Categories
Blockchain Crypto News DeFi Social media

Twitter Launches Crypto Team to Explore DApps

Twitter is building an expert cryptocurrency team focused on bringing crypto, blockchain, and decentralised technology into the social media platform.

Twitter Crypto and DeFi

Twitter has hired Tess Rinearson, dubbed Twitter Crypto, to lead the team in its plans to bring crypto, blockchain, and DApps to the platform for a wide variety of uses not necessarily related to the financial aspect.

Rinearson took to Twitter to explain what Twitter Crypto will bring to the table. The team hopes to enhance the BTC tipping platform and the proof of identity service for NFTs. Both features were announced a month ago after Jack Dorsey highlighted that Twitter could see significant growth with the integration of crypto.

Moreover, the team will seek how it can support DApps development amid growing interest from creators. Twitter Crypto hopefully will allow them to manage virtual goods and digital assets, and support other projects and communities.

Supporting Crypto Communities

Building communities and allowing them to share information has been an important aspect for Twitter, from crypto HODLers to NFT enthusiasts.

As Crypto News Australia reported last month, Twitter has been testing blockchain technology to verify NFT profile pictures.

Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more.

Tess Rinearson, aka Twitter Crypto

Rinearson has a solid background in the area of blockchain and consensus development, including engineering the Tendermint Core. She has also worked with the Interchain Foundation, Cosmos, and Chain.com. 

Categories
Crypto News Ethereum Scams Social media

Discord CEO Hints at ETH Integration, Allowing Users to Send Each Other Crypto

One of the largest messaging and digital distribution platforms, Discord, could soon allow support for Ethereum, as hinted by its founder and CEO, Jason Citron. 

On a Twitter thread on November 9, Citron posted a screenshot of what appears to be Discord connecting to Ethereum through MetaMask and WalletConnect, with a caption that reads: “probably nothing”.

The screenshot is probably a private development not yet released:

Citron was responding to Packy McCormick, founder of Not Boring Capital and the Not Boring newsletter. McCormick posted a link to the latest issue of his newsletter called Discord: Imagine a Place. The post highlighted various features of the social network, saying it has the potential to lead the web3, considered the next stage of the internet – a decentralised version of it.

There are more than 150 million monthly active users on Discord, and many of them are crypto users, so Discord could benefit from ETH and ERC-20 transaction fees performed on the platform.

However, not everyone in Discord is so happy about this scenario.

Community Divided on the Issue

Citron’s tease divided the Discord community, with one side saying the integration of cryptos into the platform is the right step towards innovation, and the other saying cryptos and NFTs are mainly used for money laundering or tax evasion.

Several users cancelled their subscriptions to Discord Nitro, the platform’s premium membership:

Other users responded to these comments as invalid statements with no factual evidence:

A lot of scams have occurred in the Discord platform from users using deceiving wallets. Two months ago, a Discord user lost US$10k after a scammer hacked the user’s MetaMask wallet using a fake WalletConnect app.

Categories
Crypto News Facebook Interviews Social media

Why Facebook’s Rebrand to Meta Could Spark a Mass Exodus of Employees

Facebook’s parent company rebrand to Meta, announced this week, could cost it dearly in terms of retaining existing employees and attracting new ones.

“I doubt this will redeem or protect the employer brand much,” says Georgetown University business professor Brooks Holtom, who is also a corporate human resources specialist based in Washington DC. “With Facebook facing so many missteps and public criticism tarnishing the brand, people in the know won’t be fooled by this rebranding.”

Is the Facebook Rebrand a Convenient Distraction?

Mark Zuckerberg launches Facebook’s Meta rebrand. Source: latimes.com

Scrutiny of CEO Mark Zuckerberg and Facebook has intensified in recent weeks over its handling of misinformation, fake news and hate speech, as well as ongoing criticism over its failure to answer allegations that some of its platforms are damaging the mental health of children and teenagers.

Earlier this month, former Facebook employee turned whistleblower Frances Haugen released internal company documents that show Facebook knows its products and services can cause harm but that it struggles to address the issue. Zuckerberg has denied the claims, saying they “paint a false picture of our company”, and that the problems Facebook experiences are simply “a reflection of society”.

