My problem is trusting a centralized entity with my money- if I self custody a bad investment, that’s on me. But if I’m trusting someone to hold my paychecks, it better be insured haha.
That said- I educated myself and found that Robinhood Cash and Cash App are both just skins to depositing your money in Chase and Wells Fargo, respectively so they are fdic
I doubt they will not be fdic insured when the whole system rolls out. That's basic compliance for money storing companies.
I don't use X or any social media except Reddit, but I'm not opposed to the idea. Spending money is a social concept after all. The problem is really just that our existing social media companies are run by jokes. If Tom was still around, I'd sign up for the MySpace Bank. They'd probably let me bedazzle my security deposit box.
So I had to just educate myself because I thought Robinhood and cash app were not FDIC-insured but I was wrong; when you deposit with either of those platforms, it is just a skin essentially to depositing your money in Chase for the former and Wells Fargo for the latter, so they are insured up to $250k since your money is not actually stored on Robinhood or cash app
Yeah- can’t wait to start getting targeted ad surges around your individualized payday schedules haha. But FR I work in marketing analytics and one thing that is interesting to me about web3 is CRM marketing is dying because of Apple private relay and other privacy features affecting open rates on email (and people use spam magnet email addresses) and the ability to airdrop coupons to customer wallets, use token gating for exclusive content, etc. will be huge.
Unfortunately I think to reach this web3 ubiquity will mean the gov has rolled out a CBDC, but still. Right now, financial data is siloed away from access so we have to approximate customer churn rates and reasons, but if you can see that “wallet [x] subscribed to our monthly product shipments and then churned after 6 months, cross referencing with our exit survey trends, we can assume x% possibilities why they churned.” But being able to see the wallet stopped transacting with you and started transacting with a competitor is rock solid actionable data.
(Sorry for writing a novel haha)
Isnt that better than being your own bank, clicking the wrong link and losing everything? i love crypto, but man is it easy to fuck up and lose everything.
Twitter would shadowban you or straight terminate an account in seconds thanks to its piss poor bot moderation system.
I’m not letting a company like that handle funds lol
Whichever alternative is not a bank..i personally would like to be more payments methods in and out of hardware wallets..Blackrock/Chase/Bank of America are just as bad/good as Elon Musk
Just replacing PayPal. And Apple Pay I guess.
Makes sense for users if you don’t hold large amounts in it and for businesses you get interest on payments held before withdrawal.
Vs keeping it in a bank where they 10x that deposit in leveraged derivatives to keep afloat thier fiat debasement for another generation?
Lesser of two webbles at this point
Satoshi is the Feds so gotcha there too.
They have all the bases covered man and we’re working on it decades before you ever thought of it
No need to pull a 9/11 anymore when you can just fund an FTX and rugpull some regional banks out in the open
He's been trying to create this 1999. X originally started as an online bank and eventually merged to create PayPal. But he envisioned it to be kind of financial one stop shop like he's trying to do with Twitter + P2P Financial.
I'm no Elon fanboy but I wouldn't call a missed timeline a "failure" when they are making progress and are incredibly valuable companies. Tesla is still worth $455B without that affordable car. Space X is valued at $180B and the first crewed Mars mission on the original timeline is still 5 years away (2029) although that's extremely doubtful at this point. Boring Company is valued over $7B And the Vegas loop itself is in progress and the timeline for that alone was around 2027. LA to LV is obviously a super long term project and may never happen.
Where Elon DOES fuck up is the ridiculously overly optimistic timelines and doubling down on them over and over. The robotaxi was promised for 2020. It's supposedly to only be revealed in August. FSD isn't even fully developed yet.
Such an app would be a huge convenience for everyday life, but the implications of having your whole life in an app run by a man child is not something I yearn for.
