Elon Musk predicts X will replace banks in 2024 - The Verge

[larry_vw_1955]

https://www.theverge.com/2023/10/26/23934216/x-twitter-bank-elon-musk-2024

Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “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.”

I think this is another one of Elon Musk's fantasies that is never going to happen. Plus if he keeps wasting time on all these other things he is never going to make it to Mars in his lifetime. Which I thought was his main goal but unfortunately he has gotten sidetracked. 


Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.”

To send money anywhere in the world, it would need to be an altcoin. Or a western union competitor but who needs another western union? we already have western union.

[DapanasFruit]

The man really got ambitious goals and I admire him for that. Elon Musk would not be the man he is today if he did not imagine things which were them impossible. Now, whether he will really make X not just a social media platform but also a big financial institution, this remains to be seen but we know that there is really a market for things he is planning to happen with it. I remember the day that he took over Twitter so many pundits were then saying it would be the end of it all but look at X right now...slowly but surely things are starting to come rosy with advertisers returning to doing business with the site. Admittedly, I don't like the renaming decision to X but then again I am just a user there and the power belongs to the man. Now, the question is: Will X replace your bank? Maybe yes maybe no but this is a big concern so X will start to be introducing one financial service at a time as this is not going to be a one-time deal. The man is a big marketing man so we can expect some big terms and presumptions to be spewing from his pronouncements, that is kind of expected. One thing for sure, Elon Musk is here to stay on Earth notwithstanding his plan to colonize Mars.

[larry_vw_1955]

The man really got ambitious goals and I admire him for that. Elon Musk would not be the man he is today if he did not imagine things which were them impossible.

you have to give him credit for doing things that no one dared to do before him. he's kind of like the old inventors, thomas edison, etc. one day he'll be thought of in the same way they were but he's still not going to mars. i don't think. even if he had that chance i'm not 100% sure he would step on that space ship. because there is a high risk of death. and he's a billionaire. got alot to live for. nothing to die for.

[Kryptowerk]

https://www.theverge.com/2023/10/26/23934216/x-twitter-bank-elon-musk-2024

Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “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.”

I think this is another one of Elon Musk's fantasies that is never going to happen. Plus if he keeps wasting time on all these other things he is never going to make it to Mars in his lifetime. Which I thought was his main goal but unfortunately he has gotten sidetracked. 


Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.”

To send money anywhere in the world, it would need to be an altcoin. Or a western union competitor but who needs another western union? we already have western union.

Yeah Musk and his talks. I can actually believe that the does indeed want this to happen. I cannot believe it will, though. As long as there are open markets there will be different ways of payment.
It does sound a little bit like that We-Chat-All-In-One solution that exists in China. I am sure, though, a majority of people will not want to leave all their transactions in the hand of big E-Corp (Elon-Corp).

Also something to note, even though the Twitter space is huge, it's kind of a bubble (not one that neccessarily bursts but one that is seperate from other bubbles). If a financial system is integrated here, it will only reach those within the bubble - I doubt it will help draw many of the people that avoid twitter right now in just because of it.

[philipma1957]

https://www.theverge.com/2023/10/26/23934216/x-twitter-bank-elon-musk-2024

Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “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.”

I think this is another one of Elon Musk's fantasies that is never going to happen. Plus if he keeps wasting time on all these other things he is never going to make it to Mars in his lifetime. Which I thought was his main goal but unfortunately he has gotten sidetracked. 


Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.”

To send money anywhere in the world, it would need to be an altcoin. Or a western union competitor but who needs another western union? we already have western union.

Could be big for dogecoin. I wonder if he will do that.

[Husires]

Combining social media accounts and bank accounts is difficult, as you need to deal with the restrictions of financial systems and identity verification procedures, which vary from one country to another, and some users prefer a little privacy due to the restrictions on freedom of opinion and freedoms that these platforms provide.

Facebook tried to do this and failed. If Twitter succeeds, this will ignite competition between these platforms and banks will be greatly harmed, but I do not think he will succeed. Musk is an ambitious man, so let’s see what he will do.

[wxa7115]

The man really got ambitious goals and I admire him for that. Elon Musk would not be the man he is today if he did not imagine things which were them impossible.

you have to give him credit for doing things that no one dared to do before him. he's kind of like the old inventors, thomas edison, etc. one day he'll be thought of in the same way they were but he's still not going to mars. i don't think. even if he had that chance i'm not 100% sure he would step on that space ship. because there is a high risk of death. and he's a billionaire. got alot to live for. nothing to die for.

