On Tuesday, July the 17th, the cryptocurrency community shocked the world on Twitter with its call for action against the rise in cases of cryptos fraud and social media platform scams.
From a first complaint tweet by @svandisio, the hashtag #SaveTwitter grew on the social media. #SaveTwitter was shared and retweeted by thousands of cryptocurrency enthusiasts around the world. It was also used as a claim by an important number of other users who were not enthusiastic about cryptos and / or blockchain technology.
The complaint was generated to shed light on the growing number of fake accounts and victims of crypto scams first conducted on Twitter.
“We would like to invite Twitter and its partners to create standards with us to effectively protect the public and accelerate innovation in the blockchain. Save Twitter!” Svandis said.
Moreover, an open letter to Twitter co-founder, Jack Dorsey, was sent and made public by Svandis and other companies and personalities from the crypto world.
According to the letter to Dorsey, Svandis stated that Twitter became an important medium in the propagation of knowledge on cryptocurrencies. However, Svandis stressed the platform's inability to address the problem and questioned the policies against scam robots and fake accounts, which have directly harmed the cryptocurrency market.
The community has on many occasions raised the inability of the platform to deal with spam robots. In addition, fake accounts are also diluting the power of the platform for all companies, organizations and individuals participating in the blockchain and cryptocurrency technology spaces.
For example, fake accounts pose as legitimate users, create scams, fake gifts, and falsify information in the public domain that is distracting when genuine information is disseminated. So you have to be very careful.
Svandis' open letter also questioned Twitter's decision to ban cryptos advertising, while scamming robots and cryptos scams are everywhere in social media. Politics is what Svandis called “not just hypocritical, but shameful”.
Many positive comments were posted after Svandis shared his sentiment on the dirty cryptocurrencies system on Twitter. In fact, several crypto personalities gave their approval of what Svandis is generating for the ecosystem with these claims.
The founder of the Bitcoin Foundation, Charlie Shrem, was also one of the main supporters of #SaveTwitter. This led to more businesses and the community coming to the aid.
Twitter as one of the world's most popular social media networks took an unstable stance on crypto fraud. For example: this year five personalities from different fields have been victims of the creation of their false Twitter accounts, spreading false information and fraud schemes about cryptocurrency.
Star Trek actor William Shatner recently made his name clear when he said that he “is not giving away any Ethereum in Twitter nor have an Ethereum website”.
Other cryptocurrency moguls also fell victim to fake personality identity accounts that made their fame as a scheme trap and digital currency scam.
Where Are The Supposed Policies Flawed?
Complaints from the community are not in vain, nor are they an invention on the part of the community.
Yesterday, personalities like Changpeng Zhao, CEO of Binance, agreed with #SaveTwitter that Binance is indeed one of the most misleading companies on Twitter.
Charlie Shrem, shared Svandis' open letter. What Charles Hoskinson, Cardano's CEO, immediately supported, mentioning Twitter's lack of seriousness in implementing the policies, in the application that he has not even been able to put blue check-mark on his own account.
In mid 2018, Twitter made a discernible decision to improve the conversational health of all platform users by purging the network of suspicious and inactive accounts.
Twitter has been at the forefront of social media technology, innovation and information sharing for years. The power of Twitter can be said to lie in its ability to empower a global community of users around shared ideas and interests.
But for example, legitimate Twitter accounts of users and cryptocurrency and blockchain companies, such as Ethereum, Vitalik Buterin, Changpeng Zhao, and other parties involved, are unable to follow the torrent of maliciously faked spam and bots that are created under the guise of their username.
That's when most influential figures and organizations are forced to file dozens and dozens of phishing account reports every day, never making an impact and only seeing the cumulative total number of fake accounts rise.
At every hurdle, the market for cryptocurrency and blockchain has proven to prevail time and time again. Because it does not contain these topics, Twitter does not live up to the standards it tried to set by banning cryptos-related ads.
The community therefore invited Twitter and its partners to create effective standards, so that the ecosystem can effectively protect the public and accelerate innovation.
Since, in Svanis' words: “Innovation cannot be done in silos; it cannot be done without communication”.
It will be very important to follow how the topic will be analyzed and taken by Twitter. Will Jack Dorsey and people behind the company take action and end with these problems?