X receives money transmitter license in Utah | Hacker News Reader

X receives money transmitter license in Utah

reuters.com

35 pointsandsoitis26 comments

Sending and receiving money on the internet is such a brilliant idea. Just goes to show you that people are taking the World Wide Web more seriously these days. Won’t be much longer and you’ll be able to order music CDs and VHS tapes and have them delivered!

I think cofinity and x.com got rebranded as PayPal. Seems like this cool digital wallet thing.

Yes and no. Confinity had a prototype of PayPal when they merged. It was built and functional. They'd bought the domain, registered all the trademarks.

Finally I can link my bank account to a website that is working on getting a language model to solve the n word trolley problem in a way that is satisfactory to people that have reached a level of enlightenment that transcends ideology

Ha; "racism solved by Twi... X moderation algorithm" is not on my bingo card.

Elonbruh is FINALLY going to make his late-90's dream of X™ being used for financial interactions. Good for him, I hope he can re-coup his purchase price for the entity formally known as Twitter.

At $44b, he could have offered over a hundred million people $420 EACH to join. Obviously it's waaaay more complicated than that (KYC, actually building the platform, being profitable, etc...), but with that amount of money you could probably make something significantly better and more profitable than twitter.

Most expensive form of therapy ever to relive what could’ve been.

At last, I can finally entrust all my financial assets to the famously reliable website, X!

There’s no customer support per se, but when I need help I just talk to Grok! His endless 420 and 69 jokes always put me at ease.

What is your account balance ?

/Laughter

If big brands aren't prepared to advertise on Twitter why would they integrate it for payments?

Is Twitter well equipped to handle the compliance and kyc aspects of being a money transmitter?

This seems like step 1 in Musk being arrested for terrorist financing or money laundering

Step 1 to not being randomly inconvenienced by a skittish bank is to use a criminal bank

find a bank that has been criminally charged understandably doesnt care about its relationship with the federal government because nothing will happen, you’ll never get random security screens or closures

in theory that applies to terrorists too, but the whole system is dumb because terrorism isnt that expensive. turns out nobody wants to fly planes into buildings and thats the crux of our national security here and everywhere. everyones social has been leaked multiple times, everyone can pass KYC as an American if they really want to.

Yes, because billionaire CEOs are often personally arrested and charged with the financial misdeeds of their staff that are 3 management layers below them.

Most billionaire CEOs don't have this reputation for micromanaging.

“Data from payments markets data group FXC Intelligence show hundreds of thousands of Twitter users share links to third-party payments options either in their tweets or on their account. “Twitter is already a platform on which payments happen, so it’s kind of a no brainer,” said Lucy Ingham, head of content at FXC Intelligence.

Other payment experts have questioned whether Twitter can achieve a competitive scale, particularly in the US where there is stiff competition in the space from groups such as Venmo, Cash App and Zelle.”

> "Twitter is already a platform on which payments happen, so it’s kind of a no brainer."

Lots of people ask for money by holding up cardboard signs on the street corner, but that doesn't mean that cardboard manufacturers are poised to take over the payments market.

honestly, twitter becoming a micro-transaction paypal (lol with musk no less) for right-wing nutjobs and assholes is the best path to profitability i’ve seen since they originally went public.

It is, it seems from this side of the Atlantic, a growing market.

Ahh, Utah, the state that is so pro-business that it is not coincidentally the nation's capital for MLMs, has the worst regulation of healthcare facilities in the country (studies have shown that Utah's "inspections" found statistically improbably low numbers of violations, many coming at a cost to the state's elderly), oh, and the single leading state, by a large margin, for conversion therapy for minors, with no regulatory oversight.

I'm a bit optimistic about this in the sense that we might get payments similar to what is provided by WeChat in China. Just put up a QR code and you can accept payments, scan a QR code and accept in your app.

This might end up replacing VISA/Mastercard and their ~5% fees as middleman completely.

If everyone stores cash in twitter bank accounts, then they can transfer it around at almost no cost.

If twitter can actually execute or a competitor (Meta/Whatsapp) does this is another matter.

We have plenty of options for being taxed to send money already, even in the states where our financial services are a joke

Sending money is free in europe (internet banks like revolut, iban payments, etc).

Right, but I don't think that's what this is... is it?

This new platform will also want a cut. So, hooray - more of the same, I guess.

Let's see if all these bots got dough.

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