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X Announces Peer-to-Peer Payment Service Will Launch in 2024
- cranberryturkey 3y agoif its not LN then its crap.
- nikolay 3y agoNo, it will be crap if it's crypto-based!
- cranberryturkey 3y agoBitcoin is not crypto
- brokensegue 3y agoit literally is. it's the first blockchain based cryptocurrency
- jbverschoor 3y agoInterestingly, it’s right after the approval of Bitcoin support etf. Doge is a Bitcoin fork.
- deleted 3y ago[deleted]
- TobyTheDog123 3y agoAm I missing something critical here? Why would people want to send payments over Twitter (I understand it's X, but I'm using Twitter to emphasize that the product is still, exclusively, a microblogging platform with some audio features). Is it to donate to personalities? I can see that use-case, but whenever I see these kinds of headlines it seems the vision to create an "everything app" means that "peer-to-peer" payments means adding something like Venmo or Cashapp. Do people add their IRL friends on Twitter? If so, why would they use Twitter for that sort of thing as opposed to Venmo or Cashapp? I'm genuinely curious, but to me it seems like it's a play to get hordes of cash flowing into the platform so that X can rake in interest on it for use in their own debt payments.
- refulgentis 3y agoIt's what it says on the tin, guy with too much money and like all of us, secretly wants to build The platform, is trying to build The platform.
- TobyTheDog123 3y agoBut usually, when we want to build The Platform, it at least has some unique utility or offering that would solve a real problem. But I guess that's just not the case here.
- tqi 3y agoIt's kinda hard to believe anyone would look at our hyper-polarized political climate and still want to build let alone operate The Platform...
- refulgentis 3y agoHe seems to generally enjoy it and find meaning in it. shrug
- dylan604 3y ago> secretly wants to build The platform Since when was it a secret?
- Nathanba 3y agobecause I don't have Venmo or Cashapp but I have twitter
- firejake308 3y agoI honestly think people like you are the target audience, but I don't feel like it's a huge population. And even for people like you, plugging your bank info into Twitter is only one step less than downloading Venmo and plugging your bank info into Venmo, so I don't think they're offering a whole lot of additional convenience
- 3y ago
- kelseyfrog 3y agoHow is this peer-to-peer? It sounds like a centralized payment middleman. Am I reading it wrong?
- firejake308 3y agoIt's peer-to-peer in the same sense that Venmo is. From the user's perspective, you just plug in your friend's @handle and hit send, even if it's still centralized on the backend
- pveierland 3y agoIsn't this just destructive misuse of the terminology? @a sending @b a direct message on X is not "peer-to-peer" communication. Why would sending a payment, which is functionally the same thing to the end user, be counted as "peer-to-peer"?
- ToValueFunfetti 3y agoYeah, this seems like the standard usage. A search for "peer to peer payment apps" gets articles that talk about Venmo, CashApp, Apple Pay, etc. A search for "P2P {..}" or even "person to person {..}" yields the same articles despite them using "peer-to-peer". I got a little invested in disproving myself on this- I feel like I've heard peer-to-peer used this way a ton, but half of the comments here were criticizing it.
- kelseyfrog 3y agoIf you search C2C you get Venmo, CashApp, and PayPal too. Who's right?
- ToValueFunfetti 3y agoKind of? "C2C payment apps" on DuckDuckGo gets me [1], which lists eBay, Etsy, Craigslist, and Amazon. It mentions Paypal, Venmo, etc., but only in passing. Then [2] does call them out in a more direct way- it mentions C2C payments and Venmo in the same sentence, but then calls them peer-to-peer by the next paragraph. And the first result of a google search [3] is an unrelated app. And finally [4] does use C2C to describe Venmo, though it calls Apple Pay and Paypal C2B. Overall, I do think peer-to-peer is the vastly more common phrase for this, and these articles seemed much less directed at a layperson. But who's right? It's a language thing, so the answer I think is usually 'everybody!'. I'm just weirded out and getting overinvested. [1] https://www.clarity-ventures.com/ecommerce/what-is-consumer-to-consumer-ecommerce https://www.clarity-ventures.com/ecommerce/what-is-consumer-... [2] https://www.businessinsider.com/real-time-payments-help-b2b-c2c-b2c-use-cases-2021-4?op=1 https://www.businessinsider.com/real-time-payments-help-b2b-... [3] https://play.google.com/store/apps/details?id=co.edvin.ukujy&hl=en_US&gl=US https://play.google.com/store/apps/details?id=co.edvin.ukujy... [4] https://theconversation.com/c2c-the-next-frontier-in-mobile-payments-is-all-about-trust-36337 https://theconversation.com/c2c-the-next-frontier-in-mobile-...
- homero 3y agoThat's literally the opposite of peer to peer
- jes5199 3y agoshould have bought Dorsey’s other company
- rkagerer 3y ago"...the social media site he purchased in October 2022 for $44 million" You meant $44 billion, Forbes.
- Ankaios 3y agoEh, I cut Forbes some slack. It's easy to accidentally swap the purchase value with the current value.
- bionsystem 3y agoGood one. To be honest I wish I could still short them. I absolutely see no value in anything they've done so far.
- from-nibly 3y agoCareful there. You aren't betting on whether Twitter will do something useful. Your betting on whether Elon can convince people Twitter is doing something useful.
- red-iron-pine 3y agoRubes gonna rube, and ChatGPT means shillbots will be more effective than ever, even on places like HN.
