Musk And Zuck: Threat To Banks? Web 3.0 Certainly Is

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It seems the situation between Zuckerberg and Musk is getting a bit deeper. The two are not only on path to square off in a fight in the ring, they appear on the way to seeing each other in court.

After the release of Meta Threads, Musk and his attorneys sent a cease and desist letter. Since this will be ignored by the Meta people, we can presume lawsuits will ensue.

At the core, from what we know, is the belief that Meta basically took Twitter's code. There were a number of ex-Twitter developers hired by Meta, bringing the code with them. If true, this is in violation of the intellectual property rights of Twitter.

Regardless of the realities of this situation, it does show the transformation taking place. We are looking at the moat with social media that was present for so long being eradicated. The trend towards each platform offering more is clear.

However, that is not the only moat that is likely in trouble. The water surrounding the banking and financial system is going to be under attack. What is at the core of this: the digital wallet.

This is the game changer.

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Banks Are No Longer Unique

There was a time where a bank offered something few others could. It was a safe.

Back in the era when we dealt in physical currency, keeping it safeguarded was vital. Here is where banks first made their mark. This carried into the electronic period where networks started to become important.

Today, there is nothing unique about a bank account. If you think about it, we have no distinction between saving at a bank or a PayPal wallet outside being treated differently by the regulations.

What do most people use a bank for? It is to send, store, and receive money. That is the use case in 90% of the instances.

A digital wallet solves that purpose. It also allows for payments in a much easier (and less costly fashion). This is ideally suited for the digital world.

Apple Showed The Power

Apple made a lot of headlines with the opening of its savings program. People were able to use Apple similar to a money market account. This showed how technology and finance are one. This makes sense since most of the latter is residing in the digital realm.

If Apple could rake in over a billion dollars in a few days, what is the capability of Twitter and Facebook? While these two appeared gunning for each other, could we see a day when they target the financial sector? Elon Musk already has his sights set on that.

Becoming the largest financial institution in the world might seem strange for a social media company. That said, when you think about it, this is not far-fetched.

At its core, a social media corporation is nothing but a technology firm. The same is true for finance these days. How many people do any in person interaction with financial institutions. For the most part, it is all done online.

Web 2 versus Web 3

While the world awaits the battles of the billionaires, the true contest could be generational. By this we are not referring to age but, rather, generation of the Internet.

Web 2.0 versus Web 3.0 might shape up to be the biggest fight there is. At the center of this, in my view, is the battle for freedom versus tyranny. Musk, Zuck, or Jamie Dimon? Just different tyrants in control of people's accounts.

If we are going to see a merging of social media and finance, the question will be which is better for users? Of course, most will not be able to decide since they are oblivious to what is taking place. However, there are enough people who are early adopters and trailblazers who see what is going on.

They are also helping to design it.

In the end, Web 2.0 still has to operate within the confines of the established system. For example, to do payments, Twitter is having to file for licenses in different jurisdictions. This is not the case with Web 3.0. If you want to do payments, simply tie into a digital wallet.

Of course, this could be standard when an application is tied to a blockchain since there are a number of ones developed for each. Anyone with a wallet can instantly remit payments regardless of permitting or jurisdiction.

This is the advantage that blockchain based systems have. They do not require buildout of the finance, at least the basics. It is already there natively.

We do not see the same with technology companies. Of course, we also do not see the banks getting into social media. This is likely a mistake since it is evident this is the feeder system. While they will advertise to try and attract people, how will that work when the platforms are offering financial services themselves?

This will also likely lead to litigation and governments stepping in with anti-trust actions. Again, Web 3.0 has no concerns here. This is where decentralization provides coverage. Since much of the basic infrastructure is open source, including many of the wallets, we can see how shutting it down is impossible.

Decentralized Finance (DeFi) is only going to get larger in coming years. How do governments deal with that type of basis? The answer is it cannot. At the same time, how do the traditional financial firms, or TradFi, compete against the FinTech revolution? I believe the answer is the same.

It is going to be a fun ride. There will be a lot of disruption in these two industries.


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Twitter is having to file for licenses in different jurisdictions. This is not the case with Web 3.0. If you want to do payments, simply tie into a digital wallet.

Hmmn just the other day, Damus, a Nostr client was issued a warning by apple because it allowed users zap each others content with sats, I wonder if there’ll be any showdown between Apple and Twitter eventually if Apple says Twitter can’t process payments through its platform because of one reason or the other. This might not happen but the fact that it’s thinkable just shows how inefficient web2 can be. I wonder if Elons reluctance to see the advantages of web3 over web2 is purely driven by ignorance or profit.

The thread of Apple and Google is real. That is why I agree with Leofinance not focusing upon a mobile app as such. Make the website mobile compatible but do it so Apple and Google cannot take you down.

Musk might face this. Of course, if they do, he might simply decide to manufacture his own phone.

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I agree that Web3 is bringing a new world of finance to us, and I believe we should embrace it. However, my concern lies in ensuring that the major players in this space do not find a way to gain control and dominate individuals like banks currently do.

That is why you want to use Leofinance and Hive. These are creating the features that can keep us away from Web 2.0 and the centralized entities of massive size.

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Well, yeah, but... banks will still be good for... i don't know... holding your private keys in a safety deposit box? 🤠

Nah just give the coins or tokens to the banks and let them hold them for you. They will then take care of the keys and all will be well.

It worked out splendidly for those who put their stuff on FTX.

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We must turn all these tech companies into DAOs. Make them all bow down to the power of Hive...

Most tech companies are happy as they are. That is why we have to create new ones and structure then in the manner you speak of.

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You can check nation3, they're doing some amazing work in this space. Formulating legal frameworks for DAOs, contracts for work, citizenship etc...

Web 3.0 is paving the way for an exciting future where innovation knows no bounds! Elon Musk and Mark Zuckerberg have proven time and again that they're forces to be reckoned with, disrupting traditional industries left and right. Their potential impact on banking is truly intriguing. As the world embraces decentralized finance, it's clear that the power is shifting towards the hands of the people. Buckle up, folks! The ride to Web 3.0 is going to be one for the books.

It is going to be fun. We are seeing major disruption taking place.

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