Crypto enthusiasts say that, actually, the Twitter hack should improve Bitcoin’s reputation.
, misleading cryptocurrency ads, and the use of cryptocurrency for illicit activities like narcotics purchases have earned the technology a dubious reputation, even as it has attracted the attention of mainstream financial institutions and Facebook.
Does the Twitter hack belong on the list of crypto lowlights? Some of the experts I checked in with this week said that, actually, they saw some advantages to this bout of notoriety. “Unfortunately, the awareness [for Bitcoin] came from a hack of these celebrities and prominent business officials that have millions of followers,” says Joe Vezzani, founder of LunarCRUSH, a platform that monitors social media activity around cryptocurrency.
Based on its monitoring of Twitter, Reddit, YouTube, and Medium, LunarCRUSH found that there were more than 550,000 social posts about cryptocurrency in the 24-hour period after the hack occurred, beating records that the platform had previously recorded. At 6 p.m. EST on Wednesday, roughly two hours after the hack, there were more than 100,000 people simultaneously posting about Bitcoin, another record according to LunarCRUSH.
Some cryptocurrency evangelists argue that the particulars of the hack also highlight the strengths of the technology, such as its decentralized infrastructure. “What this story is really about is the compromise of having a centralized service,” says Andreas Antonopoulos, a cryptocurrency entrepreneur and advocate whose Twitter account was among those hacked. “The reason Bitcoin can’t be hacked is because it doesn’t have a single point of failure like Twitter does.
Antonopoulos also claims that the fallout from the hack speaks to the resiliency of Bitcoin. The cryptocurrency’s value, currently around $9,000 a Bitcoin, did not significantly fluctuate as a result of the hack. Antonopoulos believes that this is simply because people have realized that Bitcoin is a useful payment method and aren’t easily swayed by sensational events like this hack.
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