“Unless you give us all your money to put in our new bank, we might be facing insolvency issues.”
Yes. Also commenting on your Dig Dug icon, which I love!
This is an onion, right?
Is he trying to morph a social media company into the financial services company he didn’t get to build in 1999 because the board threw him out?
Yes, did you read the article? He says exactly that.
Really? Lol, no.
I like my money in a bank. Somewhere that has those “pesky” regulations that keep me from getting (too) screwed over.
commie
/s
Musk faces major challenges to get there, though. Convincing people why they need such a platform is one. Getting them to trust X with their entire financial life is another.
It’s less about trusting X but trusting Musk. Trying to make an “everything app” with him in charge just feels dystopian.
I just feel like musk wants a western version of wechat for a hybrid user base of hardcore republicans and hardcore libertarians. That seems like such a fundamental oxymoron… but here we are.
And in fact, I hate to say it, but given how good those groups of people are at bending reality and making themselves conform to a warped capitalist standard, it might just work out for a while. But more than likely it’ll probably also go the way of “trump bucks” or whatever those psycho-loyalist cryptocoins were called. Basically it’ll end up a big old miserable fraud.
The again if it’s Elon’s coin on the table I’m not so sure I care. He’s just ruining spacex, tesla, et. al. Let him bleed money.
What’s genuinely sad is that the people who can’t bail from twitter quickly will be spitroasted by musk in the process.
Elon literally wants an underclass of peasants that owe him money so he can ship them off to Mars and act as his indentured servants.
https://theblemish.com/2020/01/elon-musk-just-invented-space-slavery/
The man is a fucking idiot.
What’s genuinely sad is that the people who can’t bail from twitter quickly will be spitroasted by musk in the process.
It takes two to spitroast.
Sure, let me give all my money to the broke billionaire with the bad investment history - what could go wrong?!
Trying to make an “everything app” with him in charge just feels dystopian.
Trying to make an “everything app” at all, whoever is in charge, is dystopian. Given the conspiracy theorists’ general alarm at new world order, one world government type scenarios it’s a wonder he isn’t pilloried for this by the same mad bastards who advocate for him instead. Maybe he is and I just haven’t kept up
Musk isnt Teh Gummint so he cant be part of Teh Ner Werld Erder
Yeah, so why is Bill Gates 5G microchip the conspiracy? Why not Elon Musk Starlink Neuralink? There is an actual evil mad scientist selling the technologies they are actually scared of, why don’t they just point their fears at the actual danger?
Sir, we do not try to understand the reasoning of people who did not reach their ideas though reason.
Even before Musk I wouldn’t have trusted Twitter with my finances or even just my credit card.
No thank you. I’ll keep my bank.
He’s never going to get this past the regulators. Financial break points and buffers make sense, every financial crisis and crisis of stability has taught us that. If you continue to build too big to fail systems, it’s going to be a complete disaster. Deposit institutions shouldn’t be involved in speculative investment banking , which is what high yield usually is. You can’t pay high yields if you aren’t in turn doing any sort of high yield activity with investor deposits. Or without any sort of prop trading. Which he’s sort of suggesting this is going to be. Some of this sounds like it’s going to break the Volcker rule.
Not to even mention this might not qualify for FDIC protections.
Hmm, this seems like the sort of addition where it might have been nice to have a bunch of world leading developers and designers hanging around. Seems odd to fire them all if this was the plan.
Indeed that does seem like the sort of mistake that someone who made the largest purchase of thier life after staying up alll night playing Elden Ring would make, but i’m sure it was really a cunning 5d chess move and not evidence that our overlords who are born into wealth are just as dumb as the rest of us.
Sometimes I wonder if he’s doing it on purpose. Like, this has to be a joke, right?
The level of absurd stupidity from someone who’d once seemingly tricked us all into thinking he was really smart is just… baffling.
from someone who’d once seemingly tricked us all into thinking he was really smart
Well, …
Oh they’re not as dumb as the rest of us, that’s the scary thing. They’re even dumber.
Indeed that does seem like the sort of mistake that someone who made the largest purchase of thier life after staying up alll night playing Elden Ring would make
Hey, playing Elden Ring takes some skill and dedication. Did you see the build he put on Twitter that time? It was hilariously stupid. In fairness, maybe he was playing all night with it just to get past very basic foes.
I don’t even trust most banks. I like my credit union, thank you very much.
That sound you just heard, was the rustle as hundreds of financial regulators around the world lean forward just a little.
I regret I have but one upvote to give. Well done!
🤖 I’m a bot that provides automatic summaries for articles:
Click here to see the summary
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.
Saved 62% of original text.
I’m torn between wanting him to go hard on this so I can watch it burn and being terrified he’ll somehow succeed and it will be hard to avoid.
It’s already painful to stay out of Facebook’s clutches.
It’s already painful to stay out of Facebook’s clutches.
How so? NoScript and a pihole make it pretty darn easy.
In some places Messenger is the default communications platform, more so than SMS or WhatsApp or iMessage or whathaveyou.
…Meta owns Whatsapp
Because of the number of groups that literally only communicate via Facebook and Facebook marketplace replacing everything else like it.
this genuinely made getting an apartment such a total nightmare. Every “group” online for finding apartments in my city is Facebook only. Sure, craigslist works but it’s filled with out-of-date realty company spam. If you want to avoid facebook the easiest way is just word of mouth but that’s difficult for people moving in from out of town. I ended up getting my current place by emailing a guy who I heard about from a friend.
In my case, that but WhatsApp. Can’t live without it, as much as I’d like.
Don’t you feel that WhatsApp is sufficiently insulated from the normal practices of Facebook/Meta/the Zuckerverse though?
Perhaps it’s my naivety, but I’ve never really seen the point of them owning WhatsApp, especially since it integrated e2e encryption and has fought the EU to keep it. From an end-user perspective, it’s just a pretty polished, widely used (and thus useful), and decently private/secure messaging application. I could see the appeal of moving to a Signal, Session, etc., except for their relatively low uptake among the general public where I am.
Yeah, it’s a decent app with less overreach seeping in from Meta compared with Facebook, Instagram and Threads. Still, it makes me uncomfortable that many communities that I value greatly would be out of my reach if it were to stop using it. For now it’s not a problem, but I’m hyper-aware of the danger.
I’ve just seen the actions Meta’s taken, and as such I believe nothing they say. I was on my family’s WhatsApp group chat until the buyout.
SMS is fine for most things domestically. Signal’s there for international and edge cases. Most of my family are on Signal; there’s just not a group there, and I view this as a feature.
Even if this wasn’t Elon Musk, the very idea of your boss having control over your finances sounds dumb as a brick.
[Musk] "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. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
“And for some reason not only they didn’t implement a lot of my stupid ideas, but they reverted some of my dumbest takes that still went through. And 23 years later I still didn’t learn.”
Why would I ever want to bank with Twitter, especially while that mentally unstable idiot owns it?
Oh hell no. I’ve seen how he manages his money. Like fuck I’m letting him anywhere near mine.
