Not your keys, not your crypto.
That is the saying within the cryptocurrency community and for valid reason. As many found out with the recent downfall of companies such as FTX and Celsius, centralized exchanges (CEX) are not safe.
There is another mantra forming in Web 3.0 and it is:
Not your keys, not your account.
It is a lesson that is being learned by many within the social media realm. Unfortunately, since it keeps appearing, few are paying attention.
Image: CNBC
X Grabs The @music Account
Elon Musk is making more waves with his actions on Twitter (now X). First it was the hijacking of the @x username. This sent some people into a fury.
Now, he is backing it up by grabbing the @music account. It was set up by an individual in 2007 and has over 500K followers.
Of course, since it is Elon, this will cause a major storm. Here is a bit of insight: it is his platform. Hence, everyone has to play by his rules.
X terms of service say it has the right to take back a username -- the threat of losing a handle could make it difficult for the company to convince creators to build there long-term.
Welcome to Web 2.0. Have people not been paying attention? When engaging with these social media platforms, their terms of service rule the day. What is worse is they can change then at anytime.
It is their ocean and you are swimming in it. To think you have rights is delusional. They set the rules which the users must abide by.
Simple. Clear. Concise.
If you do not like what is going on, then exit and never return.
Your Keys, Your Account
With Hive, it is different.
Once you have a username, that asset is always available to you, provided you keep the keys safe. There is no centralized entity or company that can take them away from you. Your account is yours whether you set it up yesterday, or 7 years ago.
Naturally, with Web 3.0, there is a lot more riding than just social media activities. We already know the finance that is involved. Our account is also tied to a wallet, something that creates monetary transactions.
This is a direction Musk is moving in. The idea of not owning your account is going to take on greater meaning when financial services are introduced. People get upset when their accounts are closed, preventing the posting. What happens if the wallet is tied to a business and suddenly you cannot receive payments? This is what people face with PayPal.
Of late we discussed counterparty risk. Here we have another example, With a financial transactions, there is always another party involved. Sadly, there are usually multiple parties.
Therefore, any future financial applications built into X, Facebook, or YouTube means they are a counterparty in the equation.
With Hive that is not the case. As always, the blockchain is the counterparty. Again, if you have the keys, you are in control of the account. This means both the social media and finance.
Be Warned
People are going to start throwing a fit when things start happening. Politicians will grand stand, stating how evil mega technology companies are. Perhaps they will, eventually, pass some laws regulating the activities of these entities.
All the while, your account is closed and access to the money in the wallet is cut off. Certainly, like FTX, there might be a court ruling that orders the return of the funds. For that to happen, the situation has to be widespread. If you are one of the early parties to get zapped, the wait might be long.
For this reason, a warning is placed.
This is the wake up call. The merging of social media and finance is taking things to an entirely new level. While it is likely that these corporations (behind these platforms) will be regulated like banks, we all know the nightmare in dealing with that. Banks are far from pure themselves.
To Elon Musk, Twitter was not a social media acquisition. Instead, it was a financial and data platform that he could leverage for much greater value. Basically, he is looking to take FinTech to a level never seen before. Think of Meta combined with JP Morgan.
The individual behind the @music account on Twitter has counterparty risk without realizing it. Sure, for now, it was only the social media activity that is affected. However, what if this person had a couple millions dollars in revenue being generated (and being processes) each year on the platform? Imagine how quickly that person's world is changed.
Fortunately, for this person, it is likely a redirect, at least temporarily. The same would apply to an outright ban.
Unless a social media system is tied to a decentralized platform where one truly owns his or her account, the ability to lose it exists. At the same time, as finance becomes a larger part of this discussion, there is enormous monetary risk.
Hive solves this simply because there is no way anyone can delete or close one's account. If the username is issued, it is the property of that person.
At some point, this is going to become something people realize. In the meantime, Hive keeps building.
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O.O thanks for sharing the news mr taskmaster. this why we need to get on the news as a twitter replacement uwu. proposal for some advertising:? but it needs to be better and easier for onboarding i think befoer we can see mass and not just bullrun with high rewards. What could help is key social influencers that use this and post their shorts and bloggers to post here instead of reddit etc. to be honest we should have a quora on hvie where people can ask questions and get answers i think that would be interesting. just focused on questions and quality answers~
It shows have valuable Web 3.0 is.
it really is and we lucky to be here unfortunately i ddint come in earlier :')
https://reddit.com/r/CryptoCurrency/comments/15kd0am/twitter_taking_accounts_shows_why_hive_is_crucial/
The rewards earned on this comment will go directly to the people( @acidyo ) sharing the post on Reddit as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
That’s why i’m spending more time here in Hive and is asking a few of my friends to move over here. DeFi is the solution. It will be a long uphill battle. But not impossible.
Yes, Hive fixes that issue, but companies who act shitty get bad publicity regardless of who runs them. Alienating loyal users is not good for business. I suspect they want to add some music service.
Meanwhile it seems @elonmusk has been here since the early days. Or maybe someone did a land grab of all the obvious names. Hive may not allow single character account names, so Musk cannot have @x.
My guess is that is Edicted.
Need a decentralized protocol that would allow for storage across a wider network of servers. Not all is required to be on chain.
But we will see how scaling is going to take place.
The news got me laughing when I saw it and sad too. To see someone lose their identify just like that... Well done #twitter.
I hope people learn and get to know about Hive.
Well that it does reaffirm the dangers of Web 2.0.
Being on their platform means their rules.
And it must be followed whether it makes sense or not. No choice😂😂.
Unfortunately, that is nothing new. Mainstream been doing it for years. First they did it with land and resources. Now land and resources are no where near as valuable as data and tech.
That is true. The value being generated in the digital world is far outpacing the physical.
And data is the commodity there.
Musk and the like have probably observed Hive and taken notes. Look at the use of the term Threads in another recent production. Let's keep building and in time they will migrate to Hive, especially if we get another Splinterlands event. That will be awesome.
I doubt Elon Musk knows anything about Hive or that it even exists.
Oh bother, I was hoping that we had some impact among crypto enthusiasts like Elon but he may be focused on other things.
Interesting, I wonder what Elon has planned for that account. Hive does solve this problem but I will say I am slightly worried that there do seem to be a lot of accounts set up to Cybersquat on popular names here. I wonder what will happen when big names begin to move to Hive only to find their name already taken. Maybe it will be a big disincentive.
Edicted did a lot of that. I am sure there were others.
I do not care about any other Social Media Platform in the Internet than Hive alone. You all know why. Let us spread the message.
Salve
Alucian