As a seasoned crypto investor who’s been around since the early days of Bitcoin, I’ve seen my fair share of platforms come and go. The latest buzz is about BlueSky versus X, and it’s an interesting comparison indeed.
The social media platform launched by Twitter co-founder Jack Dorsey surpassed 25 million users, a number that includes those who have deactivated or deleted their accounts. This has sparked discussions about potential changes in content, moderation, and overall atmosphere on the site.
As of December 12th, BlueSky announced that its user base surpassed 25 million, almost doubling the number following the U.S. election on November 5th. However, it falls short in comparison to Meta’s Threads (with over 275 million monthly active users) and another platform (X) boasting more than 250 million daily active users, as of 2022.
It’s challenging to accurately determine how many users might have departed from X specifically due to Elon Musk buying the platform and getting involved in U.S. politics. Additionally, Musk has been a vocal supporter of Dogecoin (DOGE), suggesting that President-elect Donald Trump establish a government position modeled after DOGE’s ticker symbol as a means of enhancing efficiency.
In contrast to X, BlueSky, which was initially launched by Dorsey in 2019, emphasizes an approach to users that mirrors the interactive dynamics of the early internet era. Their goal is to make online discussions operate more seamlessly and resemble the initial stages of the web.
Since Elon Musk’s acquisition in October 2022, X has experienced a wave of businesses withdrawing their advertisements due to concerns about controversial content being displayed alongside them, a temporary ban in Brazil, and allegations of misinformation, some of which have been linked directly to the platform’s billionaire proprietor.
Crypto discourse on BlueSky versus X
For many crypto users, regardless of their opinions of Musk or X, choosing between the platform and Bluesky — or both — doesn’t seem to boil down to political beliefs but rather access to a different audience.
Initially, a basic search for “crypto” on BlueSky predominantly revealed posts that compared digital asset initiatives to fraudulent schemes, whereas similar searches on X displayed crypto-friendly memes before anything else.
American legislators, such as Massachusetts Senator Elizabeth Warren, have shown skepticism towards digital assets, and following the US elections, they have become members of BlueSky. Advocates for crypto policy, including Representative Wiley Nickel, who had an account since February but started posting frequently from November onwards, are also among its members.
In a November 20th opinion piece, Jacob Weindling, editor-in-chief of Splinter News, stated that Bluesky, similar to Bitcoin, employs cryptography to distribute control across the network rather than allowing one entity to dominate it entirely. However, unlike Bitcoin, it doesn’t have a built-in financial reward system. Weindling further contends that the primary issue with Twitter was Elon Musk making advertising dollars more accessible, which transformed the platform’s incentive structure from fostering thoughtful discussions to encouraging attention-grabbing actions in people’s replies for monetary gain.
According to a recent report by The Guardian published on December 11th, which was one of the early news sources to partner with BlueSky, it appears that approximately 2.7 million users based in the U.S. have left X since October. During this same time frame, BlueSky gained around 2.5 million new customers within the United States.
As the platform keeps growing, it might encounter similar hurdles that Twitter experienced during Dorsey’s and Musk’s tenures: an escalation of automated or anonymous accounts disseminating spam, offensive content, and false information, along with the challenge of increasing revenue by attracting more users and advertisers.
Although relatively smaller compared to X, the platform is currently grappling with an issue of fraudsters. A search on BlueSky uncovers numerous phony accounts purportedly belonging to cryptocurrency influencers who boast a substantial follower base, such as Anthony Pompliano and Michael Saylor.
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2024-12-14 00:49