Submitted 1 year ago by AnActOfCreation@programming.dev to technology@lemmy.world
https://www.theverge.com/2023/10/26/23934216/x-twitter-bank-elon-musk-2024
“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!
Is it possible to remain subscribed to Technology but not get posts about this topic?
Depending on your client you can likely filter or block specific users and phrases.
Does Lemmy have post tags or flair or whatever it’s called?
It is under development
With Boost for Lemmy you can block specific words, really good app btw, they have their own Lemmy community.
Thanks, sounds useful here.
Sadly I am fussy when it comes to apps and Boost appears to be proprietary.
On Android you can filter posts with the Eternity app.
i mostly browse via old.lemmy.world and i am badly missing RES and its filters.
If you’re on mobile, connect has a post filtering by keyword feature
Dunno how to ping the mods, but maybe they should add that rule. It’s pretty annoying to get spammed about Muskrat and XXX.
I would love that. Closest you can get is blocking the top Musk posters, my feed significantly improved since then
Who are these top musk posters so I can block them too? So tired of hearing an asshat continue to be an asshat. Every. Single. Day.
Sync can filter by keywords.
I’d rather let a crack addict manage my money than let Musky any near it.
I’d rather let a crack addict manage my balls than let Musk anywhere near my money.
I’d rather let an addict manage to crack my balls than let Musk anywhere near my money.
Especially if he “manages” money the way he “manages” companies!
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.
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.
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 worst 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
“Money or securities or whatever.”
Spoken like a true genius. /s
Keep burning your money, Elon; I can’t wait until you’re poor enough that no one gives a fuck what your lasted horrible hot take or idea was. You won’t be missed.
Why do we keep posting his drivel on every platform?
Popcorn material
Because the things he says and does affect real people, and it's important that this behavior is known so that he doesn't get away with his shitty misdeeds in secrecy.
It’s honestly amusing to see what batshit strategy Musk will use next to fuck up Twitter. It’s like he’s trying to force every smart employee to leave, drive away every advertiser possible, and get users to find other homes.
Oh boy, if Elon Musk has trouble dealing with regulators and oversight agencies when managing his car company or his social media company, imagine what a wakeup call it’s going to be when he wants to start dealing with banking regulators. 0% chance he doesn’t run afoul of them in the first year trying to run his business by the seat of his pants like he does with all the others.
Yet another half-baked idea to spill out of the mouth of this fucking moron with too much money for his own good.
Yea I work for a bank in Europe. Good luck with running a bank here.
Worst part is it’s not half-baked… It’s been baking since before 2k…
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 Father Elon.
My girlfriend has a theory that he’s trying to destroy the platform deliberately. I disagreed with her until he renamed it to X lol
Just today there was a great comment by @Voroxpete@sh.itjust.works on why this does not make any sense.
- When you factor in the incredible damage done to the Tesla share price by the amount of stock he had to liquidate to finance the deal, and the almost billion a year in interest and operating costs the company is pulling out of him, the deal has, altogether, cost Musk about half of his net worth. No amount of petty childishness is worth that. 2. He literally went to court to try to get out of the deal. What was his play here? To sue with the intention of failing? For what possible reason? 3. If his plan was to kill Twitter, why would he attach his beloved X name to it? Musk has spent his entire life trying to make X happen. It is dearer to him than his own children. Why would he attach that brand to a company he’s intentionally sabotaging? 4. If his goal is to kill Twitter, why is it still here? He owns the company outright. He took it private. There’s no board. There’s no shareholders. He doesn’t have a fiduciary responsibility. If he wanted Twitter dead, all he had to do was shut the doors, turn off the lights, and send everyone home.
Anyone who buys into this “He’s trying to kill Twitter” nonsense, please, I am begging you, try to get your head around the fact that Elon Musk is not a smart man. This isn’t some incredible 4D chess play. Twitter isn’t failing because of intentional sabotage; it’s failing because Musk is genuinely trying his best, and his best absolutely sucks. He’s a bad businessman who lucked into a fortune he never deserved.
Big chunk of the funding is from the Saudis though - and they have a very vested interest in trashing twitter.
