Elon Musk gives X employees one year to replace your bank
www.theverge.com
Musk wants your “entire financial life” on his platform.

“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!

  • SCB@lemmy.worldEnglish
    1122·
    1 year ago

    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.

    • indianactresslover@lemmy.worldEnglish
      23·
      1 year ago

      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.

    • negativeyoda@lemmy.worldEnglish
      12·
      1 year ago

      Well that’s unfortunate. I’d love to toss my savings into something this impulsively reckless dingus concocted

    • cogman@lemmy.worldEnglish
      10·
      1 year ago

      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.

    • AA5B@lemmy.worldEnglish
      4·
      1 year ago

      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