Social media has become a major factor in modern society. What is the relation between them and the cryptocurrency world?
In 2018, this topic became popular due to the announcement of Facebook‘s own stablecoin, Libra, causing a lot of controversies. However, the relation between cryptocurrencies and social media goes beyond Zuckerberg’s approach to the fintech world.
Facebook: the great unknown
We have written enough about Libra on BlockChain24.co since the announcement of this cryptocurrency in the middle of 2018. And even if Facebook’s recent approach to cryptocurrency is most often reviewed in this context, the story of their relationship is a bit older. Before Libra, the social media giant wasn’t favorable to decentralized assets. And in fact, it still isn’t.
Along with the development of the cryptocurrency industry and the growing popularity of Bitcoin, many new entrepreneurs became eager to try their hand in that field. Some of them were honest developers, while others tried to use the new trend to gather money through initial coin offerings (ICO). Facebook apparently didn’t want to have anything to do with such initiatives, so it strictly banned any form of advertisement related to cryptocurrencies.
This gave Zuckerberg the reputation of being a crypto opponent who fights with the ongoing blockchain revolution. Now, this opinion is a bit forgotten due to his efforts to release Libra. The advertising ban, however, is still in force. Is it effective? Looking at various crypto pyramid schemes organized through Facebook groups, or the mass of Bitcoin princes willing to offer amazing deals to innocent people – I rather doubt it.
Twitter: a place for crypto influencers
A completely different approach might be seen on Twitter, which is a commonly visited place for various crypto enthusiasts: from low tier crypto influencer to the CEO of the leading corporation. All of them use it to comment on current events, share the news, or communicate with each other. In contrast to Facebook, Twitter has no problem being a safe space for fans of decentralized money.
And no wonder, since the character of Twitter is quite different from Mark Zuckerberg’s platform. Rather than being a place of maintaining social connections and bonds, it is, from the very beginning, dedicated to business, economy, and policy. This makes it a natural platform for the cryptocurrency industry, and it is likely to stay that way.
It is also the only place where we can witness the discussion between various personalities from the crypto world. As in other industries, various entrepreneurs, influencers, and other “crypto celebrities” frequently get into a discussion. And sometimes, such interaction may even affect the market situation (just like it did when two Bitcoin whales had bet on Twitter).
Telegram: encrypted communication for encrypted technology
Another popular social media channel for the blockchain industry is the one closest to it in terms of technological aspects. Telegram is a messaging service providing encrypted communication. And even if the way the app does so is in some way criticized by cryptography experts, it still matches the nature of the cryptocurrency world.
Telegram allows creating thematic groups and channels for their users. They are, of course, very popular among cryptocurrency enthusiasts who are looking for a place to talk about the new events or share their opinions. However, the encrypted platform still falls behind the real leader in the field of online groups and forums.
Reddit: a voice of people
This platform, together with Bitcointalk and similar forums, has been a cradle of the crypto community since its very beginning. Reddit, in its very nature, is a place of free discussion, allowing users to create various subgroups (subreddits) for separate topics. At first, blockchain enthusiasts gathered in such a group strictly dedicated to Bitcoin.
But with the ongoing development of the crypto industry, various new cryptocurrencies have appeared. They were often associated with splits in a once consistent community. Divided groups find their place on Reddit, by founding related subreddits dedicated to separate projects. And to this day, this platform remains the one which is seen as the first step to create a community around a newly developed cryptocurrency.
Medium: communication for a corporation
This particular example is quite different from previous ones due to its nature. Rather than being an example of traditional social media, it is a social journalism platform, allowing various people to publish their content. While Twitter is a versatile channel of communication, Medium is mainly used as a blog service for corporations, enabling them to share news about their activity. It may be used for giving updates about new projects, informing about airdrops, or simply posting PR articles.
Such an outline fits perfectly into the world of crypto-related corporations. They find Medium as a flexible tool of communication, which helps them to create a consistent vision of professional companies specialized in the high tech sector. But this does not end with the use of Medium for cryptography – there are plenty of bloggers specialized in the topic of blockchain who are eager to publish on Medium
Honorable mentions: Linkedin and Instagram
The list is quite long already, and there are still some examples worth mentioning. The first one is LinkedIn – a commonly used social platform focused on business relations, which allows for creating a network of contacts. The popularity of the blockchain industry has also reached here. Various entrepreneurs are proud to enclose crypto-related experience in their bios, and the blockchain technology itself is the most popular hard skill on the platform.
The last example might be surprising. Instagram, although now being used to a somewhat limited extent for crypto promotion, has enormous, dormant potential for the industry. It’s not only because of the great influence which the platform has over young generations (especially millennials and gen Z, which are promising targets for cryptocurrencies). The real power of Instagram lies in the potential for developing trends and lifestyles. In the world ruled by feelings and emotions, it might be crucial for the blockchain technology to use this power.
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Legacy Records, The First Record Label Paying Music Artists In Crypto
From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.
In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.
There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.
As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com
Legacy Music’s Broader Business Growth
Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.
McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.
