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This Week on Crypto Twitter: Musk’s Polarizing Twitter Takeover – Decipher

Illustration by Mitchell Preffer for Decrypt

This week, crypto finally seemed to be out of the woods, although you can never be too sure in this industry. As crypto prices continued to climb for the second consecutive weekElon Musk’s tumultuous takeover of Twitter has also entered its second week.

Many in crypto see the Tesla CEO’s new acquisition as a good thing; after all, he is bullish on Dogecoin and owns millions of dollars of Bitcoin through Tesla, but speculation that Twitter would switch to crypto under his leadership was just that: speculation, until this week when Binance and Andreessen Horowitz pitched their tents at Camp Musk.

Read on to find out all the latest developments regarding the most controversial takeover of the year.

Twitter, but Web3

On Tuesday, Musk tweeted a photo of a dog wearing a Twitter t-shirt. Dogecoin pumped hard in response.

That day, Musk again came up with the idea of ​​charging users $8 per month for verified accounts. Several people connected the dots.

Binance CEO Changpeng “CZ” Zhao is committed to the idea and told CNBC that paid subscription projects could be “done very easily, on a global scale, using cryptocurrencies. as a means of payment”. Zhao also talked about Binance Contribution of $500 million to the takeover, saying crypto needs “a space at the table when it comes to free speech.”

Ethereum co-founder Vitalik Buterin joined the discussion to say that he believes in Musk’s subscription model, but that those applying for the blue tick should undergo thorough verification.

Sriram Krishnan, general partner of venture capital giant Andreessen Horowitz (a16z) shared a photo with his followers from the Twitter office in San Francisco. For those unaware, a16z is a major investor in blockchain, Web3, and other emerging technologies.

Michael Saylor, executive chairman of cloud software company MicroStrategy, the largest institutional bitcoin whale, put in his two cents.

Solana co-founder Anatoly Yakovenko, however, was not one of Musk’s Yes Men this week. He thinks Musk is wrong to blame civil activist groups for endangering free speech.

The reverse side of Dogecoin

For many people, Musk’s takeover was all fun and games until the mass layoffs began. Images of an official letter announcing impending layoffs made the rounds early Friday.

A few minutes later, New York Times Technology journalist Kate Conger shared another one official missive announcing the layoffs.

Lawyer Lisa Bloom reported a lot of backlash Twitter employees. She said Musk’s firings were illegal both under federal law and in the state of California, where employers are required to give 60 days’ notice.

A former Twitter employee has shared his shocking story.

The best of the rest.

The head of the United States Securities and Exchange Commission, Gary Gensler, alias the Cryptoville Sheriff, shared a birthday message for Bitcoin. Gensler thinks almost all cryptocurrencies are securities, but he previously singled out Bitcoin like a commodity, which means he granted immunity against the world’s favorite cryptocurrency, against himself.

Circle’s Director of European Strategy and Policy, Patrick Hansen, shared an important announcement on Tuesday regarding the European Union’s historic new package of crypto legislation, which will be enforced if it passes a final vote by the European Parliament in February.

On Wednesday, an account called @TheSkyhopper counted the damage caused by the industry’s recent cash flow problems, which began in early summer following The Collapse of Terra.

Crypto blogger Eric Wall said on Friday that if Michael Saylor’s MicroStrategy had invested the $3.98 billion he spent Bitcoin in Ethereum instead, that would be up, as opposed to where his investment is currently, currently underwater.

South Korean authorities can cancel Do Kwon’s passport; they can issue him an arrest warrant for allegedly breaking capital market rules, but the thirty-one-year-old CEO and co-founder of Terra wants them and everyone else running the planet to know he’s not losing not sleep.

Finally, the pivot of Facebook’s metaverse is uh… going very well…

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