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

[Abiky]

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.

Elon Musk could "sell himself" to the government if he wants. That's assuming his plans of turning "X" into a financial super app fails in the long run. He would have to decide between sacrificing users' privacy in exchange of receiving the "green light" from mainstream governments, or all the other way around. All of this "free speech" nonsense is just a way for Elon Musk to gain attention from the public. But some people say he's still censoring accounts on "X". If that's the case, what makes you think he won't do it with your day-to-day transactions?

I think people will trust CBDCs more because they're backed by the full faith and credit of the government. Not a private entity with a secret evil agenda. Besides, Elon Musk never kept his promise of integrating DOGE into "X". Would you expect investors to take him seriously? Of course not! Only time will tell us whenever "X" will succeed or become history. As long as decentralization and privacy win, there should be nothing to worry about. Just my opinion

[Sophokles]

The current banking system is on the verge of collapse. It's work policy is more friendly for wealthy people than it is for average one. The whole economy is co related with the banking system in a way that the collapse of it can create a scenario that no one wants to imagine. I also think the whole system is not going to collapse rather it will evolve to keep up with the new monetary system that is emerging because of Blockchain technology and Bitcoin. No one knows how this change will occure but the consequences will be game changing.

What Elon is trying to do is already done by alipay in and wechat in china. This milestone is challenging but not impossible to hit. He has the resources and money to do that but he needs to overcome the challenge from his competitors and there are so many.

[Publictalk792]

No one can understand him what he think ? what will he do?  No one knows about that. If he is saying this so he will try his best to make this thing happen. But this is not an easy thing to replace banks with a social media platform. People still have believe on banks. By the way he saying this so he has thought about that. And he is planning something big.

[Dave1]

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.

We have a lot of altcoins already that can do that, even CBCD can also accommodate that, thus I don't know what Elon wanted to accomplished that a crypto hadn't been in the last 5 years.

Heck even bitcoin which we touted as slow because of it's confirmation can fit that need already.

So it's scary what Elon wanted to accomplished, it seems he wanted to be the central authority and I don't think that government will allow that as he will have a lot of power at this disposal.

[larry_vw_1955]

Sounds like you have a personal problem with him .

he's talked a big talk about mars but that's the one thing he isn't walking the walk on yet. if he had put all his efforts into mars instead of wasting it on all these distractions like twitter, crypto, etc maybe he would have already achieved that goal. but if he keeps going like he is, he's not going anywhere.

He is one of the world's richest

that's what i've heard but i haven't seen any proof. he doesn't seem like he's rich.

Imagine if he said in 1999 that he'd be so wealthy that he would be known by millions across the globe.

i dont think he's know for his wealth its more about his inventions. like electric cars.

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!

what humans? rich humans? people that have millions of dollars to pay to get off earth? aint gonna be no charity situations there. you would have to pay your way. i kind of think of it like a one way trip though. you can go there but you aint gonna be coming back. unless you have a big bitcoin balance...and can get someone to send you a spaceship to blast off mars with.

oh and just so you know, he would never let other people go first. not ever. i think he wants to be on that virgin journey.

[gabbie2010]

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

It's absolutely an unrealistic project and wouldn't see the light of the day, how feasible would is the project? When countries across globe has their monetary policies and all of sudden Elon musk introduced X to unsurp the operation of the banking sector that won't happen without any resistance, Moreso even if the project is successfully launch it would take a very long time for users to get used to the system provided that it operation was adopted by some countries, for instance Bitcoin had been introduced for more than a decade yet it global adoption hasn't reach cut across all the countries partly due to restrictions and bans how much more X which hasn't been launched yet.

[jrrsparkles]

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.

This isn't new idea and it already exists in many parts of the world but only successful in China in the name of WeChat and all other countries it failed no matter how reputed the company launched it. I don't think it is about cryptocurrency as far as I understood, its about the concept of a super app that you can eventually use for anything like chatting, paying at counters, online shopping via the app, and much more so for that it eventually needs banks or else the app won't survive on its own.

[larry_vw_1955]

Did anyone notice the banner ads in this thread for eloncoin?   They got the theme for mars for it and everything. Maybe they should throw everyone who participated in this thread a few "eloncoins"...