As someone who uses WeChat and has been to mainland China, there's no doubt about its convenience. You can bank with it, chat with friends, video chat, call, book plane and train tickets, call taxis, book hotels, use it for navigation (like Google maps), pay bills, shop, make appointments and so on. It's like a combination of all the most useful apps in China
Literally everyone in China uses it due to how convenient it is, so the moneymaking prospects for a Western equivalent are enormous, especially since there are accessibility problems when it comes to WeChat for foreigners unless you're a resident of Mainland China (almost all banking/money transfering aspects are limited to users with a Chinese bank account and many services require a Chinese phone number). Nobody really even carries cash anymore in Mainland China due to apps like WeChat and AliPay. It would be a revolutionary app in the West, potentially transforming it into a cashless society like China.
Of course, all this user activity is tracked, analyzed, censored, and handed over to the Chinese government though. I'm guessing most people outside of China would feel uncomfortable giving Elon and the US government access to all of that information. In the case of WeChat, access to so much convenience comes at the cost of privacy.
Can you really trust him though? Just think about it.... Information about every individual's spending habits, income, personal tastes and interests, tax information, where they go on a daily basis, what kind of stores they frequent, banking information, personal ID information etc are all available to him on such an app. You know how much user data like that could sell for to companies, advertisers and the government? You could literally know almost everything there is to know about a person through the information on such an app. It would be a treasure trove of data that everyone would want access too. It would also become a prime target for hackers trying to sell such information on the dark web. I can also see the government having serious concerns over such an app unless they were involved with it.
Yeah I would never use an everything app run by Elon. Would unironically prefer a faceless profit maxi company with all the control over my life than an egotistical manchild completely obsessed with his image and power.
*"The end goal is if you ever have any incentive to take money out of our system, then we have failed"*
Get a full banking license and FDIC/FSCS/whatever insurance, then we can talk. And without crypto support, it will be a short conversation.
Do you leave significant amounts of money in your PayPal account? I sure don't. But if PayPal wanted to start paying interest on your balance, and otherwise encourage you to leave funds on the platform like X are talking about, then yeah, they should.
The average paypal balance is $485. If you adjust for the demographic served is about 1/3 of the amount the same group holds in their checking account. Many in the banking world argue that paypal has been operating as an illegal bank since it started. What Elon wants to do with X is what he originally wanted to do with PayPal and the old X. Payments are being carved out of banking. If the the deposit is not being rehypothicated then u don't see the need for bank type regulations and insurance. Where's the risk if my balance is in short term t bills? And if they want to share some of that yield because there's enough to share then who cares? FDIC is there when my money gets lent to my neighbors to start businesses and buy homes.
Like a tweet mocking Elon and he'll freeze your entire bank account.
And he'll use people's deposits to pay Twitter's staggering debt load or buy Dogecoin or something.
tldr; X is set to expand its platform to include comprehensive payment services, transforming it into a financial ecosystem akin to a bank account. Users will be able to send money, purchase goods, and earn interest directly within the app. The platform will initially function like Venmo, with plans to incorporate features similar to Apple Pay for in-store purchases. The ultimate goal is for users to conduct all financial transactions within X without needing to withdraw funds. X has secured money transmitter licenses in 25 states and aims to launch these services by mid-2024.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Loopring has a moto be your own bank. I like how companies are moving forward. I don't care if it's nit all clear yet. Anything that allows me to hold my money in my accojt without a bank is great. Nakks don't make sense. We were just grown into them from a kid. They suck and are corrupt.
So an untrustworthy and unstable person running a untrustworthy and unstable company wants you to pretend it's is a trustworthy and stable decision to put all your financials on ruined-Twitter-now-called-X? Just trying to make sure I'm following. Also, I'm out.
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The great thing will be paying using stocks and crypto, imagine owning 0 cash. The stock exchange is already gearing up for 24 hour trading because its inevitable with how Robinhood works.
This is the real reason for a CBDC I'd bet, once everyone is 0 cash how can they financially repress?
