Elon Musk rushes to debut X payments as tech issues hamper creator payouts
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In Elon's fantasy world all those other parties are also using only X.
Your landlord, ex-wife, McDonalds, the IRS - Elon thinks they'll all have X accounts where they store funds, so all you're doing is transferring your money from your X account to theirs.
It never exits from X to a non-X account, it just goes around and around between X accounts forever.
I mean, it's complete BS but that's what they're saying here.
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Credibility, reliability, trust... I see those boxes not checked.
Meaning Musk reserves the right to interrupt that flow at his personal whim, based on that "free flow" as currently demonstrated...
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From the article:
Upon reading it, I thought it was missing the word "pipe" after the word "app".
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.. wait. Americans can’t do that?!? .. I’m actually dual. Born in the USA (NYC) grew up in New Mex, but haven’t visited .. maybe since Katrina?
I actually had no idea that that wasn’t just normal for all of North America
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Lol, no.
It was a bad idea the first time I heard about it. The consensus seemed to be he wanted to copy the Chinese WeChat model, but that only works because of government mandates.
Then, the idea just got worse and worse. Musk seemed incapable of understanding the platform he bought, so he spent time firing everyone ho knew how it operated, everyone who paid the bills and invited the scum of the Earth to become its cheerleaders. His idea of cutting costs has been to not pay bills, break contracts and refuse to abide with legal requirements for firing employees. He has constantly refused to abide by SEC rules, and publicly believes that regulations do not apply to him.
It's gone from a bad idea, to "nobody with an ounce of sanity should even be using the platform for free", and now he wants to manages peoples' finances?
It was a bad idea the first time I heard about it. The consensus seemed to be he wanted to copy the Chinese WeChat model, but that only works because of government mandates.
Then, the idea just got worse and worse. Musk seemed incapable of understanding the platform he bought, so he spent time firing everyone ho knew how it operated, everyone who paid the bills and invited the scum of the Earth to become its cheerleaders. His idea of cutting costs has been to not pay bills, break contracts and refuse to abide with legal requirements for firing employees. He has constantly refused to abide by SEC rules, and publicly believes that regulations do not apply to him.
It's gone from a bad idea, to "nobody with an ounce of sanity should even be using the platform for free", and now he wants to manages peoples' finances?
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I don't give a crap how great the X financial platform is, there's just no way in hell I'm letting that man profit off my money.
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There is no power presently on this planet that could compel me to link any of my finances to an Elon Musk company.
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I initially misread that as Technonope, and I have to admit that it fits him far better than I would have expected.
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Not if the store stores the money in X too. I guess that is what they dream of.
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Okay it's bad because Elmo is involved. And Twitter.
But even if it weren't, I still don't get what their selling point is.
But even if it weren't, I still don't get what their selling point is.
- I can already send money with PayPal instantly.
- I can pay with PayPal everywhere.
- I can use Apple Pay everywhere.
- I can use my Visa card everywhere.
- I can use cash everywhere.
- I can use my IBAN to pay everywhere (in the US, it's ABA?)
- I can send money from my bank account to someone else's within 10 seconds directly.
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The money isn't leaving X if the stores are stupid enough to have their accounts at X.
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He's desperate to recreate what he was fired from Paypal for 20 years ago.
Starts from the stupid name and onward.
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The only question I've got is if he has mingled enough assets between Twitter and his other companies to allow people to go after the assets of those other companies when the Twitter goes bankrupt.
Musk has not done anything to avoid the inevitable bankruptcy. Once Twitter dies, then a replacement can emerge.
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No it isn't. Well, I agree he's always wanted to do the "everything app", but that's not why he bought Twitter. He bought Twitter by accidentally signing a watertight contract during an attempt to manipulate the stock price and piss on the then Twitter board.
The idea of making Twitter into the everything app came later.
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Presumably he meant you would pay them via their X account. The money leaves your system not Elon’s.
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How do you say "I'm going to defraud you" without saying "I'm going to defraud you".
