Topic: Twitter becoming Worlds biggest Financial Institution? - page 2. (Read 409 times)

That's the reason why I added that quote above. His inconsistency and tendency to do things out of the whim leaves people speechless. Him being an entrepreneur and at the same time an inventor is already "incomprehensible" if I borrow your words, it's because he loves to play and try new things. There is also no clarity on which direction he will lead the platform. It's as if he's telling that, if you blindly believe on me or you're willing to play and gamble then for sure we reap the benefits.

As they said there is fine line between confidence and arrogance. We don't know which of the 2 he belongs, or maybe both. Still there is "uncertainty", and although how he dealt with the past employees was kind of unfair, we couldn't deny that what he did also lead to the decline on the platform's image. Who knows maybe it's a kind of redemption or marketing strategy he was planning or maybe just a plain old hyping.

In my country twitter is used by sellers to sex services by utilizing hashtags or account verification, in my opinion when twitter provides easy account verification by paying $ 8 per month it is a mistake, fraudsters will use this feature so they can cheat more, this is dangerous, especially now that the algorithm is Twitter is easily directed by buzzers for hashtag wars, we'll see if Twitter can still enter the top 5 social media rankings or not this year.

We'll just wait and see. For now, it seems Twitter is losing more than earning new users since Elon took over. There are more who left Twitter than the ones who are attracted to it and signed up. So I guess first things first. Before making Twitter the biggest financial institution, how about restoring its image and reputation first? It is noticeable how popular Twitter users are slowly leaving the platform. It's such a waste to lose the likes of Andreas Antonopoulos, for example. Twitter has lost a wealth, a lot of brilliant minds.

It really depends on what is the outcome on this as we dont know what his plans is, i haven heard also opinions and critics on this but it is like papal but with social media but what tech should they use and how will AI will apply to it. As of the moment details is still not clear but again Elon was kind of person that can shock the world so probably lets wait for it this year for more details but yes this year would be full of AI so for sure he will take part of it

Ah, that actually makes more sense. Paypal sucks anyways.
I have read about WeChat and how useful it is in China to do all sort of stuff, but we should agree that the environment where WeChat operates is very different from the market Twitter would be aiming at. The Chinese market is highly regulated by the CCP (specially when we talk about communications and money). Twitter would find huge competitors and others which are not so big (Telegram has also been going for the approach of being an Apps used to make payments, order food, etc...).

On the side of the big competitors, there could be some corporations working on the CBDC for the USA government or Meta may try to go for a wallet on Whatsapp. Unless, Elon would decide to go for a full CBDC application on Twitter. We cannot do anything but speculate, I guess. We are still early.

Increasing twitter's overall efficiency appears to be a primary goal for Elon Musk. He initially brought in many independent and famous programmers to analyze twitter's software and hardware architectures. By now he must have a good idea of how much overall bandwidth and computational capacity twitter's servers and hardware are capable of. This can be compared to electronic financial systems at paypal and other payment and merchant services.

If Elon succeeds in significantly increasing twitter's resource efficiency. He will have leftover extra bandwidth and computational capacity. Which he can dedicate towards other tasks. With the cost of internet server space being cost effective and affordable at the moment, it could be easier than ever to use services like AWS (amazon web services) to setup a financial hub.

As many have already stated Elon being a former paypal founder gives him a background of having connections and a good idea of what is needed to establish a financial network like paypal. Having twitter gives him brand name credibility and an existing userbase which he can draw from to give his finance start up a head start on the competition.

It also gives him a platform to setup potential future cooperation with DOGE and other crypto developers who he is already known to have a relationship with.

There are also potential business advantages which Elon Musk might offer to tesla, spacex, solarcity and his own business ventures. If his financial corporation can offer lower rates and other perks.

Twitter is a toxic cesspool and there isn't any reason why it would be anything more than a social media platform. Turning it into a financial institution would provide what competitive advantage? His previous creation Paypal turned into a fraud company by shutting down accounts without cause and withholding balances for months if not forfeiting balances entirely.

Twitter wouldn't turn into a decentralized financial entity so this is nothing more than posturing by Elon who's attempting to justify his overpayment of non-profitable company.

That could be a good innovation on the part of Twitter and its really possible to happen since it is owned by Elon and we all know his influence and his wealth. There’s a lot of uncertainty with Elon when it comes to cryptocurrency so better to get hyped by this and just focus on crypto instead of focusing yourself to a hype and Elon is just a one investor who are rich, I’m pretty sure we still have a lot of whales rooting for Bitcoin and the altcoins. If Twitter will start to accept crypto as well then it can be good but if not, I think its fine.

Twitter will grow as much as Elon wants it to grow, and he is capable of growing. If he keeps on scaring people away, then its going to be forced with money, fame and influence to grow but all of those things are things that can run out, there is no way that it could continue down that path forever. On the other hand, if he stops insisting on scaring customers away, and actually does some good business, then he could grow it much bigger, and I mean x10 bigger, not even just a bit bigger. That is why I believe that we shouldn't really be making assumptions just yet, lets wait and see.

