From a wealthy man who had grudges against a social media giant (Twitter), Elon Musk went on to buy Twitter. Splurging a staggering $42 billion on the deal, one of the wealthiest men on this planet, hopes to ‘improve’ Twitter – improving features and policies.
Openly criticizing Twitter for not supporting freedom of speech, Elon Musk on more than one occasion, threatened to develop a (competing) social media platform of his own. It was not long before he took a 9% stake in Twitter. At this point came the first Twitter development suggestion from the billionaire – he hoped to see an edit option on each Tweet. Basically wanted Twitter posters to be able to edit their posts.
At around the same time we saw Elon Musk, make an effort to push DogeCoin into this Elon-Twitter topic. Twitter management got a request from the man and that, was for Twitter to accept DogeCoin as a mode of payment for users, making use of professional Twitter enabled services. Attempts were being made to promote DOGE as a payment token, even before the Twitter issue came up.
End of April 2022 and still no development on the issue of, DogeCoin being accepted as a payment option. Must mention here that the suggestion for DogeCoin to be accepted as a payment option on Twitter, is very different from Glitzkoin GTN operating on the DiaEx diamond trading platform. Twitter would surely not arrive at a point where Doge would be, the only mode of payment. On the other hand DiaEx designates the Glitzkoin GTN token, as the sole mode of payment. A preponed launch of DiaEx in October 2021, has seen an increasing number of diamond traders trading and hoping to trade, on the DiaEx platform. The bottom line is that these diamond traders, are comfortable using the Glitzkoin crypto as the mode of payment.
Within a short span of time Elon Musk moved from being a Twitter critic to holding, a 9% stake on the media platform and this, was quickly followed up with an offer that, shook the financial world. Elon Musk made an offer to buy Twitter, the amount was a mind blowing $42 billion. Needless to say that the temptation, was way too much for Twitter management to resist! Global headlines shouted out – that Twitter had changed hands.
Might sound strange to claim that the pressure is now high on Elon Musk – this to implement his ideas for a ‘better’ Twitter. It will ultimately be the millions of Twitter users that, decide the fate of the social media giant. Don’t get us wrong, even an Elon Musk cannot match the power of this gigantic user base. Interest is already going as analysts, try to guess Elon’s mind – this in configuring his top core management team. Will heads roll, will the existing setup remain largely unchanged. Let’s not forget that it is this existing management team that, delivered much of Twitter’s success.
A more interesting point for crypto enthusiasts, would be to see if and how, Elon Musk can weave DogeCoin into Twitter operations. Hard to guess the mind of one of the most, unpredictable minds in the business today! When trying to understand how the Twitter takeover would affect Doge, there is one point that neither we nor Elon Musk himself could miss. The man has moved from being a Twitter critic to being a Twitter shareholder and finally, to becoming the new Twitter owner. This should change his DogeCoin plans significantly.
As the owner of Twitter Elon Musk cannot and ideally should not, promote a single cryptocurrency on the platform. His words criticizing Twitter for being partial or biased (restricting freedom of speech and expression), do in a way apply to the plans he has for Dogecoin. While it might be fine to open crypto as a mode of payment on Twitter, restricting that to a single crypto might not be very advisable.
And for those who wonder how, restricting DiaEx payments to the Glitzkoin GTN token sounds fine, the answer is embedded in the Glitzkoin project. The project which was launched in 2018, defined the DiaEx diamond trading platform. It was very clear right from the beginning that, the GTN token would be the sole mode of payment on the platform. DiaEx did not exist before Glitzkoin and the Glitzkoin GTN token.
At this point there is a growing temptation to pump the price of DogeCoin – this by a regular group of pumpers who continue to do the same, with Bitcoin and ETH. Small and medium investors should remain alert. While the price of Doge would rise and drop, just like any other crypto, buying on the rise would need to be done after considerable evaluation.
The world eagerly awaits to see the turn that Twitter will now take. The management at Glitzkoin continues to watch developments. Knowing Elon Musk, we would not be surprised if he gave Twitter a wonderful uplift. We would also not be surprised if he just got bored and sold, Twitter within the next 18 to 24 months! Let’s track this together.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.