“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!
🤣 he’s trying to turn twitter into chinas Wechat
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
Sounds exactly like when your employer wants you to sign up for those stupid paycard accounts instead of fill out a direct deposit form.
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
I’m confused. The article keeps mention “X”. What is “X” about?
Unsure, but he wants to give it to ya.
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 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
Nope, not even for a free pony.
This is also Apple’s goal, strange they didn’t pass the cap yet. Paypal was the first “digital” bank, we owe him that but to be honest, i won’t put my money in a US entity. It is already difficult with most of the digital only EU banks.
I suppose this doesn’t feel weird to anyone who lives in China. They have a Whatsapp -clone called Wechat, and it’s pretty much exactly what Musk wants X to be able to be.
Which indeed should scare you.
WeChat’s API is way more accessible than the nightmare X is, with its current state there’s no way to reach that massive adoption. I’d argue that even Telegram has a higher chance than X for such a superapp position given the steps they’ve taken.
I’d argue that even Telegram has a higher chance than X for such a superapp position given the steps they’ve taken.
I live in Russia, have used VK before Telegram became a thing, and the thought of a company owned by Durov with that much power scares me shitless.
I can’t even describe that feeling, emotionally it’s something similar to combination of Saint-Petersburg (I hate that city), Russian-speaking Web (like 4chan gone respectable) and the more elitist layer of Russian university youth (just somehow reptilian and unpleasant and untrustworthy, while not being quite as bright as they themselves may think).
I mean, reading what people say about TG’s protocol may give you some idea as to why TG is bad. Also its desktop client source is open, looking at that is also, eh, an unpleasant experience.
Elon has explicitly said he wanted twitter to become wechat.
Will that include the social credit score?
Only for people that are against free speech like those that disagree with him.
Lmao what the actual fuck is he smoking today? This shit is wild.
