Meta launches competitor for Twitter on July 6
Meta’s Threads
Mark Zuckerberg’s major Meta plans to launch a competitor to Twitter on July 6. This new project from Meta will launch under the name Threads and is currently already available for pre-order on Apple’s App Store.
Within the crypto community, people are not yet very excited about this new project from Meta.
Privacy concerns
Mark Zuckerberg’s Meta is not known for being very careful with their users’ data. Within the crypto community, privacy is an important core value. In that regard, it remains to be seen whether people from the industry are eager to try this new platform.
The above poll by Kyle Chassé, a self-proclaimed “Bitcoin and crypto OG,” shows that 87 percent of people choose Twitter for now.
Former Twitter CEO Jack Dorsey also makes himself heard, sharing his concerns about the privacy policy of Threads’ new application. Namely, it states that Instagram Inc, the developer of the application, will have access to a wide range of user data, including financial information.
All your Threads are belong to us https://t.co/FfrIcUng5O pic.twitter.com/V7xbMOfINt
— jack (@jack) July 4, 2023
Low expectations
Expectations for Threads are not high at this time. Meta has a small history of launching these kinds of ideas, only to quickly shut them down again. What you usually see then is that the new features of the apps in question move over to the popular Instagram.
“They have a knack for launching new apps for attention, only to close them down and bring the feautures to Instagram,” Nick St. Pierre said on Twitter.
The only advantage Threads has over other Twitter competitors is that it can build on Instagram’s massive database of users.
New users of Threads can link their followers on Instagram directly to the application. In theory, this makes it possible for major influencers on Instagram to try the application, allowing the platform to gain traction after all.