Facebook, Instagram, and WhatsApp, three of the most popular social media and messaging apps, all fell on Monday as the price of Bitcoin and other cryptocurrencies skyrocketed.
Cointelegraph Markets Pro data reveals that after dropping to a daily low of $47,166, the price of bitcoin quickly recovered, rising above $49,000 in less than two hours. At the time of this writing, the cost of an Ether had increased by 3.5%, reaching $3,411.
The main social media site Facebook, the photo and video sharing app Instagram, and the chat service WhatsApp (all owned by Facebook) all went down at roughly 3:16 p.m. UTC on October 4. On Twitter, Facebook’s communications staff assured users that the social media giant was “trying to get everything back to normal as quickly as possible.”
Roughly at the same time on Wednesday, March 13, 2019, all three networks experienced a massive outage that lasted for more than 24 hours. When asked about the issues, Facebook said a “server configuration update” was to blame.
While the outages may have an effect on community involvement in crypto and blockchain projects, services like Discord, Twitter, and YouTube are still fully operational. Already, many people on the cryptocurrency-focused social media platform are using this event to show how important it is to have a decentralized social media platform that is based on blockchain.
“If they built Facebook on a blockchain, it would never fall down,” said Allen Farrington, a frequent blogger on Bitcoin and cryptocurrencies who writes for the Medium blog.
The outage happened at the same time that a former Facebook employee, Frances Haugen, gave thousands of documents to journalists and other people. These documents suggest that the company was not doing what it said it was doing to get rid of hate speech and posts that call for violence from the site. On Monday, Facebook’s shares dropped by over 5%, to $324.90 (as of this writing).
Twitter is hard at work on its own distributed social media project. CEO Jack Dorsey has just hired a crypto engineer to head up the team that was announced in December 2019 to create a decentralized social media standard for the platform. Dorsey has said that the goal is to move away from hosting and removing content and toward using algorithms to guide users’ attention. This is to stop information from causing controversy and anger instead of useful conversations.