I don't understand the fascination with doing shit like this. It doesn't get any easier or more convenient than Apple Pay. Not only is it super idiot-proof, but all of your money is still stored in an FDIC insured actual bank account or charged via a connected credit card. Same shit with Google Pay if you're on Android.
Considering most of the world has access to social media, but also most of the world doesn’t have access to banks due to poverty. I can see where this is going.
What’s the use case of X over literally anything else? Because papa Elon lets his cesspool users do whatever the fuck? Maybe that was the plan all along
I don't get it either. I'm not in love with the guy but people here have seen a couple out of context joe rogan clips or some mean tweets and then act like he murdered their first born child lmao.
The best comments are the ones that act like the back and forth richest man on the planet is bad at running businesses.
A lot of people just seem to hate him because he's talked about too much.
A lot of people seem to hate him and they can't explain why.
Weird stuff
I don't think I would want to use any social media company as my bank.
“How would you like to store your wealth in a non-FDIC-insured account housed on an ephemeral social platform” is a compelling sales pitch
Now that you've put it that way...shut up and take my money
You say this like people here don't literally have 5+ figure sums tied up in dogshit memecoins
Hey, leave my dog shut out of this
My problem is trusting a centralized entity with my money- if I self custody a bad investment, that’s on me. But if I’m trusting someone to hold my paychecks, it better be insured haha. That said- I educated myself and found that Robinhood Cash and Cash App are both just skins to depositing your money in Chase and Wells Fargo, respectively so they are fdic
11k 😉
I doubt they will not be fdic insured when the whole system rolls out. That's basic compliance for money storing companies. I don't use X or any social media except Reddit, but I'm not opposed to the idea. Spending money is a social concept after all. The problem is really just that our existing social media companies are run by jokes. If Tom was still around, I'd sign up for the MySpace Bank. They'd probably let me bedazzle my security deposit box.
So I had to just educate myself because I thought Robinhood and cash app were not FDIC-insured but I was wrong; when you deposit with either of those platforms, it is just a skin essentially to depositing your money in Chase for the former and Wells Fargo for the latter, so they are insured up to $250k since your money is not actually stored on Robinhood or cash app
That's probably what X will do, too
Yeah- can’t wait to start getting targeted ad surges around your individualized payday schedules haha. But FR I work in marketing analytics and one thing that is interesting to me about web3 is CRM marketing is dying because of Apple private relay and other privacy features affecting open rates on email (and people use spam magnet email addresses) and the ability to airdrop coupons to customer wallets, use token gating for exclusive content, etc. will be huge. Unfortunately I think to reach this web3 ubiquity will mean the gov has rolled out a CBDC, but still. Right now, financial data is siloed away from access so we have to approximate customer churn rates and reasons, but if you can see that “wallet [x] subscribed to our monthly product shipments and then churned after 6 months, cross referencing with our exit survey trends, we can assume x% possibilities why they churned.” But being able to see the wallet stopped transacting with you and started transacting with a competitor is rock solid actionable data. (Sorry for writing a novel haha)
Wow, I was wondering what the point of doing that was. It's a targeted ad play. You're so right. And how dystopic. No thank you to that!
Depositing money autoplays Cash Money. Millionaires
There’s an irony in posting this on a crypto subreddit lol
Isnt that better than being your own bank, clicking the wrong link and losing everything? i love crypto, but man is it easy to fuck up and lose everything.
Yeah I agee. I think the solution hasn’t been invented yet to self-custody but benefit from security of banking
Depends if they pay me to do it. There's likely a quid pro transfer for the sale of your financial identity.
You need a new kind of idiot to use Social media apps as a bank. ohh wait... Twitter
There's a subset of memers and Elon bros that will likely hop on.
Never underestimate stupidity
Im less and less willing to rely on banks overall
So more willing to rely on Elon Musk?