- TobyTheDog123 3y agoIt's funny that they're using peer-to-peer to literally mean sending payments from one person to another, rather than it being the technical definition. I wonder if it's a marketing gimmick to make people think it's more libertarian/secure/private than it actually is.
- omeid2 3y agoThis is inline with Elon's goal of turning Twitter into Wechat. Good for the operators and government, not good for society and humanity.
- viraptor 3y agoThis is going to make them cross from the "it's a social network, it maybe should have some oversight", to "invite lots of regulation because we're dealing with money directly". Given the amount of spam/scams already on the platform and the lack of moderation, it's going to be interesting to see how it plays out. But they'll either create a proper risk team or they'll keep getting hit with fines and lawsuits that continue to bleed them.
- wmf 3y agoPaypal, Venmo, and CashApp have gotten away with a lot so why shouldn't Elon try the same thing.
- woodruffw 3y agoPayPal, Venmo, and Cash App all comply with KYC.
- wmf 3y agoEh, maybe. https://hindenburgresearch.com/block/ https://hindenburgresearch.com/block/
- viraptor 3y agoThey're not social platforms that enable/encourage communication and running scams. They also don't have a leader who will YOLO decisions that cause SEC investigations. PayPal also got away with a lot for its size and keeps fighting being classified as a bank. Regulators may not want to risk that grey area again.
- brandonagr2 3y agoWhy do you say there is a lack of moderation? https://blog.twitter.com/en_us/topics/company/2023/maintaining-the-safety-of-x-in-times-of-conflict https://blog.twitter.com/en_us/topics/company/2023/maintaini...
- KingMob 3y ago
- skygazer 3y agoI guess know your customer laws might force partakers to fork over more than before? I’m not sure I trust my own bank, and less for this new incarnation of Twitter.
- rgbrenner 3y agoSuper apps or everything apps solve a problem the US doesn't have. It's related to conglomerates... which is a business structure that creates financial efficiencies that in financially unsophisticated economies can overcome the inefficiencies created by a single firm operating in a wide range of unrelated industries. To rephrase: if it's difficult to barrow money, then a large company (that has money from other ventures) can use that money to create a business that is less efficient than a focused competitor.. but will survive because the focused competitor will have to expend a lot of energy attempting to get adequate capital. The US used to have conglomerates.. and they died as the capital market developed. But they still exist in other countries, like India with Tata and Reliance. Super apps solve a similar problem, and Elon is right that payments are the central service of the app. If you look at countries where super apps became popular, payments were the problem being solved. Consumers in those countries have difficult access to credit, credit cards are non-existent, and paying your electric bill may mean going to a physical payment location and waiting in line to pay in cash. It's a two sided problem: most consumers don't have credit cards (or electronic payment options), and since consumers don't pay with credit cards, businesses often dont accept credit cards. Even the payment networks are underdeveloped and often unreliable (to what extent they exist), and things a company may rely on to extend credit often don't exist: like credit scores or credit reports. So super apps solve the payment problem on both sides of the market: consumers get access to credit (or the ability to deposit cash at least); and they signup businesses so consumers have a place to spend their money. Consumers like it because it's much easier/faster/efficient, and businesses like it because it increases sales/customers. The US has the most sophisticated financial market in the world. This isn't a problem the average american has... and that's why even though its been over a decade since WeChat, there isn't a super app in the US. Even the super apps in Europe have poor traction compared to those in India and other markets. The popularity of the concept is directly related to the stage of development of the country's financial markets.
- AndrewDucker 3y agoIn Europe you can just use your normal banking app to transfer money to your friends electronically. The US actually seems to lag behind on that front. I agree that it's totally unnecessary to have an Everything App.
- slimebot80 3y agoCan't wait to "peer-to-peer" with the thousands of bonkers political idiots and hardcore porn stars who have sprung up with blue ticks and Twitter gladly/desperately took money from.
- deleted 3y ago[deleted]
- KingMob 3y agoFinally, a way to support my favorite racists/neo-nazis! /s
- ArtTimeInvestor 3y agoI think what they really mean is private "Person-to-Person" payments. Is that really a big market? What is the typical use case? Personally, I can't even remember when I privately paid something to a person last time. Paying for professional products and services is still a pain though. Because usually I don't want to give away private data just to pay for a coffee. And merchants dislike central services because of fees and uncertainty. But that can't be solved by a centralized service. I expect Crypto to solve that at some point. But Bitcoin seems to still have a long way to go before it can do that. The Lightning Network is a step in the right direction, but onboarding is still too slow because it takes an onchain transaction. So there still needs to be a technological advancement before crypto can handle small payments. Looks like we will have to live with a lacking payments system for the foreseeable future.
- orwin 3y agoWow, with normal women flying from X-Twitter, I can see it becoming a mix of soft are onlyfan+4chan. Which might be a good idea for sexy women trying to make money with softcore porn, but really depressing for young men without other social relationships.
- hazmazlaz 3y agoI for one am excited for all of the money laundering and fraud that will ensue. Excellent opportunity for so many people, such value creation. /s
- renegat0x0 3y agoThe centralization of power in a super app leads to: - consolidation of data, which are vulnerable to hackers - consolidation of power, which leads to abuse - monopoly position, which leads to enshittification - easy target for government surveillance (it is not your data, it is our data) - limits innovation - limits competitiveness - limits ability of users to express freely. For example: if you are not nice you will be banned not only from social media, but from banking, etc. - arbitrary decisions of tech billionaires will have huge impact on the user base The monopolistic nature of a super app can ultimately undermine the principles of user empowerment, variety, and security that are essential for a healthy and user-friendly digital ecosystem.