Elon Musk is making headlines (again) with his pursuit of Twitter. The difference is we are getting a glimpse why Musk is after the company. The price he is paying for the stock is absurd, relative to the valuation and price movements. Keep in mind this is a stock that basically was flat the past 10 years.
So why is Musk so determined to get a hold of it?
We can answer that in his comment about the "Everything App". Musk has a vision and it exceeds more than just microblogging platform. In face, Musk has an idea that resembles WeChat.
He is seeking to build an application that contains social media yet also have payments along with the ability to order products. Think of it as a blending of Twitter, PayPal, and Amazon. This obviously is much more reaching than simply monetizing Twitter through subscriptions.
It also gives us a glimpse into what he might believe Web 3.0 is. While we can disagree about the tenets, it is evident that Musk is looking past the present social media offerings, i.e. evolving Web 2.0.
The problem is that Hive, once again, is already in the process of creating this.
Source
Combining Social Media With Finance
This is not a new concept.
Facebook did rather well with its development of marketplace. While this is also well short of what WeChat built, it does so the validity of incorporating many different features into the same platform.
Of course, with Hive, we see a similar path albeit in reverse.
Blockchain coupled with cryptocurrency has, by default, a payment system. This is coded at the base layer. Utilizing the wallet features, people are able to engage in commercial activities through some medium of exchange. On Hive, that is both $HIVE and HBD.
This is a feature of all blockchains. Hence, this part is taken care of.
With Hive, we are now seeing the construction of more social media features. Blogging was a present part of the system from the start. Now we have LeoThreads offering microblogging, Liketu replicating Instagram, and 3Speak offering video hosting. All of these are going through further developments, bringing us closer to offering a full plate of social media options.
The value here is that all use Hive's account management system. We know there is one log in for any application tied to Hive. This means that our followers are all present regardless of which application is utilized.
In this regard, Hive and Elon Musk are in alignment. However, we differ in the view of who controls the data and how distributed things are.
Musk, once he acquires the company, is going to have to work on integrating a payment system. Naturally, since his days with PayPal, he is well schooled in this area. Hive is already there, being able to offer full settlement in a few seconds once Hard Fork 26 takes place.
This is done with zero transaction fees. We can guarantee this will not be the case on Twitter.
Decentralized Finance Is The Difference Maker
What most do not realize is how powerful DeFi is. This is something that Twitter, nor any other Web 2.0 platform, will be able to replicate. Tokenization opens up a host of opportunities which do not presently exist outside of it.
A major part of Web 3.0 is the idea that DeFi will be integrated into all of our online activities. Incentivization is crucial in the attention economy. We are going to arrive at the day where tokens are to a company what websites are today. Who would have a business without a website in 2022? That is the same viewpoint we will have in 5 years regarding tokens.
That said, having expansive financial products to offer is going to be crucial. While most, including Musk, focus upon the commercial aspect of things, the real game changer is in finance. By having a plate of financial offerings, we see how the monetary situation is upended. It also creates havoc for much of the existing financial system, including Wall Street.
For example, consider the idea of Hive offering out loans. People could collateralize it using Hive Bonds. Coins and tokens could be used to buy stocks like Tesla and Amazon. Insurance pools could be created to protect against loss in areas pre-determined by the community.
Now imagine being able to do most of this through a front end like Peakd, Ecency, Leofinance, or 3Speak. Since we are working on a decentralized layer 2 node system that is tied to Hive's base layer, applications have access to all the information that is posted. This means that feature integration is possible.
A case in point is LeoThreads. This is microblogging on Hive that was created by the Leofinance team. However, since it is at the base layer, any application can incorporate it and offer that feature to its users. Again, Peakd, Ecency, and 3Speak could all provide microblogging on Hive.
As we move towards the second layer, smart contract world, we can see how the options for the applications expands. The key will be to build a robust DeFi system that is coupled with Hive's social media features.
Musk is onto something:
It is not social media or finance; it is both.
The Power Of Decentralized Data
This is what Hive has to concentrate upon. By taking advantage of the base layer, we can expand into areas that other blockchains presently operate. At the same time, we keep advancing the social media features to the point where it is impossible for them to duplicate.
Musk wants the "Everything App". Ironically, Hive could build a few dozen of them. The difference is the data is not at the app level but, rather, in permissionless nodes. This means that we can see how they can all integrate different features.
