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X Payments delayed after Musk’s X weirdly withdrew application for NY license (arstechnica.com)

submitted 3 weeks ago by moe90@feddit.nl to c/technology@lemmy.world

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[–] cbarrick@lemmy.world 48 points 3 weeks ago (2 children)

What could Twitter possibly offer to make me switch banks?

What could Twitter possibly offer to make me switch brokers?

What could Twitter possibly offer to make me switch from Venmo and PayPal?

Which Americans are not in a similar position?

X Payments is doomed to fail. He missed the boat. The market is already saturated, and they've lost all brand loyalty.

[–] fluxion@lemmy.world 29 points 3 weeks ago

I ain't linking any bank accounts to that dystopian cesspool and its tyrant CEO with no regard for rule of law who constantly steps on legal landmines and skirts all regulations and precautions.

Like...PayPal had some bad practices, but nothing like the incompetence and complete disdain for his own users/customers that Musk brings to the table

[–] wizardbeard@lemmy.dbzer0.com 18 points 3 weeks ago

Man, he still isn't over how Thiel snubbed him with Paypal and how his original "x.com" online bank idea failed, is he?

[–] FireWire400@lemmy.world 7 points 3 weeks ago (5 children)

How involved in the making of PayPal was he anyway?

[–] fluxion@lemmy.world 25 points 3 weeks ago* (last edited 3 weeks ago)

PayPal was a service provided by a different company, Confinity, founded by Peter Thiel and others.

Musk didn't really have anything to do with it. He, with others, founded X.com, that was meant to be an online banking system, and sort of became a competitor to PayPal.

Eventually they merged and Musk became CEO and highest shareholder. 6 months later the board of directors replaced him with Thiel while he was out of the country, but Musk still made a fortune with his shares.

[–] Revan343@lemmy.ca 11 points 3 weeks ago* (last edited 3 weeks ago)

How involved was he in the making of any company he's 'involved' in?

As a general rule, not very. Musk doesn't create shit, he buys shit then profits off of other people's work

[–] Virkkunen@fedia.io 2 points 3 weeks ago

Probably the same as everything else (except Twitter): he gave them money and took credit for everything

[–] WashedOver@lemmy.ca 1 points 3 weeks ago

He was a part of the story. The book The Founders goes into the beginnings of PayPal, Ebay, the other players, Elon being brought in, and Elon's origins. A good read and it's not all about Musk.

[–] Diplomjodler3@lemmy.world 6 points 3 weeks ago

And is anybody surprised?

[–] Jagothaciv@kbin.earth 5 points 3 weeks ago

I remember the early days of Paypal and eBay in the early 00’s. We were always on the phone with them trying to get payments unblocked. We were doing serious volume and they couldn’t keep up. They charged so many fees at the time it was basically robbery. A solid portion of overhead was fees to both companies. And it was a complicated mess. $0.50 and then 0.5% on the first $25 and then 0.257% on $26+ or something weird. Like wtf? Leon math.

And chargebacks were insane. They had no real trust and safety for sellers. It was wild back then. Plenty of scams.