Charles Hoskinson recently praised Elon Musk’s social media platform X (formerly Twitter) for refuting the European Central Bank’s (ECB) recent criticism of Bitcoin. The “Community Notes” of
The ECB’s charge against Bitcoin
On February 23, 2024, the ECB published a blog post disparaging Bitcoin, claiming that the crypto had “failed to become a global decentralized digital currency, instead falling victim to fraud and manipulation.”
The ECB also stated that “the recent approval of a Bitcoin ETF did not change the fact that Bitcoin was expensive, slow and impractical. »
This frontal charge against Bitcoin angered many crypto supporters, who saw it as a gratuitous and erroneous attack.
The Community Notes response
Fortunately, the Community Notes feature of Elon Musk’s X quickly responded to set the record straight.
Indeed, the community notes accompanying the ECB tweet cited Chainalysis to refute claims that Bitcoin was prone to fraud and manipulation:
“Chainalysis found that only 0.34% of cryptocurrency trading volume in 2023 could be attributed to criminal activity. Bitcoin’s share is significantly lower, at 25%. Illicit transactions in euros represented 1% of EU GDP, or 110 billion euros, in 2010.
Denial of the Community Note on X (formerly Twitter)
Community Notes allow contributors to add context to posts, such as fact-checking a post, image, or video. The goal is to create a better informed world. And this, by allowing X users to collaboratively add context to potentially misleading publications.
The joy of Hoskinson and the crypto community
Charles Hoskinson was delighted that the Community Notes were able to set the record straight and provide the right context for the ECB’s deadly tweet on Bitcoin.
It is true that community notes have perfectly fulfilled their role of moderation and fight against disinformation, especially in crypto matters. They highlighted the inaccuracies of the ECB’s arguments and demonstrated with facts that its criticisms were exaggerated.
Regardless, supporters of cryptos and Bitcoin in particular are now armed to counter disinformation, thanks to innovative tools like X’s Community Notes. They will be able to use them whenever necessary. Especially since the ECB is not its first attempt to destabilize Bitcoin. This information battle around crypto is probably only just beginning. But through action and collaboration from affected communities, truth and clarity will ultimately prevail.
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