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CyberConnect co-founder Ryan Li believes that creators who want their content to live forever will ditch Web2 social media platforms for Web3 alternatives. The Web3 industry continues its mission to disrupt the World Wide Web, and social media is one of its primary targets. In the 34th episode of Cointelegraph’s Hashing It Out , host Elisha Owusu Akyaw interviews Ryan Li, co-founder of CyberConnect, about the concept of decentralized social media.  Li kicks off the episode by explaining the rationale behind creating social media platforms running on blockchain. Li points out that Web3 social media platforms give content creators the confidence that they won’t be abandoned when the platform gets bigger or shifts its focus to ad revenue, unlike traditional platforms. This feature is built on top of a decentralized financial system, and the speculative nature of the space creates a strong case for SocialFi. Li also highlights updates in recent years that have shone a spotlight on decent...

Vermont issued the investor alert after a 74-year-old man lost his life savings of over $340,000 in a crypto fraud orchestrated over Instagram and Telegram. The Vermont Department of Financial Regulation (DFR) — the United States state of Vermont’s financial regulatory agency — warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum Lantsman lost his life savings of $340,000 to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it emphasized “the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.” A snippet of Vermont’s investor alert against crypto scams. Source: dfr.vermont.gov Instagram has been rated as the top platform connected to crypto fraud by the Federal Trade Commission (FTC), which is also true for Lantsman. His initial contact with the crypto scammer happened over Instagram, wherein he came across a post fr...

The researchers also determined that “news sentiment” is a much less effective predictor of cryptocurrency returns. Researchers at Pennsylvania State University recently analyzed whether attitudes and emotionality surrounding cryptocurrency could help predict returns. What they found may stand in stark contrast to related financial markets. According to the team’s research paper, social media plays an outsized role in adoption and activity rates, while crypto currency journalism isn’t a great predictor of market movement: “Our findings indicate that social media sentiment significantly predicts crypto returns, while sentiment from news media does not.” The researchers used natural language processing to analyze millions of financial news articles and social media comments and generated sentiment scores along 53 topics and attention metrics for over 300 crypto currencies. They then compared the ground truth returns over a given period of time to the coinciding news and social media ...