It’s also entirely possible the truth is somewhere in between - people who knew he couldn’t manage his way out a paper bag working ego boy into buying twitter and ketting the inevitable happen. He’s not exactly hard to manipulate.
Oh yeah, neither of us were assuming he was intelligent- just a flailing asshole with a grudge. But you’re probably right.
you assume he is a rational being.
yeah that seems the most plausible explanation to me at this point.
it will blow my mind if Twitter even still exists by then.
As someone who worked for a tech banking company, you are too stupid to do it.
This shit is complicated as fuck.
Oh and all the tech in the world or capital you could build is worthless unless you have that sweet banking / credit license in US. And lets just say its really really hard to cone by nowadays.
I am so sick of hearing about this cunt.
All the evidence suggests he can’t be trusted with his money, let alone my money.
Prediction: He’s going to try to pay his employees in Xits: Your going to negotiate a salary based on a floating exchange rate with a new cryptocurrency and then when it starts to tank he will refuse to renegotiate based on the fact that its headed for the moon!
Buy a social media company because you know there’s no way you’ll ever make one naturally
Claim that it’s too full of bots and try to walk out, despite having already signed the deal
Treat your new employees almost like slaves because apparently sleeping at the office is a reasonable proposition
Rebrand the social media network for no good reason, tanking value
Drive advertisers away by changing the algorithm that helped make site so good
Lose millions in company net worth and become an internet laughing stock
Have the bright idea to save the company by also making it a banking provider
?!
Dumb idiot who constantly is wrong in predictions says more stupid shit, news at 11.
I’ll just go on the record right now and say I’m never using XitPay or whatever he decides to call it.
It’s the return of company scrip.
The most-garbage/toxic notion of tech platforms these days is when they masquerade as tech platforms but are really unregulated banking platforms.
I suppose this doesn’t feel weird to anyone who lives in China. They have a Whatsapp -clone called Wechat, and it’s pretty much exactly what Musk wants X to be able to be.
It’s strange, because I wouldn’t, not even for a moment, ever in my life consider this.if I feel this way, so does a large chunk of the population.
So its already failed imo.
Bitcoin, Dogecoin, Tesla stock, nfts, x/ai subscription… He just keep ripping off dumb fanboys and it keeps working
Lol, yeah, this sociopath is going to develop a full suite of banking services and software in a year while laying off employees, sure.
Every time that dude gives another vision of the future or at least his interpretation of it it just sounds worse and worse.
At this point I’m surprised that “X” has employees.
This is exactly what he envisionied “X.com” to be back in like 1999… jesus christ, doods having a midlife crisis.
Musk must have a fetish for having government regulators up his ass. The FTC is already up there to where he screams like a pig. Now add banking-but-not-a-bank and they’re going to be up there even further.
Lets put all our money on a platform rushed in under a year made from an exhausted and abused team of engineers. That sounds like a great idea. Definitely will be well thought out and reliable.
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.
I like my credit union.
Cool story Elon. Hey, where’s that full self driving you promised would be ready next year 5 years ago?
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.
Humanius@lemmy.world 1 year ago
Just wait till Musk learns about banking regulations
NuXCOM_90Percent@lemmy.zip 1 year ago
This will almost definitely have a large “crypto” aspect. Which means the business model starts at unregulated fraud and gets worse from there.
But yeah, I assume there is a whiteboard at twitter headquarters, smeared with feces, that has
CmdrShepard@lemmy.one 1 year ago
Somehow services like PayPal manage to avoid being regulated like a bank. I’m sure they’ll clobber together some potentially unlawful solution and not face any repercussions for it.
notthebees@reddthat.com 1 year ago
iirc the money storage aspect of PayPal has to be regulated as a bank.
someguy3@lemmy.ca 1 year ago
I think because they’re a payment processor. Banks store large amounts of money, make loans, etc.
SpaceNoodle@lemmy.world 1 year ago
Cobble?
