The price of “Lorde Edge” coin soared in Monday’s launch.
Odd Andersen/Getty Images
- The Lorde Edge coin was launched Sunday and takes the name from Elon Musk’s new Twitter handle.
- The coin soared as much as 825% on its first day, hitting a high of $0.00002954.
- Lorde Edge is an anagram of “elder doge,” according to the creator of dogecoin.
Elon Musk has had an eventful few days on Twitter, even inspiring a new memecoin that quickly jumped in price on its launch day.
Nonetheless, the so-called Lorde Edge coin began trading Monday and pulled in trading volume valued at nearly $27 million, according to data from CoinMarketCap.
The price hit a high of $0.00002954, representing an 825% surge from the opening price of $0.000003192. The token already appeared on more than 1,500 watchlists on CoinMarketCap. Lorde Edge coin’s price later declined to a low of $0.0.000002724 but has since moved up by 178%.
“We are LIVE and BOOMING! @elonmusk Lorde Edge is with us!,” claimed EDGELON, the community behind the ether-based coin, on a Twitter post Sunday.
There was no indication from Musk himself that he was taking part in the coin. He has previously said he’s invested in bitcoin, dogecoin and ether.
Billy Markus, the creator of dogecoin, on Twitter said on Sunday that Musk’s new user name is an anagram for “elder doge.” Then minutes later, Markus, who goes by Shibetoshi Nakamoto wrote: “This doesn’t mean it was intentional, but it is in fact an anagram.”
Musk – specifically his pet – was the inspiration behind a cryptocurrency called Floki Inu coin. It was named after Musk’s Shiba Inu dog, Floki, and the coin was at the center of a recent advertising campaign throughout the UK transportation system, according to a Financial Times report.
Regulators worldwide have urged investors to be cautious about investing in memecoins and other digital assets. In one case, a cryptocurrency inspired by Netflix’s hit show “Squid Game” soared by 75,000% as buyers jumped in. But links to its website and social media were dead last week, suggesting it was a scam.
Musk’s Twitter name change was part of a busy weekend for him on the social media site. On Saturday, he asked his 63 million Twitter followers whether he should sell 10% of his Tesla stock. More than half the 3.5 million votes in the poll were in favor of a sale.
Wedbush analyst Dan Ives in a Monday note said it was already well known that Musk planned to sell some of his stock before the end of the year as he faces a “big tax bill” from his 23 million stock options awarded in 2012 that have vested and expire in August 2022.
But Musk selling 10% of his stake in Tesla shouldn’t cause concern over the stock, said Wedbush.
Jack Dorsey Post Twitter Is Chasing His Crypto, Fintech Dream
At a packed Miami conference in June, Jack Dorsey, mused in front of thousands of attendees about where his real passion lay: “If I weren’t at Square or Twitter, I’d be working on Bitcoin.”
On Monday, Dorsey made good on one part of that, announcing he would leave Twitter for the second time, handing the CEO position to a 10-year veteran at the firm. The 45-year-old entrepreneur, who is often described as an enigma with varied interests from meditation to yoga to fashion design, plans to pursue his passion which include focusing on running Square and doing more philanthropic work, according to a source familiar with his plan.
Well before the surprise news, Dorsey had laid the groundwork for his next chapter, seeding both companies with cryptocurrency-related projects.
Underlying Dorsey’s broader vision is the principle of “decentralisation,” or the idea that technology and finance should not be concentrated among a handful of gatekeepers, as it is now, but should, instead, be steered by the hands of the many, either people or entities.
The concept has played out at Square, which has built a division devoted to working on projects and awarding grants with the aim of growing Bitcoin’s popularity globally. Bitcoin price in India stood at Rs. 44.52 lakh as of 12:50pm IST on December 1.
Dorsey has been a longtime proponent of Bitcoin, and the appeal is that the cryptocurrency will allow for private and secure transactions with the value of Bitcoin unrelated to any government.
The idea has also underpinned new projects at Twitter, where Dorsey tapped a top lieutenant – and now the company’s new CEO Parag Agrawal – to oversee a team that is attempting to construct a decentralised social media protocol, which will allow different social platforms to connect with one another, similar to the way email providers operate.
The project called Bluesky will aim to allow users control over the types of content they see online, removing the “burden” on companies like Twitter to enforce a global policy to fight abuse or misleading information, Dorsey said in 2019 when he announced Bluesky.