The key is the fact that the data is open for all. Here is where Musk will never be able to compete. With Twitter, any user information provided is on its servers. This means that it controls accounts and what is posted. Regardless of how much Musk talks about freedom of speech, one will not own his/her account nor the data.
Hive does not operate this way. Since the data is decentralized, along with being premissionless, the ability to create the "Everything App" is already within our reach. For years we discussed the idea of setting up a commercial marketplace on Hive. Whether this mimics Etsy or Amazon is up for discussion. However, this is another sector that can be targeted on Hive, with a built in payment system, and incorporated into the different applications.
We even have a plug in like HivePay which makes this process very simple.
So once again, what another well known figure is trying to build is already in the works with Hive.
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I agree with this article. The reason he is buying it is for the user base. Maybe he looks to acquire HIVE or something else to integrate those features into twitter but really I think he is just buying the brand and userbase.
He won't have any luck acquiring Hive, even if he wanted to. There's no company, firm or corporation to acquire
You are correct. He'd have to venture in here
With more input on hive , hive will become the everything app
Need a lot more input.
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Absolutely!!!!
We most be agreed accept that the majority of the people aroundo the world will continue using for many years the web2 and centralized applications and systems.
The everything app exist already in China (wechat) and worldwide Telegram is pretty close.
Yes, in the web3 universe, Hive is almost there.
WeChat is certainly the model.
I am not sure I agree that Hive is almost there. I think we still have a long way to go but I hope you are correct.
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Hive is definitely building the application that Elon wants but I think Elon also wants control over it. Although to an extent, I think Elon can do that by muting users
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There is little doubt he is after control. Hive is not what he is seeking.
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Let's not forget Hivelist that has a basic set up for the moment but it can evolve in Etsy like market place.
I can also see the development of gig apps like DoorDash and Lyft.
There maybe a need for some privacy setting for personal shopping, destination, time, etc. but there are services in the market place like SCRT that maybe able to integrate for these purposes.
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There are some early inclinations in the direction. It is important we start to conceptualize the idea of commerce on Hive in this direction.
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Wouldn't it be great if Musk just made Twitter a Dapp on Hive?
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We already have Leo Threads and another project in development to replace Twitter. Even if Twitter were moved to Hive right now, I think it would have little effect on Hive adoption. People don't care about something they're not interested in. And writing tweets or posting pictures doesn't require an understanding of Defi or finances...
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Good points. I suppose I was thinking that if Elon even thought about Hive (and mentioned it), we'd see a nice price spike. :) This other 'project in development to replace Twitter' has me intrigued too. Has anything been written about that yet?
That would be an interesting thing to do with $44 billion.
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We're open source, right? So in theory he just decide to do it? I mean, I know it's a fantasy but...
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I loved this idea, and of course you're right, products needs a community that support them and help the product grow, the best way to achieve that it's incentivizing the community. Value for value, this is the way.
BTW the Elon - Twitter case is a big soap opera.
It did take on the soap opera vibe for a while, didn't it? We will see if they are past it.
Things are never dull with Elon. That much we know.
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Elon Musk will definitely make a behemoth out of Twitter if everything goes as planned. The social media part is already firmly in place. All that he'll have to do is leverage the large number of users to effectively build the other parts like finance, commerce etc. The problem is that since it's web 2.0, it'll be hard to tie all the pieces together. Whilst in web 3.0, the pieces are already tied together by default.
You are right. Whatever he creates, it will be the epitome of Web 2.0. This might work for a lot yet he will have to be regulated.
Ultimately we will see how it gets surpassed.
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Hive is on the way.. Slow but steady.
How old is Tweeter?
How old is Amazon?
Hive is just a baby!
The future is exiting!
By the way.. About a Hive Marketplace.. Any news on the development of it?
I havent heard much about it. Maybe someone can dig some stuff up.
I agree. The others have age on their side. We have decentralization.
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There was Hive Hustlers a while back, not sure if that's still happening. Haven't looked for a while
!1UP Elon Musk is always 10 steps behind Hive! One can't beat the decentralizaton and fluidity of the Blockchain!
From my point of view, the thing about the purchase of Twitter by Elon Musk has more commotion than usual because Musk is a showman, he is an eccentric billionaire who always gives something to talk about. Of course, with this I am not minimizing the fact that Twitter is one of the most important social networks today, and that is why its acquisition for such a sum of money (like the one offered by Musk) is highly remarkable.
