Last week, news broke that Elon Musk secured several license to facilitate currency payments on platform X. Contrary to popular opinion, I find this development less than exciting.
Firstly, the lack of regulatory clarity on crypto in the US raises questions. Platform X is a US-based private company, and it's not unreasonable to expect some form of regulatory scrutiny down the line.
Moreover, the lack of transparency surrounding account limitations or suspensions is troubling. There are no clear-cut rules, leaving users to "play nice" and hope for the best.
From regulatory issues to the risk of account suspensions, there are various concerns that need addressing. It's not all sunshine and rainbows, and it's worth considering the cloudy aspects too. Let’s discuss these issues in my latest post.
Last week, news broke that Elon Musk secured several license to facilitate currency payments on platform X. Contrary to popular opinion, I find this development less than exciting.
Regulatory Concerns
Firstly, the lack of regulatory clarity on crypto in the US raises questions. Platform X is a US-based private company, and it's not unreasonable to expect some form of regulatory scrutiny down the line.
Potential for Account Suspension
Another concern is the account suspension issue on X. Imagine waking up to find your account and wallet suspended.
Yes, Elon Musk is at the helm for now, but he won't be overseeing the operations forever.
What if the next lead has a touch of crazy?
Unclear Rules
Moreover, the lack of transparency surrounding account limitations or suspensions is troubling. There are no clear-cut rules, leaving users to "play nice" and hope for the best.
Is this the freedom we want?
Apple's Influence
Let's not forget Apple's track record of alienating platforms associated with crypto, as seen in the case of the Damus app.
Given that platform X is also hosted on Apple's App Store, this is a legitimate concern.
From regulatory issues to the risk of account suspensions, there are various concerns that need addressing. It's not all sunshine and rainbows, and it's worth considering the cloudy aspects too. Let’s discuss these issues in my latest post.
https://labs.leofinance.io/@mistakili/will-crypto-on-x-be-any-different
Still counterparty risk. It is #crypto in #web2.