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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 9 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] 56 points 9 months ago* (last edited 9 months ago) (3 children)

As someone who worked for a tech banking company many years, 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.

[–] [email protected] 40 points 9 months ago (2 children)

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.

[–] [email protected] 5 points 9 months ago (1 children)

"Security?! Nah, the Russians are my best friends"

[–] [email protected] 1 points 9 months ago

"All you need is security bars in front of your windows"

[–] [email protected] 2 points 9 months ago* (last edited 9 months ago)

Ok, now let me present to you: Rolling reserves.

[–] [email protected] 3 points 9 months ago

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.

[–] [email protected] 1 points 9 months ago

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.