Elon Musk reveals his crypto twitter plan in a leaked transcript which show his expanded plans for the platform including crypto payments in a leaked Q&A session with the employees so let’s read more today in our latest cryptocurrency news.
The billioanire Tesla CEO Elon Musk reveals his expanded plans for Twitter-like crypto payments according to the leaked transcript with the employees. Musk shared more details of his plans for how the crypto could be used on the platform in a leaked Q&A session with the employees of the social media company. According to a transcript of the meeting, the billionaire CEO expounded on how the payments like crypto are a crucial area for Twitter and outlined the ongoing issue of scams on social media platforms. Musk added:
“Money is fundamentally digital at this point, it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth.”
Stating that the goal is to maximize the usefulness of the service, Musk added that if one can use it to make convenient payments, there will be an increase in usefulness. He said that entertainment, news, and payments are three critical areas for Twitter and to make this service so compelling that you cannot live without it and more people will use it. Musk’s suggestion that Twitter will integrate payments mirrors his earlier argument the platform should become a Wechat-style app which is a Chinese app that brings together other services like ride-hailing, food delivery, and payments all under one umbrella.
Musk addressed an ongoing pet peeve as well which was the prevalence of bots and scams on Twitter, saying that there are a lot of them happening on the social media platform. He added:
“There are also people where they’re not necessarily bots, but they might be operating. You know, one person’s operating hundreds of accounts and trying to make them look like individuals, but they’re not.”
Musk said that in order for people to trust Twitter, it’s important that there is more transparency and reiterated his suggestion that the platform’s code has to be made open source so that people can critique it and improve it. One solution he put forward is to address the problem of fake accounts which was verification through payment for his subscription service by “piggybacking on the payment system” suggesting:
“Twitter would know who you are, at least from a payment standpoint.”
The bot activity became the main factor in Musk’s purchase of Twitter and after making his $43 million bid to buy the platform, he said that the purchase cannot go on until Twitter provides more information on how many fake accounts existed. Twitter gave Musk access to a pool of data including every tweet that has been posted on the platform in order to enable him to verify levels of bot activity.
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