News of the company’s rebrand, already labelled by some as a distraction from its slate of allegations, could spark higher employee turnover, according to Holtom.

Facebook has talented people, and competitors in the market are looking for that talent. It [the tech market] is extremely competitive. You can be sure other companies are preparing to reach out selectively to inquire about people thinking of moving. It’s a precarious time for Facebook from a talent perspective.

Brooks Holtom, professor of business, Georgetown University, Washington DC

Facebook’s reputation as a top company to work for has slid since it claimed the top rung in 2018, based on employee ratings on US review site Glassdoor. It dropped one spot in the 2019 list after reports that political consulting firm Cambridge Analytica had improperly accessed the data of 87 million Facebook users. Its ranking plummeted to #23 in 2020 and this year clawed its way back to #11.

Jobs for Metaverse Specialists, For Others Not So Much

The Meta rebrand could bolster retention and hiring efforts for highly specialised employees involved in metaverse operations for “the chance to work on something really revolutionary with a large budget”, Holtom allows. But he says it’s unlikely the company will see a positive impact among the public or employees not involved in metaverse work: “I think they’re at big risk.”

Facebook is already experiencing employee churn at third-party sites in the US that hire content moderators for its social media platform. Earlier this month, flagship TV current affairs program 60 Minutes aired a harrowing story headlined “Thumbs down” in which former Facebook moderators described the horrors they were forced to deal with on a daily basis.

“I saw a lot of child abuse, a lot of gore. We had quite a few beheadings,” ex-Facebook employee Allison Trebacz told the program. “It was really messed up.”

“You see a whole lot of nudity, you see aborted foetuses, people killing themselves live,” said Spencer Darr, another former moderator. “Within the first week or two I was having nightmares about some of the content I’d seen.”

$15 an Hour to Witness the Worst of Humanity

Former Facebook moderator Shawn Speagle (right) with podcaster Patrick Bet-David.

Also this month, in a shocking YouTube interview with US podcaster Patrick Bet-David, former Facebook “graphic violence and hate speech” moderator Shawn Speagle attested to witnessing bestiality, live shootings, animal cruelty, public stonings, violence against children and women – including vivisection and organ harvesting – and all manner of sexual exploitation in his six months as an employee of Cognizant Technology Solutions, a third-party Facebook site in Tampa, Florida. All for a princely US$15 per hour, in less than ideal working conditions.

“When I started at Facebook, I thought the least I could do was try to help the people and animals whose last moments were being desecrated,” Speagle said, stressing he had no “revenge motive” against Facebook.

Still Waiting For Compensation

Without admitting any wrongdoing, Facebook agreed in May 2020 to pay $US52 million in damages to former moderators who had suffered severe mental health disorders as a result of their employment. The settlement was to include a US$1000 payment for each and additional funding for a shared support service. All are reportedly yet to receive either consideration.

“It’s just not enough, especially for a company that makes US$55 billion a year in revenue,” commented Spencer Darr in his 60 Minutes interview. “It felt like an insult.”

Categories
Facebook NFTs Social media Virtual Reality

Facebook Rebrands as it Shifts Focus Towards the Metaverse

Troubled social media giant Facebook sees the growing metaverse – think of it as the internet on steroids – as the future of its business, and has now made it official by announcing the company will henceforth be known as Meta.

Meta will be the name for the overall company, although most of its individual apps and services – such as Facebook itself, Messenger, WhatsApp and Instagram – will maintain their current branding under the Meta umbrella.

“The metaverse isn’t a single product one company can build alone,” tweeted Nick Clegg, Facebook’s Global Affairs VP, exactly a month ago. “Just like the internet, the metaverse exists whether Facebook is there or not. And it won’t be built overnight. Many of these products will only be fully realised in the next 10-15 years.”

It’s clear that, by very definition, Meta fully intends to own the metaverse, starting right now. “I think we’re basically moving from being Facebook first as a company to being metaverse first,” CEO and founder Mark Zuckerberg said after announcing the name-change during the streaming keynote for this week’s annual Facebook Connect event.

What, Exactly, Is the Metaverse?

