by Kevin Helms
Shark Tank star Mark Cuban has come up with a way to solve Twitter’s spam problem using the meme cryptocurrency dogecoin (DOGE). Tesla and Spacex CEO Elon Musk agrees that it is “not a bad idea.” Twitter recently accepted Musk’s buyout offer.
Tesla CEO Elon Musk has been discussing on Twitter how to solve the platform’s spam bot problem. He has promised to solve the spam problem “or die trying.” Twitter agreed to sell the company to Musk for about $44 billion last week.
One suggestion came from American billionaire entrepreneur Mark Cuban. He is a star in the business reality television series Shark Tank and the owner of the NBA team Dallas Mavericks.
In a tweet early Sunday morning, Cuban suggested that everyone puts up one dogecoin (DOGE) for unlimited posts on Twitter. If anyone flags a post as spam and a human confirms that it is, that person gets the spammer’s DOGE. He further explained that spammers have to post 100 times more dogecoin. However, if the post is not spam, the flagger loses his dogecoin.
At the time of writing, Cuban’s tweet has been liked more than 9K times. Dogecoin co-creator Billy Markus said, “I like this.” Musk replied, “Not a bad idea.”
Many dogecoin supporters think that Cuban’s suggestion is a good idea, noting that it is very bullish for DOGE. However, some people are skeptical about its viability, with some questioning the requirement to start paying for what is currently a free service and forcing people to use the meme cryptocurrency as collateral to prevent spamming.
Some people raised the issue of unscrupulous users gaming the system for profit. One Twitter user replied to Cuban: “Nah. You didn’t think this through. How do you deal with dishonest actors flagging spam that isn’t and humans confirming it is spam just to get the ‘spammers’ dog coin?”
The Tesla boss has promised to make “significant improvements” to Twitter. He called crypto spam bots the “single most annoying problem on Twitter.” Prior to the social media giant accepting his buyout offer, he said if his Twitter bid succeeds, he “will defeat the spam bots or die trying.”
Both Musk and Cuban have been pro-dogecoin. Musk is often called the Dogefather. In August last year, the two said that dogecoin is the “strongest” cryptocurrency for payments. Cuban’s NBA team, the Dallas Mavericks, accepts DOGE for merchandise and the Shark Tank star has also been encouraging people to get into crypto via dogecoin.
What do you think about Mark Cuban’s idea to use dogecoin to fight spam on Twitter? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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by Kevin Helms