Twitter becoming Worlds biggest Financial Institution?

[Husires]

he wants his social media platform to offer powerful finance system that is more superior than PayPal.

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.

[Fortify]

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.

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.

[Pokapoka124]

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.

[Rikafip]

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.  

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.

How will the platform be better than PayPal unless it provides any financial services based on the blockchain?

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.

[Captain Corporate]

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.

[Johnyz]

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.

[Gyfts]

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.

[Hydrogen]

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.

[Hispo]

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.  

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.

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.

[xSkylarx]

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

[Darker45]

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.

[Lubang Bawah]

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.

[karmamiu]

he wants his social media platform to offer powerful finance system that is more superior than PayPal.

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.

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.

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.

[Die_empty]

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.

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.

[fadhilz123]

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.

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.

[Lucius]

~snip~
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. 

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.

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.

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.

[speedy963]

~snip~
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. 

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.

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.

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.

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.

[firesurfer]

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.

[19Nov16]

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.

[avikz]

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/

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.