So what, exactly, is the metaverse? It’s a term loosely describing the future evolution of the internet, in which the flat apps and websites used today are gradually replaced by 3D environments and shared spaces, making interactions more “immersive”, to use a word Zuckerberg is especially fond of.

The metaverse won’t be a single entity, rather a conceptual collection of open worlds and settings joined by interoperable assets and experiences. Collectible NFT assets, for example, could be turned into 3D avatars that owners could place into all sorts of web spaces, whether for work, play, exercise, or social interactions.

Facebook – sorry, Meta – clearly wants to lead the charge into the metaverse. The company has announced it will invest US$50 million over the next two years into research and partnerships, and that it aims to hire 10,000 people across Europe in the next five years to aid in the effort.

The Ultimate Diversionary Tactic?

The company has said it will help build the metaverse “responsibly”, and took time in this week’s keynote to highlight its focus on privacy and open collaboration with external creators and firms. Cynics might say that’s a direct response to criticisms directed at Facebook over the years (and especially lately, by whistleblower and former employee Frances Haugen) in regards to privacy, security, its failure to control fake news, misinformation and hate speech, and accusations of incipient harm to teenagers’ mental health.

The US Federal Trade Commission has also filed an antitrust lawsuit against (pre-Meta) Facebook accusing it of anti-competitive practices. As Forrester Research director Mike Proulx has said, changing FB’s name to Meta “doesn’t suddenly erase the systemic issues plaguing the company”. In other words, never mind all that, look at our new, shiny name!

On December 1, FB/Meta shares will start trading under a new ticker symbol, MVRS. Hmmm … wonder what that stands for?

Categories
Blockchain Crypto News Facebook Regulation Social media

US Lawmakers Ask Facebook to Terminate Crypto Pilot

Just hours after it had made the announcement of a pilot of its cryptocurrency wallet, Novi, Facebook was ordered by US lawmakers to cease the project in a letter to CEO Mark Zuckerberg.

In the letter, five Democratic Senators urged the company to halt the pilot, citing concerns over the handling of cryptos by the social media giant.

‘Facebook Cannot Be Trusted’

Many concerns have been raised surrounding Facebook in recent times regarding the company’s “relentless pursuit of profits at the expense of its users”. Joining the backlash the company has received, the senators’ letter stated that:

Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.

Letter to Facebook signed by five Democratic US Senators

When Facebook first unveiled plans for its crypto project in mid-2019, it already faced a global regulatory backlash. Concerns were raised that the launch of private money by a company of Facebook’s magnitude and user base could destabilise the entire monetary system.

The backlash prompted several partners to leave the project, and the project underwent a rebranding from Diem to Libra.

Facebook responded by saying lawmakers misunderstood the relationship between Diem and Facebook. “Diem is not Facebook”, wrote the company, making it clear Diem is an independent organisation, and that Facebook’s Novi is only one of more than two dozen members of the Diem organisation.

Facebook has said that Novi, once it goes live, will make cross-border payments more efficient and reduce transaction costs.

Lawmakers Remain Critical of Facebook

In the letter issued to Zuckerberg, the senators wrote:

Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape.

This is certainly not the response Facebook was hoping for, though it is not entirely unexpected. Earlier this month, Facebook announced it would hire 10,000 new employees over the next five years to start building its metaverse. However, many are sceptical of this effort and are instead calling on the company to move toward creating a safer, more responsible, and ultimately more trustworthy social platform.

Categories
Facebook Gaming Social media Virtual Reality

Facebook Promises 10,000 Jobs For Its ‘Metaverse’, but Users Aren’t Buying It

Facebook recently announced that over the next five years it plans to hire 10,000 new employees in specialised fields to start building its metaverse. However, many are calling on the multinational tech company to instead shift its efforts toward creating a safer, more trusted and responsible social network.

According to an official blog post on October 17, Facebook is full steam ahead for its metaverse project. To make this dream a reality, the company will need many more staff with specialised skills. To this end, it will be offering 10,000 new jobs across Europe alone.

Over the next five years, Facebook is looking to find new recruits for roles varying from software engineering to product design, and associated business functions. Many jobs are expected to be remote, which should appeal to a wide variety of EU residents.

Facebook’s global business group vice-president, Nicola Mendelsohn, stated in an interview that “these 10,000 highly skilled jobs are really, for us, going to put Europeans at the heart of our plans for the company’s future”.

