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

[Taskford]

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?

For past achievements he get people also think he's delusional regarding to his past plans but he actually succeed on it and make his self as the richest man in planet. But who knows for this time again he would be successful on his plan. Sounds crazy really it is but for the power he has and how big the money that can provably work on his favor then there's a huge chance that he can work it if he's really serious his plans regarding on that replacing banks.

But this will be a hell of work since for sure to many things he need to face on and to many competitors need to be taken down then also we can add up some possible huge partnership in any institutions that need to seal so that he can make this potential plan to work for him in future.

[AmoreJaz]

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.

well, before he decided on this matter, for sure, he had done his homework. the feasibility of this business and all. so we can't judge him early why he went in this route. if it will fail, then, it is his business anyway, right? for now, what we can do is just being observer of what he's doing and if you think it is of advantage of using his platform, why not try to use it and see for yourself.

[asriloni]

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.

The idea of making a rocket seemed unrealistic, just like the concept of Tesla products, but Elon Musk was determined to make it all happen. This guy was a world billionaire right now. Nothing is impossible for someone who has unlimited money.
He can build the bank easily. It's not even an unrealistic idea anymore. Elon was a genius guy in this decade and he is also having everything. It's not even impossible anymore for him to make it happen with his money.
I think that this is not even also relating to the doge coin as well.

You can't even know when he would be joking or serious toward a thing. It's not even impossible for someone who has billions of money. Everything was starting from our dream.
You will never ever able to access internet if there was no ambition to found a new tech called internet. Just wait and everything will be slowly proving by him. You do have money and genius mind and you can make everything to happen. elon was not joking with its statement.
It's not the same like when he was uploading meme.

[Wexnident]

The idea of making a rocket seemed unrealistic, just like the concept of Tesla products, but Elon Musk was determined to make it all happen. This guy was a world billionaire right now. Nothing is impossible for someone who has unlimited money.
He can build the bank easily. It's not even an unrealistic idea anymore. Elon was a genius guy in this decade and he is also having everything. It's not even impossible anymore for him to make it happen with his money.
I think that this is not even also relating to the doge coin as well.

The thing is there isn't really much in terms of being regulated (I'm not sure about the term) in those types of industries in comparison to banks. Maybe the safety physical check of the Teslas/Rockets, but they're pretty different from the things you need to tackle when trying to "replace" banks. Not that I'm doubting whether Elon can do it or not. As you've said, he has a lot of assets that can support what he wants, it's just that things are rather different between being able to make it and being trusted by the people. Not to mention the shitshow he had with X when he got it, implementation of whatever he wants may take more time than he actually expect and not just a single year.

[cryptoaddictchie]

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.

Actually his both. Well we cant judge a book by its cover as they say. Elon Musk is always up ahead and plan to conquer a lot of things and businesses. I wonder what is ultimate goal upon the statement but we can always check his vision over something. Everybody are probably laughing at him if ever this will occur but probably Elon will have his laugh at all if this thing actually happened.

[hopenotlate]

Actually he borrowed a lot of money from banks and financial institutes to purchase Twitter and some then his social media platform is progressively losing users and above all advertising income up to 50% (beside being infested by bots and fake news but this is another matter). Main consequence is that the subjects Who lent him money are now trying to get RID of their debt by resellong it at discount because they start to fear X/Twitter won't be able ti honour their obligation.

For the above considerations ( facts to be more precise) I highly doubt X will be able to replace banks ever, let alone in 2024.

[coiningz]

We all know that this is not possible at least due to regulation. And banks will not allow this to happen

[abel1337]

We all know Elon, with his crazy ideas and vision, I couldn't expect less from him. With his portfolio of companies that revolutionized and being powered with the technology, the plan of him with the goal of replacing banks might become true. It's hard because of regulations and laws but it's possible I think, it will be just a bloody hard to achieve. The date he also gave is for me not realistic at all. I also doubt that the masses will use it, it would be an option for us if somehow Elon achieve this.

[danherbias07]

Although I like how ambitious Elon Musk is, I think he is making a mistake in trying to enter the world of financials. He is doing great with his inventions and I think he should stick with his toys. I don't know what his goal is but I bet there will be many whales out there who own a bank or a shareholder that will get mad about what he said. It's not a healthy competition if you ask me, they might do something crazy against him.

Anyway, I doubt that could happen yet. Many people still believe that the internet is not the safest place when it comes to keeping money because of the hacks and scams that have been happening everywhere. Many would still rather have cash in their hands or use their cards from the banks.

