Topic: Twitter becoming Worlds biggest Financial Institution? (Read 409 times)

 Facebook and Meta are already failed.  Meta platform was one of the most disappointing companies of the last year. Elon Musk, so he done it again with all the critiques, they told him to no buy, it is a bad investment or whatever, well I am not a  fan or I have any problem with him, but saying he  has no idea what he is doing is absolutely false.

1.2 billion people is a huge audience ... In fact, this is the population of such huge countries as India or China. 

At the same time, these are certainly solvent and educated people (otherwise they would not be able to register in this messenger). 

If you create your own payment system in this ecosystem (for example, based on blockchain), then Twitter users will be able to provide services to each other (perform work, sell goods) and pay for these goods (work and services).  They can also give interest-bearing loans to each other. 

If this happens, then Twitter will become the largest financial institution on planet Earth.

I don't know. At this point it seems like Elon will dip his nose on whatever he feels like, and I don't think this is good PR as well considering how laughable he has become in the eyes of the public following his multiple fuckups as the sole owner of Twitter. In any case if destiny wills that twitter become a financial institution then so be it, but I don't see any correlation in between twitter and being a financial institution aside from payments and stuff like that for Twitter Blue subscription, or maybe monetization as well but I think that's a stretch. At the end of the day, it's his money and he can do whatever he wants with it, but he shouldn't always expect people to applaud or even agree with all his ventures and takes especially if they are as deranged as the time he sold flamethrowers to the general public.

Having one company as the biggest financial anything would be unsafe for commerce.  Its really unlikely for natural progression however innovation advancing the company towards greater efficiency and the whole sector parallel to others in a more distributed marketplace would be good to see and far more probable to occur imo.

Twitter has good prospects and potential in the future, the number of users who are very large and according to reports more than 1.2 billion makes Twitter a social media platform that user is very liked Twitter income from users and advertisements continues to increase. I'm sure 2 or 3 years Twitter will be social media number 1 defeating Facebook which according to reports the number of active users has declined.

like Amazon and many other gaints - Twitter is firing its employee.
The inflation has been hitting hard and there are alot of people been affected by it. It is now a helpless situation.

So many factors help them to explode. The main one would be the smartphones and cheap mobile internet. We also experience a Covid where people mostly stays at home. If there are social media who are being use the most I think that would be Facebook and not Twitter and this can be the reason why Elon is going to step up his game in order to keep up with Facebook or possibly overcome it.

Whatever Musk thinks he always gets it but let's admit it, it will still be weird if Twitter will turned into a bank though I wouldn't mind adding cryptos on it. This is what we are always waiting for especially if he will choose Doge coin as its main coin.

The balance basically would be not to a competition against the USD and the systems of banks that already exist, but rather an extension or the traditional system. Thus, the coin of Twitter wallet would be the same USD of always and we would need to deposit/fund such wallet through our usual methods, like Visa/Mastercard.

If you asked me, these billionaires who want to integrate free payment methods and systems seem rather hypocritical and shady, if they really wanted,  they could just fully integrate some existing open-source blockchain which would be harder for regulators to stop, since (in theory) they would not be playing to be a bank, as meta/facebook was accused of, back when Libra/Diem was alive.

I would be surprised about this at all because I know Elon Musk is a man that has a big dream of dominance. We should not be surprised about what is happening to him currently the way he had been losing money especially last year and he is not even bothered because he's always confident of the kind of business he does. For him switching from cryptocurrency to A.I it means there is a big investment in it. I know is because of the challenge he got from ChatGBT that makes him qant to switch his ideas to A.I.

Come on guys! Google, Amazon, Facebook, and every other tech companies are laying off employees. Why is it so terrible when it concerns Elon Musk? I think every now and then Elon Musk says some random stuff just to seek public attention and it works. The world is so focused on what next Elon Musk is going to do. It’s true Elon Musk is a unpredictable character and almost childlike, the only thing he’s been consistent at is his goal to have a human colony on Mars.

At one time, the Russian developer and programmer Pavel Durov announced the creation of the TON cryptocurrency. 

This cryptocurrency was supposed to be integrated into the Telegram messenger.  It was a very ambitious project, but unfortunately it failed due to legal issues related to attracting American investors to this project. 

The world-famous messenger (with millions of users) and the cryptocurrency integrated into it, in theory, can lead to the creation of an incredibly successful project (an innovative financial institution of the 21st century). 

Perhaps Elon Musk plans to revive this idea by creating such a financial institution based on Twitter.

