- cross-posted to:
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- cross-posted to:
- [email protected]
“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Well that sounds terrifying!
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There are going to be a lot of people saying how stupid this entire concept is in the comments.
Let me tell you something, as a person who spent years in finance. There’s no fucking chance on Earth this happens. You will win the Powerball twice consecutively before Musk pulls this off.
None of this infrastructure exists in X and all of this infrastructure is exactly the kind of shit Musk hates. Automobile regulations are fucking nothing compared to financial regs.
Adoption aside, which you’d have to be fucking insane to adopt this platform as a payments platform, the regs alone will ensure this never, ever, materializes.
What Musk describes will someday exist. He will not be involved, and the day is well over a decade away.
This is “Kanye West running for President” level of stupidity. The people close to him have let him down by not telling him how stupid this is.
The people close to him have let him down by not telling him how stupid this is.
More like, he fired every one who would dare to say that. And those who still are with him know it’s a stupid idea to tell him that.
Well that’s unfortunate. I’d love to toss my savings into something this impulsively reckless dingus concocted
He’s going to make a Robinhood/PayPal clone and it’s not going to work. Why? Because we already have Robinhood and PayPal.
It’s just such a dumb idea, the only people that will fall for it are cryptobros.
Amazing. This will go worse than his proclamation that self-driving cars will be the norm today.
All true, but there’s no detail in that article saying that’s what he wants to do. Copying Apple’s approach where they’re a front end to an existing bank, also fits the narrative.
I wonder if an app to unite all your online services would be legit, but I can’t see those services cooperating with that, so you’d effectively have to be malware
You won’t need a bank account because all your money will be stored in my account 🤣
Resting in my account
I hear you’re a racist now
FatherElon.
Every time that dude gives another “vision of the future” it just sounds worse and worse.
I don’t want another commercial bank but on the internet. I want more non-profits. I don’t want self-driving cars. I want better public transportation.
Make the post office a bank
At this point I’m surprised that “X” has employees.
I assume anyone who can get work elsewhere has, and they’re left with dead wood.
Nah, the remaining employees aren’t the “dead wood” necessarily. They’re all the ones on H1 visas who can’t legally work in the US anywhere else (without taking a massive risk).
Probably likely to be a lot of L1’s there. At least H1B can move if sponsored, whereas for L1 you’re basically fucked.
Well that’s gross. And probably quite right too.
Musk has fanbois in tech space for some reason. Onyly people left now are chronic asslickers, so obviously Musk feels empowered to do anything. These people will gladly take his shit down their throats.
I’m gonna trust the guy who got rid of his CSAM team with my money.
I’m gonna trust the guy who pimped Dogecoin with my money.
Ignoring the Elon factor….it will still be a bank account. It will just be a bank account that can only be managed through twitter.
Thats not a better banking experience.
it will be a banking experience where musk will get all of your banking data. I bet that’s why he’s so into it and the “do everything” super app approach.
Oh definitely. The ad revenue potential would eclipse anything he’s ever done before if he can pull it off.
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Sounds exactly like when your employer wants you to sign up for those stupid paycard accounts instead of fill out a direct deposit form.
Cool story Elon. Hey, where’s that full self driving you promised would be ready next year 5 years ago?
There are plenty of online banks that do all the stuff people want. So good luck with that. And enjoy all the hideously complex finance regulation & legal obligations that varies from one location to another.
Even Apple with its $165 billion cash reserves opted out of becoming a bank to create the Apple Card. They have Goldman Sachs to do the banky stuff. I can’t imagine trying to do this with X’s resources.
He plans to ignore those regulations, quite obviously. He’s been ignoring laws and regulations in every company he touches. There’ll be about a month where a whole lot of people get scammed/lose access to their funds due to his mismanagement, then the federal government (as well as some state governments and at least a few other national governments) will threaten to shut him down. Then he’ll make some token gesture to obey the law. The government will back off, but the new platform will collapse anyway and he’ll quietly pull the plug, hoping it won’t show up in a news cycle.
Interesting tension there between “rich white assholes are above the law” and “don’t fuck with rich people’s money”.
SBF found himself on the wrong side of that one…
He emulated a crypto version of bank and hedge fund, but for some reason failed to see that he had to stay solvent when the FED can’t save him.
Yup, and he will either use all the cash that people throw at him to run a stock scam or crypto scam agaim and hope to keep those profits by the time people come for the money.
It’s like he’s running a short against all of his own followers. Tactics like a scummy scam artist. A pyramid scheme without the pyramid…
It’s insane what influence actually will buy you if you have enough of it.
Most of those online only banks subcontract out the banking part to a real bank
I have a Revolut account and they’re an actual bank these days in the EU but not a bank in other places like the UK where they’re still waiting for a licence. N26 is also a proper bank in Europe. I wouldn’t like to use an online bank which is not a bank since if the platform collapses then you have no guarantees on your personal savings and the platform could be doing all kinds of unregulated shady shit.
I should mention that while Revolut is a bank now, I sometimes get grief with it. e.g. I went to collect a car rental in the UK and the desk point blank refused the my Revolut card exclaiming it’s a prepaid card when it was actually a Mastercard Debit, a world elite one no less. Didn’t do me any good to argue though because they had some dumb rule and they stuck to their guns. If they had used their own eyes or stuck the card in the reader they could have seen what the card was but nope, policy meant they had to refuse it.
You know, “securities” or… whatever. …
Sounds like the kind of person who says “you wouldn’t understand,” when they fail to explain.
Seems accurate. Really repulsive.
Generally he gives me the impression that he gaslit society into believing in his success and intellect.
This is exactly what he envisionied “X.com” to be back in like 1999… jesus christ, doods having a midlife crisis.
Or how he’s been saying we’ll have fully self-driving cars “next year” every year for the last decade.
I’ve worked in financial tech (now called 'fin tech) since 1994. In the USA, We have more laws governing our banks than our food. I’ve got my popcorn to watch this…
LOL… no.
I go on twitter now and 3/4 of adverts are AI scams or 2009 click bait with fuckin community notes explaining that remembering a set of politicians names is not linked to hi iq, as claimed by the clickbait advert.
Then there is the ‘verified’ accounts that are doing genuine harm at misinformation spread.
Yeah I’m not trusting ol musky chuckles with my money. And that’s coming from someone who uses traditional banks despite having witnessed their government bail out banks multiple times after they were fucking reckless to the point of needing a bailout.
Bitcoin, Dogecoin, Tesla stock, nfts, x/ai subscription… He just keep ripping off dumb fanboys and it keeps working
Evidence suggests otherwise. The real question is how do they…
Which is exactly how banks make money btw