[larry_vw_1955]

The idea of making a rocket seemed unrealistic, just like the concept of Tesla products, but Elon Musk was determined to make it all happen. This guy was a world billionaire right now. Nothing is impossible for someone who has unlimited money.

the only impossible thing is for him to make it to mars. that's just not going to happen someone else is going to do it first i think. even with all his money, he's too distracted to make it to mars plus, he wouldn't like the 8 minute time delay for checking his emails.

they keep saying how mars is going to be a new home for earth. wrong. it's just going to be a new settlement where people reproduce there. people living on earth aren't going there. not when the price to launch is like $10,000 a kilogram. 

[yazher]

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.

This is how hard it could be because anyone who is capable of hacking their system will be able to get all the personal details of their client which is not really good because it could make a person's life miserable once his personal information is used for illegal activities. It's too early to predict that but because this is Elon Musk's words, it could make a big impact on others and they might actually believe him because of the progress he made in his companies. People mostly care about the achievement of a person rather than doing their own personal research about their investment.

[Abiky]

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.

If Facebook didn't do it because of the regulators, what makes you think Elon Musk will? Is he someone special? No. I don't think mainstream governments will simply allow this to happen. Otherwise, that would mean losing power/control over people's finances. PayPal recently launched its PYUSD stablecoin, and its facing backlash from the US government (particularly the FED).

Besides, Elon Musk never kept his promise of integrating Dogecoin into Twitter. All he did was speculate just to "pump" the coin's market price. You'd think investors are going to take him seriously? Good luck with that. I think banks will eventually rule the world with their CBDCs. Not Elon Musk with X, nor PayPal, nor Facebook. The future is widely unpredictable, so lets hope for the best.

[mu_enrico]

He's too late to the party as many e-wallets now already become mainstream. In my country, some people have e-wallet accounts but not legacy bank accounts. Even if Twitter/X introduces an e-wallet, I doubt people will use it. There are concerns with privacy and security if you mix these two things (social media and e-wallet) together. I personally, after experiencing my account being banned, won't bother to use it since I don't want my account to be blocked/banned while having some money inside it.

[larry_vw_1955]

He's too late to the party as many e-wallets now already become mainstream. In my country, some people have e-wallet accounts but not legacy bank accounts. Even if Twitter/X introduces an e-wallet, I doubt people will use it. There are concerns with privacy and security if you mix these two things (social media and e-wallet) together. I personally, after experiencing my account being banned, won't bother to use it since I don't want my account to be blocked/banned while having some money inside it.

yeah i mean you hear about it everyday people getting their social media accts closed. why anyone would trust a social media site with their life savings i have no idea. i wouldn't trust elon since look what he did to twitter employees he fired a buttload of them. if he treats his own employees like that, how much worse would he treat total strangers?

https://www.theverge.com/2022/11/15/23460729/elon-musk-fire-twitter-engineers-dissent
After purging half of Twitter’s staff with a snap of his fingers and firing as many as 5,500 additional contract employees without so much as a goodbye, “free speech” maximalist Elon Musk is now additionally getting rid of anyone who dares criticize him, both on Twitter and even in the company’s private Slack.

so if anyone buys into his token or whatever, they better keep their mouth shut.

[Mpamaegbu]

Unrealistic and I have lost hope on Elon's commitment especially after all these doge and shibainu drama...

You think Elon hasn't done enough on those? Come on, cut him some slacks. Just take a look at what the ATHs of those two are. Look at where they came from to that point they got to. Not so many people gave Doge a chance until Elon's influence on it became manifest. What about Shib, look at how many zeroes it took off. Yes, I agree he talks too much but we can't say he talks like the late anti-virus dude, John McAfee. Elon is ambitious and who knows he might get what he wishes and works hard towards. I may not agree with all he says but I give it to him that he's an influence in whatever field he dabbles in.

[oktana]

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.

Sounds like you have a personal problem with him . He is one of the world's richest and he's also the man who likes to do anything he wants to just because he can. Imagine if he said in 1999 that he'd be so wealthy that he would be known by millions across the globe. Who would believe it? Look where he is today, he sent a Tesla car to space, bought Twitter and called it X, and asked people to pay for blue tick (Imagine the boldness, yet people are constantly paying). He has all the resources he needs to make this happen. If he wants to, he'll make it happen. The worst that could happen is people not wanting to use his innovation, but that doesn't change the fact that it was created. Also, he could go to Mars (even though at an old age) when humans have achieved a repetitive journey to and fro; I love his determination!