Well, Elon Musk can say and mimic all he wants but the chance of him turning Twitter into a Financial institution is extremely thin. Though he might succeed in integrating some finance upgrades but Twitter will forever be recognized as a social media platform. Not to even mentioned how humorous this man can be.

No wonder Mr. Musk is the richest and weirdest man on the planet, he thinks he can do anything with the money he has.

I think because of his outrageous wealth he gets bored so you always see him change directions 180 degrees from cryptocurrency to artificial intelligence to Twitter and then to outer space.

Personally, I think that planet Earth does not suit the aspirations of Mr. Elon Musk, so he may seriously consider living on one of the other planets. Perhaps this is suitable for him as much as it is suitable for us.

To be honest! I don't entirely believe Elon Musk because of his inconsistent behaviour and comments. He is definitely a big supporter of cryptocurrency but what he is doing with Twitter and the way he is firing people, is not good!

He might have big plans for Twitter but as of now I don't see a possibility for Twitter to become a financial service provider. He will face a similar kind of roadblock that Mera faced with their stablecoin project. Legal challenges need to be solved first.

I think Twitter is indeed a social media that is suitable for creating crypto projects because of the very large number of users, the idea of paying around $8 per month for account verification is wrong in my opinion, if Twitter creates crypto projects that are connected to exchanges it will easily become the top exchanges beat coinbase, binance and others.

I call him a manipulator because he has a lot of money, and has all the data that we have written on social networks. He uses Twitter to direct us to the issues he cares about. He's profiting, manipulating society in some way. Crypto is the most effortless playground he can manipulate—Bitcoin, Doge, Shiba and now AI. Be careful with what is written by Elon because you may be late to this game.

That's why most users don't want to use the platform anymore. People are now doubtful because of his constant changes on his decision. If the users are already hesitant, how much more the investors? First and foremost I know that he wants business but, how can a business run smoothly if he as the CEO or the owner doesn't receive enough support not only from his consumers/target market but also from all those who invests on him.

It may seem that these two men and their companies have something in common, but Mr. Mars is a much bigger fox and manipulator than Meta-Man, who underestimated the system. On the other hand, a man who receives billions from the budget as support for his green-space initiatives certainly has many more friends in influential positions and a greater chance to push his project through. The thing is, how to find the perfect balance between making the project successful, and on the other hand, not being in competition with the USD.

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Everyone has the right to choose whether to use this or that online platform, and people who for some reason do not agree with the way of management and the new policy of the company have already clearly shown this by deleting their user accounts. It is true that many famous people have left that platform, but also that they have already found alternatives - the world will not stop if you are no longer on Twitter.

If you remember about the abuse of social media platforms as in the example of Twitter, there is always, but it also depends on someone who uses it. Because if you look more broadly at several other countries whose residents also use the same platform as Twitter, you will also find more people using Twitter for good things. Like to advance their business and also make Twitter a support service to increase visitors to the website that he manages.

Elon Musk is one of the inconsistent CEO that makes me irritated sometimes. I don't like men that don't keep their word and change because of financial gains. Last time there was a poll asking if he should step aside as the CEO of Twitter and he promised to abide by it. The result has been out since and he has not fulfilled his words. I think he should focus more on rebuilding his reputation because it might cause more harm than good to Twitter. I think he wants to be in charge of many sectors of the world so he can cheaply control humans with his technology. If he wants to focus on AI that's fine because he is not a good promoter of the crypto industry.

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.

Seeing Twitter's financial progress can actually be seen when ownership changed hands to Elon Musk. He made Twitter Blue a business for people who were really trying to gain influence or build their status on Twitter. Now, implementing a paid system is much different when Twitter is owned by Jack Dorsey. Today many people who are not artists, important people, and companies can have status on Twitter. This has also become a reference for Facebook, especially Instagram, which will implement a paid verified account system.

Blockchain based Twitter doesn't make much sense anyway, but Twitter using crypto for payments is something entirely different. Since we are talking about Elon Musk here, who knows what he will come up next, and what kind of bold clam he will make.


That's one of the common myths, that he created PayPal while in fact his company merged with another one that made Paypal (Coinfinity) and after Elon was removed as CEO of that new company, they renamed themselves to PayPal and sold it to Ebay the next year.

His plans with Twitter is probably to make something similar to Wechat, which is a very popular app in China that is used for many things (including payments) and I think he even said something like that in the past.

