Verdict lists five of the top tweets on blockchain in August 2022 based on data from GlobalData’s Technology Influencer Platform.
The top tweets are based on total engagements (likes and retweets) received on tweets from more than 506 blockchain experts tracked by GlobalData’s Technology Influencer platform during August 2022.
The most popular tweets on blockchain in August 2022: Top five
1. Vitalik Buterin’s tweet on crypto regulatory changes
Vitalik Buterin, a programmer and co-founder of the blockchain-based software platform Ethereum, tweeted on Ethereum customers pushing against regulations that privilege ETH, the native token to the Ethereum blockchain, over other valid cryptocurrencies. The article detailed the new regulatory changes in Canada for crypto, where if one resided in an applicable province, the net buying limits impacted the net amount of crypto one could purchase to $30,000. These limits are reset every year. However, four unrestricted cryptocurrencies that did not count towards the limit, included Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, the article further noted.
Additionally, when customers purchased restricted crypto, it implied using some of one’s limit. Therefore, selling restricted crypto will add space back to the maximum limit of $30,000. For customers residing in provinces, such as New Brunswick, Newfoundland, Ontario, Prince Edward Island, Nunavut, Northwest Territories, Nova Scotia, Saskatchewan, and Yukon, the annual net buy limit was $30,000. Meanwhile, net buy limits did not impact customers living in Alberta, British Columbia, Manitoba, and Quebec, the article highlighted.
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Twitter handle: @VitalikButerin
2. Changpeng Zhao’s tweet on Binance’s scale of illicit activity and crime-fighting methods
Changpeng Zhao, CEO of the cryptocurrency exchange platform Binance, tweeted on the company spending more than $1bn on compliance efforts, with a high percentage pass rate. This implied that it is fine and that Binance’s market share increased and not decreased, according to Zhao. He further shared an article on Binance investigations officers stating that anti-money-laundering (AML) costing the exchange billions in revenues. The investigations team, led by Tigran Gambaryan and Matthew Price now, further highlighted the scale of illegal activity at Binance and its crime-fighting procedures. According to them, it was not the addition of know-your-customer (KYC), but AML measure of removing authorised accounts that hadn’t implemented KYC, that cost Binance billions in revenue. This was in response to a news agency that revealed that Binance was involved with illicit activity, and that it has become a centre for criminal activity and overlooked several money-laundering red flags, the article noted.
The news agency firm also asserted that Hydra, a Russian-language darknet market, had deep-rooted links with the exchange’s user base, claiming that it enabled $780m in payments related to Hydra since 2017. According to the investigations team, it is impossible to control deposits, especially for criminals who looked for the cheapest and easiest way to do it.
Username: CZ Binance
Twitter handle: @cz_binance
3. Alex Gladstein’s tweet on curbing cryptocurrency expansion in developing nations
Alex Gladstein, chief strategy officer at a non-profit organisation Human Rights Foundation, shared an article on United Nations (UN) Conference on Trade and Development (UNCTAD) recommending policies to prevent cryptocurrency expansion in developing countries. Calling it outrageous, Gladstein tweeted that the elites in Switzerland were actually telling the billions in collapsed or failing economic conditions to enjoy being poor. The UNCTAD believes that digital currencies have rewarded some, and also enabled remittances, but they are an unstable financial asset that come with social risks and costs, the article detailed.
The global use of cryptocurrencies increased exponentially during the Covid-19 pandemic, including in the developing countries. However, despite the national regulatory responses becoming challenging with its proliferated use, developing countries are not without choices, the article further noted. The UNCTAD on the other hand, introduced three policy briefs related to the risks and costs, which included the threats posed by cryptocurrencies on financial stability, domestic resource mobilisation, and on the security of monetary systems.
Username: Alex Gladstein
Twitter handle: @gladstein
4. Dominic Williams’s tweet on the biggest crypto scandals
Dominic Williams, founder of the blockchain company DFINITY, shared an article on Crypto Leaks, a website exposing market manipulation and other illicit crypto activities, revealing the biggest scandals ever. For instance, in June this year, the website exposed its first crypto investigation that revealed how the price of internet computer (ICP) was manipulated during the first days of the token’s launch, the article detailed. in the early days of the token’s issuance. In its first study, the website found that four days prior to the launch, a fake financial version of ICP was released on the FTX exchange, called the ICP-PERP. This future was to be used by traders to bet on what the actual price of ICP would be following its launch.
Over the next few days, the price of ICP-PERP increased at a steady pace, until the last day, when about eight hours prior to the official ICP launch, it started climbing at a faster rate to reach a peak at $493.59. Crypto Leaks believed that this sudden upward rise was suspicious and fake, claiming that the ICP-PERP price could have been manipulated to depict the suggestively high demand, the article noted.
Twitter handle: @dominic_w
5. Balaji S. Srinivasan’s tweet on decentralised social likely to disrupt Google
Balaji S. Srinivasan, an angel investor, tweeted on it sounding cliché that the technology company Google, a subsidiary of Alphabet, is being flanked by both blockchain and artificial intelligence (AI) in a way that has not been understood. The crypto part came from the fact that block explorers are already high traffic search engines, Srinivasan further added. Sharing an article on decentralised social likely to disrupt Google too, he stated that blockchains are much easier to search index than the open web, which in turn is easier than closed social networks.
Furthermore, the Generative Pre-trained Transformer 3 (GPT-3) can produce better search results and more quickly. Therefore, blockchain and AI were a long-term pincer attack on the Google search engine, he added. The article further highlighted that the next wave of aggregators are owned by their stakeholders, and have the power to build superior stakeholder experiences. As a result, a decentralised search engine could be owned by publishers and searchers, who could then rank their interests higher over advertisers or some separate corporate entity. Additionally, users are increasingly demanding privacy, which has led to the development of privacy-focused search engines, such as DuckDuckGo, the article detailed.
Username: Balaji Srinivasan
Twitter handle: @balajis