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Scary Devil Monastery
Ars Scholae Palatinae
That part is what blows my mind.
X == Social Media? Subject to very loose and permissive regulation. And even there, Elon has managed to land himself in multiple pots of boiling water at the same time.
X == Payment Provider? Subject to banking regulations which add half a dozen three-letter alphabet soup agencies to the already fairly long list of government agencies scrutinizing the actions of the south african OG Nazi afficionado.
Musk may be wealthy enough that it is literally impossible for him to run out of money no matter what he does, but his ego may be writing him right into a prolonged stay in Leavenworth. Especially given that I hold it fully plausible that he may respond to legal requirements with the same Trumpian tantrum with which he meets literally every other case where people fail to fall to their knees and pucker up in front of his ringpiece.
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Speak for yourself. I closed my Twitter account a year ago and missed it for about half an hour. Bluesky and Mastodon have not only utterly replaced it, I find them far nicer places to be.
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Scary Devil Monastery
Ars Scholae Palatinae
Ah, I see the misconception you labor under.
As Musk has demonstrated repeatedly, he really doesn't think other people should be paid. Severance packages, rent, utilities - it is not for the lesser beings to think Elon owes them anything, no matter if some worthless scrap of paper says so.
Get with the program and offer up your hard-earned pelf, peasant. As every Musk stan has it, Elon will do better things with it than you will.
Such as saving the poor benighted white race from being replaced by the brown people used as cats paws by international jewish cabals - a goal Musk has openly acknowledged as his own.
Oh, I so wish the /s wasn't needed, but in these, the days of Poe triumphant...
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Snarky Robot
Ars Legatus Legionis
Lots of shitty rich people choose not to fuck off into the sun because they have giant voids that all the money in the world can’t fill. They’re cruel, avaricious people who thrive on MORE. More money, more power, more attention, more drugs, more…everything.
There are lots of failsons out there thinking they’re the greatest genius ever. Lots who will always need to be seen working no matter how badly they’re fucking things up. Because they need MORE, and then need to tell themselves they’ve earned the MORE. Because they can’t fathom the concept of ENOUGH.
Which is why he spent $40+ billion to buy a mid-sized social network and turn it into a platform for bigots who praise him for every racist thing that pops out of his mouth and why he pushed for the release of one of the stupidest fucking vehicles ever. It’s the same reason he pledged billions to end hunger and gave NOTHING. It’s why he pledged money to fix water in Flint, Michigan and gave NOTHING. It’s why he has a charity that hasn’t met the required amount of expenditure on actual charity, and the last group of people the charity helped were the citizens of the town closest to where his choices ended up in an exploding launchpad…meaning his charity is functionally acting as a personal piggy bank to clean up his messes. Screw those kids in Flint. He got his attention, he got his praise. Following through? Fuck no, what’s the margin in that?
He doesn’t use his fuck you money to benefit others because that’s all he’s got in life: a desire for the high score in capitalism. More. Always more. Never ENOUGH.
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Scary Devil Monastery
Ars Scholae Palatinae
...and X isn't WeChat. WeChat actually works.
It really says a lot about the comparison that it fails to address not only that the chinese equivalent operates under a draconian and totalitarian regime of mass surveillance and thus has government shoved so far up it's servers you might as well be doing business with the Bank of China...
...but, more directly applicable, Musk culled the X staff of everyone whose skillset failed to produce the ability to fit their lips to his ringpiece in the most pleasing manner. X can't operate a single day straight without service interruptions when all they really do is serve text messages.
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The Sheep Look Up
Ars Centurion
He doesn't even build Infinite Hedonism Island. I'm cynical, tend toward the depressing, but there's something pitiable about never being full, not recognizing when you've won beyond expectations.
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Scary Devil Monastery
Ars Scholae Palatinae
Myeah, the PRC inherently mistrusts capitalism and seeks to check it at every turn it begins to threaten government power. A chinese corporation failing to perform the services it's promised? Will not be long for this world. The market suppression in China is a deliberate choice. For many reasons, some of which are even fairly sound.
