Musk and King reached new heights when the topic of “deadnaming” the platform was broached. Musk, in a contentious exchange, accused King of deadnaming X by refusing to acknowledge its new identity and insisting on calling it Twitter still. The legendary Stephen King, however, stood firm in his stance, replying with:

Dear Elon: Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter Twitter. And so on. F**k your need to put your personal brand on everything

I think it’s safe to assume that King might not be Musk’s biggest fan. In any case, with every fake video and scam ad, X’s role as a trusted platform for crypto enthusiasts and industry leaders is eroding, making the need for a concerted response more urgent than ever. But between you and I, that platform is well on its way to the grave. Time to make peace with that.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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