Ripple CEO: Twitter hack reveals weaknesses of centralized systems

  • Brad Garlinghouse criticizes the Twitter hack and describes that the public’s trust in centralized systems has thus declined.
  • The Twitter hack is leading to an increase in users of decentralized alternatives such as the social network Minds and other Twitter competitors.

As Crypto News Flash already reported, there was a major hack of the social network Twitter, where prominent accounts were used to promote a Bitcoin Scam. Among the victims were Elon Musik, Bill Gates and former president Barack Obama. Ripple CEO Brad Garlinghouse has access to his account again and immediately launched a criticism offensive.

Centralized systems have major weaknesses

Garlinghouse states that it is not a problem of the crypto world, but that there are extensive hacks and problems across platforms:

Seems there is finally consensus across the board that this hack is NOT a crypto problem, this is a social media platform problem.

A few months ago, Ripple officially sued YouTube for failing to take sufficient action to stop a scam related to Ripple:

Malicious scams on Twitter, YouTube, and others have persisted for years without these platforms taking any real action or accountability to address the issue with more than a band-aid.

He states that Twitter users are starting to get angry because operators as well as governments around the world are not taking sufficient security measures to stop such scenarios from happening, or not happening at all. Twitter has lost a lot of its users’ confidence that it will have to regain it in the near future:

With consumers and (increasingly) governments rightfully furious, here’s hoping they’ll finally prioritize efforts to earn back our trust by taking the abuse of their platforms seriously.

Trend towards decentralized alternatives

In addition to the top dogs like Facebook, Twitter or YouTube, numerous old people’s councils have developed in recent years that give users back control over their data. These include the decentralized social network Minds. The network was founded in 2015 and is based on the Ethereum Blockchain.

CEO Bill Ottmann states that Minds solves all the problems of centralized systems and users regain their data sovereignty, and sensitive information is widely protected and is not passed on to third parties for advertising purposes. A decentralized alternative to YouTube is the livestream platform DLive, which was launched last year on the TRON Blockchain and now has several million monthly viewers.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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