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Elon Musk & The Transformation of Twitter: By Citizen Of The Future
April 12, 2023
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The New-Era Bird App is Fulfilling X.com’s Original Vision

Over the last couple of months, there has been much talk about Elon Musk's acquisition of Twitter and the hate narrative that has emerged in mainstream media. This tells us that there is resistance to change and a desire to maintain the status quo in the financial world.  However, change is inevitable, and the rise of decentralized networks & Truth Twitter applies to that

In this report we will delve into X.com and the prior discussions of decentralized trust networks around 2012 and how they are transforming the way we communicate and handle money. We will also review other articles from that time period to try and gain insights into the future of social media and the financial system. This research took me about 25 hours to put together so I hope you enjoy an exclusive reveal of the following content: 

  • What Elon Musk is planning with Twitter infrastructure and his X.com Domain, and paths for the future of Twitter 2.0

  • Results of backlink analysis from X.com and the uncovering of documents that haven’t been shown on mainstream internet since 2012, which showcase some of the original vision of  X.com 

  • Comparisons of Facebook & Twitter users from A Decade of Growth- 2012 to 2022 

  • An article showing how Ripple Trust Networks were an early discussion point from X.com and how they how they are Transforming Money, which lead me to find Ryan Frogger’s original Ripple website which dated back to 2006

  • Snippets from articles relating to X.com in 2012 discussing how The future of money is the Web, towards national cryptocurrencies, and what would happen if social media and payments merge and we discover a new payments utopia - and much more…

Elon Musk & the Twitter Acquisition

Let’s begin with Elon’s acquisition of Twitter that started on April 14 2022, and concluded on October 27 2022, for a price of $44 billion dollars. He has now taken Twitter from a public offering to a private company. Within the first month of his takeover, he provided the Twitter employees with two choices

1. Stick around and help build his vision of “Hardcore Twitter 2.0” and that employees who choose to stay will be required to commit to working “long hours at high intensity”.

2. Say goodbye and accept a layoff. This decision allowed him to trim the fat at the company, which led to laying off over 3700 employees, leaving him with ones dedicated to bringing his vision of Twitter 2.0 to life. 

In conversation with Ron Baron in Nov 2022, Musk said he will execute the X product plan “with some improvements”, which will make Twitter “the most valuable financial institution in the world” with his domain of X.com.

The Start to the End of an Era of Censored Speech

We all know the feeling of being censored and not having our voices heard. We all have opinions, and we should be able to share them regardless of whether they are deemed appropriate by others. 

We have witnessed ample censorship on social media platforms. On Facebook, mainstream media outlets disable citizens from commenting on specific stories such as the Maxwell and Epstein articles. Why can’t citizens freely discuss the mainstream news articles? Why do they get to control what the masses can have conversations about when it comes to their content?

The old Twitter - pre-Elon Musk - did not have an edit button and it would censor citizens who did not fit the mainstream narrative. It is great to see some of the previously censored individuals get their voices back, allowing for a neutral town hall where all opinions can be heard and challenged.

Twitter Censored Information Around Leaked Hunter Biden laptop

If you want to learn about how extensively that Twitter manipulated content, please check out the newly released December 2nd 2022 “Twitter Files” that tell an incredible story from the inside of Twitter. It shows the Frankenstein-tale of a human-built mechanism, grown out of the control of its designer.

This story shows the old Twitter wasn’t balanced. Decisions were made based on contacts, and Twitter was overwhelmingly staffed by people of one political orientation. There were more channels for complaint open to the left-leaning individuals versus the right. With the proof from the Twitter Files, it was shown how Twitter took extraordinary steps to suppress the Hunter Biden laptop story by removing links and posting warnings that the link may be ‘unsafe’. They even blocked its transmission via direct message, a tool hitherto reserved for extreme cases. This was all done to prevent citizens from viewing the content involved with the leaked information on Hunter Biden’s laptop right before the 2020 Election.

Note:  Since the time of writing there are now two more Twitter Files:  #TwitterFiles2 #TwitterFiles3

Twitter 2.0 - The Bird App is Evolving & Obtaining a Money License

Twitter has started the registration procedure for processing payments by submitting documentation to the Financial Crimes Enforcement Network (FinCEN) on Nov 3, 2022.

Businesses must register with FinCEN in order to make money transfers, swap currencies, or pay checks. This will end up creating a never before seen “payments utopia'' by combining social media with instant and cheap cross-border payments. I think this is the start to major cryptocurrency adoption for specific networks with real-world utility.

Shoutout to Citizen @ChrisPaulHall on Twitter for sending this document my way!