Only thing I didn't like about eloncoin is it is proof of stake. positives were it apparently is not just an eth token. its got its own blockchain. but its proof of stake.  

"Mars here we come!"

[Kelward]

In this age of technological advancements, I've stopped to doubt the possibilities of anything new, as it concerns the innovation and coming up with new and better ways of achieving any goals. I'm now more of lets wait and see how  it goes, because technology has surpassed my expectations. So if Elon Musk, says that he wants to monopolize the banking system, where his X will do every banking transactions, I'll still say let's wait and see, because the man is obviously a genius, who has the money, influence and the technology to give it a short.

Although i will not like for something like the banking system that holds the money of almost everybody on earth to be in the control of one man. He can decide to bring banking policies that will be detrimental to account holders, a lot of things can go wrong, so I'll still prefer banks to be autonomous in every country, where every account holder can decide to change their bank if the conditions are not favorable to them.

[DaNNy001]

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

It's absolutely an unrealistic project and wouldn't see the light of the day, how feasible would is the project? When countries across globe has their monetary policies and all of sudden Elon musk introduced X to unsurp the operation of the banking sector that won't happen without any resistance, Moreso even if the project is successfully launch it would take a very long time for users to get used to the system provided that it operation was adopted by some countries, for instance Bitcoin had been introduced for more than a decade yet it global adoption hasn't reach cut across all the countries partly due to restrictions and bans how much more X which hasn't been launched yet.

That's Elon musk for you, he is very ambitious and never relent if he actually wants to carry out any projects but the bitter truth about this particular project is that it will need a hell lot of time before the actual dream actualization. Just like you have stated no project not certainly the X will have such success if it is launch because there will certainly be rejection and refusal by world leader to anything is supposedly target in changing the finance system just as we have seen with BITCOIN.

[Abiky]

The current banking system is on the verge of collapse. It's work policy is more friendly for wealthy people than it is for average one. The whole economy is co related with the banking system in a way that the collapse of it can create a scenario that no one wants to imagine. I also think the whole system is not going to collapse rather it will evolve to keep up with the new monetary system that is emerging because of Blockchain technology and Bitcoin. No one knows how this change will occure but the consequences will be game changing.

What Elon is trying to do is already done by alipay in and wechat in china. This milestone is challenging but not impossible to hit. He has the resources and money to do that but he needs to overcome the challenge from his competitors and there are so many.

Elon Musk is just trying to get the attention of the public. Why re-invent the wheel when he can use an existing solution? For what I know, governments will never allow a company to replace banks with just a financial super app. Facebook tried doing it with the experimental Libra/Diem chain, and it failed. There are powerful players who don't want to lose control over the mainstream economy. Elon Musk should stick to integrating DOGE into the "X" platform and forget about the rest.

I'd say the future of X Corp is uncertain, especially when major companies stopped advertising on the "X" platform. Without a sustainble source of income, "X" will ultimately fail. It will be a short ride for Mr. Musk, unfortunately. At least, we'll have Mastodon to keep us by. Just my opinion

[Tipstar]

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.

It could if he plays smart. He has the vision and expertise to handle it to make it an everyday app with everything but for such large company to operate, there are some rules he need to follow. He needs to give up the users privacy and install a backdoor for authorities to track everyone and specially when they have crypto balances.
He might need to provide his crypto stack as a huge commission for the corporate team that controls the world, supporting the political candidate they asks to and silent anyone that goes against them. Even though he's the richest person in the world, he's still an outsider when it comes to the business group that actually control's the world.

[Sayeds56]

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.

Elon Musk is known for ambitious ideas and projects. and not all of them end up becoming reality. his focus on creating new financial system in which you will be able send money in any part of the without any problem seems a challenging endeavor, he also has plans to colonize Mars. In any case, only the time will tell how his plans in financial sectors and other industries unfold and materialize.