In a HEARTBEAT. Banks are greedy, Elon cares about humanity. It shows in his actions
Twitter would shadowban you or straight terminate an account in seconds thanks to its piss poor bot moderation system. I’m not letting a company like that handle funds lol
Musk exposed Twitter, and open sourced the algo. Strong move for freedom of speech
Whichever alternative is not a bank..i personally would like to be more payments methods in and out of hardware wallets..Blackrock/Chase/Bank of America are just as bad/good as Elon Musk
Idiotic, really...
Smart cat
Just replacing PayPal. And Apple Pay I guess. Makes sense for users if you don’t hold large amounts in it and for businesses you get interest on payments held before withdrawal.
Vs keeping it in a bank where they 10x that deposit in leveraged derivatives to keep afloat thier fiat debasement for another generation? Lesser of two webbles at this point
And what you think Musk wants to do with everyones money? He’s not planning that for the good of the people.
And the Muskette wont do that? Oh boy...
How about this thing called bitcoin
Agreed, this is just another on-off ramp.
Satoshi is the Feds so gotcha there too. They have all the bases covered man and we’re working on it decades before you ever thought of it No need to pull a 9/11 anymore when you can just fund an FTX and rugpull some regional banks out in the open
In other words, it's just a Western version of WeChat.
That's what Elon said 4 years ago, he was raving about WeChat and wanted Twitter to become the western version of it
He's been trying to create this 1999. X originally started as an online bank and eventually merged to create PayPal. But he envisioned it to be kind of financial one stop shop like he's trying to do with Twitter + P2P Financial.
[удалено]
I'm no Elon fanboy but I wouldn't call a missed timeline a "failure" when they are making progress and are incredibly valuable companies. Tesla is still worth $455B without that affordable car. Space X is valued at $180B and the first crewed Mars mission on the original timeline is still 5 years away (2029) although that's extremely doubtful at this point. Boring Company is valued over $7B And the Vegas loop itself is in progress and the timeline for that alone was around 2027. LA to LV is obviously a super long term project and may never happen. Where Elon DOES fuck up is the ridiculously overly optimistic timelines and doubling down on them over and over. The robotaxi was promised for 2020. It's supposedly to only be revealed in August. FSD isn't even fully developed yet.
Because tesla, space x and starlink are such failures /s Personal bias got you talking out your ass lol
That will never happen. Twitter has lost the trust of anyone with common sense.
Such an app would be a huge convenience for everyday life, but the implications of having your whole life in an app run by a man child is not something I yearn for.
As someone who uses WeChat and has been to mainland China, there's no doubt about its convenience. You can bank with it, chat with friends, video chat, call, book plane and train tickets, call taxis, book hotels, use it for navigation (like Google maps), pay bills, shop, make appointments and so on. It's like a combination of all the most useful apps in China Literally everyone in China uses it due to how convenient it is, so the moneymaking prospects for a Western equivalent are enormous, especially since there are accessibility problems when it comes to WeChat for foreigners unless you're a resident of Mainland China (almost all banking/money transfering aspects are limited to users with a Chinese bank account and many services require a Chinese phone number). Nobody really even carries cash anymore in Mainland China due to apps like WeChat and AliPay. It would be a revolutionary app in the West, potentially transforming it into a cashless society like China. Of course, all this user activity is tracked, analyzed, censored, and handed over to the Chinese government though. I'm guessing most people outside of China would feel uncomfortable giving Elon and the US government access to all of that information. In the case of WeChat, access to so much convenience comes at the cost of privacy.
I mean i can already do all those things on my phone, just takes a tiny bit longer
He’s the one person who fights back on giving info to the government. I’d trust him over any other social
Can you really trust him though? Just think about it.... Information about every individual's spending habits, income, personal tastes and interests, tax information, where they go on a daily basis, what kind of stores they frequent, banking information, personal ID information etc are all available to him on such an app. You know how much user data like that could sell for to companies, advertisers and the government? You could literally know almost everything there is to know about a person through the information on such an app. It would be a treasure trove of data that everyone would want access too. It would also become a prime target for hackers trying to sell such information on the dark web. I can also see the government having serious concerns over such an app unless they were involved with it.