I don't usually respect Elon. I once thought he was a bit of a tool to be honest. However, if it's one thing I have learnt from him taking over Twitter, it is exactly like you said...He does everything off of a whim. He's not evil, he does not fore-think or scheme. He's just a (rather intelligent) child-like billionaire who is having fun treating the world of business as his playground. I can't disrespect that after realizing it. I suppose he earned it (despite his deeply buried transgresses, but what businessman does not have those?). I think that turning Twitter into a financial institution could keep the fiat wheel peddling just a little bit longer. It's a very smart idea from a business perspective, if done correctly. I can't say whether or not it'd be good for Bitcoin though.

He just bought the company and why would he be pessimistic about his recent acquisition of Twitter? He'd tell things that will be a plus to him and for Twitter that's why he won't say anything negative to it unless someone puts him on his own pan to be cooked.
Elon is an attention guy so, anything he says always take it with a grain of salt. That's why those that have been believing that Dogecoin to the moon because of him, you probably have missed the time that you should be taking profits when it was still hot, hyped and trendy.

Well, it's known that he created PayPal, so he would probably do something similar and integrate it with Twitter. It should be for social media only, but it seems that it's going to be more than that now. I mean, if you have that power to make it more useful I guess.

More stuff to come in the future and more revealed. Lol

It is usually happen that companies often adjust their strategies and priorities based on market conditions and user demands. It is also not uncommon for CEOs to change their opinions or priorities over time.
It remains to be seen what Twitter's strategy will be regarding finance systems and cryptocurrency integration, and how this may impact the platform and its users.

He is doing experiments on the platforms at the same time provoking other companies related or non related to his platform. As we could see clearly by his attitude, he is somewhat telling that he could offer or provide better services compared to those leading/pioneer payment system. As much as I hate it because of his nonchalant attitude, he also has a tendency of hyping things, and when he gets bored he will shift his attitude 180°. Although we cannot judge him due to his ability to stir up things and actually do it because of he is rich, he's like teaching younger generations to join trends just because it it hype. Even if we say it's none of our business, it will still have an impact on the economy. We'll just have to wait and see what he will do next.

Musk is diving into the world of dreams and wishful thinking. He was dreaming about creating a cheap Tesla car(which won't happen).
Now, he wants to turn Twitter into a "financial institution"? How the hell does he plan to do this? Turning a Twitter into an online marketplace like eBay and Amazon? Letting the users send and receive payments between each other? What would be the incentive for them to use Twitter payments, instead of Paypal, Venmo, Zelle, Revolut or any other online payment provider(or cryptocurrencies)?
There's nothing wrong with being a dreamer, but you look ridiculous, when there's no possible way to achieve your dreams.

It seems that Elon Musk's grudge against PayPal and his ambition to be able to have a financial institution to be able to support the operations of his group is very large. He is willing to spend a lot of money to be able to take over Twitter and make it not only a social media platform, but also a financial platform whose users he can "squeeze" indirectly is something that I think is quite greedy. I'm not a rich man, so I can't guess how rich people like him think, but I think this is the real capitalist.

Probably take whatever Elon Musk says about Twitter with a grain of salt. From what I can see, Twitter seems to be his sort of playground knowing how impulsive and experimental he is with concerning platform updates. Definitely not sure if this is the best way of doing things, but it's certainly interesting.

We'll have to see, as Musk was one of the founders of Paypal, and it seems he wants to offer more services on Twitter than those offered so far, such as the financial one you mention, but just because someone has been successful so far doesn't guarantee future success, and he bought Twitter at a high price to begin with, so I'm going to wait to see how this materialises before I jump the gun.

Right now we don't really know if it is the final plan of the owner of Twitter, Although it is undeniable that he is the cause of the sudden rise of doge and shiba inu but in bitcoin I don't believe that he is also the reason.

       Whatever he does on Twitter will not affect me because I have not used that platform for several years, especially since he will implement the monthly payment for those who have a Twitter account.

The owner of the social media platform Twitter said during his conference on March 7 Here, that he is optimistic for his company becoming cashflow positive. Although he didn't directly stated that he won't be integrating crypto currency, he wants his social media platform to offer powerful finance system that is more superior than PayPal.

On his interview last year, he said that he slowly shifted his focus from crypto to AI, and stated that blockchain based twitter isn't possible. Due to his inconsistent behavior and doing things on a whim, we are left here thinking what crazy things he will do next. As previously, he was the one hyping about cryptocurrencies including Bitcoin, Doge, and SHIB.




Source: https://cryptoslate.com/elon-musk-has-ambitions-of-making-twitter-the-worlds-biggest-financial-institution/