Elon Musk intends to implement charges for new X users as a measure to combat bots. However, the crypto community remains skeptical about its effectiveness in addressing scammers. Musk’s proposed changes involve cost-cutting measures and an increase in platform fees.
Billionaire Elon Musk has revealed his intention to start charging new users on his social media platform, X (formerly Twitter), in an effort to tackle spam and scam bots. However, this announcement has stirred significant doubt among the crypto community.
Elon Musk’s Efforts to Combat Bots on X Platform
Since acquiring Twitter for $44 billion in 2022, Elon Musk has consistently tackled the issue of fake accounts and automated bots. On April 15, Musk took to X to announce plans to implement a small fee for new users, aimed at addressing the proliferation of bot accounts. He suggested that this fee could extend to basic functions like posting, replying, and bookmarking.
Despite Musk’s efforts, skepticism lingers within the crypto community regarding the effectiveness of these measures. Even with trial subscriptions such as ‘Not A Bot’ charging $1 for new users in select regions like New Zealand and the Philippines, doubts persist. On-chain investigator ZachXBT highlighted the resilience of scam operations, noting that nominal fees may not deter scammers. He emphasized that scammers often pay substantial sums to attain verified status, indicating that a small entry fee might not act as a deterrent.
Furthermore, scammers have been observed utilizing government account badges, indicating the existence of a thriving black market for such badges. ZachXBT mentioned that hundreds of business-verified scam accounts emerge weekly, with scammers willing to pay thousands of dollars for this status.
Scammers Using Organization Verification Badge. Source: X (Twitter)
Criticism and Concerns Surrounding Musk’s Bot-Fighting Plan
Crypto influencer Ansem has voiced skepticism regarding the effectiveness of Musk’s plan, arguing that stronger measures are needed to combat bot-related issues effectively. Ansem believes that while the proposed fee may deter casual spam, it is unlikely to deter well-funded scammers and organized crime rings, who view such costs as negligible compared to their potential profits.
DeFi researcher Ignas raised concerns that Musk’s approach to addressing bot-related issues on X may prioritize financial gain over effectively solving the problem. Since Musk’s acquisition of Twitter, he has implemented various cost-cutting measures and introduced the $8 fee for a verified X account.
In addition to the changes on X, Musk’s other venture, Tesla, is also undergoing significant financial adjustments. Facing a downturn in electric vehicle demand, Tesla has announced plans to reduce its workforce by “more than 10 percent.” This decision aims to eliminate redundant roles and streamline operations amidst challenging market conditions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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