However, as you said, at HIVE we already own and are building what Musk is supposed to want to do with Twitter, and in fact, as you also said, at HIVE we are doing it better, because of the decentralization of data. Therefore, even if Musk's purchase of Twitter comes to fruition, not even in his wildest dreams will the billionaire be able to do anything that equals or surpasses HIVE in that regard.
All this shows us the enormous growth potential of HIVE; We really have a long way to go to grow as a platform, project and cryptocurrency, but we are on the right track. Fundamentally, what can be seen at first glance is that we still need to project and promote the platform more, so that it will be better known throughout the world in the future. We are on the way to achieving it, and we must continue working in this direction.
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This is why we have to keep building. In the end decentralization will win due to innovation.
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Very true. Thanks for reading my post. Greetings!
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I never understood why Musk wastes so much time on Twitter, he just needs to do his community on HIVE and he'll be fine
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Yeah bring his millions of followers over here. It would be interesting.
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The heights of unawareness regarding all things HIVE is ridiculous at times. We have built dream solutions for many of the problems with cryptocurrency and blockchain. Only few of these can be named as;
The list can go on for longer. We need a good marketing campaign like Brave Ads that market to users on how "HIVE Fixes This!".
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We need the killer app.
That is what we are truly working towards.
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I could see him making it into something better than it is. But unless he adds crypto to the mix, it probably won't be around in fifty years
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Without a doubt he can improve it. And I would expect DOGE integrated into it.
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this my first time using hive . is this as good as brave browser ?
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Hive isnt a browser per se. It is a blockchain and an entire ecosystem where you can be rewarded for your activity.
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Totally right!
And I still wondering why Dan Larimer still wander to other blockchains and projects, since w fork out Justin Sun, HIVE become the real decentralized blockchain with real decentralized community!
I believe Hive is ahead on the concept of social + finance. We only lack the huge user base of the big platforms. Maybe that means a merger with a giant in the future?
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Why would we merge with anything? Anyone, including some giants, are able to build on Hive. It is permissionless.
But for us to join someone else doesnt make sense.
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I hope Hive will be able to stand out without compromising its concept, when ads and other things begin to appear. I'm not pessimistic, but rather cautious
Well that is up to the front ends, so it is individual in nature. Of course, the ads, like with Leofinance, are designed to benefit the community by pushing ad revenue to the LP holders.
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no way, we are literally the anti-establishment.
I hope, man 🤜🤛
I think as Hive becomes easier to understand, the community will grow exponentially. Indeed, everyone doesn't know what HTTP stands for and yet everyone uses the internet.
I would rethink the issue of needing to have your keys to log in, I would do an intermediate login, where people start creating content and their rewards are housed in a cold wallet. Then you can buy your keys and it is deducted from your current balance and then you start operating your account at 100%, when you feel ready to do so. I think when people see that they have a balance there, they're going to want to make it their own and they're going to learn. But they were already in.
I don't know if it makes sense to you guys.
It makes perfect sense to me. I helped a few friends to create their accounts and we always spend more than 3 hours. That's too harsh for newbies. We must be as easy as Facebook.
Also, I believe Hive can remove the HP and start to charge fees. We should be able to invest here if we want and build our Hive Power, but that would be a personal choice.
My friends tell me all the time: but I want to cash all my money
That's because your friends doesn't know what a DAO is, HP is super necessary, it's a great part of the Hive essence. So, your friends can unstake their HP, but it will take 13 weeks, we need resources, voting power, not only to vote or raise our resources, but to make decisions in the DAO, that is decentralization.
We could make decisions also if the option of growing our HP was a personal choice. It's not about takeaway the concept, it's understanding that some people don't want to invest.
I see the HP as stock in a company, if you invest in it, you have decision power. If not you simply cash out and obey lol
It doesn’t have sense bro, you can do anything you want with your HP, but staking is essential for the Hive blockchain. This is proof of staking 😂
Yeah, Elon can thumb his nose all he wants at the government over privacy, but at the end of the day he is still going to end up sitting in front of lawmakers like Zuckerberg did. As you have said in the past with Hive, who would they drag in? Some single mom from Nebraska who has zero deep knowledge about blockchain?
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Elon might be a bit of a rebel but he does comply for the most part. Do not forget, auto manufacturing is heavily regulated.
So he is accustomed to complying.
