Twitter's new owner, Elon Musk, appears to support the idea after vowing to cut down on the social media network's spam problem.
On Sunday, American entrepreneur Marc Andreessen posted a screenshot of what appears to be a Twitter user impersonating his name to promote a "free crypto" giveaway. "What algorithm could possibly catch this type of content?" asked Andreessen. To which Tesla's CEO Elon Musk replied, "humans," sparking a discussion on how to best curate the high number of cryptocurrency scams and spam ads on the platform.
But, it was billionaire investor Mark Cuban who then suggested a rather unconventional solution. As told by Cuban, the problem can be solved by first adding an "Optimistic Rollup," or layer-2 solution, to Dogecoin (DOGE).
To post on Twitter on an unlimited basis, everyone would need to put up one DOGE ($0.13 per coin at the time of writing) as collateral. Then, if anyone contests a post and humans confirm that it is spam, those who flagged the post would receive and share the spammer's DOGE. Consequently, spammers would then need to put up 100 DOGE as collateral for the right to create further posts. If, however, the post turns out to not be spam, the contesters would lose their DOGE.
In other words, it is a prediction system that creates monetary consequences, albeit minor, to deter spamming. Though, users were quick to point out the possibility that scammers may be well-funded and could simply "out-contest" posts marked as spam in such a pay-to-win system. Nevertheless, Shibetoshi Nakamoto, creator of Dogecoin, praised such a system.
“If you told me you own all of the Bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it?” Warren Buffett said.
Billionaire investor Warren Buffett has once again slammed Bitcoin (BTC), asserting he “wouldn’t take” all of the BTC in the world for just $25.
The 91-year-old, with a net worth of around $124 billion, is an avid crypto skeptic that once called Bitcoin “rat poison squared.” His arguments often stem around digital assets offering no tangible value, and the community has been quick to highlight on this occasion that there is a myriad of use cases and utility in crypto that Buffett likely hasn’t researched.
Speaking at the Berkshire Hathaway Annual Shareholder meeting on Saturday, Buffett commented on crypto in relation to the growing mainstream adoption of the sector. He noted that while he has no idea if the value of BTC will increase moving forward, he is sure that “it doesn’t produce anything.”
Buffett argued that he would happily write “a check this afternoon” worth $25 billion for 1% of all the farmland or “apartment houses” in the United States, as they both produce real-world utility, but wouldn’t even spend $25 for 100% of the supply of Bitcoin:
“Now if you told me you own all of the Bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.”
“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted,” he added.
Well-known crypto proponents were mocking Buffett’s comments on Twitter over the weekend.
Decentralized autonomous organizations are providing relief from some of the problems that plague fundraising.
The crypto space witnessed phenomenal growth in 2021. Buzzwords like nonfungible tokens (NFTs), decentralized finance (DeFi) and the Metaverse broke through to the mainstream and culminated in the crypto market peaking at over $3 trillion in November of 2021.
NFTs redefined arts and how they are acquired. DeFi revolutionized how we lend and borrow. The Metaverse birthed an alternate universe that we could all live and work in virtually. Play-to-earn (P2E) games paid gamers to do what they love.
Decentralized autonomous organizations, or DAOs, also had their moment to shine.
One of the most out-of-the-blue crypto headlines of 2021 is probably ConstitutionDAO. A hurriedly assembled group of United States constitution-loving crypto believers. The group raised more than $47 million in Ether (ETH) to purchase an original copy of the United States constitution at auction. The group ultimately fell short in its bid, but the audacity of that endeavor brought DAOs power to crowdfund to mainstream attention.
The ingenuity of that move and what it nearly accomplished provides a template for how traditional crowdfunding could be better managed. ConstitutionDAO got tens of thousands of addresses to donate $47 million without a marketing team or a dedicated growth director.
Beat that GoFundMe.
DAOs currently have over $10.5 billion locked in different treasuries with over 1.7 million token holders, according to data from DeepDAO. But what exactly are they?
DAOs are a system of hard-coded rules that define which actions a decentralized organization will take. They are leaderless member-owned communities. A DAO is essentially a co-op that governs itself using votes tallied through blockchain technology. Smart contracts run the entire group. A native token is usually developed for a DAO and used by members to vote on proposals.
DAOs are next on the ladder of modern crowdfunding
This Daily Dose was brought to you by Cointelegraph.