The GiD Report#146 — The Elon effect and the need for Trusted Communities
Welcome to The GiD Report, a weekly newsletter that covers GlobaliD team and partner news, market perspectives, and industry analysis. You can check out last week’s report here.
This week:
- Elon ❤ Bitcoin
- Podcast highlights
- This week in Big Tech
- The need for Trusted Communities
- Chart of the week (Big Tech profits)
- Stuff happens
1. The news everyone is talking about — Elon Musk goes big into Bitcoin (with Tesla).
From their SEC filing (via /j)
Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.
So not only are corporations and institutions leaning into Bitcoin and crypto, you’ll be able to buy a Tesla with BTC.
It’s another giant leap toward mainstream adoption.
My Wall Street had some thoughts on how such moves might impact potential regulation:
I think the most bullish thing is to have at least one large public American company with significant holdings as the government undertakes writing regulations. It’s super bullish to have the government writing regs knowing that they don’t want to crush the market value of significant corporate holdings. It’s different if they think they’re just crushing drug dealers and money launderers.
Makes sense.
2. This week in Big Tech — podcast highlights edition.
Greg Kidd on breaking up Facebook, Lina Khan, and the best thing about America:
3. This week in Big Tech:
Facebook v. Apple:
Hoping to prevent users from being spooked by Apple’s upcoming privacy changes, Facebook is testing a notification that tells iPhone users how it uses their data to tailor ads to them, Axios’ Sara Fischer reports.
The big picture: The test is happening in light of upcoming changes to Apple’s privacy settings that will require iPhone owners to give apps — including those from Facebook — permission to collect data for ad targeting.
Relevant:
- Tech workers take tentative steps toward unions
- Unions in the COVID era have been revitalized after decades of losing power
- Via /mayak— Former Google CEO Fears ‘Chilling Effect’ of Antitrust Probes
- Klobuchar introduces sweeping antitrust reform bill
- Facebook’s booming business, sinking reputation
- Facebook warns advertisers on Apple privacy changes
- Via /gregkidd— Who is in Charge? Tech Elites or the Digital “Mob”?
- Josh Hawley proposes “preemptive” ban on Big Tech mergers
- Twitter Temporarily Blocked Accounts Critical Of The Indian Government
- Via /gregkidd — E19: Robinhood’s GameStop decision: Why did it happen and how can it be prevented in the future?
4. The need for Trusted Communities:
Wired thinks Facebook Groups are “destroying America” — in part due to low trust:
But as our research shows, those same features — privacy and community — are often exploited by bad actors, foreign and domestic, to spread false information and conspiracies. Dynamics in groups often mirror those of peer-to-peer messaging apps: People share, spread, and receive information directly to and from their closest contacts, whom they typically see as reliable sources. To make things easier for those looking to stoke political division, groups provide a menu of potential targets organized by issue and even location; bad actors can create fake profiles or personas tailored to the interests of the audiences they intend to infiltrate. This allows them to seed their own content in a group and also to repurpose its content for use on other platforms.
Relevant:
- Facebook Groups Are Destroying America
- Facebook Knew Calls for Violence Plagued ‘Groups,’ Now Plans Overhaul
- NYTimes: How to fix Facebook Groups
Discord has its own trust issues:
5. Chart of the week:
6. Stuff happens:
- Mitja Simčič provides secure digital identities with his startup in San Francisco
- Via /jvs— DIF is opening up: Join for free
- Zelle® Closes 2020 with Record $307 Billion Sent on 1.2 Billion Transactions
- Via /j— French DJ David Guetta says fair if festivals require vaccinations
- IBM cuts back on blockchain as COVID cuts hit
- Via /gregkidd — Venmo’s Debt-Collection Practices Probed by CFPB
