“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!
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.He’s recreating Venmo. 😂
FWIW his white whale or inspiration is more like the Chinese “we do everything” apps / platforms https://wise.com/us/blog/chinese-payment-app
The thing about these everything apps is that they filled a niche in the markets they’ve succeeded in. As far as I know, and I could be wrong, Google doesn’t operate their Play services or Google Pay in China, meaning there was a vacuum for something else to fill it. WeChat and AliPay has done that.
It’d take a LOT of effort to build a platform like Paytm for the U.S., nevermind other markets. You can’t just buy a microblogging platform and magically redevelop it into something like Paytm. He’d need to partner with other businesses and whatnot, and I just don’t see there being any sort of interest in that kind of partnership.
There’s been attempts to build these sorts of “everything apps” before. Facebook has tried and failed. I think Snapchat has tried it. Apps here in the west tend to focus on doing a single or a handful of tasks really well. If an app ends up doing too much, it’s often split into several apps.
Yeah, I have trouble imagining this working in the US, even if Musk hadn’t spent a year flushing his cash and credibility down the drain.
I don’t see it working in Sweden either.
- We have apps for identifying ourselves digitally, most popular being BankID, but there are alternatives like Freja E-ID and various others.
- We have apps for easy money transfers, Swish being the most prominent, and it can be used to pay in stores and such as well.
- We have apps that combine economy management and shopping, I’ve no idea how popular they are, but Klarna comes to mind.
Amazon launched here a couple of years ago, and I think they’ve clawed out a niche in the market shockingly, but they’re not the “go to marketplace” for everything. If I want to buy electronics there’s like at least half a dozen online (that often have physical locations) stores I’d go to first. Same thing for larger appliances, clothes, make-up/beauty/skin-hair-care, shoes, sporting goods, furniture. Amazon is mostly for like weird niche stuff, like it’s the only place I could find a detergent that’s designed for robot mops that doesn’t contain tea-tree oil. Amazon is also a decent place to find mass-produced cheap garbage tat, like LED string lights and what have you.
They also make use of the same delivery services that all other stores do, so there’s no point in using them if you want speedy deliveries. I also don’t feel safe as a buyer when using Amazon because while I’m sure they have to be compliant with Swedish consumer laws, I’m also positive they’ll make the experience as tricky to navigate as possible. If I buy a motherboard from say Inet, and it breaks, I can just send an email to Jonas at Inet and they’ll sort it out. Nothing will be that straight-forward with Amazon.
Anyway, the point of that massive segue is; if a MASSIVE specialised company like Amazon has failed to fully establish themselves in their own niche here in Sweden, how on earth would a broken microblogging platform manage to “out-compete” other, trusted, and established services?
Musk is aiming to use twitter for a niche that doesn’t exist. Literally the only demand for this dream platform of his, is himself.
Without getting official government institutions on board or making the app mandatory in some way, I don’t see how this would work outside of authoritarian countries
They’re bleeding users and advertisers as it is
Which are basically operating systems, and therefore not needed and against the rules of the iOS and Android app stores.
which is owned by paypal, which he already got out of…
And let’s remind everyone because people seem to forget.
Was forced out of after he almost tanked the company trying to do this exact thing.
What’s the definition of insanity again?
Yeah, it’s not an original idea. He’s recycling his ideas.
Is it possible to remain subscribed to Technology but not get posts about this person?
Remember when the reddit technology sub banned articles about tesla? Good times.
With Boost for Lemmy you can block specific words, really good app btw, they have their own Lemmy community. https://lemmy.world/c/boostforlemmy
Thanks, sounds useful here.
Sadly I am fussy when it comes to apps and Boost appears to be proprietary.
Too bad, it makes Lemmy quite pleasant to use. I’ve been using Boost for years (when it was a Reddit app), and imo he makes the best apps for these kinds of sites.
i mostly browse via old.lemmy.world and i am badly missing RES and its filters.
On Android you can filter posts with the Eternity app.
https://apt.izzysoft.de/fdroid/index/apk/eu.toldi.infinityforlemmy
Dunno how to ping the mods, but maybe they should add that rule. It’s pretty annoying to get spammed about Muskrat and XXX.
I would love that. Closest you can get is blocking the top Musk posters, my feed significantly improved since then (not perfect solution of course, as you might lose other content, and sometimes you’ll see Musk posts like these from an OP who is not always spamming them)
Who are these top musk posters so I can block them too? So tired of hearing an asshat continue to be an asshat. Every. Single. Day.
Sync can filter by keywords.
Boost and Sync have hide support.
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.
The people close to him have let him down by not telling him how stupid this is.
More like, he fired every one who would dare to say that. And those who still are with him know it’s a stupid idea to tell him that.
Well that’s unfortunate. I’d love to toss my savings into something this impulsively reckless dingus concocted
He’s going to make a Robinhood/PayPal clone and it’s not going to work. Why? Because we already have Robinhood and PayPal.
It’s just such a dumb idea, the only people that will fall for it are cryptobros.
Amazing. This will go worse than his proclamation that self-driving cars will be the norm today.
All true, but there’s no detail in that article saying that’s what he wants to do. Copying Apple’s approach where they’re a front end to an existing bank, also fits the narrative.
I wonder if an app to unite all your online services would be legit, but I can’t see those services cooperating with that, so you’d effectively have to be malware
You won’t need a bank account because all your money will be stored in my account 🤣
Resting in my account
“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.
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.
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.
“Security?! Nah, the Russians are my best friends”
“All you need is security bars in front of your windows”
Ok, now let me present to you: Rolling reserves.
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.
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.
Yea I work for a bank in Europe. Good luck with running a bank here, he must be insane.
deleted by creator
I’ve reached the point where I will downvote anything relating to Elmo the muppet.
Ugh, my feed in Lemmy is full of this now. Is it feasible to “lower” the visibility of a keyword like “Musk” or “X”?
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!
Bringing company scrip back for old times sake
Maybe he should move to some remote bit of jungle in Brazil and start Muskland.
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.
it will blow my mind if Twitter even still exists by then.
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.
I dunno, it has 200M active users, doesn’t it? Wouldn’t surprise me if “free bank” popped up in their face a few times a week with “free transfers” and “guaranteed best interest rates”.
I hope you are wrong, but you make a great point
Good point.
I dunno, it has 200M active users, doesn’t it?
It’s hard to be really sure, because we know there’s a staggering number of bots.
But I suppose even if the real number is a fraction of that 200M, it’s still a huge number of users.
Before I deleted I had 20 followers, and 15 being bots
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.
I like my credit union.
