Can SoFi – Social Media DeFi – Topple Facebook And Twitter? – Forbes

A picture taken on September 4, 2019 shows logos of US social networking websites Instagram, Twitter … [+] and Facebook, displayed on smart-phone screen, in Lille, northern France. (Photo by Denis Charlet / AFP) (Photo credit should read DENIS CHARLET/AFP via Getty Images) AFP via Getty Images It’s becoming more and more evident that the social media model is broken. Successive scandals continue to underline that social media platforms put shareholder profits and advertiser interests above consumer protection and security. You do this in banking you’re threatened with a jail sentence, or at minimum a whopping fine and censure from the regulator. Decentralized social media is in the limelight, but what needs to happen for it to gain the necessary momentum to compete with the size and scale of the centralized social behemoths?  In the shadows of DeFi’s meteoric rise, several stories with the common thread of decentralized social media have crept in. On November 8, FTX CEO Sam Bankman-Fried addressed an audience at the Breakpoint event in Lisbon. He spoke of his belief that there’s vast unrealized potential in decentralized social media. He pointed to the capacity to “supercharge” DeFi by combining a great product with an established massive…
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