Elon is ambitious I will give him that, but ambition is nothing without the ability to actually make his goals a reality, and while he has achieved more than most will ever achieve, it seems he is letting this to get to his head since there is no way that X can achieve that objective.

Because even if we were to assume that Elon has an incredible innovation up his sleeve, it is not as if banks will remain idle while he tries to achieve his plans, and if anything they could easily obstruct him as most likely the solution he is thinking about using is centralized, and banks can use all kind of legal tricks to delay or stop its deployment completely.

[FinneysTrueVision]

Doing all my banking on a social media app would feel really awkward. You'll be able to shitpost about Trump while taking out a loan so you can invest in Dogecoin all at the same time but why would anybody want that though? How many people would be comfortable giving all their personal info and financial data to this website, which has been a complete trainwreck since Elon Musk's takeover.

[bluebit25]

(...)
I think this is another one of Elon Musk's fantasies that is never going to happen. Plus if he keeps wasting time on all these other things he is never going to make it to Mars in his lifetime. Which I thought was his main goal but unfortunately he has gotten sidetracked. 
(...)
To send money anywhere in the world, it would need to be an altcoin. Or a western union competitor but who needs another western union? we already have western union.

His ambitious idea really gives me goosebumps. Although I don't hate or admire his talent, in fact, I have to admit that Elon Musk is really very talented. Perhaps the hidden meaning is that he makes us feel unreasonable or causes heated debates. But what he's bringing to the fields he's in is an extremely talented person.

For me, since Elon Musk started taking over X - Twitter, I can feel his intention to take advantage of part of the power of social networking platforms in an era where anyone can easily use them to spread the word, accessing a good deal of different knowledge as well as causing a good deal of other chaos. I'm not sure how successful this will be, but let's see what it does in the future.

[mindrust]

Elon is on a pipe dream again. His project will surely have its own fans but it will never be as big as he predicts. Bitcoin is already replacing banks anyway. Elon is too late to the party this time. He was right on time with tesla but not this time. With bitcoin anyone can be his own bank and stay decentralized. Why would anyone trust Elon? I don’t want to trust anybody. X will be just another centralized bank in the space and nobody really needs it since we already have many banks available. Maybe Elon will come up with something new and surprise everybody but somehow I don’t see it happening.

[coin-investor]

Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.”

To send money anywhere in the world, it would need to be an altcoin. Or a western union competitor but who needs another western union? we already have western union.

The man has a huge ambition, he knows he can do it because he has all the resources to make it happen, but it will need a lot of partnerships, and massive marketing, he is directly competing against Bitcoin and government backed centralized banking system this is such too huge task, its like changing something that's already in placed.
Since he already announced it we will see many more updates and shills coming from Elon Musk, because the guy is just too powerful that anything he says and shills, mainstream medias will take it seriously.
This is one serious, huge project and a big challenge for Elon and his company, we'll see in the future if this is possible and the steps he will take to make it happen.

[Deddyhoku]

Don't trust that this may be happen. Only in US he may take small part of the market but not globally

[goaldigger]

Don't trust that this may be happen. Only in US he may take small part of the market but not globally

This is very optimistic and an over hyped statement of course, we know Elon and chilling a project is a thing for him.
Replacing bank is not easy as they are big companies and have a big influence in the government as well, even Bitcoin can't totally replace banks.
We should see the market more realistically and that X will still need a lot of time before hitting the top spot, X should focus first on beating Meta as a social media platform.

[wheelz1200]

https://www.theverge.com/2023/10/26/23934216/x-twitter-bank-elon-musk-2024

Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “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.”

I think this is another one of Elon Musk's fantasies that is never going to happen. Plus if he keeps wasting time on all these other things he is never going to make it to Mars in his lifetime. Which I thought was his main goal but unfortunately he has gotten sidetracked. 


Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.”

To send money anywhere in the world, it would need to be an altcoin. Or a western union competitor but who needs another western union? we already have western union.

Dude is unhinged.  There is no way X is going to redo the entire financial system all in one year.  We are too reliant on banks for things such as loans and still a way to transfer money.  Obviously crypto has broken through to show you don't NEED banks but just because we don't need them don't think they are going away.  They own the politicians so it's not going away that easy.