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Music Artists Emerging Into Crypto
Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.
Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.
Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.
Featured image from Pixabay, Charts from TradingView.com
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XRP, Dogecoin, Chainlink Price Analysis: 17 May
Dogecoin required to counter bearish conditions before a jump above $0.569 resistance. Lastly, Chainlink needed to push above $45.5 to trigger a bullish comeback after a descending triangle breakdown.
Gains made over the last three days were impressive especially considering a bearish broader market, but sellers returned at $1.52-resistance. At press time, the cryptocurrency traded within the channel $1.52-$1.31 and reflected a degree of equilibrium between the buyers and sellers. For those hoping to make profits from a volatile XRP market, ADX’s movement dimmed expectations. Since mid-April, ADX has been on a steady decline and a period of consolidation seemed likely.
RSI hovered in the neutral territory around 50. A symmetrical triangle awaited a breakout to the upside and the Fibonacci tool presented a few target levels above the 200% extension level north of $3 (not shown).
On the daily timeframe, Dogecoin showed some sideways movement as bulls prepared for the next upswing. The channel between $0.523 and $0.373 was bolstered by the 20-SMA (blue) and formed a reliable buy zone should another dip occur.
As mentioned earlier, breaking above $0.569 resistance could trigger another rally in the DOGE market. Steering clear of $0.73-resistance would heighten the chances of DOGE touching $1. However, bearish conditions still presided and had to be countered first before any talks of an upswing. Awesome Oscillator noted bearish pressure after a series of red bars. MACD line remained below the Signal line but a bullish crossover could signal the onset of an uptrend.
Chainlink broke south from a descending triangle and a single candlewick dropped as low as $35.1- representing losses of 14% from the bottom trendline. Now below its 50-SMA (yellow) on the daily timeframe, bearish sentiment could lead to another sell-off towards $31 for LINK. On the other hand, some buying volume was noted on the 4-hour timeframe. A pickup in volumes and buying pressure could lead to a resurgence above $45.5 and this would likely push LINK beyond $50. A broader market recovery could act as a catalyst for such a price swing.
Meanwhile, RSI’s lower highs confirmed weakness after LINK formed a peak at $52.9. Even though Chaikin Money Flow dipped over the past couple of days, the index was still well above the half-line as capital inflows outmatched outflows.
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Speculation Tesla Dumped Its Bitcoin Holdings Denied By Musk
Elon Musk puts to bed rumors that Tesla has sold its remaining Bitcoin holdings. The comments came following his second attack on the leading cryptocurrency. This time, he called out the dominance of Chinese mining pools in a now-deleted tweet.
Bitcoin continued from its weekend slide with another drop today, currently down 5% at the time of writing. Given Musk’s apparent influence on markets, some insist he exercises more restraint on social media.
Tesla Has Not Dumped Its Bitcoin
Last week, the Tesla boss announced his firm would no longer accept Bitcoin as payment for its EVs. The reason he gave was a growing concern about the use of highly polluting coal by miners.
This coincided with a mass sell-off in which Bitcoin was hit particularly hard, closing the day down 13% to $49.5k.
Today, Musk tweeted that Bitcoin is highly centralized due to the small number of mining pools that control the network. He maintains that coal is a significant power source for miners, despite counter claims that the network runs mostly on renewable sources.
“A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound decentralized to you?”
In amongst the responses, @CryptoWhale suggested that Tesla will sell their Bitcoin holdings. Adding that, if that happened, Bitcoiners would only have themselves to blame. He was referring to the outpouring of hate directed at Musk.
Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings.
With the amount of hate @elonmusk is getting, I wouldn’t blame him…
— Mr. Whale (@CryptoWhale) May 16, 2021
Musk replied to the tweet with a response of “Indeed.” Some publications interpreted this as confirmation that Musk had already dumped his Bitcoin holdings.
But in a semblance of grace, Musk put the record straight by saying Tesla has not dumped its BTC holdings.
“To clarify speculation, Tesla has not sold any Bitcoin.”
However, with everything that has gone on since last week, is it only a matter of time before Tesla sells up?
Musk Should Be Aware Of His Influence In Moving Markets
Key crypto figures have rallied together in support of Bitcoin. Michael Saylor announced a $15 million BTC buy adding to MicroStrategy’s already substantial war chest, while Jack Dorsey tweeted a message of support in improving its green credentials.
However, @PlanB took a less nuanced approach by accused Musk of deliberating trying to destroy Bitcoin. The comment came in a poll asking his followers whether Musk has derailed Bitcoin from meeting expectations per the stock-to-flow model (S2F).
S2F refers to a predictive model based on scarcity over time. PlanB, who adapted it for Bitcoin use, puts the price of BTC at a minimum of $100,000 by year-end.
The Managing Partner and Co-founder of Nexo, Antoni Trenchev, said Musk should “wake up” to his influence in moving markets.
“He has to wake up to the reality that with his following, even single-worded tweets can move markets.”
But as some would suggest, he is already well aware of his clout in that regard.
Source: BTCUSD on TradingView.com
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