[martinex]

No one can understand him what he think ? what will he do?  No one knows about that. If he is saying this so he will try his best to make this thing happen. But this is not an easy thing to replace banks with a social media platform. People still have believe on banks. By the way he saying this so he has thought about that. And he is planning something big.

but for those who already understand Elon Musk it will be very easy to see where his thinking is going. I am very sure that little by little everything will be led by Elon towards an era of digitalization where the development of blockchain and cryptocurrency technology promises significant innovation where there are still many people who are not yet familiar with this concept. and there are still other alternatives to traditional banking services like today.

[Samlucky O]

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.”

Elon musk is smart type. He only wants to use another strategy to reverse the Downfall of X. because after he bought Twitter at the rate of $44b and lost $25b and left with $19 which he took loan to aquare it, he was a angry and never knew how to revive a dieing project like space X. So probably the strategy is a way of bringing it back to life. Buy I doubt if this project will fufill it's porpose. Other financial platform has been in existence and has kept a good reputation for a very long time and it will also take time for people to adopt this new financial system. I think Elon musk should not use force on people to maintain his stand as the richest man or else it will be the fall of Elon.

I think Elon is becoming ambitious to own the world, and that can't happen. The earlier he starts to adjust his innovative ideas on how to own the world, the better for him. No doubt his influential and also an inventor, but his ideas should be considered by individual wether it's inportant or not rather becoming by force. He should know that "a tree can not make a forest" so to every product the masses will have to adopt it for him to succeed. but if he fails to understand that, he is surely bent on his downfall.

[icalical]

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. 

I doubt it will be just a fantasy, Elon has made PayPal previously, and so far most of the project he has in mind, he made it into reality, not all of them is successful, but he made it into reality.

My curiosity lies wether he will made this project into a cryptocurrency project or not. 

[Abiky]

It could if he plays smart. He has the vision and expertise to handle it to make it an everyday app with everything but for such large company to operate, there are some rules he need to follow. He needs to give up the users privacy and install a backdoor for authorities to track everyone and specially when they have crypto balances.
He might need to provide his crypto stack as a huge commission for the corporate team that controls the world, supporting the political candidate they asks to and silent anyone that goes against them. Even though he's the richest person in the world, he's still an outsider when it comes to the business group that actually control's the world.

It's not as easy as it sounds. Even if Elon Musk convinced the regulators to launch his "financial super app", he's going to have trouble making it scale to the world. Not even existing public blockchain networks have been able to solve scaling issues. What makes you think "X" will? Unless Elon Musk is planning to ditch blockchain tech in favor of a centralized database, then it would be another story.

I think this guy just wants to gain the attention of the public. By creating a lot of "buzz", he's hoping to rise "X" from the ground up. But I seriously doubt the platform will survive when revenue is declining each day. Especially now when major companies stopped advertising on "X". No matter if he integrates DOGE into the platform, creates a new coin called "X Coin", or even uses an existing blockchain ledger such as XRP, he won't be able to save "X" from failing in the future. Everything ended when he bought Twitter in the first place. The world is full of surprises, so expect the unexpected. Just my thoughts

[larry_vw_1955]

I think this guy just wants to gain the attention of the public. By creating a lot of "buzz", he's hoping to rise "X" from the ground up. But I seriously doubt the platform will survive when revenue is declining each day. Especially now when major companies stopped advertising on "X". No matter if he integrates DOGE into the platform, creates a new coin called "X Coin", or even uses an existing blockchain ledger such as XRP, he won't be able to save "X" from failing in the future. Everything ended when he bought Twitter in the first place. The world is full of surprises, so expect the unexpected. Just my thoughts

good post. i can't think of anyone who said "now's a better time to advertise on twitter now that elon musk took it over than it used to be".  so yeah, i think having his name tied to it can be only a bad thing for its future. any controversies he gets into will reflect on X.

[dansus021]

will replace banks  that is not gonna happen, in my opinion bank will still be there no matter how big X is. Some people considered Starbucks as a bank to with a 1.5 billion USD outstanding gift card.

maybe in future the X will be super app that have payment on it and the payment would be like the regular venmo or cash app but borderless and might use crypto aswell

[libert19]

I don't heed such speculations, it's such a waste of time. If his idea fructifies (which sounds unlikely); I'd be willing to try it out, if not; could care less.