"You may not be interested in politics, but politics is interested in you."
I am not sure where I read that but ever since I did, it has stuck with me because I was somewhat of a "not interested in politics" kind of human but I sooner realized that it was stupid and that the lack of interest did not exempt me from the effects of politics.
The future, just as the past, is largely political. Even more if I dare to say.
Companies are not just businesses anymore, they are political entities with varying levels of influence.
Even when we look at blockchain and crypto projects, all things point to political systems in some form.
It's all governance and control at the end of the day. Everything else is influenced by it.
The Everything App
There is a tempting simplicity in describing the "everything app" as the next logical step in convenience technology — a single platform that consolidates messaging, payments, commerce, transportation, and media into one seamless interface.
And this is just to name a few potential offerings under one app.
The idea is making rounds in recent years because of the X app, since the Elon Musk takeover.
X wants to do it all under Elon.
A social platform covering short and long-form text content, short and long-form video content, streaming, in-app payments via what is called X money, subscriptions, crypto tips, trading of financial products and much more.
The message is: convenience.
And brand identity is moulded around being the "Truth First" platform. The saint of social media companies I guess. That's the angle.
Oh, I forgot to mention the integration of artificial intelligence, which in itself makes way for more product offerings to be built.
That said, recently, the X money feature has been in the news spotlight.
Elon Musk’s plan to turn X into a financial “everything app” is drawing fresh scrutiny in Washington.
Senator Elizabeth Warren is sounding the alarm.
In a sharply worded letter, she warned that the platform could expose users to risks that extend far beyond typical fintech products.
In her April 14 letter to Musk, Warren questioned whether X is equipped to safely operate a financial platform.
“If your track record operating X is any indication of how you’ll operate X Money, consumers, our national security, and the stability of the financial system may be at risk,” she wrote. — Crypto Citizens Network (CCN) report
Fun Facts
X Money's April launch is arriving exactly one year after Musk worked with Acting CFPB Director Russ Vought to dismantle the CFPB — the agency that would normally police consumer financial products like X Money.
A company launching a financial product in the same regulatory space it helped clear should raise some eyebrows.
In terms of efforts towards securing adoption, X money will reportedly be offering up to 6% APY on deposit accounts.
X Money promises in-app peer-to-peer payments, debit card integration with cashback rewards, high-yield savings, and potential crypto integration, all backed by money transmitter licenses in more than 40 U.S. states and a partnership with Visa.
In terms of shady partners, X Money appears poised to partner with Cross River Bank to offer banking products. Cross River Bank was subject to a serious FDIC enforcement action in 2023 for unsafe and unsound practices related to fair lending, and a previous enforcement action in 2018 for unfair and deceptive practices.
But that's probably nothing right?
The Political Factor
The more I look at recent trends, the more I see that the world is moving towards a time where most things are connected to social platforms.
It is a terrible reality to imagine when centralized platforms get to be in charge, which is why web3 socials need to step up and compete intensively.
The concept of the everything app is about control and politics is control. It might be starting with X but eventually all social platforms will do same.
We will see worse than the often cited WeChat of China, where as much as 400 million people would be committing social and economic exile if they opt out.
If ever an everything app has to be used by most, its best be on decentralized infrastructure because as a political tool that it is, it's essentially sovereignty suicide to have a centralized entity or entities call the shots.
Image credit: WebOsmotic