IWantToFuckSpez@kbin.social 1 year ago
Even if he complies to all the regs. There is no way people in the west will switch to his app. The reason why those all-in-one apps took off in China and Southeast Asia is because banking infrastructure sucked hard before. You could only pay cash in most places unless you went to more upscale place. With the arrival of those apps even a street vendor could afford to accept digital payments.
Garbanzo@lemmy.world 1 year ago
Wells Fargo still existing is pretty good evidence
tony@lemmy.hoyle.me.uk 1 year ago
I think it’s plausible he will actually pull X out of the EU completely and concentrate on the US. Banking regulations around the world vary greatly and I can’t see him wanting to handle all that.
hitmyspot@aussie.zone 1 year ago
Wanting or able to handle it?
Steve@startrek.website 1 year ago
Wait until you find out he founded Paypal, which was called X.com at the time
merthyr1831@lemmy.world 1 year ago
He didn’t found paypal (or x.com for that matter) but he was CEO (?) of X when it acquired paypal, which promptly ousted him for trying to rebrand paypal to X despite the former already have massive brand recognition thanks to its exclusive partnership with eBay.
Whiskeyomega@kbin.social 1 year ago
Paypal was built on the idea of a system that was without regulations that were tough. Paypal in the UK operated out of Ireland up until recently out of FCA control knowing full well they were committing fraud on a grand scale with things like "We're closing your account and if you want your money back get in contact with us in 180days time" which was the email people used to get when the system didnt like you for any reason.
jonne@infosec.pub 1 year ago
Yeah, getting the licences involves a ton of audits, compliance to a bunch of regulations, etc. All stuff Twitter has no experience with.
It would literally be easier to just start this thing from scratch instead of grafting it onto a social network.
indigobox@lemm.ee 1 year ago
Well he made PayPal.
So he probably knows a thing or two about the financial sector.
Maybe he’ll integrate PayPal into X
Scrof@sopuli.xyz 1 year ago
He didn’t though.
remotelove@lemmy.ca 1 year ago
Don’t believe all the bullshit about what he has “created”. He was fired, but got to keep is equity. Peter Thiel was the PayPal founder.
Tesla was founded by Martin Eberhard and Marc Tarpenning in 2008.
For a long while, Elon was very successful and very popular. Like most CEOs, he claimed all the work at Tesla and SpaceX is of his own creation. And sure, I am sure he was responsible for a lot of the financial success of those two companies. He sets goals for a company and the people in those companies try to achieve those goals.
However, once he started running his mouth on Twitter, it became very clear that his charisma couldn’t keep up.
Also, the financial sector is nothing like it was when PayPal was founded. There weren’t regulations in place that could apply directly to that kind of company yet. While he may know more about the financial sector simply because he deals with many more zeros on a daily basis, his “revolutionary” description of how he wants to transform X shows that he is way out of touch.
Quite simply, Elon has proven that he cannot be trusted, especially when it comes to reporting anything financial. For example, him and the “CEO” of X are currently saying that advertisers are returning at record rates. This is getting proven wrong, or misleading at best.
Deceptichum@kbin.social 1 year ago
Nope, PayPal bought his x.com company and fired him as the CEO.
ubermeisters@lemmy.world 1 year ago
might wanna read up on how that actually went down. he didn’t make paypal. he also didn’t make tesla, or spaceX.
muse@kbin.social 1 year ago
He didn't make paypal. Not even a founder.
kokesh@lemmy.world 1 year ago
Wasn’t his company bought out by PayPal?
theneverfox@pawb.social 1 year ago
He didn’t though. He failed to make X, got booted out for being insufferable, then the company he owned equity in bought and sold PayPal
IWantToFuckSpez@kbin.social 1 year ago
No another fascist created PayPal.
dansity@lemmy.dbzer0.com 1 year ago
Best he will do is another paypal/venmo thing. No way its gonna be a bank.
Silverseren@kbin.social 1 year ago
I mean, he wanted Paypal originally (and to name it X), so this just seems like the end goal he was trying to get to the whole time.
And it will still crash and burn. Gloriously so.
Maeve@kbin.social 1 year ago
I wouldn’t trust this trust fund mafioso with a plastic spoon, let alone banking credentials.