“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Well that sounds terrifying!
Just wait till Musk learns about banking regulations.
He’s already complaining about the EU regulations on social media, but they nothing compared to what banks have to deal with.He’s recreating Venmo. 😂
FWIW his white whale or inspiration is more like the Chinese “we do everything” apps / platforms https://wise.com/us/blog/chinese-payment-app
Without getting official government institutions on board or making the app mandatory in some way, I don’t see how this would work outside of authoritarian countries
They’re bleeding users and advertisers as it is
Somehow services like PayPal manage to avoid being regulated like a bank. I’m sure they’ll
clobbercobble together some potentially unlawful solution and not face any repercussions for it.Paypal is a bank here in europe. Hope musXk leaves Europe.
I’m confused. The article keeps mention “X”. What is “X” about?
Unsure, but he wants to give it to ya.
Lmao what the actual fuck is he smoking today? This shit is wild.
My girlfriend has a theory that he’s trying to destroy the platform deliberately. I disagreed with her until he renamed it to X lol
Just today there was a great comment by @Voroxpete@sh.itjust.works on why this does not make any sense.
- When you factor in the incredible damage done to the Tesla share price by the amount of stock he had to liquidate to finance the deal, and the almost billion a year in interest and operating costs the company is pulling out of him, the deal has, altogether, cost Musk about half of his net worth. No amount of petty childishness is worth that.
- He literally went to court to try to get out of the deal. What was his play here? To sue with the intention of failing? For what possible reason?
- If his plan was to kill Twitter, why would he attach his beloved X name to it? Musk has spent his entire life trying to make X happen. It is dearer to him than his own children. Why would he attach that brand to a company he’s intentionally sabotaging?
- If his goal is to kill Twitter, why is it still here? He owns the company outright. He took it private. There’s no board. There’s no shareholders. He doesn’t have a fiduciary responsibility. If he wanted Twitter dead, all he had to do was shut the doors, turn off the lights, and send everyone home.
Anyone who buys into this “He’s trying to kill Twitter” nonsense, please, I am begging you, try to get your head around the fact that Elon Musk is not a smart man. This isn’t some incredible 4D chess play. Twitter isn’t failing because of intentional sabotage; it’s failing because Musk is genuinely trying his best, and his best absolutely sucks. He’s a bad businessman who lucked into a fortune he never deserved.
Big chunk of the funding is from the Saudis though - and they have a very vested interest in trashing twitter.
It’s also entirely possible the truth is somewhere in between - people who knew he couldn’t manage his way out a paper bag working ego boy into buying twitter and ketting the inevitable happen. He’s not exactly hard to manipulate.
Big chunk of the funding is from the Saudis though - and they have a very vested interest in trashing twitter.
This does not address any of the points above though. The Saudis could have just bought it for half the money and closed the doors.
It’s also entirely possible the truth is somewhere in between - people who knew he couldn’t manage his way out a paper bag working ego boy into buying twitter and ketting the inevitable happen. He’s not exactly hard to manipulate.
Manipulate into doing what? Buying twitter? I think it is very likely that he just attempted market manipulation and failed. Now he is trying to make the best out of the situation and transform Twitter into the company he actually wants. Except he is absolutely incompetent. I don’t see where anybody manipulated him into doing anything. Everything that happened seems very much like him.
The thing about from financial transactions is:
a) governments will insist on regulation and influence
b) the recipient needs to use the same system.
If my landlord and my brokerage aren’t on TwitterFinance, there’s no way to use it to send them money
Elon is so bad that we like Zuckerberg more than him
People have to censor their curse words in images now on facebook, trust me the zuck is not far behind the muck
At least he understands what’s going on. I think Elon doesn’t have that level of consciousness.
Zuck: Yeah so if you ever need info about anyone at Harvard
Zuck: Just ask.
Zuck: I have over 4,000 emails, pictures, addresses, SNS
[Redacted Friend’s Name]: What? How’d you manage that one?
Zuck: People just submitted it.
Zuck: I don’t know why.
Zuck: They “trust me”
Zuck: Dumb fucks.
Here’s their potential path, maybe ….
I have no idea the limitations of this approach, if any, but just experienced it a few days ago. I bought something expensive online, and the timing was sensitive, else I’d lose out on a lot of money. Then I got down to the final payment. It made me really nervous and would have reconsidered if I knew about it, but the final payment could only be done through bank transfer, but they wouldn’t let me provide the standard routing and account numbers. They had a web app that brings up your banking app, has you login to that, and appears to scrape data. They were able to see my accounts and balances, as well as initiate the transfer. This was so scary, exactly like I’d expect malware to be.
Bviously I changed my passwords immediately and verified there was only one transaction and exactly as I’d expect. However yes, they controlled my bank8ng without being a bank and without any apparent cooperation from my bank. All it takes is normalizing the behavior that will get us all robbed of all we own
In Germany there is this company called Sofortüberweisung. They are the exact thing you described. The “pro” for the consumer is, that the transfer is directly confirmed by the third party and the seller can ship right away. The con is that now Sofortüberweisung has your whole banking history of the last 3 months. They will sell this data to their “partners” and make good money with it. If you don’t have a credit card, that’s one of the only ways to pay fast directly if you don’t want to use PayPal.
