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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 10 months ago by [email protected] to c/[email protected]

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“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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[–] [email protected] 3 points 10 months ago (2 children)

ExTwitter

[–] [email protected] 9 points 10 months ago* (last edited 10 months ago)

That is too simplistic of a name and un-original.

If this product moves forward, it's likely to be on a small scale. For example, like when a person needs to send a friend reimbursement for a coffee. So, initially, if it needs a simple name for paying back friends, or other pals, why not just call it Pay-A-Pal, or PayPal for short.

No bank account, no actual cash and everything happens in the system. It's revolutionary! It's like digital transactions that happen through pure accounting for a small fee. Like credit cards, but those are old.