Why did Elon Musk's purchase of Twitter include $500 million from Binance, the biggest cryptocurrency exchange in the world?

The exchange platform's creator and CEO, Changpeng Zhao, well known by his alias CZ, explained the decision today.

CZ gave three reasons for why Binance was backing Musk's Twitter campaign...

First, to support international freedom of expression. That is exactly how he sees the social network. He said, "That is something incredibly significant."

Second, Binance likes supporting "excellent entrepreneurs." The CEO of Binance believes that Elon Musk, the founder of firms like Tesla and SpaceX, is a fantastic businessman.

Third, the potential for Twitter to develop into a "super app". Musk himself had previously made a comment about this. Zhao likens WeChat, a Chinese platform that combines a social network, a commerce site, and a way to make payments, to Twitter.

“We want to help bring Twitter to Web3 and help solve problems like charging for subscriptions. Something that could be done very easily globally using cryptocurrencies as a means of payment.” Changpeng Zhao, CEO of Binance added.

CZ rushed in as soon as Musk announced his desire to buy the social network, making little effort to keep their $500 million contribution to the buyout a secret.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Dogecoin, the tenth-largest cryptocurrency with a market cap of $10.5 billion, outperformed any of the other top 50 coins over the last 24 hours, with gains of over 15%. 

For the week, DOGECOIN gained nearly 30% and was only outperformed by Telegram's TON token.

Behind The Rise...

Elon Musk's takeover of Twitter nw seems to be a 'sure thing', as the Tesla and SpaceX CEO walked through the doors of the Twitter offices earlier today. 

From what we can tell, social sentiment is driving the price, with people assuming Twitter will eventually implement the use of Dogecoin, somehow.

Bad Time To Bet Against The DOGE...

Almost $9 million in Dogecoin futures positions were liquidated over the past 24 hours, almost all by people taking short positions.

The increased attention going to DOGE seems to have spread to its main competitor, SHIBA, which posted gains of around 7%. 

It's Easy To Downplay the strength of DOGE - but this 'joke coin' is showing some legitimately strong fundamentals...

A large, seemingly majority of people holding DOGE today appear to be true believers in the coin's long-term potential.

Wallets holding DOGE for more than 1 year are currently at an all-time high of 2.8 million, according to IntoTheBlock. 

Also, wallets that buy and sell within a month are at an all-time low - only 132,000 wallets can be considered 'short-term traders' - this is the lowest since mid 2020.

Recently, Dogecoin was the reason for a new lawsuit that has been filed against Elon Musk...

For years, the Jack Dorsey, CEO of Twitter has praised Bitcoin and blockchain technology. On several occasions when speaking about the topics of crypto and blockchain he has shared his thoughts on some of the potential upsides of bringing blockchain technology to Twitter .

Now we have learned it's not just a dream, it's actually in the works right now.

The project is known internally at Twitter as "Bluesky"...

They're keeping it all within the doors of Twitter, using their developers and financing. The team has one goal - developing a new decentralized standard for social networks. The intention is to create a protocol that the social network runs on, and have it be completely decentralized. 

On this decentralized protocol Twitter would simply run as a client, so that users "have a wider conversation, that anyone has access and anyone can contribute."

For the entrepreneur, Twitter is no longer in the business of hosting content (tweets) or images. Dorsey points to a new way of sharing information through blockchains where content "exists forever" and will exist on every node that is connected to the network.

Dorsey is convinced that Twitter would improve in various aspects, including security, if it operates under a decentralized protocol. Dorsey referred to the fact that this type of distributed systems can be useful when it comes to combating threats on the platform , improving the identification of users and that the participants contribute to a public blockchain.

"If we are able to do that it would be something really powerful, something that responds to the power and original intention of what the Internet could be" he said.

After Stepping Up Censorship, Could Twitter REALLY Give That Power Away? 

Content on the blockchain cannot be changed, deleted, censored. But Twitter and other Silicon Valley tech giants have spent the last 3 years censoring more than ever. 

While guidelines felt fairly clear a few years ago, we've now seen Twitter, Facebook, and YouTube delete accounts that simply expressed political views different from the typical Bay Area tech worker.

Could a company like Twitter really handle a disruption so large where the staff would be rendered powerless to remove content deemed 'offensive'.

There's also a large segment of the users who feel the site is 'on their side' and are quick to report even a slightly rude response to a tweet as 'hate speech' and successfully getting accounts deleted or warned.  These people will not respond kindly to being told 'there's nothing we can do'. 

I actually have no idea what bitconnect is.

— Vitalik Buterin (@VitalikButerin) November 2, 2017

Yeah, if 1%/day is what they offer then that's a ponzi.

— Vitalik Buterin (@VitalikButerin) November 2, 2017