Despite the fact that this basic motto of the crypto world has become more relevant in social networks, online scammers, armed with a photo ID, still successfully cheat Twitter, who gives them a seal of authenticity (the blue checkmark ) with which they pass themselves off as real people and entities, thus achieving their goal of stealing with the money of the users. 

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For example, "seifsbei", a verified account associated with independent film producer and director Seif Elsbei, which was pirated and then presented as the official account of the verge cryptocurrency. Not content with that, the hacker later posted messages supplanting Bitfinex and Vitalik Buterin, the creator of Ethereum

The verified "Protafield" account showed similar behavior at the beginning of April, momentarily changing its name and other details to pass itself off as exchanges of crypts and advertise fake Ether gifts.

These incidents show how it is likely that the current mess of the crypts on Twitter can not be avoided with only the blue mark, or with any other simple verification process.

"People at home take it as a quality brand that Twitter puts into trustworthy accounts, which can be very relative," said Tim Pastoor, founder of the digital identity startup 2way.io, based in the Netherlands.

Investigating only the identity behind the account, and not the intention, Twitter, by issuing these blue marks, inadvertently makes the scams even more dangerous, he added.

Whimsical Reputations
There are several patterns that complicate the problem with Twitter.

Scammers have quickly learned to use highly technical language to misrepresent information and make it appear reliable, said Nick Lucas, founder of CoinTrend, a social media analytics firm in Los Angeles. This means that vocabulary lists and language analysis, processes that use Twitter and other social networks to detect scams, will not be enough, he said.

Most people trust their friends more than their acquaintances, so a layered approach to trust could offer some useful tools. Just as Facebook allows its users to control which people see posts, only friends, selected groups or the public, Twitter could give their users more control over who appears in their feeds.

Twitter declined to comment on this issue, but company CEO Jack Dorsey recently admitted that the platform verification system was broken.

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Changing hands

The fact that Twitter accounts can change ownership, not only by hacking, but by simple exchange, makes the problem even more murky; the new owners may have different intentions.

For example, what started most of the debates around the Twitter policies was the suspension of the "@bitcoin" account, a user who generated a lot of controversy by posting high-pitched comments directed at Bitcoin Core developers, and their supporters, then the fork that gave rise to Bitcoin Cash. The account has been operated by many owners over the years, and the most recent is an anonymous BCH fan.

Due to the uproar caused, Twitter briefly suspended the account and then stripped it of its blue mark (although the account is active again, it is no longer verified).

Speaking about the debates that have occupied the technology community for some time, Sterling Lujan, communications ambassador for Bitcoin.com (and also a supporter of Bitcoin Cash), told CoinDesk:

"These social networks should not allow the accounts to be censored or arbitrarily closed, just because a lot of people do not like it (what they say)."

Influencers of the market

While improvements in the verification process of Twitter have yet to be seen, what is clear is the impact of Twitter on the cryptocurrency markets.

Both scammers who supplant accounts, and prominent figures who honestly express their interest in a particular project, can cause price disturbances. Nick Lucas has seen a clear correlation between tweets from influential Twitter accounts and market volatility.

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"There's basically a lot of influence on Twitter when John McAfee, or someone else, mentions a specific currency," Lucas said.

As an example, when McAfee published on December 22 a tweet about Burst , a crypto project focused on creating a greener mining process, the price of the associated cryptocurrency quickly doubled.

A similar, albeit temporary, peak occurred the previous week, when McAfee tweeted about another project, Safe Exchange Coins . The day before the McAfee tweet, the cryptocurrency was sold for approximately one cent each, but within 24 hours after the tweet, the price doubled, and, for the following week, the coin was sold briefly for more than US. $ 0.06.

Some argue that when McAfee charges $ 105,000 per tweet, it is basically advertising.However, he told CoinDesk that it really is not such a thing, because, according to him, he only promotes projects that he really believes in.

However, conversations on Twitter not only positively impact the prices of new cryptocurrencies and tokens.

For example, Lucas has noticed that many disputes on Twitter about changes in the Bitcoin code and technical updates are related to price drops.

"If everyone talks negatively about something, the impact, if there is one, can not be positive. If someone with a large number of followers tweets something, it can cause a scare, "said Lucas.