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Good point
cut me to it; wanted to write about this as well. What struck me from the zerohedge article was that they basically want to create Hive without knowing that we already exist:
Game Plan:
1.) "Solve Free Speech" 1-a) Step 1" Make it censorship-FREE by radically reducing Terms of Services (now hundreds of pages) to the following: Twitter users agree to: (1) Use our service to send spam or scam users, (2) Promote violence, (3) Post illegal pornography. 1-b) Step 2: Make Twitter censorship-RESISTANT Ensure censorship resistance by implementing measures that warrant that Twitter can't be censored long term, regardless of which government and management How? Keep pushing projects at Twitter that have been working on developing a decentralized social network protocol (e.g., BlueSky). It's not easy, but the back-end must run on decentralized infrastructure, APIs should become open (back to the roots! Twitter started and became big with open APIs). Twitter would be one of many clients to post and consume content. Then create a marketplace for algorithms, e.g., if you're a snowflake and don't want content that offends you pick another algorithm.Crazy, huh?
https://www.zerohedge.com/markets/now-twitter-belongs-elon-here-what-he-will-do-platform-his-own-words
ToS is not going to make something censorship resistant.
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The blockchain Vitalik is trying to build is Hive, next is Musk with "Everything App" which is Hive.
Only if they know Hive is much more than they seek.
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It seems like a trend is starting.
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Absolutely we should tell Elon this.. you got his phone number? I'll give him a call..
You will have to. He has me on blocked.
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Hive is well on its way with the first two of those. The third would take some heavy lifting.
Given that he's the richest and one of the most influential on the planet, It wouldn't be that hard to pull off the third one. All it will take is some mutual benefiting partnerships.
He was referring to Hive, not Elon.
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Without a doubt. The fact there is very little even working in that direction is of greater concern.
Can even approach the game if not even on the field.
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If that’s his goal, I wish him success with it, it helps everyone of us either continue in developing our present visions or it helps us go back to the drawing board to see what needs to be improved or changed. Go Musk!!!
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He will likely succeed. The challenge is that it is Web 2.0.
Web 3.0 will be more powerful in the long run.
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Your position is absoluteling correct!
Here in Hive you have everything and what is missed now it will be developed for sure in the near future!
We are what EM is talking about, right now.
I have a question, in your opinion what is missed now in Hive?
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I am not sure exactly what you mean but I read it to say what is missing?
I think having a robust smart contract platform that any developer can add to. This is something that I believe will be developed in 2023.
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Spot on
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I feel validated now. Phew. I thought I might be wrong. LOL
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Interesting write up, if anyone is going to be the first to push an already established social media behemoth into the world of web 3 I do think its going to be Musk. Will be interesting to see how it works.
Except what he is creating will be Web 2.0 or some version of it.
Account nor data ownership will not be present. Neither will be the ability to engage in a permissionless way.
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True, full web 3.0 may be a bit too optimistic, I wouldn't put it past him though. Twitter isn't very profitable at the moment, and Musk likes being in the news for innovation.
He's an ass, and I certainly don't think he would do it for humanitarian reasons, but I do give credit where it's due, and if there's one other thing you can say about him it's that he does big things.
Web 2.0 everything app doesn't have the rocket ships and full auto-pilot car energy I've grown to expect of him. If he takes twitter to full web 3.0 he can take credit for ushering in the next generation of the internet, and that feels much more in character for him.
No he is not spending $44 billion to be nice. Plus someone is going to want to get paid back so he has to turn it around financially.
He is seeking to construct a payment platform. That is where he will look to generate money.
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It seems like the two are slowly evolving to meet in the middle, except the hockey stick is aiming at the spot where the Hive puck already is...
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A lot seems to keep pointing to Hive. This affirms to me we are on the right path.
We just need to keep building.
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Incredible
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I think he knows and he will at best case plan will just copy and do the same thing here
He just doesn’t know it yet…. ♦️
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Tru dat, Elon does things rul big
I concur with the fact that Elon needs to be aware of the fact that the Everything app he seeks to create is already in operation with HIVE.
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Wonder why you never mentioned https://hivelist.store.
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Well yeah, we'll see what happens. Twitter will always be a corporation first and a software platform second. Shareholder value takes automatic and constant primacy over user value, regardless of ownership structure. Even if he were to buy every share and take the company fully private, that just reduces the number of shareholders to one. The software will still be designed predatory, deceptive and (socially, individually) antagonistic to some degree, to extract maximum value from the usership.
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