Facebook’s Metaverse Will Be ‘Open and Interoperable’

According to Mendelsohn, no single company will own the metaverse. “It’s going to be like the internet – the key feature(s) will be openness and interoperability,” she said. The sentiment stands in stark contrast to the reputation Facebook has garnered, for years, as a not very transparent centralised entity.

Founder Mark Zuckerberg has described the metaverse as an “embodied internet” which will unlock access to “new creative, social, and economic opportunities” for all those who participate. With the aim being that “Europeans will be shaping it right from the start”.

A metaverse is an online world where people can game, work and communicate in a virtual environment, often using VR and AR technologies. In an interview with the BBC, Verity McIntosh, a VR expert at the University of the West of England, stated that:

Part of the reason Facebook is so heavily invested in VR/AR is that the granularity of data available when users interact on these platforms is an order of magnitude higher than on screen-based media […] it’s not just about where I click and what I choose to share, it’s about where I choose to go, how I stand, what I look at for longest, the subtle ways that I physically move my body and react to certain stimuli. It’s a direct route to my subconscious, and that is gold to a data capitalist.

Verity McIntosh, VR expert, University of the West of England

Doubts have previously been voiced about Facebook’s US$50 million investment to build a ‘Responsible Metaverse’, as reported by Crypto News Australia last month.

Some Say Facebook Should Focus Its Attention on More Pressing Matters

Cybersecurity expert Jake Moore told the Daily Mail that there is no doubt the metaverse will make serious amounts of money, but that the current Facebook platform “clearly needs attention” as to how well the platform deals with online abuse and the way misinformation is currently spread. 

Facebook has made building the metaverse one of its big priorities. However, many people feel that they should be focusing their efforts elsewhere. As Ben Sizer, a software engineer from Nottingham, UK, tweeted: “Facebook is a company that has roughly 15,000 moderators who are mostly underpaid outsourcers.” 

The metaverse announcement comes as the company deals with the fallout of a damaging scandal, major outages of its services, and calls for regulation to curb its pervasive influence. Facebook also faced a barrage of criticism after former employee Frances Haugen leaked internal studies showing that it knew its sites could be harmful to the mental health of teenagers. 

Last month, The Washington Post suggested that Facebook’s interest in the metaverse is “part of a broader push to rehabilitate the company’s reputation with policymakers and reposition [the social media giant] to shape the regulation of next-wave internet technologies”.

In April, Ireland’s Data Protection Commission launched an investigation into Facebook over a data leak of hundreds of millions of its users’ personal information. At the moment, Facebook is facing the prospect of defending itself in court, on the one hand, while trying to gain political allies through economic initiatives such as this new jobs pledge, on the other.

Categories
Australia Investing Scams Social media

ASIC Joins Telegram Groups to Warn Investors Against Pump-and-Dump Schemes

Due to the increasing activity of pump-and-dump campaigns coordinated over social media and instant messaging platforms, the Australian Securities & Investments Commission (ASIC) has started monitoring platforms to step in as an early warning system to respond to these schemes.

Last week, a 288-member group of Australian “small investors” got the shock of a lifetime when they received a message from ASIC on a private Telegram group.

The independent government regulator somehow infiltrated the aptly titled “ASX Pump Organization” group’s private messages, involving potentially illegal market tip-offs.

Pumping and dumping refers to an individual or group that buys shares and then hypes the transaction to other prospective buyers, causing the stock’s price to skyrocket. This is done so they can sell their original shares for a profit.

Members of “ASX Pump Organization” tried to persuade others in the group to buy stocks in YPB Group, a NSW-based technology company.

ASIC Warns of Illegal Financial Activity

According to ASIC, there has been an increase in the number of Australians using social media forums, including Telegram, to coordinate pump-and-dump activities in the sharemarket. On September 23, ASIC published a warning about a “concerning trend” of social media groups engaging in “blatant” pump-and-dump campaigns.

ASIC has been working closely with market operators to identify and disrupt pump-and-dump campaigns, and we will continue to target actions that threaten the integrity of markets and to take enforcement action where appropriate.

