Major social media and media platforms like Facebook, Instagram, and WhatsApp went offline this morning as the price of Bitcoin and other cryptocurrencies spiked.
As data from Cointelegraph Markets Pro shows, the price of Bitcoin (BTC) rose above $ 48,000 after falling to a daily low of $ 47,766, up about 3% in less than two hours. Similarly, the price of Ether (ETH) rose 2.7% over the same period, reaching $ 3,376 at the time of going to press.
The sudden price spike came when major social media platform Facebook, photo and video sharing app Instagram, and messaging app WhatsApp – both owned by Facebook – fell around 11:16 a.m. EST on October 4th. According to the Facebook communications team, which communicates via Twitter, the company to be “We’re working to get things back to normal as soon as possible.”
In March 2019, all three platforms almost simultaneously reported major outages lasting more than 24 hours. Back then Facebook Attribution Problems with “Server Configuration Change”.
The disruption can affect community engagement around crypto and blockchain projects, but Discord, Twitter, YouTube, and many other platforms remain open. Many Crypto Twitter users took advantage of the incident to highlight the need for a decentralized blockchain-based social network.
“If they built Facebook on a blockchain, it would never go under” speak Allen Farrington, who regularly writes about Bitcoin and crypto on his Medium blog.
The outage also came after former Facebook employee Frances Haugen leaked thousands of documents to journalists and others, suggesting the company didn’t do what it’s allegedly related to, among other platforms. Facebook shares fell more than 5% on Monday, hitting $ 324.90 at press time.
Related: How the Bitcoin Model Can Solve the Social Dilemma
Twitter is working on its own decentralized social media initiative. CEO Jack Dorsey first announced in December 2019 that the platform would fund a dedicated team to develop a decentralized standard for social media and recently hired a developer, the Cryptocurrency Developer, to lead the team. At the time, Dorsey said the goal is to move from storing and deleting content to recommending algorithms that draw users’ attention and avoid controversial and outraged content instead of healthy conversation and lots of information.
This story is under development and can be updated.