People are Paying ETH to Own Famous Tweets and Infamous Ones (March 6, 2021)

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Good morning. Welcome to Saturday Sats, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.   

Market Price as of March 6, 2021:

Bitcoin$49,092-0.75%
Ethereum$1,539.05-0.45%
BNB$226.94-1.33%
DOT$33.72-4.77%
ADA$1.16+3.570%
SLP$0.04-9.5%


Bitcoin closed March 5, 2021, at $49,092 per BTC. We’re up 4.8% in the last 7 days and up 67% since the year began. This is also 16.2% below the all-time high of $58,640, which was hit on Feb. 21, 2021.

Bitcoin’s market capitalization stands today at $910,433,143,028 which is 59.33% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,525,485,758,809  (+4%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Crypto Project PAID Exploited

The attacker obtained over 2,000 ETH worth $3 million after around 59.7 million PAID tokens got traded on Uniswap. Over the course of 13 transactions, 2.5 million PAID tokens were sold.

This is the immediate result:

Tweets for Sale

Is This The Next Frontier?

While doing my daily shitpost on Twitter, I found that Jack Dorsey, the  is selling his tweet.

And people are paying for it:

Valuables by Cent is a platform where people can buy and sell tweets that are “autographed by their original creators.”

Why would you pay to own a tweet? This is what Valuables has to say:

“Owning any digital content can be a financial investment, hold sentimental value, and create a relationship between collector and creator. Like an autograph on a baseball card, the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable.”

Here are more examples:

I just got to the point of finally understanding NFTs and why people pay for digital collectibles and art. Now Crypto Twitter wants me to realize and understand why people would pay to own a tweet.

Tweets are generally content made up of words and media, but majority are words, especially the earliest tweets.

As a writer, I feel I should already understand this. If I think of Twitter as a platform where writers write, where the content lives, then it becomes no different from me getting paid to write an article on a website where it will be published.

It’s no different from a book, where the writer’s story resides, monetized and paid for by every person who buys and read that story.

I should get my head wrapped around this idea soon.

Edit: Check out my tweetstorm:

Ethereum

‘EIP 1559’ Fee Market Overhaul Greenlit for July

I really can’t explain EIP 1559 well so I will let WIllam Foxley from Coindesk do it:

“EIP 1559 flips a typical blockchain transaction on its head in order to fix numerous issues with Ethereum’s user experience. Traditionally, a user sends a gas fee to a miner for a transaction to be included in a block. That gas fee will now be sent to the network itself as a sort of “burn” called basefee with only an optional tip paid to miners. The burnt fee is algorithmically set as well, ostensibly making it easier for users to pay a fair fee.”

Creators and many participants on Ethereum naturally would want this because the gas fees have been so expensive as of late.

Miners would naturally not want this because it’s going to hit on their wallets.

According to Foxley, 60% of the miners are against the proposal. But EIP-1559 is gonna happen this July despite the miners’ discontent. For now, efforts are being made to find how to ensure miners will remain happy when the proposal pushes through.

What else is happening

  • No more ‘Bitcoin effect’? MicroStrategy stock falls by 50% in 17 days.
  • 99% gone in 60 seconds: How a Polkadot trader may have crashed DOT futures
  • Binance Pledges New Controls After 99% ‘Flash Crash’ in Polkadot Futures

This article is published on BitPinas: People are Paying ETH to Own Famous Tweets and Infamous Ones (March 6, 2021) 

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[…] Dorsey minted the first ever tweet on Twitter as an NFT on Cent, an Ethereum-run service. Bid has skyrocketed, […]

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]