Bitcoin has also figured prominently at both of his companies. Square became one of the first public companies to own Bitcoin assets on its balance sheet, having invested $220 million (roughly Rs. 1,650 crore) in the cryptocurrency.
In August, Square created a new business unit called TBD to focus on Bitcoin. The company is also planning to build a hardware wallet for Bitcoin, a Bitcoin mining system, as well as a decentralised Bitcoin exchange.
Twitter allows users to tip their favourite content creators with Bitcoin and has been testing integrations with non-fungible tokens (NFTs), a type of digital asset that allows people to collect unique digital art.
Analysts see the transition as a positive signal for Square, the fintech platform he co-founded in 2009. Square’s core Cash App, after a bull run in its share in 2020, has experienced slower growth in the most recent quarter. It is also trying to digest the $29 billion (roughly Rs. 2,17,240 crore) acquisition of Buy Now Pay Later provider Afterpay, its largest acquisition ever.
But these ambitions will not pay off until years from now, analysts cautioned.
“The blockchain platform they’re trying to develop is great but also fraught with technical challenges and difficult to scale for consumers. I think he’ll focus more on Square and crypto will be part of that,” said Christopher Brendler, an analyst at DA Davidson.
© Thomson Reuters 2021
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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Twitter Bans Sharing Personal Photos, Videos of Other People Without Consent
Twitter launched new rules Tuesday blocking users from sharing private images of other people without their consent, in a tightening of the network’s policy just a day after it changed CEOs.
Beginning today, we will not allow the sharing of private media, such as images or videos of private individuals without their consent. Publishing people’s private info is also prohibited under the policy, as is threatening or incentivizing others to do so.https://t.co/7EXvXdwegG
— Twitter Safety (@TwitterSafety) November 30, 2021
Twitter said this policy does not apply to “public figures or individuals when media and accompanying tweet text are shared in the public interest or add value to public discourse.”
“We will always try to assess the context in which the content is shared and, in such cases, we may allow the images or videos to remain on the service,” the company added.
The right of Internet users to appeal to platforms when images or data about them are posted by third parties, especially for malicious purposes, has been debated for years.
Twitter already prohibited the publication of private information such as a person’s phone number or address, but there are “growing concerns” about the use of content to “harass, intimidate, and reveal the identities of individuals,” Twitter said.
The company noted a “disproportionate effect on women, activists, dissidents, and members of minority communities.”
High-profile examples of online harassment include the barrages of racist, sexist,and homophobic abuse on Twitch, the world’s biggest video game streaming site.
But instances of harassment abound, and victims must often wage lengthy fights to see hurtful, insulting or illegally produced images of themselves removed from the online platforms.
Some Twitter users pushed the company to clarify exactly how the tightened policy would work.
“Does this mean that if I take a picture of, say, a concert in Central Park, I need the permission of everyone in it? We diminish the sense of the public to the detriment of the public,” tweeted Jeff Jarvis, a journalism professor at the City University of New York.
The change came the day after Twitter co-founder Jack Dorsey announced he was leaving the company, and handed CEO duties to company executive Parag Agrawal.
The platform, like other social media networks, has struggled against bullying, misinformation, and hate-fuelled content.
Twitter likely to roll out ‘Reactions’ feature soon
After unveiling several features this year, micro-blogging site Twitter is reportedly readying new features, including Reactions, Downvotes and Sorted Replies for iOS users.
According to reverse engineer Nima Owji, the Reactions feature, which started being tested a couple of months ago, is set to launch soon, reports 9To5Mac.
With four new reactions, “tears of joy,” “thinking face,” “clapping hands” and “crying face,” this feature is designed to give users the ability to better show how conversations make them feel and to give users “a better understanding of how their Tweets are received”.
Citing the reverse engineer, the report also mentioned that the micro-blogging site is now able to store data about the downvotes feature, which is another indicator that this function will be released sooner rather than later.
The report also notes that the company changed the downvote position as well. It has even added a new tab explaining how downvotes work.
This month, the company has rolled out its in-app tipping feature to all Android users above the age of 18, following the iOS launch in September.
Twitter said the “Tips” feature is geared toward users looking to get a little financial support from their followers through Cash App, PayPal, Venmo and Patreon directly through the app.
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