Cathie Armour, ASIC commissioner

ASIC has previously warned that pumping and dumping can “amount to market manipulation”, which carries hefty penalties since it breaches the Corporations Act. The penalties for breaking this law can be a fine of more than A$1 million and up to 15 years in prison. Crypto trading is also still on the radar, with ASIC chairman Joe Longo stating that crypto trading is still a “significant area of concern”, especially for those using unlicensed crypto companies.

The campaign is not solely focused on crypto, according to an ASIC spokesperson, but instead “the campaign is targeting listed stocks, but the messaging is relevant for all financial products, including any crypto assets that may be, or involve, financial products”.

ASIC also knows who is behind every share bought and sold on the stock market and they have recently made it very clear that they are targeting these chat forums, as well social media finfluencers who talk about financial products including stocks.

Dale Gillham, chief analyst, Wealth Within

Pump and Dump Group’s Disbelief

Many of the group’s members assumed the account to be fake; however, ASIC confirmed the validity of the now-deleted message to The Australian newspaper.

Some members even stated that:

What ASIC needs to do is go after the corporates who inside-trade and short companies all the time, and not spend valuable time here hassling 300 small investors who are doing nothing wrong by sharing stock recommendations. This has to be the biggest joke in history,

ASX Pump Organisation group member

The increase in popularity and frequency of pump-and-dump schemes comes after the r/wallstreetbets and Robinhood saga in January, which saw a major pump and dump of GameStop (GME) and AMC Entertainment (AMC) shares.

Categories
Australia Crypto News Facebook Oxen Social media

Facebook Ecosystem Outage Begs The Question, ‘Time for Decentralised Networks?’

In the early hours of Tuesday, October 5, social media giant Facebook, along with Instagram and instant messaging service WhatsApp, went down due to what it has called a “faulty configuration change”. The massive outages, announced on Twitter, left billions worldwide unable to communicate, and as a result the question on everybody’s lips is: “Is it time for decentralised networks?”

Early on October 5, the outage tracking website Down Detector had logged thousands of reports for all three sites. Facebook would not load at all, while Instagram and WhatsApp were accessible but users could not send messages or load new content.

Outages reported in the affected period. Source: Down Detector

Facebook Under Fire

A mere two days after US data engineer and Facebook whistleblower Frances Haugen claimed that the social media conglomerate is fully aware of how its platforms are being used to spread misinformation, hate and violence, and has actively tried to hide this evidence, Facebook and its associated platforms went down for approximately six hours. Facebook has denied the claims.

Still, the outcry against Facebook is only adding to the company’s woes. At a US Senate hearing on September 30, Senator Richard Blumenthal hounded global head of safety for Facebook, Antigone Davis, about Facebook-owned Instagram and its potential negative impact on children, specifically young girls and their body image.

The outage and general bad press surrounding Facebook and its founder, Mark Zuckerberg, saw Facebook’s share price drop 4.8 percent and Zuckerberg’s personal fortune lose A$8.11 billion in a matter of hours.

Apparently, No Data Was Compromised

Facebook is citing the root of the problem as a faulty configuration change that was made to the company’s systems. Santosh Janardhan, vice president of infrastructure for Facebook, explained that FB’s engineering teams learned that “configuration changes on the backbone routers that coordinate network traffic between our data centres caused issues that interrupted this communication”.

Janardhan added:

The underlying cause of this outage also impacted many of the internal tools and systems we use in our day-to-day operations, complicating our attempts to quickly diagnose and resolve the problem.

Santosh Janardhan

According to Facebook, there is no evidence that user data was compromised as a result of the downtime.

Concerns Over Control

When seeing the fury and anger that an outage of such a centralised ecosystem can cause, many start to question its value. A lot of criticism is directed at Facebook’s oversight and control.

Earlier this year, the social media giant banned Australian news sites from publishing on Facebook, and the Crypto News Australia page was not immune. The level of control centralised companies such as Facebook can have over society has heightened calls to open up the playing field for decentralised social platforms in the future.

Facebook recently announced it would be investing US$50 million in building a “responsible metaverse”. Advocates of the metaverse, which is a system of shared online spaces for games and social interaction, believe it will help change the nature of work and offer new digital economic opportunities to users across the globe.

