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!
Unless twitter gets an actual bank charter and is regulated by the FDIC, X wouldn’t get a cent from me. Even if they claimed to pay incredible APY. Elon musk would steal billions from his customers and wouldn’t blink. And if your deposits aren’t insured then your money isn’t real.
Even if he did all that, why would you ever give him anything?
Imagine if this guy was your boss.
I had a boss like that. He adored Elon and mentioned him in almost every sentence. The nasty cunt didn’t wash his hands after he was finished on the toilet, and he used cocaine non stop. I left pretty quic
Oh yeah because if anyone deserves trust in handling money it’s Elon Musk. Oh wait…
People who use twitter think its totally ingrained into society and what drives all public discourse....
People that dont use twitter could give a shit, its a huge circle jerk.
It’s crazy how much people on Twitter think Twitter matters. It’s absolutely tiny compared to Facebook and Instagram.
Hard to see from down here if his ballistic curve is already falling or if he’s still in the zero-g phase, but kinda interesting to watch. Uuh, that’ll make a loud splash when he hits the ground.
I am reminded of this
There is no way in hell I’d trust this chucklefuck with anything I think is important, let alone money.
Yeah he won’t be able to do business in the uk for sure.
Yeah the amount of compliance necessary to launch a savings account in the UK is nuts, and thats when youre going through a 3rd party provider like Clearbank who already has all the actual money handling services, but let clients palm them off as native banking accounts
And the auditing. Omg the twice a year auditing.
Yanis Varoufakis said a while back that Elon is trying to replicate China’s Wechat, which basically does all this. Owning digital platforms and having total control over them is now the best way to make money, and Elon basically wants that for everything.
Is he gonna channel all that sweet income into supporting Dickopedia?
Musk, CEO of Tesla and X (formally known as Twitter) causes catastrophic bank run, says “it doesn’t matter they can just use X now.” Join us at 11 for more.
This is also Apple’s goal, strange they didn’t pass the cap yet. Paypal was the first “digital” bank, we owe him that but to be honest, i won’t put my money in a US entity. It is already difficult with most of the digital only EU banks.
Don’t give him too much credit for PayPal. Yes, he was involved in one of the companies that ended up in Paypal and was fired from it. Back then he was already pushing his “X app”.
thanks for the clarification, I didn’t dig further into it.
He isn’t responsible for PayPal. His company, X.com, merged with PayPal and he was ousted after a short period of time. PayPal already existed before he was involved.
Wu-Tang Financial or nothing!
ing!
lol :) you know what I mean.
I’ll pass, thanks
Nope, not even for a free pony.
Introducing Xcoin! Dont worry, Musk premined them all and is staking them so that you know they’re high value!
He’s not wrong in this case, it’s doable. There are many startups building similar services with arguably fewer starting resources. You should run completely in the other direction, but it’s not impossible.
But honestly who in their right mind would trust musk with their money?!?
Sure, but when did bring in your right mind preclude you from being a customer? There are plenty of industries based on preying on idiots
I don’t even trust Elon Musk with Elon Musk’s money.
Well, they can always trot out the age old strategy of paying people to sign up.
He’s a grifter. All he needs is a routine bet from a billion people and he potentially pays back on loans. He thought it might be possible with subscription, but he’s considering a way to emulate previous cryptocurrency manipulation now.
This is the best summary I could come up with:
Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money.
He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”
“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge.
The company is currently working on locking down money transmission licenses across the US so that it can offer financial services.
“The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk said on Thursday’s internal X call.
“And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy.
The original article contains 400 words, the summary contains 153 words. Saved 62%. I’m a bot and I’m open source!
Sounds a lot like what he used to do with PayPal until the eBay enshitification, I mean sale. I’m for bypassing banks. Elon Fanboy not.
I set up a play-money prediction market on whether this would happen, and it doesn’t look like many people have faith in Musk to pull this one off.
Looks at towering pile of timelines Musk has committed to and failed to deliver on.
I’ve got just the spot for this news.
He’s trying to turn Twitter into WeChat. A near universal app everyone uses for chat, payments, etc.
Damn, the idiot has been loose eating Tide pods again …
It already exists, it's called Wechat. And it's run by Winnie the Pooh.
Let’s trust all our saving to this dude making random decision, wannabe memelord, who just sank 40 billion of his own money on a bet. All that just to take revanche on PayPal who threw him out of the board because they didnt trust him and his idea to have a company called X
🤣 he’s trying to turn twitter into chinas Wechat
Here’s their potential path, maybe ….
I have no idea the limitations of this approach, if any, but just experienced it a few days ago. I bought something expensive online, and the timing was sensitive, else I’d lose out on a lot of money. Then I got down to the final payment. It made me really nervous and would have reconsidered if I knew about it, but the final payment could only be done through bank transfer, but they wouldn’t let me provide the standard routing and account numbers. They had a web app that brings up your banking app, has you login to that, and appears to scrape data. They were able to see my accounts and balances, as well as initiate the transfer. This was so scary, exactly like I’d expect malware to be.
Bviously I changed my passwords immediately and verified there was only one transaction and exactly as I’d suspect. However yes, they controlled my bank8ng without being a bank and without any apparent cooperation from my bank. All it takes is normalizing the behavior that will get us all robbed of all we own
In Germany there is this company called Sofortüberweisung. They are the exact thing you described. The “pro” for the consumer is, that the transfer is directly confirmed by the third party and the seller can ship right away. The con is that now Sofortüberweisung has your whole banking history of the last 3 months. They will sell this data to their “partners” and make good money with it. If you don’t have a credit card, that’s one of the only ways to pay fast directly if you don’t want to use PayPal.
Sounds to me like a attempt to move toward Scrip.
Folks he is conning
Call themselves wolves, march like sheep
I do pity fools.
Fuck banks. Also, fuck whatever this is.
VinnieFarsheds@lemmy.world 1 year ago
I still have a Twitter eh I mean X account. Don’t really use it that much, other than following other people. But no way I’m letting one of Elon’s companies handle my finances.
baked_tea@lemmy.world 1 year ago
I’ve already tried PayPal, never again