- cross-posted to:
- [email protected]
- [email protected]
- cross-posted to:
- [email protected]
- [email protected]
“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!
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Finally a place I trust less with my finances than Redneck Bank
He’s a grifter. All he needs is a routine bet from a billion people and he potentially pays back on loans. He thought it might be possible with subscription, but he’s considering a way to emulate previous cryptocurrency manipulation now.
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
If TwitterFinance is a bank you can just send money via bank transfer, right? The same way I send my friend who uses another bank some euros after a dinner.
Depends on whether the twitter thing turns out to be a PayPal, Cashapp or an actual bank… if he makes it a Cashapp then direct bank transfers are off the table AFAIK
O, I see. I’ve never used PayPal or Cashapp, so I learned something new today!
retard
I am so sick of hearing about this cunt.
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 @[email protected] 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.
Could have been both, twitter gets messed with enough to drive off normal people and musk gets to rebuild it from the ground up afterwards using what ever is left or they knew musk would be poison to twitter and let him just have fun with it
“I’m sorry but i just sacrificed a very expensive social media just to get some quet time”
I have no idea why the idea of twitter being the meat-filled pumpkin they threw into Musk’s enclosure to keep him busy cracks me up so hard, it just does
I don’t think he meant to. He’s just an idiot.
Right wing control of Twitter was always my hypothesis, since, as people have pointed out, Twitter gave regular people access to people with influence. Destroying Twitter destroys that access, but it was more valuable as a tool to manufacture consent, like most media.
Lets put all our money on a platform rushed in under a year made from an exhausted and abused team of engineers. That sounds like a great idea. Definitely will be well thought out and reliable.
Not to mention that the existing Twitter infrastructure was already incredibly insecure before Musk even took over.
Twitter does little to monitor for so-called insider threats, employees or contractors who use their positions in the company to steal information, and instead leaves them “virtually unmonitored."
Twitter suffered security incidents significant enough to warrant a report to a government agency about once a week, with 20 breaches in 2020 alone.
Twitter devs can already take over user accounts since they all have prod admin access (which they need because Twitter still has no QA or staging environments). I can only imagine the potential for abuse once people’s finances get tied together with their account.
Not to mention identity fraud already being commons there
For sure fraud won’t be totally rampant…
Also I think the hardest part of being a bank is the shitton of regulations (especially in Europe) and not the software.
Twitter might need to hire a lot of experts and lawyers in that field to make it work.
Also banks are all about trust - and that’s precisely what Elon lost for most people in the last year
Despite my distaste for the dude, more competition is good. Imagine if he really does make cheap, near instant, worldwide transfers possible and not just to 150 countries or something, but to all of them. There’s an insane amount of remittance in the system. It’s the entire raison d’être for some banks. If you can enter that ranking around the middle, you’ll be making mad bank.
And there’s an insane number of laws and regulations, multiplied by the number of countries. He can’t make it and he won’t make it because he’s an idiot.
I’ll just go on the record right now and say I’m never using XitPay or whatever he decides to call it.
This is the best summary I could come up with:
Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money.
He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”
“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge.
The company is currently working on locking down money transmission licenses across the US so that it can offer financial services.
“The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk said on Thursday’s internal X call.
“And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy.
The original article contains 400 words, the summary contains 153 words. Saved 62%. I’m a bot and I’m open source!
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
Yeah he won’t be able to do business in the uk for sure.
I’ll pass, thanks
Is it possible to remain subscribed to Technology but not get posts about this topic?
Does Lemmy have post tags or flair or whatever it’s called?
It is under development
With Boost for Lemmy you can block specific words, really good app btw, they have their own Lemmy community. https://lemmy.world/c/boostforlemmy
Depending on your client you can likely filter or block specific users and phrases.
Remember when the reddit technology sub banned articles about tesla? Good times.
Sync can filter by keywords.
Musk has become erratic, irrational, and volatile. These are not conditions suitable for someone who manages other people’s money. Financial institutions know this, and will not be a part of his delusions.