[dunfida]

The man really got ambitious goals and I admire him for that. Elon Musk would not be the man he is today if he did not imagine things which were them impossible. Now, whether he will really make X not just a social media platform but also a big financial institution, this remains to be seen but we know that there is really a market for things he is planning to happen with it. I remember the day that he took over Twitter so many pundits were then saying it would be the end of it all but look at X right now...slowly but surely things are starting to come rosy with advertisers returning to doing business with the site. Admittedly, I don't like the renaming decision to X but then again I am just a user there and the power belongs to the man. Now, the question is: Will X replace your bank? Maybe yes maybe no but this is a big concern so X will start to be introducing one financial service at a time as this is not going to be a one-time deal. The man is a big marketing man so we can expect some big terms and presumptions to be spewing from his pronouncements, that is kind of expected. One thing for sure, Elon Musk is here to stay on Earth notwithstanding his plan to colonize Mars.

Having ambitions is better rather than on having none, the thing here is that not all are financially capable for them on making such step and this is why for Elon since he's a billionaire then he does have the capacity on trying out to achieve something yet he does have that kind of funding. He wont really be stopping until those goals and targets that he had in life wont really happen. Doesnt matter if its really get sidetracked gradually but what matter the most is that he do able to do on what he wants to do and its none of our business whether it would succeed or not. Its his money and fame that been at risks. He wont really be called or making
himself a billionaire if he wasnt that a risks taker.

Making X to be an another western unit or whatever payment or money transfer then its his decision but its true that why we would really be needing if we do have those current existing ones?
The thing that do i have in mind is that how it could really be that so possible that X would replace banks? There's no way that the entire world would really be that switching
to X instead on using up banks services which i  could say that it is really that somewhat having those unrealistic goals or targets.

[BitcoinPanther]

Converting a social media platform into a financial platform is not too difficult for Elon Musk to do.  He has the money to process the needed licenses and the money to hire the needed team for the said conversion.  The problem lies ahead is whether people will trust the  X platform with their finances and avail for its services.

I do not think that it is that easy to change the mindset of people seeing X platform (previously twitter) a social media platform and nothing else.  Aside from that, I also think that social media platform and financial platform does not blend well.

[kentrolla]

Unrealistic and I have lost hope on Elon's commitment especially after all these doge and shibainu drama and it's a very ambitious plan wherein I doubt there would be any adoptability by the common people and high chances of messing it up, moreover how do you think bankers will let this happen ? He is just creating hype which we have seen during his alleged back up for doge which never happened and as a result lot of investors who invested in doge believing his statement lost their investment when doge dumped.

[LogitechMouse]

I can't imagine a social media platform like X integrating features that will replace Banks.
Well, Elon Musk being Elon Musk anyways. I don't know if he's just delusional or just impulsive while saying this on a call.

Anyway, I don't want to be pessimistic right now, and telling that it will not work blah, blah, blah because after all, he's Elon Musk. I guess what I will just say is that, it will be the first time that we will be seeing a thing like this in the social media world. He can integrates features that the banks has currently, but it will not be enough to replace them. We've heard this many times already, but all of them failed. It's because it will not happen.

Social media, and Bank account? Kind of exciting knowing that it didn't happen yet, or at least no one has this kind of thing in their platform, but how realistic is this? How possible this is?

[JeffBrad12]

a man can have a dream but honestly, what makes his platform makes people not using bank while bank in itself gives security and guarantee that money won't just lost and vanishing into thin air.
lets see how elon gonna be taking competition against bank, 2024 is not far away, maybe around the end of this year he will release this feature.
but I don't think people will just outright leave banks, unless elon started out bank himself and integrate it with his platform.
after all, most of us already used with banks, even considering it the most convenient, I don't think elon could just force anyone using his platform to use his finance apps.
even more so with the fact that twitter security isn't really great, so many scams there.

[larry_vw_1955]

Converting a social media platform into a financial platform is not too difficult for Elon Musk to do.  He has the money to process the needed licenses and the money to hire the needed team for the said conversion.  The problem lies ahead is whether people will trust the  X platform with their finances and avail for its services.

i think the article mentioned how he was having to get money transmitter licenses in every state in the usa. here it is right here!

The company is currently working on locking down money transmission licenses across the US so that it can offer financial services. Musk told employees Thursday that he hopes to get the others X needs in “the next few months.”

that's kind of surprising that he would undertake such a huge pain in the ***. if he just made his own altcoin he wouldn't need any licenses at all. or just use bitcoin. but i guess he's in it for the glory. so he can't just tell people to use bitcoin, no he has to own it. so he can own them. like his X employees, he loves to tell them what to do. he'll be telling them they have to use his silly little money platform to get paid just watch!

the good thing about him getting licenses is though that if he runs a poor service then people can complain to their state and maybe he gets his money transmitter license revoked in that particular state. unlike in crypto you can't revoke anything.