{"id":630017,"date":"2023-04-16T19:49:24","date_gmt":"2023-04-17T00:49:24","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/16\/x-marks-the-spot-for-twitter-and-etoro\/"},"modified":"2023-04-16T19:49:24","modified_gmt":"2023-04-17T00:49:24","slug":"x-marks-the-spot-for-twitter-and-etoro","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/16\/x-marks-the-spot-for-twitter-and-etoro\/","title":{"rendered":"X Marks the Spot for Twitter and eToro"},"content":{"rendered":"
\n

In news that covers social media, trading and cryptocurrencies, Elon Musk\u2019s Twitter has partnered with the popular eToro retail trading platform. This integration will allow Twitter users to view market charts through the social media app, via an already-existing connection with the TradingView API, and then to click through to eToro, where stocks and cryptocurrencies can be bought and sold.<\/p>\n

To anyone who follows the overlapping Twitter communities known as fintwit and CT (meaning financial Twitter and crypto Twitter, respectively), the eToro integration will make perfect sense. Twitter has become an arena in which finance and crypto information is circulated first and fastest, and where market sentiment can be both gauged and, in the case of some large accounts, influenced.<\/p>\n

With regard to social media and retail trading, eToro told Finance Magnates<\/em> that: \u201cTwitter has become a crucial part of the retail investing community \u2013 it\u2019s where millions of ordinary investors go every day to access financial news, share knowledge and converse.\u201d<\/p>\n

\n

\"Retail<\/p>

\n

Chart from Vanda Research<\/p>\n<\/figcaption><\/figure>\n

During last year\u2019s FTX collapse<\/a>, crypto Twitter proved itself to be adept at investigative work and direct, real-time analysis, tearing into the details of what was occurring around FTX, Alameda Research<\/a>, and the main protagonists (Sam Bankman-Fried and Caroline Ellison) often before the mainstream press got to grips with the issues involved.<\/p>\n

\n

\"Elon-Musk\"<\/p>

\n

Elon Musk, CEO of Twitter, CEO and Chief Engineer of SpaceX, and CEO and Product Architect of Tesla.<\/p>\n<\/figcaption><\/figure>\n

And, when it comes to Twitter\u2019s owner, Elon Musk<\/a>, it appears that a tie-in with eToro matches up with his long-term plans for the social media platform, as during the Morgan Stanley<\/a> conference on March 7th, Musk stated of Twitter: \u201cI think it\u2019s possible to become the biggest financial institution in the world, just by providing people with convenient payment options.\u201d<\/p>\n

As for whether Twitter would be earning income from the business it sends eToro\u2019s way, the trading platform was currently unable to disclose commercial details of the deal.<\/p>\n

Long-Held Intent<\/h2>\n
\n

\"David<\/p>

\n

David Sacks, former COO at PayPal<\/p>\n<\/figcaption><\/figure>\n

Let\u2019s rewind for a moment to the early days of Elon Musk\u2019s career, when, back in 1999, he founded X.com. This was an FDIC-insured online bank, which subsequently merged with Peter Thiel\u2019s Confinity Inc, and the new entity became PayPal (which was already being operated by Confinity), with PayPal later acquired, in 2002, by Ebay.<\/p>\n

David Sacks, the former COO of PayPal, once explained<\/a> that X.com and Confinity merged \u201cto consolidate the fledgling market for email-based payments,\u201d while in 1999, Elon Musk believed<\/a> that after trusting the internet for information and then commerce, we were \u201cat the third stage now where people are ready to use the internet as their main financial repository.\u201d<\/p>\n

20 years later, in a conference at Davos, PayPal’s Co-Founder Luke Nosek outlined<\/a> how, originally, \u201cthe mission of PayPal was to create a global currency that was independent of interference by these corrupt cartels of banks and governments that were debasing their currencies.\u201d<\/p>\n

X Marks What?<\/h2>\n

The oldest of the above-mentioned historical quotes goes back over two decades, and Nosek\u2019s words outline what were radical-sounding ideas, but, might echoes of those ways of thinking be playing out now through Musk\u2019s current manoeuvrings with Twitter<\/a>?<\/p>\n

\n

\"Luke<\/p>

\n

Luke Nosek, Co-Founder at PayPal, Managing Partner at Gigafund.<\/p>\n<\/figcaption><\/figure>\n

In a recent development that resonates back to Musk\u2019s early company X.com (along with SpaceX, the Tesla Model X, and even Musk\u2019s son, who is named X AE A-XII), Twitter Inc actually no longer exists as a company, as it has been merged into a new entity called X Corp, which itself is held by parent corporation X Holdings Corp.<\/p>\n

And, in October 2022, Musk tweeted that: \u201cBuying Twitter is an accelerant to creating X, the everything app.\u201d<\/p>\n

