this post was submitted on 27 Oct 2023
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Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’ (www.theverge.com)
submitted 1 year ago by [email protected] to c/technology
328 comments fedilink hide all child comments
 

“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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[–] SCB 110 points 1 year ago* (last edited 1 year ago) (5 children)

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 23 points 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 12 points 1 year ago

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

[–] cogman 10 points 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.

[–] Potatos_are_not_friends 9 points 1 year ago* (last edited 1 year ago)

Amazing. This will go worse than his proclamation that self-driving cars will be the norm today.

[–] AA5B 4 points 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