A recent change implemented by Elon Musk on X (formerly Twitter) making user “likes” private, has ignited controversy within the cryptocurrency community, with industry stalwarts opposing the move.
What Happened: Mert Mumtaz, co-founder and CEO of Helius, a Solana SOL/USD-based protocol, expressed his strong disapproval, saying “This is the dumbest change ever.” He elaborated on his concerns, highlighting a perceived worsening of the platform’s bot problem since Musk’s acquisition.
“Since Elon took over, the bot problem has gotten 10x worse,” Mumtaz asserted. “Now that likes are private, people can bot their likes with 0 consequences and distort sentiment massively.”
Mumtaz went on to emphasize the particular danger this poses to the cryptocurrency space, where scams and misleading information are a persistent challenge.
“Especially catastrophic for crypto where scams are rampant,” he wrote, expressing disbelief with the decision.
“Unreal,” Mumtaz concluded, further emphasizing his frustration with the lack of effective bot control on Twitter.
He pointed out that the platform already suffers from, in his view, “the worst bot control I have EVER seen.”
By making likes invisible, Mumtaz suggests, the potential for manipulation through bot activity is significantly amplified.
Also Read: Bitcoin Crosses $67,500 As Spot ETFs Record $101M Inflow
Why It Matters: Since Musk’s takeover of the platform, X has faced debate over plans to introduce additional premium tier subscriptions and a persistent problem with “bot” accounts. Especially cryptocurrency-related accounts have struggled with botted scam profiles.
What’s Next: As the digital assets landscape continues to evolve, the upcoming Benzinga Future of Digital Assets event on Nov. 19 will provide a platform for industry leaders and experts to discuss these and other pressing issues.
Read Next: Altcoin Season On The Horizon? Analysts Point To Potential Early Peak
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
