this post was submitted on 27 Oct 2023
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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 11 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
298 comments fedilink hide all child comments
 

“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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[–] CmdrShepard@lemmy.one 18 points 11 months ago (4 children)

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

[–] EyIchFragDochNur@feddit.de 23 points 11 months ago

Paypal is a bank here in europe. Hope musXk leaves Europe.

[–] notthebees@reddthat.com 21 points 11 months ago

iirc the money storage aspect of PayPal has to be regulated as a bank.

[–] someguy3@lemmy.ca 10 points 11 months ago (2 children)

I think because they're a payment processor. Banks store large amounts of money, make loans, etc.

[–] givesomefucks@lemmy.world 17 points 11 months ago

It's going to be like a crypto or PayPal wallet where you can store a balance, it's just not insured or regulated like a bank.

I saw an article a while ago where a concerning amount of people were doing that instead of a bank account.

[–] grabyourmotherskeys@lemmy.world 3 points 11 months ago

They issue credit and lenders finance this. There's always a bank.

[–] SpaceNoodle@lemmy.world 7 points 11 months ago (3 children)

Cobble?

[–] Deceptichum@kbin.social 5 points 11 months ago (1 children)

The Things been put in charge of their legal team.

[–] SpaceNoodle@lemmy.world 3 points 11 months ago

It's cobblin' time

makes shoes

[–] CmdrShepard@lemmy.one 2 points 11 months ago

Yes, jesus thank you. It was right on the tip of my tongue.

[–] harmonea@kbin.social -2 points 11 months ago (1 children)

"Clobber" implies violence, which is somehow even less elegant than the standard phrase that the haphazard "cobble" implies. Given the shitshow of X so far, clobber probably works better even if it's not the usual way to phrase this at all.

[–] Bizarroland@kbin.social 3 points 11 months ago

And despite cobble and clobber implying violence and inelegance, cobblers are either some of the best versions of pies or the people that maintain your fanciest of shoes.