\n

Buying Twitter is an accelerant to creating X, the everything app<\/p>\n

\u2014 Elon Musk (@elonmusk) October 4, 2022<\/a><\/p><\/blockquote>\n

This relates to Musk\u2019s ambition for an app which may become similar to WeChat in China. WeChat, owned by TenCent Holdings, serves over one billion users through an extensive range of functions, including social media, messaging, payments, conferencing and broadcasting.<\/p>\n

By the way, Musk bought back the X.com domain from PayPal in 2017, because it had \u201cgreat sentimental value.\u201d You can go and visit, but there\u2019s not much there.<\/p>\n

Overlapping Aims<\/h2>\n

Something you might notice, looking over the original highly disruptive intent for PayPal<\/a>, is a resemblance to the ways that Bitcoin advocates talk about cryptocurrency; and, Elon Musk has demonstrated varying degrees of openness towards blockchain payment systems.<\/p>\n

In 2021, Tesla invested $1.5 billion into BTC (of which it later sold around 75%), and, from March to May 2021 it accepted BTC for payments in the US before suspending the system. It\u2019s also no secret that Musk has an affection, either sincere or tongue-in-cheek, for Dogecoin as evidenced when he temporarily changed the Twitter logo to a Doge sign last week.<\/p>\n

For the ultimate speculation around Musk and his relationship to crypto, you can even find theories<\/a> alleging that Musk himself is Satoshi Nakamoto, the pseudonymous creator of Bitcoin (a suggestion Musk, not surprisingly, has denied<\/a>).<\/p>\n

While Musk-as-Satoshi may be a stretch too far, it\u2019s not far-fetched to suspect that Musk could have moved in the same circles as the Bitcoin creator. Musk, Thiel, Sacks and Nosek are all members of what\u2019s known as the ‘PayPal Mafia’ (a cohort of influential tech entrepreneurs linked through their times at PayPal), and Thiel has speculated<\/a> that, while he was still working at PayPal, he may have crossed paths with Satoshi at a 2000 financial cryptography conference in Anguilla.<\/p>\n

Returning to Elon Musk’s current plans, it\u2019s evident that for over two decades Musk has held an interest in establishing new methods of digital payment, and in disrupting existing institutions, and that these interests align partly with the goals prevalent in Bitcoin and cryptocurrency circles. It seems now that through Twitter, or X \u2013 his proposed everything app<\/em>, Musk may be able to approach these long-standing aims along a new path.<\/p>\n<\/div>\n

\n

In news that covers social media, trading and cryptocurrencies, Elon Musk\u2019s Twitter has partnered with the popular eToro retail trading platform. This integration will allow Twitter users to view market charts through the social media app, via an already-existing connection with the TradingView API, and then to click through to eToro, where stocks and cryptocurrencies can be bought and sold.<\/p>\n

To anyone who follows the overlapping Twitter communities known as fintwit and CT (meaning financial Twitter and crypto Twitter, respectively), the eToro integration will make perfect sense. Twitter has become an arena in which finance and crypto information is circulated first and fastest, and where market sentiment can be both gauged and, in the case of some large accounts, influenced.<\/p>\n

With regard to social media and retail trading, eToro told Finance Magnates<\/em> that: \u201cTwitter has become a crucial part of the retail investing community \u2013 it\u2019s where millions of ordinary investors go every day to access financial news, share knowledge and converse.\u201d<\/p>\n

\n

\"Retail<\/p>

\n

Chart from Vanda Research<\/p>\n<\/figcaption><\/figure>\n

During last year\u2019s FTX collapse<\/a>, crypto Twitter proved itself to be adept at investigative work and direct, real-time analysis, tearing into the details of what was occurring around FTX, Alameda Research<\/a>, and the main protagonists (Sam Bankman-Fried and Caroline Ellison) often before the mainstream press got to grips with the issues involved.<\/p>\n

\n

\"Elon-Musk\"<\/p>

\n

Elon Musk, CEO of Twitter, CEO and Chief Engineer of SpaceX, and CEO and Product Architect of Tesla.<\/p>\n<\/figcaption><\/figure>\n

And, when it comes to Twitter\u2019s owner, Elon Musk<\/a>, it appears that a tie-in with eToro matches up with his long-term plans for the social media platform, as during the Morgan Stanley<\/a> conference on March 7th, Musk stated of Twitter: \u201cI think it\u2019s possible to become the biggest financial institution in the world, just by providing people with convenient payment options.\u201d<\/p>\n

As for whether Twitter would be earning income from the business it sends eToro\u2019s way, the trading platform was currently unable to disclose commercial details of the deal.<\/p>\n

Long-Held Intent<\/h2>\n
\n

\"David<\/p>

\n

David Sacks, former COO at PayPal<\/p>\n<\/figcaption><\/figure>\n

Let\u2019s rewind for a moment to the early days of Elon Musk\u2019s career, when, back in 1999, he founded X.com. This was an FDIC-insured online bank, which subsequently merged with Peter Thiel\u2019s Confinity Inc, and the new entity became PayPal (which was already being operated by Confinity), with PayPal later acquired, in 2002, by Ebay.<\/p>\n

