Crypto Twitter: This week’s top news on Paul Krugman, Silvergate, and Meta

Crypto News Twitter

Interesting week also about the Twitter cryptocurrency community. Get an in-depth look at all the most important news from the past few days.

News: Twitter Cryptocurrency Community About Paul Krugman.

The cryptocurrency community responded to economist and Nobel laureate Paul Krugman’s Twitter posts about problems with traditional financial payment apps.

Krugman, known for his anti-cryptocurrency stance, admitted to being banned by Venmo, a PayPal-like payments app.

Apparently, “software has gone beyond”. Krugman acknowledged in a tweet on Wednesday that while he had been a regular Venmo customer for years, he was suddenly no longer able to make payments through the popular online app.

Krugman tweeted:

“Too busy to tweet. But not venting. I’ve been using Venmo for years and now it won’t let me pay. I spent a lot of time chatting with reps who told me they couldn’t explain why – or fix it It. The software has taken control.”

Two hours later, the economics professor and 2008 Nobel laureate tweeted that Venmo had contacted him again to resolve the issue. As it is written:

“[…] We seem to be up again. “

Reactions from the most active members of the cryptocurrency and Bitcoin community on Twitter are coming soon. One of the most active members of the community, Neeraj K. Agrawal, asked the following question:

Attached is a screenshot in which Krugman has previously argued that Venmo and other electronic money transfer services are as good as cryptocurrencies “unless you’re buying drugs, murder, etc.”

Others, however, joked that even Krugman, the brilliant economist, would have a hard time making financial services function in current currencies.

Silvergate shares plunge 50%, Twitter post

In a blow to the future of cryptocurrency adoption, pro-crypto bank Silvergate announced it had begun voluntary liquidation proceedings.

California’s notoriously pro-crypto bank Silvergate has capitulated, with an official statement from the California Department of Financial Protection and Innovation (DFPI) circulating for the past few days confirming its intention to spin off the company.

Silvergate Bank’s liquidation announcement comes a day after news it had started discussions with US federal officials to avert collapse. In fact, it read on Twitter as follows:

“Silvergate’s share price plunged 50% in after-hours trade following the announcement of the winding up of the banking business and plans for liquidation.”

A large proportion of the bank’s many customers closed their accounts earlier this month, further destabilizing the stock price.

The only reason for the panic was the delay in filing an annual report with the SEC, the watchdog for publicly traded assets.

While the delay was justified for various reasons, including the need to respond to auditor requests and ongoing investigations, the confidence of current account holders has been restored.

early signal

Silvergate has given early signs of instability when it warned it could not guarantee full-year operations. A fall is inevitable.

Most recently, its most famous service, the Silvergate Exchange Network (SEN), a crypto/fiat exchange that allows 24/7 transfers between investors and crypto exchanges, was suspended.

Additionally, Silvergate reported a $1 billion loss in the final quarter of 2022 due to the collapse of cryptocurrency exchange FTX. The link between the bank and FTX prompted account holders to withdraw $8 billion from the bank late last year.

Finally, the latest news a few hours ago: Silvergate Bank officially declared bankruptcy.

cryptocurrency news

More Crypto News From Twitter: Will Meta Be The Alternative?

In recent months, the social network Twitter has been at the center of a real storm after falling into the hands of Elon Musk: layoffs at Avalanche, the current owner’s controversial choice and a new subscription service that gets a blue tick.

In short, it hasn’t been an easy time, and now it looks like Meta is set to take over the Twitter space with a proprietary alternative codenamed P92. As a result, Meta is reportedly developing a Twitter replacement.

Crypto Crib’s Twitter profile reads:

“Meta is building a decentralized social media platform to compete with Twitter.”

Another innovation, code-named P92, appears to be in the works. It should be accurately described as a decentralized social network (for text sharing), very similar in style to Twitter.

Access should be via Instagram credentials or by creating a new profile. Currently, there is no release date and this will be a work in progress.

It will be led by Instagram CEO Adam Mosseri. Based on what has been leaked so far, a Reddit-style approach could also be seen.

Twitter’s new social rival will offer a decentralized network where users can also set up their own separate servers and their own content moderation rules.

Then there will be generic terms, and then variable criteria based on individual communities.

Source of information: Compiled from CRYPTONOMIST by 0x Information.Copyright belongs to the author Alessia Pannone, without permission, may not be reproduced

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