3 - 6 minute read
As social media becomes an integral part of modern life, the verification system on Twitter has become a topic of concern. Historically, blue checkmarks were a sign of notability and authenticity, and journalists, celebrities, government figures, and other notable people were able to apply for verification free of charge. However, in recent months, Twitter has changed its rules for verification, allowing anyone to receive a blue check mark for a fee of $8 a month. Furthermore, Twitter has officially removed legacy blue checkmarks from users that previously received them, leaving notable figures and journalists vulnerable to impersonation. Those without blue checkmarks will also receive lower visibility across Twitter feeds.
The conundrum of the blue checkmark has created a disconnect among Twitter users, and many are looking for alternatives. One such alternative is Bluesky, a platform backed by former Twitter CEO Jack Dorsey that is often touted as a decentralized Twitter alternative. Bluesky has been building out the Authenticated Transport Protocol, or “AT Protocol,” in order to make social media interoperable and decentralized across different applications united under one ecosystem. In October, when Bluesky opened the waitlist for its beta, it received 30,000 sign-ups in 48 hours.
Bluesky is growing in popularity among those who are seeking to move away from Twitter. While the experience is currently similar to Twitter, Bluesky has no verification strategy, uncensored content, no direct messages, or supplemental features like “lists” or Spaces. Despite these bare-bones features, users are eager to test out a decentralized social media model. Andrew Rossow, an attorney and founder of AR Media, believes that Twitter’s days are “numbered” and that many of the pain points brought on by the application can be solved by decentralized media.
Could you fix the weird glitch in the verification badge? When I signed up for Blue, to try the new features, it took away my actual verification and now says I am verified because I signed up for Blue.
— BiasedGirl (@BiasedGirl) November 10, 2022
Which is not the case. I’ve been verified for years..
For traders, the rise of decentralized social media platforms like Bluesky, Zion, Nostr, and Mastodon poses both opportunities and risks. As users migrate away from Twitter towards decentralized social media platforms, traders may need to adjust their strategies accordingly. Decentralized social media platforms offer identity, content moderation, and account portability, which can attract users away from Twitter. However, these platforms may also be less established and less reliable than Twitter, which can create uncertainty for traders.
The conundrum of the blue checkmark has created a disconnect among Twitter users, leading them to seek out alternatives such as Bluesky. While the rise of decentralized social media platforms poses both opportunities and risks for traders, it is clear that Twitter’s days may be numbered. As traders adjust their strategies to accommodate this shift, they should pay close attention to the development of decentralized social media platforms and their impact on the market.
Wow. 30k signups for our app’s waiting list in the last two days! Thanks for the overwhelming interest, we’ll do our best to get you in soon. 🔜
— bluesky (@bluesky) October 20, 2022
The Bottom Line
The rise of decentralized social media platforms like Bluesky, Zion, Nostr, and Mastodon poses both opportunities and risks for traders. As users migrate away from Twitter towards decentralized social media platforms, traders may need to adjust their strategies accordingly. Decentralized social media platforms offer identity, content moderation, and account portability, which can attract users away from Twitter. However, these platforms may also be less established and less reliable than Twitter, which can create uncertainty for traders.