David Sacks, the former COO of PayPal, once explained<\/a> that X.com and Confinity merged \u201cto consolidate the fledgling market for email-based payments,\u201d while in 1999, Elon Musk believed<\/a> that after trusting the internet for information and then commerce, we were \u201cat the third stage now where people are ready to use the internet as their main financial repository.\u201d<\/p>\n

20 years later, in a conference at Davos, PayPal’s Co-Founder Luke Nosek outlined<\/a> how, originally, \u201cthe mission of PayPal was to create a global currency that was independent of interference by these corrupt cartels of banks and governments that were debasing their currencies.\u201d<\/p>\n

X Marks What?<\/h2>\n

The oldest of the above-mentioned historical quotes goes back over two decades, and Nosek\u2019s words outline what were radical-sounding ideas, but, might echoes of those ways of thinking be playing out now through Musk\u2019s current manoeuvrings with Twitter<\/a>?<\/p>\n

\n

\"Luke<\/p>

\n

Luke Nosek, Co-Founder at PayPal, Managing Partner at Gigafund.<\/p>\n<\/figcaption><\/figure>\n

In a recent development that resonates back to Musk\u2019s early company X.com (along with SpaceX, the Tesla Model X, and even Musk\u2019s son, who is named X AE A-XII), Twitter Inc actually no longer exists as a company, as it has been merged into a new entity called X Corp, which itself is held by parent corporation X Holdings Corp.<\/p>\n

And, in October 2022, Musk tweeted that: \u201cBuying Twitter is an accelerant to creating X, the everything app.\u201d<\/p>\n

\n

Buying Twitter is an accelerant to creating X, the everything app<\/p>\n

\u2014 Elon Musk (@elonmusk) October 4, 2022<\/a><\/p><\/blockquote>\n

This relates to Musk\u2019s ambition for an app which may become similar to WeChat in China. WeChat, owned by TenCent Holdings, serves over one billion users through an extensive range of functions, including social media, messaging, payments, conferencing and broadcasting.<\/p>\n

By the way, Musk bought back the X.com domain from PayPal in 2017, because it had \u201cgreat sentimental value.\u201d You can go and visit, but there\u2019s not much there.<\/p>\n

Overlapping Aims<\/h2>\n

Something you might notice, looking over the original highly disruptive intent for PayPal<\/a>, is a resemblance to the ways that Bitcoin advocates talk about cryptocurrency; and, Elon Musk has demonstrated varying degrees of openness towards blockchain payment systems.<\/p>\n

In 2021, Tesla invested $1.5 billion into BTC (of which it later sold around 75%), and, from March to May 2021 it accepted BTC for payments in the US before suspending the system. It\u2019s also no secret that Musk has an affection, either sincere or tongue-in-cheek, for Dogecoin as evidenced when he temporarily changed the Twitter logo to a Doge sign last week.<\/p>\n

For the ultimate speculation around Musk and his relationship to crypto, you can even find theories<\/a> alleging that Musk himself is Satoshi Nakamoto, the pseudonymous creator of Bitcoin (a suggestion Musk, not surprisingly, has denied<\/a>).<\/p>\n

While Musk-as-Satoshi may be a stretch too far, it\u2019s not far-fetched to suspect that Musk could have moved in the same circles as the Bitcoin creator. Musk, Thiel, Sacks and Nosek are all members of what\u2019s known as the ‘PayPal Mafia’ (a cohort of influential tech entrepreneurs linked through their times at PayPal), and Thiel has speculated<\/a> that, while he was still working at PayPal, he may have crossed paths with Satoshi at a 2000 financial cryptography conference in Anguilla.<\/p>\n

Returning to Elon Musk’s current plans, it\u2019s evident that for over two decades Musk has held an interest in establishing new methods of digital payment, and in disrupting existing institutions, and that these interests align partly with the goals prevalent in Bitcoin and cryptocurrency circles. It seems now that through Twitter, or X \u2013 his proposed everything app<\/em>, Musk may be able to approach these long-standing aims along a new path.<\/p>\n<\/div>\n

Read More<\/a>
\n Sam White<\/p>\n","protected":false},"excerpt":{"rendered":"

In news that covers social media, trading and cryptocurrencies, Elon Musk\u2019s Twitter has partnered with the popular eToro retail trading platform. This integration will allow Twitter users to view market charts through the social media app, via an already-existing connection with the TradingView API, and then to click through to eToro, where stocks and cryptocurrencies<\/p>\n","protected":false},"author":1,"featured_media":630018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22646,687],"tags":[],"class_list":{"0":"post-630017","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marks","8":"category-twitter"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/630017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=630017"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/630017\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/630018"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=630017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=630017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=630017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}