All are not convinced of Facebook’s intentions. Many believe such announcements are simply a diversion to deflect heavy criticism about its track record on user privacy and spreading misinformation.

Decentralised Alternatives to WhatsApp

If you, like many others, rely on WhatsApp to facilitate your communication, are concerned about privacy and possibly another outage, there are decentralised alternatives to consider.  

Oxen is a comprehensive ecosystem of privacy-focused applications supported by the $OXEN cryptocurrency and backed by Australian not-for-profit Oxen Privacy Tech Foundation.

The company currently offers:

  • Session, a private messaging system; and
  • Lokinet, an anonymous internet access service.

Session is a free end-to-end encrypted anonymous messaging app that allows users to send messages securely and anonymously. The blockchain-based app is currently used by over 200,000 people in more than 200 countries and is available for both mobile (Android and iOS) and for desktop (Mac, Windows, and Linux).

Lokinet is a low-latency onion router that can be used for private browsing, voice and video calls.

Categories
Blockchain Crypto Art Crypto News NFTs Social media Tokens

‘TikTok Top Moments’ NFTs Launch Featuring Lil Nas X and Grimes

TikTok is set to release a series of NFT collectibles with celebrity partners including American rapper Lil Nas X, Canadian musician/producer Grimes and NFT entrepreneur Gary ‘Vee’ Vaynerchuk.

TikTok Passes One Billion Active Users

The hugely popular Chinese video-sharing and social media app, which now boasts more than one billion monthly active users worldwide, will issue six different NFT drops based on what it terms “culturally significant” videos shared on the service.

Rapper Lil Nas X leads the TikTok NFT rollout. Source: Billboard magazine

The TikTok Top Moments collection kicks off on October 6 with Lil Nas X as the subject of the first drop, with an NFT based on a TikTok video by Seattle-based artist Rudy Willingham. The video, a stop-motion tribute to the rapper’s Montero (Call Me By Your Name) music video, has already garnered millions of interactions via the service.

Subsequent ‘Moments’ in the collection will feature Gary Vee, social media personality Bella Poarch, and musician Grimes, who in March this year sold her crypto art NFT collection for US$6 million.

NFT ‘pioneer’ artist Grimes features in the Moments collection. Source: foxnews.com

TikTok will offer both one-off and larger “limited edition” runs of its NFT collectibles. Other artists in the pipeline include Brittany Broski (aka Kombucha Girl), rappers Curtis Roach and FNMeka, and TikTok video regular Jess Marciante.

TikTok plans to showcase all six of its one-off videos at the Museum of the Moving Image in Queens, New York, this month.

NFTs Minted on Immutable X

The NFTs will be minted on Immutable X, a layer-2 scaling solution that runs on top of Ethereum. Immutable X attracts lower transaction fees and faster completion times than Ethereum’s mainnet, plus it uses significantly less energy than Ethereum’s proof-of-work consensus model.

The first six months of 2021 have seen some US$2.5 billion worth of trading volume across the top NFT marketplaces. Since then, however, leading marketplace OpenSea has recorded more than US$3.4 billion in volume in August alone.

That same month, Audius, a music streaming platform on the Ethereum and Solana blockchains, partnered with TikTok to create TikTok Sounds. As a result, the $AUDIO token surged 200 percent.

All very ironic when you consider that just a month earlier, TikTok banned its users from promoting crypto-related financial products and services and also prohibited ads relating to crypto.

Categories
Blockchain Crypto News NFTs Social media

Twitter NFT Profile Pictures to be Verified Using New Blockchain Tool

Twitter has become the most popular tool for crypto enthusiasts to share information and build communities. The latest in-development feature will be the implementation of a profile verification tool for users who want to display their NFTs as their profile picture.

To display your NFT for your Twitter profile picture, choose “Select NFT” and connect your digital wallet from Metamask, or some other wallet. After selecting the NFT you want as your profile picture, a checkmark verifying the blockchain of the NFT will appear. Also coming is a “Collectible” menu option, which will allow users to display a collection of their NFTs on their Twitter profile.

These new NFT integrations were announced after the launch of Twitter’s Bitcoin Tipping feature on September 23, although no specific details have been released as to when they will be rolled out.