[o48o]

He's too late to the party as many e-wallets now already become mainstream. In my country, some people have e-wallet accounts but not legacy bank accounts. Even if Twitter/X introduces an e-wallet, I doubt people will use it. There are concerns with privacy and security if you mix these two things (social media and e-wallet) together. I personally, after experiencing my account being banned, won't bother to use it since I don't want my account to be blocked/banned while having some money inside it.

yeah i mean you hear about it everyday people getting their social media accts closed. why anyone would trust a social media site with their life savings i have no idea. i wouldn't trust elon since look what he did to twitter employees he fired a buttload of them. if he treats his own employees like that, how much worse would he treat total strangers?

https://www.theverge.com/2022/11/15/23460729/elon-musk-fire-twitter-engineers-dissent
After purging half of Twitter’s staff with a snap of his fingers and firing as many as 5,500 additional contract employees without so much as a goodbye, “free speech” maximalist Elon Musk is now additionally getting rid of anyone who dares criticize him, both on Twitter and even in the company’s private Slack.

so if anyone buys into his token or whatever, they better keep their mouth shut.

Yep, and it's hilarious how these freedom warrior fanbois are simping him and finding 4d chess moves from moronic rambling. It's similar to trump actually. Elon just knows more words.

Enoughmuskspam subreddit is at the same time hilarious and unsettling reading of musk latest brain farts. I used to follow what he was doing, but lately i needed to block it as i need less of him in my life.
I don't get the tweets anymore as i managed to sell my @nftcollector twitter account next to free. But when he is one of the richest man in the planet, press tends to write about the things what he says and i can't really escape it.

But i personally think that this is just another pompous and desperate attention seeking sad outburst, caused by his escalated ketamine habit.

Elon's biggest problem among many, is the fact that he desperately wants to save the world, but only if it's made by him alone so he can take the praise, other's can piss off. He also wants to be this special renaissance man, knowing everything about everything, and i am not even sure if he believes that himself. When he is asked to explain tech or any knowledge about any subject it's quickly obvious that he doesn't understand what he is talking about.

Guy wants to make a payment system that replaces banks but has 10 year old boy's understanding about finance laws. I really think that he screws up big time at some point and i might end up seeing him in prison in my lifetime.

[Abiky]

He's too late to the party as many e-wallets now already become mainstream. In my country, some people have e-wallet accounts but not legacy bank accounts. Even if Twitter/X introduces an e-wallet, I doubt people will use it. There are concerns with privacy and security if you mix these two things (social media and e-wallet) together. I personally, after experiencing my account being banned, won't bother to use it since I don't want my account to be blocked/banned while having some money inside it.

The guy has "lost his marbles". No one would trust an "all-in-one app" that's backed by a private company. Combining your social + financial life is a terrible idea. It was going to be worse with Facebook, but fortunately, regulators put a stop to it.

I think the same will happen with Elon Musk's "X" once it becomes a "digital wallet". Only mainstream governments will be able to make an app for people to send/receive money locally. Not worldwide, because that would mean every country on Earth would form a "One World Government". And that's impossible to achieve. Let's see what will happen by the end of 2024. Maybe Elon Musk will finally decide to add Dogecoin to "X"? 

[Bushdark]

He's too late to the party as many e-wallets now already become mainstream. In my country, some people have e-wallet accounts but not legacy bank accounts. Even if Twitter/X introduces an e-wallet, I doubt people will use it. There are concerns with privacy and security if you mix these two things (social media and e-wallet) together. I personally, after experiencing my account being banned, won't bother to use it since I don't want my account to be blocked/banned while having some money inside it.

The only problem people might find with that is if it ever become a centralized wallet where one would need KYC attached to individual wallet owner. If it decentralized, that would be pretty good and would make sense as our information will be private and the government will not come tomorrow to ask for our information from the company which is an obvious breach of privacy. I know Elon Musk has so many plans he has been looking to achieve but leaving that to the end of 2024 might be too close.

[justdimin]

Doing all my banking on a social media app would feel really awkward.  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.

Maybe you are only used to using one service at a time. But for some who like to multi-task, they can see this as a genius idea. For now, not all would want them but we can soon get there. Elon seems like a trusted person. He is already rich, so I think he won't mess around with our information. With a feature like he is planning, he would also up the platform's security so that everyone will be safe.

By the time Twitter is handed out to Elon, there are flaws but I think it's normal for a starter. But later on, we see how Elon tries his best to improve or make the platform better. It won't stop there just yet. So brace your self.

You'll be able to shitpost about Trump while taking out a loan so you can invest in Dogecoin all at the same time

Don't know about you but I think that sounds fcking cool.