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 2 years ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
301 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 20 points 2 years ago* (last edited 2 years ago) (4 children)

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

[–] EyIchFragDochNur@feddit.de 23 points 2 years ago

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

[–] notthebees@reddthat.com 19 points 2 years ago

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

[–] someguy3@lemmy.ca 9 points 2 years ago (2 children)

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

[–] givesomefucks@lemmy.world 15 points 2 years 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 2 years ago

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

[–] SpaceNoodle@lemmy.world 5 points 2 years ago (2 children)

Cobble?

[–] Deceptichum@kbin.social 4 points 2 years ago (1 children)

The Things been put in charge of their legal team.

[–] SpaceNoodle@lemmy.world 3 points 2 years ago

It's cobblin' time

makes shoes

[–] CmdrShepard@lemmy.one 3 points 2 years ago

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