Musk, Trump, and all the other grifters and libertarians out there? Take it on faith that as long as you remove all the rules utopia will be around the corner and the second coming will turn out to be John Galt saving the world with an objectivist screed.
I have, to say the least, strong reservations about the morals and ethics of the PRC but will freely confess that I think them far more knowledgeable when it comes to finance than literally any libertarian you'd care to name.
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With Musk's performance in the last few years, I would say SpaceX is a success despite of Musk. And at Tesla the last few years are more downhill than success story, with the competitors leaving Tesla behind. Tesla, the stock, is only driven by Musk's hype train, not by any substance. And do not make me start with his other companies.
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Extremely high yield? so let me guess they'll fund that by using deposits from new customers to pay the old ones!
It's genius, no one has ever thought of that before.
It's genius, no one has ever thought of that before.
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Snarky Robot
Ars Legatus Legionis
Pitiable in the abstract. A dollop of pitiable at the center of a warehouse stuffed full of get fucked. This behavior isn’t just some disorder, it’s also a choice made every day of his life.
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Scary Devil Monastery
Ars Scholae Palatinae
Look, we already know that if you sell yourself hard enough, he'll promise you a pony.
Elon lives in a world which consists of Evil People (who criticize him) and Unimportant People (who bend over and drop their pants in his presence).
He's not finding a whole lot of the former on the Greatest Social Media Platform On The Planet Where Everyone Has To Go anymore, so obviously most of the world consists of the Unimportant People who will do the right thing and beg him for the chance to give him all their money.
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You can do this by contracting with a bank to do so. There is zero chance X gets a banking license.
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The Sheep Look Up
Ars Centurion
There's an irony there. Interact with businesses in China, get ready for ULTRA-CAPITALISM. Caveat Emptor, baybee~!! Receive product short of units invoiced, goods are of a lesser quality than was specified (but they'll haggle!), costs suddenly double when money has already changed hands. Chinese players are unapologetic "That's business," if you ask. And they're right. The rules of commerce exist to keep anyone smart enough from usurping the powerful and stupid. The PRC doesn't care what rules commerce runs by; if you get too smart for your britches, they jail you. On a good day.
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Having worked for various financial institutions, the one thing they had in common was a laser focus on their reputations. Why? Because without a good reputation, no one would trust them with. their money.
And while Elon has achieved a lot (esp. SpaceX), his recent actions with Xitter mean it would be near impossible to trust the platform with my money.
And while Elon has achieved a lot (esp. SpaceX), his recent actions with Xitter mean it would be near impossible to trust the platform with my money.
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Scary Devil Monastery
Ars Scholae Palatinae
DRJLaw already commentd that 'X' may be pronounced as 'sh'.
Xitler therefore Xits. Where you used to Tweet you will now be pushing out a Xit.
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A ton of highly intelligent engineers made all those things.
He's just a vapid mouthpiece.
And you're kidding yourself if you can't notice the pretty significant degradation in Twitter's functionality over the past 2~ years. More often than not it just decides to not load timeline (the entire reason the thing exists!) for minutes at a time.
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Scary Devil Monastery
Ars Scholae Palatinae
Well...yes, and then again, no.
If you're someone buying on wish.com or similar outside of China then it's a crapshoot. When your mechanism of enforcement is outside of china, good luck getting redress for the grift.
The consumer inside china? Oh, they have different experiences. With the PRC actively fixing their evil eye at any public tear in the facade of the potempkin coulisse of a ubiquitously prosperous and thriving nation I would not want to be the CEO whose company ended up pulling a 3 star review on the chinese version of yelp.
All that said it doesn't undermine my point - that the PRC is better at capitalism than the likes of Musk and Trump whose main ability is in leveraging a great grift through a network of other shady grifters. Admittedly it's not a high bar to clear.
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... and that's going to be for every country he wants to operate in.
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Scary Devil Monastery
Ars Scholae Palatinae
Oh, surely that's not going to be an issue for history's Most Stable Big brain Genius, now will it?
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