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.’

He’s recreating Venmo. 😂

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

1. Become bank
2. ...
3. Too big to fail

Somehow services like PayPal manage to avoid being regulated like a bank. I'm sure they'll clobber cobble together some potentially unlawful solution and not face any repercussions for it.

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 stores. Because those payment terminals are just too expensive for many small time businesses. With the arrival of those apps even a street vendor could afford to accept digital payments. Thus lots of people started using those apps to pay. The western countries already have good banking infrastructure and people are very hesitant to switch banks.

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.

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.

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.

Best he will do is another paypal/venmo thing. No way its gonna be a bank.

Wait until you find out he founded Paypal, which was called X.com at the time

Well he made PayPal.

So he probably knows a thing or two about the financial sector.

Maybe he'll integrate PayPal into X

I’d rather let a crack addict manage my balls than let Musk anywhere near my money.

Especially if he “manages” money the way he “manages” companies!

Remember when the reddit technology sub banned articles about tesla? Good times.

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?

With Boost for Lemmy you can block specific words, really good app btw, they have their own Lemmy community. https://lemmy.world/c/boostforlemmy

On Android you can filter posts with the Eternity app.

https://apt.izzysoft.de/fdroid/index/apk/eu.toldi.infinityforlemmy

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

I would love that. Closest you can get is blocking the top Musk posters, my feed significantly improved since then (not perfect solution of course, as you might lose other content, and sometimes you’ll see Musk posts like these from an OP who is not always spamming them)

Dunno how to ping the mods, but maybe they should add that rule. It's pretty annoying to get spammed about Muskrat and XXX.

Sync can filter by keywords.

Boost and Sync have hide support.

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

Why do we keep posting his drivel on every platform?

Yea I work for a bank in Europe. Good luck with running a bank here, he must be insane.

Worst part is it's not half-baked...... It's been baking since before 2k...

Resting in my account

Just today there was a great comment by @Voroxpete@sh.itjust.works on why this does not make any sense.

1. 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.

https://sh.itjust.works/comment/4855307

I don’t think he meant to. He’s just an idiot.

Right wing control of Twitter was always my hypothesis, since, as people have pointed out, Twitter gave regular people access to people with influence. Destroying Twitter destroys that access, but it was more valuable as a tool to manufacture consent, like most media.

yeah that seems the most plausible explanation to me at this point.

Been saying that for a while now too. The people bankrolling him; Saudi Arabia and Russia, have a vested interest in seeing Twitter burn after the Arab Spring organized around it, and Ukraine found so much support on the platform. The thing is, he can't directly run it into the ground without lawsuits so he's doing it piece by piece.

Bringing company scrip back for old times sake

Oh please. It ain't complicated. I could write a ruby app in a weekend that would do everything a bank does. It's just subtracting from one account and adding to another.

• Elon Musk probably.

Well, he could presumably hire some smart people to make it happen, but he'd have to pay them...

Also, this is assuming he wants to be an actual bank and not just pay employees in scrip that you can only spend through things they provide.

There is literally prior art from him in this regard. He just decided to call it a payment processor so he did not have to do all that bit about it being other people's money.

I've reached the point where I will downvote anything relating to Elmo the muppet.

Ugh, my feed in Lemmy is full of this now. Is it feasible to "lower" the visibility of a keyword like "Musk" or "X"?

His first garbage idea. He's super nostalgic for X the platform her merged with PayPal to become super wealthy especially after the people that knew what they were doing had to pay him to leave.

Literally the same concept, name and everything. It's like he thinks he can just start over at the first app and it just will be propped up by a corpse. Idiot.

I think he originally wanted to purchase the platform during the crypto boom in order to use it to add crypto nft Doge features and then the crypto market crashed and then he changed his mind about buying it but he was contractually obligated so he bought it and ruined it and now he's going to start a bank run on toilet sentence

He's not making wrong predictions. He's lying to hype his products and make more money.

man wanted to name his own kid X Æ A-12 I'm sure it wont be something incredibly stupid. Somewhere in X HQ: chatGPT give me a cool sounding name with the letter X in it!

XBucks.

WeChat's API is way more accessible than the nightmare X is, with its current state there's no way to reach that massive adoption. I'd argue that even Telegram has a higher chance than X for such a superapp position given the steps they've taken.

Elon has explicitly said he wanted twitter to become wechat.

It feels like one of these work hand in hand with regulatory bodies/government, while the other take every possible occasion to shit on regulatory bodies and governments.

I dunno, it has 200M active users, doesn't it? Wouldn't surprise me if "free bank" popped up in their face a few times a week with "free transfers" and "guaranteed best interest rates".

I assume anyone who can get work elsewhere has, and they’re left with dead wood.

Musk has fanbois in tech space for some reason. Only people left now are chronic asslickers, so obviously Musk feels empowered to do anything. These people will gladly take his shit down their throats.

If they did, would you trust him?

I wouldn't. Ever.

His platform struggles to push text around reliably. Could you imagine using that for money?

Make the post office a bank

Not to mention identity fraud already being commons there

For sure fraud won't be totally rampant...

Also I think the hardest part of being a bank is the shitton of regulations (especially in Europe) and not the software.

Twitter might need to hire a lot of experts and lawyers in that field to make it work.

Also banks are all about trust - and that's precisely what Elon lost for most people in the last year

Not to mention that the existing Twitter infrastructure was already incredibly insecure before Musk even took over.

Twitter does little to monitor for so-called insider threats, employees or contractors who use their positions in the company to steal information, and instead leaves them “virtually unmonitored."

Twitter suffered security incidents significant enough to warrant a report to a government agency about once a week, with 20 breaches in 2020 alone.

Twitter devs can already take over user accounts since they all have prod admin access (which they need because Twitter still has no QA or staging environments). I can only imagine the potential for abuse once people's finances get tied together with their account.

Which is exactly how banks make money btw

Or how he's been saying we'll have fully self-driving cars "next year" every year for the last decade.