Crypto Biz: Winklevoss beats Silbert, the double-edged sword of Twitter and more

Twitter’s plans to launch a payments platform took a major step forward this week when its subsidiary, Twitter Payments, received its first license to send money in the US states of Michigan, New Hampshire and Missouri.

The company — reportedly building a solution with crypto in mind — is seeking to provide transfer services in all 50 US states, pending further approvals and no clear timeline.

Like any business, Twitter is also looking for new sources of revenue supported by its huge user base. In a Twitter Space event in 2022, Musk said he planned to link bank accounts to social media profiles with debit cards and money transfers. The goal is similar to that of the now-defunct Diem – the failed global payments project of Facebook parent company Meta.

Twitter relies heavily on its crypto community for better results than Meta’s project, but Musk also has differences with Crypto Twitter. This week, the platform limited the scope of its content, citing “excessive levels of data scraping and system manipulation”. The decision was a blow to the crypto ecosystem, which relies heavily on Twitter to share information and reach new audiences.

“I put a ‘views limit’ because we are all Twitter addicts and we need to break out of it.” Said Musk on stage. The move could be a double-edged sword for Twitter’s payment plans.

This week’s crypto biz also examines Gemini’s battle with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to prevent users from jumping paywalls.

Winklevoss downplays DCG’s Silbert – not even the SBF was ‘capable of such delusional thinking’

In an open letter published on July 4, Cameron Winklevoss criticized Digital Currency Group CEO Barry Silbert for allegedly playing the victim card when Gemini’s 232,000 Earn customers are owed $1.2 billion. DCG’s Genesis was the lender behind Gemini’s Earn program, which promised returns of up to 8% to depositors. It ceased shooting in November 2022 following the collapse of FTX. “I am writing to inform you that your games are over,” Winklevoss said, explaining that professional fees have now “exploded” to over $100 million at the expense of Credits and Earn users. The Winklevoss gives Silbert an ultimatum: accept his company’s “best and final offer” or risk a lawsuit. The offer includes a $1.47 billion deal, with the first payment due this month and the final payment over five years. Later, on July 7, Gemini filed a lawsuit against DCG.

Crypto-friendly DBS Bank launches digital yuan transaction tool

DBS Bank China has officially announced the launch of its digital yuan merchant solution, which enables mainland businesses to receive payments in central bank digital currency (CBDC). DBS told Cointelegraph that the new service will allow its customers in mainland China to receive or collect digital yuan and have it automatically deposited into their yuan bank accounts. At the end of 2022, there were 13.6 billion digital yuan in circulation, or about $2 billion. CBDCs are currently accepted in 26 cities and 17 provinces in China, with adoption expected as more provinces join the program.

Musk imposes ‘speed limit’ on Twitter, citing excessive ‘system manipulation’

Social media platform Twitter is temporarily limiting the number of messages users are allowed to read each day after noticing “excessive levels of data scraping and system manipulation”, executive chairman Musk said. The new rules will temporarily limit verified accounts to viewing 10,000 messages per day, while unverified and newly unverified accounts will be limited to 1,000 and 500 messages per day, respectively. The decision has been largely criticized by the crypto community, which relies heavily on Twitter for information communication and sharing. The new rate cap has already affected the indexing and display of Tweets in Google’s search engine, causing more than 50% of Twitter URLs to disappear from the search index. The low visibility of tweets on Google will also reduce the amount of crypto-related content coming from Twitter.

OpenAI is blocking ChatGPT’s Bing feature because users are jumping paywalls

ChatGPT’s Browse, a Bing-based search engine feature, has been temporarily disabled by OpenAI because of a flaw that allows users to bypass paywall content. OpenAI may have acted on the Reddit post. In late June, a member of the r/ChatGPT subreddit posted a screenshot of a browsing session in which he asked the chatbot to “text print” a link to a paywall article in The Atlantic. In response, ChatGPT distributed the article entirely without paywalls. The browser is currently in beta and is available to ChatGPT Plus service customers.

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