Technology

Just wait till Musk learns about banking regulations.
He's already complaining about the EU regulations on social media, but they nothing compared to what banks have to deal with.

I'd rather let a crack addict manage my money than let Musky any near it.

There are going to be a lot of people saying how stupid this entire concept is in the comments.

Let me tell you something, as a person who spent years in finance. There's no fucking chance on Earth this happens. You will win the Powerball twice consecutively before Musk pulls this off.

None of this infrastructure exists in X and all of this infrastructure is exactly the kind of shit Musk hates. Automobile regulations are fucking nothing compared to financial regs.

Adoption aside, which you'd have to be fucking insane to adopt this platform as a payments platform, the regs alone will ensure this never, ever, materializes.

What Musk describes will someday exist. He will not be involved, and the day is well over a decade away.

This is "Kanye West running for President" level of stupidity. The people close to him have let him down by not telling him how stupid this is.

“Money or securities or whatever.”

Spoken like a true genius. /s

Keep burning your money, Elon; I can’t wait until you’re poor enough that no one gives a fuck what your latest horrible hot take or idea was. You won’t be missed.

Oh boy, if Elon Musk has trouble dealing with regulators and oversight agencies when managing his car company or his social media company, imagine what a wakeup call it's going to be when he wants to start dealing with banking regulators. 0% chance he doesn't run afoul of them in the first year trying to run his business by the seat of his pants like he does with all the others.

Yet another half-baked idea to spill out of the mouth of this fucking moron with too much money for his own good.

You won't need a bank account because all your money will be stored in my account 🤣

it will blow my mind if Twitter even still exists by then.

My girlfriend has a theory that he's trying to destroy the platform deliberately. I disagreed with her until he renamed it to X lol

Prediction: He's going to try to pay his employees in Xits: Your going to negotiate a salary based on a floating exchange rate with a new cryptocurrency and then when it starts to tank he will refuse to renegotiate based on the fact that its headed for the moon!

All the evidence suggests he can't be trusted with his money, let alone my money.

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.

I am so sick of hearing about this cunt.

Buy a social media company because you know there's no way you'll ever make one naturally

Claim that it's too full of bots and try to walk out, despite having already signed the deal

Treat your new employees almost like slaves because apparently sleeping at the office is a reasonable proposition

Rebrand the social media network for no good reason, tanking value

Drive advertisers away by changing the algorithm that helped make site so good

Lose millions in company net worth and become an internet laughing stock

...Have the bright idea to save the company by also making it a...... banking provider....

?!

Dumb idiot who constantly is wrong in predictions says more stupid shit, news at 11.

It's the return of company scrip.

The most-garbage/toxic notion of tech platforms these days is when they masquerade as tech platforms but are really unregulated banking platforms.

I'll just go on the record right now and say I'm never using XitPay or whatever he decides to call it.

It's strange, because I wouldn't, not even for a moment, ever in my life consider this.if I feel this way, so does a large chunk of the population.

So its already failed imo.

At this point I'm surprised that "X" has employees.

Every time that dude gives another "vision of the future" it just sounds worse and worse.

I don't want another commercial bank but on the internet. I want more non-profits. I don't want self-driving cars. I want better public transportation.

Lol, yeah, this sociopath is going to develop a full suite of banking services and software in a year while laying off employees, sure.

Lets put all our money on a platform rushed in under a year made from an exhausted and abused team of engineers. That sounds like a great idea. Definitely will be well thought out and reliable.

Bitcoin, Dogecoin, Tesla stock, nfts, x/ai subscription... He just keep ripping off dumb fanboys and it keeps working

Musk must have a fetish for having government regulators up his ass. The FTC is already up there to where he screams like a pig. Now add banking-but-not-a-bank and they're going to be up there even further.

This is exactly what he envisionied "X.com" to be back in like 1999... jesus christ, doods having a midlife crisis.

I like my credit union.

I'm gonna trust the guy who got rid of his CSAM team with my money.

I'm gonna trust the guy who pimped Dogecoin with my money.

There are plenty of online banks that do all the stuff people want. So good luck with that. And enjoy all the hideously complex finance regulation & legal obligations that varies from one location to another.

Ignoring the Elon factor….it will still be a bank account. It will just be a bank account that can only be managed through twitter.

Thats not a better banking experience.

It’s hilarious how Musk gives his staff ultimatums. The fact is they can get other jobs. It’s Musk who is deeply invested in Twitter now and can’t just cut his strings so easily. Why is he the one batting them around and threatening them all the time? What the hell kind of gluttons for punishment are still working there?

It continues to blow my mind that anyone cares what this fucking gasbag has to say about anything.

Cool story Elon. Hey, where's that full self driving you promised would be ready next year 5 years ago?

Sounds exactly like when your employer wants you to sign up for those stupid paycard accounts instead of fill out a direct deposit form.