A Blast From the Past! A Review of Documents Hidden From the Internet for over 10 years - X.Com Research Results…

Currently, when you go to X.com there is nothing to see as nothing on the website is public. Many people would just give up and move on, but I used this as motivation to dig deeper. I used my skill set of backlink analysis and started researching the domain of X.com to see what websites were linking to this domain. I found there were 2.1 million backlinks on the internet that point to X.com

**A backlink is when a website links to another website in a piece of content, “A link leading back to their website”.**

With this ocean of information connecting to X.com, I spent hours digging through 25,000 links and seeing what I could find on this untouched topic.  Out of the top 11 out of 25,000 backlinks I analyzed that are linked to X.com, these were the most important links that I found:

While researching, I was shocked at being able to gain access to these documents that have been buried & deleted from the internet - thank God for the great Web Archive!  It's mind blowing to think about the fact that these articles were all written between 2010 - 2014 before PayPal became an independent, publicly traded company

Please enjoy the following article summaries and the video above accompanying my research.  

“How Ripple Networks are Transforming Money” | X.com

April 20, 2012 by Manu Sporny

As I was digging through my internet history from 10 years ago, I came across an article that caught my attention. The article was written by Manu Sporny for X.commerce, the e-commerce platform that was being developed by eBay.

In the article, Sporny discusses and explains a concept called Ripple Trust Networks, a decentralized network of payment channels that enables real-time, low-cost transactions between parties. He states it has the potential to greatly reduce the costs and complexities of cross-border payments compared to the expensive and slow correspondent banking system.

He also suggests that the use of the ripple network concept in a decentralized setting would have significant economic implications. This would shift tens of billions of dollars in profit from credit card companies to individuals. Individuals would be able to make payments directly with each other without needing to go through a central intermediary like a credit card company.

Furthermore, he suggests that the ripple network would reduce the cost of short-term loans by providing a highly competitive market in which people could request and receive lines of credit. This is because the decentralized nature of the ripple network would allow for a greater number of lenders to participate in the market, increasing competition and driving down interest rates. Overall, he is emphasizing the potential power of decentralized networks like the ripple network and links to a live implementation to the concept he was speaking about. I clicked it and it brought me to one of the first versions of Ripple in 2012 with 4500 network users. Using this link I was able to dig deeper and find the very very first version of the Ripple website dating back to March 2006. This led me to find the initial Ryan Fugger Ripple white paper from 2004

This is the power of the Web—people-powered finance through ripple networks and decentralized payments.”

Additionally, I learned about W3C's Payswarm initiative, which was a proposed open standard for the secure and efficient exchange of digital assets and payments on the web. This initiative was being developed by the World Wide Web Consortium (W3C) Payments Working Group, which aimed to create a technical framework that would enable web-based payment systems to inter-operate seamlessly and securely. But I cant seem to find anything after 2014 so I think it died or had a name change. If you go to https://www.payswarm.com/ it redirects to a W3C Working Group. 

Reading these articles from 10 years ago made me realize just how much progress has been made in the field of digital payments and blockchain technology. It's exciting to see how far we've come and to think about the potential for even further advancements in the future. It's clear that the Ripple Trust Network concept and other W3C Initiatives are transforming the way we think about money and payments, and I'm excited to see where this technology takes us in the next 10 years.

“How Crypto Currencies Transform Money” | X.com

April 27, 2012 by Manu Sporny

This is a very interesting read that provides insight into some high-level thinking of the X/Paypal crew around FIAT & cryptocurrencies back in 2012! The article breaks down the problem with FIAT currencies and how we moved from a silver/gold backing of currency to nothing backing the dollar. It also explains the centralized concept with central banks that control the money printer. 

They state:

“It truly is a remarkable leap of faith that we make. The US dollar has worth because it is backed by the US government and therefore is backed by its people…”

They have a great breakdown of some character traits regarding a “trustworthy cryptocurrency” which can be still used today. They talk about Bitcoin being in the “Tens of Millions of Dollars” – what a throwback! 

The ending of the article talks about moving toward “National Crypto Currencies” that sound like Central Bank Digital Currencies, an innovation that we have been witnessing the adoption of for the last couple of years:

“A fiat-based crypto-currency could operate alongside these other services as an alternative technology-based mechanism for money transmission. The liabilities—like those held by most banks, credit card companies, and money transmission services—would fall squarely on the companies providing the software to use the crypto-currency.”

Manu explains that to replace cash, it is necessary to have open crypto-currency standards, and that developing nations may be the first to make the switch since they are not politically influenced by the banking and finance sector to the degree that more developed nations are (cough in 2022, SEC Gov). Other nations may choose to adopt crypto-currencies in order to increase the efficiency of their market, thus giving them a competitive advantage. 