I don't think that his plan would be to compete with banks, but rather compete with PayPal and similar services, like how WeChat in China is doing. WeChat users can add credit cards/bank accounts, and then use app to pay in stores or simply send money to another WeChat user, while in that same app you can play games, use it for video calls, messaging etc so I guess he mighty try to do something similar with Twitter too. He even said in a tweet that buying Tweeter shortened the development of "everything app" by 4-5 years.



Tbh, PayPal is crap. We all used it years ago just because it was the only option, but nowadays there are so many better ways to send/receive money and PayPal is the last one I would use now.

I don’t understand why everyone is trying to kick Elon in the nuts over the monetizing the blue tick. I think it’s good business and worth it too, creators and influencers make a lot of money off the platform. Facebook and Instagram are planning on doing the same thing but no one is talking bad about them. Sometimes I think Elon just gets a bad rap.

I don't understand how you make the leap from Twitter being cashflow positive to how it could suddenly jump up to being a huge financial company? It makes no sense. It's much more likely that Apple, Amazon, Google or Microsoft would be able to make this sort of change as they have much wider spanning technology behind them and are vastly bigger companies. Elon paid $44 billion for Twitter, it's probably lost half that value since purchase and is a tiny fraction of the worth of these other companies. Not to mention, banks rely on trust and his erratic style of management is completely the opposite of where people would want to store their hard earned money.

How will the platform be better than PayPal unless it provides any financial services based on the blockchain? In terms of data management and customer base, PayPal will definitely excel.
Since when were Elon Musk's statements serious? He changes his statements over and over and many of them can be contradictory or incomprehensible.
the way he dealt with some employees in the recent period may raise many doubts about the speed of developing the platform.

Let us not forget that Facebook/Meta already tried to turn their platform into a huge financial institution and failed. Basically the regulators killed the project beyond any reasonable salvation.

Meta had big plans to connect the whole world within an unique payment system, if Twitter tries to do something similar, I have no doubt the same regulators will come after Elon Musk to stop him short and not allowing social networks to compete against banks. 

Decentralization or nothing, I guess. 

Slow would be the wrong word, because he was never "pro-crypto", and even less pro-Bitcoin in the way some believed. The man took advantage of the moment to probably make a lot of money in the way that he was once an ordinary crypto shill, and considering that he was already under investigation for his abuse of position and authority regarding the shares of his companies, there is a more than clear methodology by which he achieves his goals.

He'll probably be happy when he's sitting in his office on Mars and controlling people via some kind of AI linked to chips that will be implanted in their brains. His vision of the world is not only crazy, but also a bit dangerous, of course for us mere mortals who are just consumables for him and similar to him.

Don't take his word for it not unless you see some financial statements,btw Cashflow positive can mean any little profit above the investment and liabilities...besides this could have been said to help push twitter market share price up.

And his take on taking on PayPal can only mean intergration of crypto into his system as it's a working project unlike starting from ground up which could turn out to be expensive and time consuming before it's up and running.

AI seems to be the buzz word but it can not survive on its on,it needs other projects to compliment it andbif you ask me this looks like Musk throwing us off the money trail,we all know he still has his head into cryptocurrencies.

He is also one of the founders of PayPal, don't forget that. What he said sounds far-fetched to us, but look at what he's done so far, and I'd love to know what you've done better than him. You and I are just spammers making money from signature campaigns, we are nothing more than him, so criticizing him is a bit wrong.

Social media has exploded in the last decade, and Twitter is predicted to grow exponentially. If Musk wants to turn his thoughts into reality I think it makes sense even if he wants to turn Twitter into a bank it makes sense too. If this goes yes I think It will be a great achievement for the financial world in the future but anyway, we'll just have to wait and see how it turns out.

As one of Musk's admirers, I think he's a man who can successfully archive something he plans to, unless he doesn't mean it. Elon sometimes plays a joke that turns out to be what he's already working on. To me, Twitter is just fine the way it is (I don't really know how site creation and programming work), but if he wants to develop a payment platform that would be more superior than PayPal, then it should be a different platform that he may only need to integrate with Twitter, letting the social media aspect of Twitter remain unchanged.

Yeah he also added that there would be a tip button which will be used to appreciate the tweets of users. Now I am not sure how this will work up but it is going to be hell mess on Twitter sooner or later. Have you ever imagined having tip button which is actually linked to a financial server? If it is crypto then it might add up some security but if it is associated with fiat system then man it’s gonna be hack-o-than every where on Twitter.

No one can understand what is on his mind. Since the ownership of Twitter it has really become weirded place to stay on.

If they bring up in the mode of circulating money, then it is going to be MICRO STEEM model and nothing much.