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.’
theverge.com
“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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He's not wrong in this case, it's doable. There are many startups building similar services with arguably fewer starting resources. You should run completely in the other direction, but it's not impossible.
Credit products, especially virtual, are easier to create than ever thanks to companies that have built out that infrastructure. Chequing can be facilitated and held by a major bank under the hood in most cases.
It might not be his end game, but it's definitely possible. Now, forgive me while I weep for anyone that uses it if they manage to deliver it.
But honestly who in their right mind would trust musk with their money?!?
Sure, but when did bring in your right mind preclude you from being a customer? There are plenty of industries based on preying on idiots
Well, they can always trot out the age old strategy of paying people to sign up.
I don't even trust Elon Musk with Elon Musk's money.