Illustration by Mitchell Preffer for Decrypt
The industry was more optimistic than usual this week. After nearly two months of weeklong price freezes or crashes, it appeared that things are finally starting to rally again.
This was also the week that Tesla CEO, institutional Bitcoin HODLer and Dogecoin-maxi Elon Musk finally closed his $44 billion Twitter acquisition bid. His new platform was a hive of commotion following the news; though MicroStrategy executive chairman (and fellow Bitcoin whale) Michael Saylor and Binance CEO Changpeng “CZ” Zhao were the most welcoming.
Musk officially took over Twitter on Thursday evening and trolled followers with reports that he was already firing people. The two dejected and believable-looking “employees” pictured below were in fact professional trolls. Although Musk previously floated the idea of firing 75% of Twitter’s staff (around 5,000 people), this week, he appeared to have had cold feet on that proposal.
On Friday, Decrypt covered Crypto Twitter’s first day reactions to the new “Chief Twit” (as Musk now calls himself in his Twitter bio).
In other news…
While everyone was talking about a Web3-leaning tech billionaire taking over the world’s biggest microblogging site, security researcher and Forbes 30 Under 30 winner Jane Manchun Wong reported that Musk’s new acquisition already appears to be developing a crypto wallet.
Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”
— Jane Manchun Wong (@wongmjane) October 24, 2022
Bored Ape Yacht Club co-founder Wylie Aronow, best known by his alias “Gordon Goner,” was not impressed by the recent anti-semetic conspiracy theory hogwash that has been coming out disgraced rap megastar Kanye West over the last month. However, several folks tweeted Aronow about his own connection to a white supremacist writer and publisher.
As a Jewish person, Kanye’s anti-semitic vitriol has been horrifying. I don’t want Yuga involved in anything related to him. We’re reaching out to Adidas to see what their plan is. I don’t blame Adidas for Kanye’s actions, and trust they are going to make the right call.
— GordonGoner.eth (Wylie Aronow) (@GordonGoner) October 24, 2022
Later that evening, “Shwaz The Manager” posted a chart showing the exponential up-action of Polygon trading on OceanSea thanks to Reddit’s Polygon-based NFT avatars.
In a multiple tweet thread, Solana engineer @0xrooter accused FTX CEO Sam Bankman-Fried of market manipulation. It’s not the first time people have implied that the thirty-year-old billionaire could be using his wealth for clandestine profiteering.
there’s a saying that a company takes on its founder’s personality. I’ve never dealt with SBF personally, but I have a story to share about a time solend crossed paths with alameda.
1/
— 🙏🚫 Rooter (hiring!) (@0xrooter) October 24, 2022
On Tuesday, CNBC tech correspondent Ryan Browne spotted Ripple billboards in central London.
Ethereum co-founder Vitalik Buterin argued that gold is really just analog crypto on Wednesday .
Gold is incredibly inconvenient. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multisig. At this point, gold has less adoption than crypto, so crypto is the better bet.
— vitalik.eth (@VitalikButerin) October 26, 2022
On Thursday, CZ pointed out that Google is currently enabling a pretty glaring crypto security hazard.
Google displays phishing sites when users search CMC. This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels. pic.twitter.com/3q4860Jl4H
— CZ 🔶 Binance (@cz_binance) October 27, 2022
Finally, an NFT researcher managed to prove beyond a shadow of a doubt what everyone already knew: few people really like to tip if they can help it.
A month ago, around 75% of NFT buyers opted-in to paying royalties on x2y2, when given the choice.
Now that number is around 18%
The idea of “tip jar” royalties where buyers can opt-in or opt-out will likely prove to just be a 0-royalty policy over time
Free riding is too easy pic.twitter.com/BAG9VfI18q
— NFTstatistics.eth (@punk9059) October 28, 2022
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