Twitter Moving Ahead With Payment Processing: This Is Changing Things
Over the last couple months, we discussed the value of payments to the Hive ecosystem. The view is that we are looking at a huge opportunity for future expansion. At the base layer, we have a wallet system, feeless transactions, one-block irreversibility, and a stablecoin. All of this combines to make Hive stand out in the blockchain world.
Of course, there is a lot more than just what cryptocurrency presents. The overwhelming majority of the global payments are made by the traditional system. This is a web of networks that control the flow of money throughout the world.
Some of the largest processors are banks, Visa, PayPal, and corporations like MoneyGram. All of these are well established.
We can now look at adding Elon Musk and Twitter to the list.
Twitter: Merging Social Media and Finance
This is something we discussed in the past yet we are starting to get more news about it. Blockchains are not the only ones looking to disrupt the existing players in the payment world. Twitter is seeking to move beyond just a microblogging platform.
When Musk purchased the company, his view was not one of a social media site. Instead, he foresaw it as a full-fledged digital platform blending that with finance.
Here is what is being reported in cryptoslate.
Citing staffers with knowledge of the plan, FT reported that Twitter has started applying for licenses through both state and federal regulators and would also seek regulatory approvals internationally.
It is obvious Musk sees the same thing we discuss. PayPal's market capitalization as a payment processor is worth $90 billion while he paid $44 billion for a social media company. This makes it clear what Wall Street values.
Of course, it would not be disruption without adding some more flair to the equation.
FT reported that while Musk would initially like the payment service to focus on fiat, he hopes a second layer would allow for crypto integration.
He is hoping to integrate cryptocurrency payments into the platform, bringing an even bigger disruption to the financial services landscape.
Cryptocurrencies Are A Payment System
Here is an example of how everything is being completely reverse.
Let us be clear: cryptocurrencies already are payment system. We can debate the utility of most as a medium of exchange but, in terms of the mechanics, it already exists. There is no need for Twitter in this equation. Blockchains by their nature are ledger based systems that allow for the global transfer of value.
And, unlike Elon Musk, no regulatory approval is required.
Bitcoin has been offering the opportunity to make payments since 2009 and the genesis block. Since that time, value was sent from one wallet to the next. Each transaction is noted in the ledger, keeping track of all monetary balances.
Naturally, we can say the same about Hive. The difference between what is existing here versus Twitter is the fact that we are implementing a system without direct transaction fees. Musk is looking to increase his revenues by accessing the estimated $1.7 trillion generated for payment processors.
In other words, he wants a piece of the action.
Focus Upon Finance
One of the reasons why we cover the financial aspect of things so much on here is because of the numbers. As stated, it is clear what Wall Street values. When it comes to a payment system, in terms of the technology, there is little that can surpass Hive. We are seeing architecture design which could make this one of the most power money transfer systems in the world. If the goal of running the entire network on a personal computer is realized, we are facing a game changer.
Imagine the ability to litter the world with thousands of payment nodes, in every country there is. This would create something that basically removed the vulnerabilities of government.
Ultimately, this is all a forerunner into decentralized finance (DeFi). This is not something that Musk can ever hope to offer although I believe he will dive deeper into the financial arena with Twitter. We are looking at just the first step in a larger process.
However, his system will be controlled and adhere to regulation. That is the world he operates in. Those who believe he is concerned with Web 3.0 are mistaken. Musk doesn't care nor is he interested. He does well in the existing system and has plans to do even better.
Regardless of what Musk builds, it will still be exclusionary. There is no way a regulated system is going to involve everyone. At the same time, it is, by default, an extractive platform. Musk and the other partners in Twitter are looking to extract value from the project and place it in their pockets.
In short, we are not looking at a novel idea. Instead, it is just changing the players dominating the game.
Hive, on the other hand, is a completely new game.
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Merging Social Media and Finance is a huge move and I think that while he was criticized, Elon Musk will transform Twitter into a profitable business. Now if that means that it also be better, it remains to be seen but he took some positive steps into widening the revenue stream for the platform.
Hopefully, with POSH and other initiatives, Hive will take some benefits from Twitter's growth as well.
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I wonder what they would be paying for. The brave browser had always allowed for donations for tweets by brave creators.
Elon has said he sees the success of WhatsApp when it comes to social, finance, etc as the model for Twitter. This move certainly is a step in that direction. I imagine if he pulls off making Twitter the one-stop shop for daily life, it'll be a quite profitable roll of the dice he took when buying Twitter.
I think I'll stock up on popcorn to watch what happens.
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Yeah, I think no matter what grand plans Musk has for Twitter he is never going to be able to fully accomplish them because of the Web 2.0 nature of the platform. Trying to adapt what is already out there is always going to lead him to a brick wall I think.
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That might be the case although Web 2.0 is where most operate and, to be frank, they are comfortable with it. Not sure if the majority will make the transition anytime soon.
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Yeah, probably not. I don't use it nearly as much as I used to, but it still has a place on my phone.
Which is very sad to be honest.
Musk not only looking to add fiat payment to Twitter but crypto payments as well only tells us cryptocurrency is here to stay. For those that see no use for crypto, finance is evolving before us and we better pay attention.
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I wholeheartedly agree that Hive is a completely new game.
However, these news confirm more and more that when Elon moves he does it for a reason ... I think he will recover all the money he has lost and with interest ... likeable or disliked he remains a fucking genius!
Would be nice if there could be an option to link Hive account to post to Hive when posting to Twitter. Maybe a third party service?
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Just wondering if musk is planning to make twitter the cryptocurrency payment Center how is going to be regulated. I see this benefiting crypto one way or the other
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This an insightful analysis of cryptocurrency and payments landscape, comparing Hive and Twitter's approach. Hive offers unique advantages as a payment system, such as its lack of transaction fees and potential for decentralized nodes. Hive represents a new game in finance. Hive, as a blockchain-based ledger system, already functions as a payment system without the need for regulatory approval, unlike Twitter's planned payment system which will be controlled and regulated. I will always choose Hive.
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Musk is trying to have the best of both worlds and bridge them together in a single platform. I think he will face much resistance in the crypto side but if it succeeds it will be great for the space especially in terms of adoption.
Hive, as always, is light years ahead and already has many of the capabilities that Musk is trying to build.
Just wondering how Elon Musk will act when the time is to make decisions, his needs to finance his projects are tremendous and go growing. Though what is shown from him and who he appears to transpire the good guy, with good decisions, whom succeeds everywhere and might be a saviour. From internet money, and rocket scientist to deep boring flames throwers and hyperloops, underground staired motorways he wants now to neuralink (not neutralize) us to be able to go to war with scary doggy machines facing liquid metal bio-robots, macro and micro drones with meta and facial recognition and money with dates of peremption to control to grab us by... the purse. So does he want to help against the machines, the bad and the ugly not as a head hunter? Or the God position attracts him to the point he'll fail for it? Will he prove to be with us or with the pimps pervert and dominating rapists of the planet, its inhabitants till animals and vegetals?
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I would love to see how this plays out for him. At this point, the only difference between what they have on Twitter and what we have is the fact that we offer more. Before they will be able to catch up with our infrastructure we would be 10 steps ahead of them.
Elon has long said that he wanted to make the X app and I agree that he will bend to the regulations. The regulations will take a while though and I think Elon will try to get more marketshare. It's going to disrupt the market and I like that but I just don't know if it's good for the rest of us though.
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Guess a hive & posh-twitter coin bridge is in order.