Twitter has filed with a financial regulatory agency to process payments. This is the start of Elon Musk going back to his Paypal plans. Elon Musk had visions for reinventing finance with Paypal.
Elon Musk will now use Twitter to realize those previously abandoned plans.
Elon wants to integrate all financial data into one database, create all financial and banking services into one highly responsive and fully digital system.
Elon wants to create a payments system where all of the money is.
The Twitter fundraising pitch deck includes a plan to get what will be a new product to over 100 million users by 2028.
Jack Dorsey, Chairman and principle exec of Block [aka Square] , is working with Elon Musk at Twitter. The head of Binance, largest crypto exchange, is an investor in Twitter.
The vision is to democratize and decentralize all of finance.
Elon is talking about his Twitter payments plans.
Elon says they will give every Twitter user a payments account. He plans to make all of the services and site as useful, entertaining, fun and easy to use as possible.
The blue checkmark is for anyone who has a $8 per month and a phone number. This will be less special than the old blue checkmark but it will enable a cleaner more botfree environment. Twitter will actively remove accounts if it involved in fraud. There will be temporary suspensions for accounts making mistakes. Repeated offenses and bad activity will see permanent removal.
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What if it cost 2 cents (a literal “my two cents”) to respond to someone or to up-vote (like) a post? One cent for the person responded to, one cent for Twitter.
Up-votes give 1 cent to Twitter and 1 cent to the person to whom the up-voted post responds.
Users have to set up payment accounts to pay from. Maybe Twitter puts $1 in during an incentive period to let people to try it out if they open an account.
Maybe one has to at least view a response for a few seconds to collect the up-vote micropayments on it, so people can know that their contribution has been seen.
Advantages
– Millions to finance Twitter – but wholly optional and under user control.
– Creates a Twitter creator revenue system independent of ads.
– Puts a cost on bot spam, inhibiting it.
– Inhibits hate-posting, since that’d pay the person hated-on, especially if others “like” your hateful response.
– Creation of payment accounts supports development of Musk’s payment system.
I am impressed with how agile and flexible Twitter is. New boss, implementing new plans within a few days.
“Elon wants to create a payments system where all of the money is.”
That doesn’t sound good. The history of the last 10 years or so suggests that any time you create a potential choke point, somebody will seize it and use it.
We need to avoid the existence of choke points, not create them and hope trustworthy people will be in charge of them.
I’m tentatively inclined to give this new Twitter a try, because it’s the best chance of breaking the left’s effective monopoly on a wide range of IT and financial services, but I don’t want a trust based system, I want a system where I don’t NEED to trust the people running it.
That’s correct. What is also obvious is the need for lots and lots of “trust busting” right now.
exactly… elon founded paypal and look what it turned into after he left. fine you for wrongthink
I think Musk will be successful in all of these endeavors. But I’m not certain it will lead to a radical decentralization of all finance as you claim. Dr. Malone thinks Musk’s vision could have the opposite effect of resulting in a massive centralization of all finance activities:
https://rwmalonemd.substack.com/p/musks-dangerous-vision-for-twitter
There will be a centralized database but decentralization of accounts. Like encrypted Crypto wallets now. the actual money and loans could be person to person or peer to peer.
Yes, but can that centralized database be used to “cancel” people?
I think that’s the main promise of Musk owning Twitter: no more unjustified cancelling and mobbing of undesirables, as long as they respect the law.
An that’s what has the left in full freakout mode now.
I don’t trust Musk on this. I don’t trust anyone with regards to this. I want a system where it is physically impossible for anyone to be locked out of for political reasons.
A fine goal but you should sign up for Twitter’s services to demonstrate that there is a market for such services apart from the current players. Otherwise don’t expect things to change.
If Twitter wants to be a bank, there are rules they have to follow.
Its a completely different ball game, they will need a golden checkmark, because this entity has identity, – address, phone, passport and money in the game.
Also completely different requirements to data security.