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Verification = subscription
Repurposing the verification system as a means for subscription revenue replaces the intended function of confirming identity with confirming that the user has $8 – or however much it costs. Ignore the cost aspect for a moment and consider the mechanics as if it were free... More here.
The idea of $8 / month verifications is obviously a move to lose the verification system that we currently have and to effectively allow anyone to impersonate someone else. It is also a subscription system which will allow anyone who can afford it to spout as much nonsense as they feel comfortable with.
I am not panicking about Musk yet because we have to see how these things play out, but I have now realised how important Twitter is to me. It is the only social network I use every day.