“Open Web Payment Standards and the New Economy” | X.com

Written May 11, 2012 by Manu Sporny

This article is important, as it talks about “Open Payment Stands” for the Web and how the W3C could open up the “ivory tower of finance and banking” to the general public. Their goal is to create a more transparent, competitive, and fair financial system. They list important things about open payment standards and talk about the world’s first universal payment standard for the Web, which they call a solution called “PaySwarm”. This named solution is no longer around, and I have not figured out what has happened to it yet.

“The Crisis of Money and Its Metamorphosis” | X.com

April 10, 2012 by Manu Sporny

This is a very important article that everyone should read to really get an understanding of cash (FIAT) and the transformation happening with the global monetary system. This article contains a lot of value:

“The past several years have not been kind to the world’s working class and working poor. The foundations on which we have built the institutions of commerce—the markets, the banks, and government—have proven to be less reliable than we had believed, resulting in a wave of monetary crises around the world. Each was met with our brightest national leaders scrambling to correct the instability through obscene injections of capital and massive creations of debt on behalf of the peoples of this world.” 

It talks about being the time to put forth a plan that uses the web, the best communication platform that we have today, to solve our collective monetary crisis. The article then explains the understanding of how we arrived in this predicament and examines the purposes of debt, money, and banking. It goes and talks about debt and the financial system in the early years of global society and how banks have shifted and taken over the economic system. They describe “The Web as an Engine for Innovation” and talk about “Rethinking the Foundations of Money” 

They also talk about “Ripple Trust Networks” powering people's credit.

“The Future Money & The Web” | X.com

May 18, 2012 by Manu Sporny



This is another great informational article where they talk about the concept of “a ripple”, a trust network, and how we could change the way we provide loans and credit - it talks about how cryptocurrencies are poised to replace physical money. He talks about the web as a lifetime depository and how to standardize digital wallet, with it one day coming in place so you can access it from anywhere. 

It also explains how finance is shifting to the web as fintech can innovate faster, using the web base architecture, then traditional banks, and credit card networks. They state in this article, at the time of writing, that there were 2 billion people who use the web. In 2022, there are now around 5 billion people who have access to the web.

“Perhaps the Web’s biggest contribution to our lives has not been the technology itself, but rather a new way of thinking about how we work together to solve the most pressing problems of our time.”

“The Future of Commerce Will Combine Your Social Network and Mobile Device” | X.com

This was from September 21, 2012, written by Nick Hughes. In this article, they discuss:

“If Those Two Powerful Phenomena Merge, Will We Discover a New Payments Utopia?”

They also state:

“Facebook and Twitter, together making up more than a billion socially connected web users, have positioned themselves well for the possible next phase of commerce. Facebook, for instance, recently reported now having 955 million monthly active users and 552 million daily active users. It also said it had 543 million active mobile users, who are much more engaged than its PC users”.

It was also stated that Facebook had over 11 million business profiles! This means in 10 years, as of 2022. 

Facebook has 3 billion monthly users and 2 billion daily users, with over 200 million Facebook business pages. In 2012, Twitter celebrated its 6th birthday while also announcing that it had 140 million users and 340 million tweets per day. Today those numbers are at 450 million monthly active users and around 500 million tweets per day. This article also talks about combining a user ID with a mobile device ID and connecting a secure payment credential, thus having one quick checkout – online or offline

These are the last two important statements I want to point out, then picture what Elon Musk is doing today:

“Now imagine if instant and automatic transactions were coded into those sorts of buttons, allowing the user to transact with a securely stored payment credential on a third-party server in just one click from his or her mobile device.”

 

“If you are developing a mobile payment platform, it only makes sense to consider the imminent power of social sharing and how it will enhance the commerce experience for people around the world.” 

It’s neat to see how social media is exponentially growing and connecting citizens of the globe. I wonder what life is going to look like, reflecting on this, 10 years from now! They also use a great example of “How Facebook Could Transform the Mobile Commerce Market”.

The Bottom Line…

There is now no doubt about it – we are at the start of a new era of payments and social media. This plan has taken over 10 years to come to fruition, and I am so thankful I am doing my homework now, before the transformation has taken place. 

In conclusion, I hope that my research on the connections of the past has provided an interesting and insightful look at the developments that have shaped the current landscape of freedom of speech and payments. As we enter a new era of technology and innovation, it is important to embrace the opportunities and challenges that come with it. The clock is ticking and the whole world is asleep thanks to mainstream media, but it is up to us to awaken and embrace the potential of this moment in time. I hope you have enjoyed reading this edition of the Genfinity's LightHouse Report, and I look forward to sharing more insights and perspectives with you in the future.

Never stop learning and never stop improving! 

Sincerely, 

Citizen of the Future

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At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

You either see it or you won’t until it’s too late.

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🔹️Spot XRP ETF approval odds increased by Bloomberg analysts.

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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