Elon Musk met with Twitter employees yesterday to discuss future plans for the social network, including crypto payments.
Elon Musk has met with Twitter employees for the first time to discuss the direction the social network will take in the future. The transcript of the meeting highlights the billionaire's desire to implement crypto payments more broadly on the platform.
For Musk, it makes sense for Twitter to implement this functionality, since would allow users to send and receive payments quickly and easilyOf course, cryptocurrencies are one of the best ways to streamline peer-to-peer payments. Moreover, the billionaire believes that “money is a form of information” and digital payments have become a ubiquitous feature in almost any application.
“I think it makes sense to integrate payments into Twitter. To make it easy to send money back and forth. Whether you have fiat, whether you have crypto. Essentially, as long as someone finds it useful. So the goal, my goal would be to maximize the utility of the service – the more useful it is, the better. And if you can use it to make convenient payments, that’s a huge increase in value,” Musk said during the meeting.
What Musk is suggesting is a much more effective payment system than the current one. We remember that, some time ago, Twitter integrated the “Tip Jar” system with which they could send tips in Bitcoin or Ethereum to users who have this service activated and who have linked a digital wallet to it.
The implementation of a crypto payment system is part of a large-scale strategy that aims to turn Twitter into a large ecosystem that users do not want to leave. In Musk's words, it is about turning Twitter into "something so attractive that you can't live without it, and that everyone wants to use it."
Eliminate cryptocurrency scams
Beyond payments, Elon Musk's next goal is Remove all cryptocurrency scams from Twitter.
To do this, it aims to have Twitter's anti-bot algorithms are open source so that anyone can review them and implement improvements to them. In addition, it proposes adding a optional paid service that will be used to verify the identity of users and prevent malicious entities from impersonating well-known figures to scam others.
Elon Musk himself is one of the most impersonated characters on Twitter, particularly in cryptocurrency scams, which has led in some cases to the theft of more than $100.000 in user funds.
Twitter's purchase remains up in the air
Despite that Musk and Twitter have confirmed the purchase On more than one occasion, the deal has still not been officially closed.
The deal was halted last May when the billionaire Tesla owner wanted to access Twitter activity data to determine how many accounts were legitimate. At the time, he suggested he would only agree to the deal if Less than 5% of the platform's accounts were fake.
Twitter has agreed to Musk's demands, so the deal appears to be moving forward, though it's unclear whether there will be further impediments.
Binance CEO Changpeng Zhao expressed his support for Elon Musk's purchase of Twitter during an interview with Bloomberg. In it, he said that Binance is following in Musk's leadership footsteps and that if he goes ahead with the offer, they will be in. The exchange has been supportive of the Twitter purchase, going as far as lending Musk $500 million for the acquisition.
$258.000 billion lawsuit against Elon Musk
On the other hand, Elon Musk and his companies SpaceX and Tesla Inc, have received a $258.000 billion damages lawsuit for being “involved in a cryptocurrency pyramid scheme involving Dogecoin (DOGE).”
The damages requested are more than 7 times the market cap of Dogecoin, which is $7.500 billion, and almost three times larger than the capitalization it reached during the ATH of mid-2021 of $88.860 billion.
The lawsuit was filed in New York District Court by attorney Evan Spencer, alleging that “Elon Musk used his pedestal as the richest man in the world to operate and manipulate the Dogecoin pyramid scheme for profit, exposure, and amusement.”
The plaintiff alleges that Musk and his companies were enriched by $86.000 billion as a result of a possible electronic fraud, a gambling company (since A New York court called Dogecoin a “game of chance”), false advertising, deceptive practices and other unlawful conduct. At the same time, he claims that he and others lost roughly the same amount between May 2021 and June 2022, so he is seeking that figure plus $172.000 billion in damages and fees.
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