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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 1 year ago by AnActOfCreation@programming.dev to c/technology@lemmy.world

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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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[–] hh93@lemm.ee 15 points 1 year ago* (last edited 1 year ago)

Not to mention identity fraud already being commons there

For sure fraud won't be totally rampant...

Also I think the hardest part of being a bank is the shitton of regulations (especially in Europe) and not the software.

Twitter might need to hire a lot of experts and lawyers in that field to make it work.

Also banks are all about trust - and that's precisely what Elon lost for most people in the last year