After the Twitter hack, you would think there would be instant changes to how other social media are handling things like fraud. Instagram has grown a tumor of fake accounts and scams relating to cryptocurrency.
This is unfortunate because of the use of the app amongst legitimate members of this community. In some areas, social media applications are one of the more reliable ways to communicate. For influencers, it may be their whole means of running their business. For entrepreneurs, it does what social media does for a lot of companies: provides a way to have good front-facing PR.
Now, Instagram is working on stopping these fraudulent accounts, but when a recent purging hit authentic accounts and damaged members using the service legally, it’s not ideal.
It seems like every few months, maybe sooner, social media juggernauts are facing new challenges and litigations. Privacy and security are, and should always and increasingly be, one of the most major concerns for these platforms. Entire businesses now live and die on them.
Cryptocurrency is a currency of the digital age, with security built into it. The systems surrounding them should aim for the same. Meanwhile, it’s wise for anyone embarking on such an entrepreneurship venture to make sure they have backups and alternative hubs, should their platforms become destabilized.