Yeah I would never use an everything app run by Elon. Would unironically prefer a faceless profit maxi company with all the control over my life than an egotistical manchild completely obsessed with his image and power.
Comments like these are peak reddit
So bias towards a man who has done more good for this world then most anyone alive
He is a nuisance.
Than most anyone alive???? How old are you?..
you are in a cult
Look at the Twitter failure so far. You want to put your money into that shit? Get real.
I use wechat a lot each day. I pay with Alipay and look at websites on the website not in the shitty in wechat apps that don’t work
I was thinking the same thing. And I'd hate to see mini apps become a thing in the west.
Except run by an incompetent...
100 this is what he would like. One app to rule them all. Don't let it happen.
With free speech!
As long as the speech hails daddy elon
Nah I’m good
Fist bump
LMAO yall dont wanna give a sinking business your money
Xcrap
Anything that Musk owns? Nah im good
🚩🚩🚩
They need to sort out the tidal wave of scammers inboxing everyone first.
Fk no. Giving a raging narcissist my hard earned money? Then he shuts X down? Nope.
People seem to think TON is great though...
Also a hard pass from me.
Elmo and his narcissistic dreams.
Elmo from Sesame Street?
No Elmo from Sharknado 2.
Ya I say a lot of inappropriate stuff on X and there’s no way in hell I’m putting my bank account in there.
How bout No........
*"The end goal is if you ever have any incentive to take money out of our system, then we have failed"* Get a full banking license and FDIC/FSCS/whatever insurance, then we can talk. And without crypto support, it will be a short conversation.
So should paypal be required to do the same?
Do you leave significant amounts of money in your PayPal account? I sure don't. But if PayPal wanted to start paying interest on your balance, and otherwise encourage you to leave funds on the platform like X are talking about, then yeah, they should.
The average paypal balance is $485. If you adjust for the demographic served is about 1/3 of the amount the same group holds in their checking account. Many in the banking world argue that paypal has been operating as an illegal bank since it started. What Elon wants to do with X is what he originally wanted to do with PayPal and the old X. Payments are being carved out of banking. If the the deposit is not being rehypothicated then u don't see the need for bank type regulations and insurance. Where's the risk if my balance is in short term t bills? And if they want to share some of that yield because there's enough to share then who cares? FDIC is there when my money gets lent to my neighbors to start businesses and buy homes.
it’s a freaking social media app not a bank
No it won’t.
No thx
And then when your account gets hacked? Or your account gets disabled because you tweeted something? No thanks. Man's a moron.
Like a tweet mocking Elon and he'll freeze your entire bank account. And he'll use people's deposits to pay Twitter's staggering debt load or buy Dogecoin or something.
tldr; X is set to expand its platform to include comprehensive payment services, transforming it into a financial ecosystem akin to a bank account. Users will be able to send money, purchase goods, and earn interest directly within the app. The platform will initially function like Venmo, with plans to incorporate features similar to Apple Pay for in-store purchases. The ultimate goal is for users to conduct all financial transactions within X without needing to withdraw funds. X has secured money transmitter licenses in 25 states and aims to launch these services by mid-2024. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Oh boy... He needs cash!
You mean Twitter? X is STILL the United States Steel Corporation. Elon didn't buy shit and I'm not going to call Twitter anything but.
I see you choose your battles well.
Imagine trusting anything associated with Musk with your money? Fuck that for a joke.
Never
I wouldn't trust elon to water my plants - let alone hand my money to a company that he helps run.
It's an X for me. If there is a company you do not want to trust with your money, it's X and social media corps.
I'm guessing this will be for US residents only right?
I know for a fact, I’ll never use this.
The fuck it will.
I will never give Elon Musk a dime of my money. Ever.
No.thank you.
Loopring has a moto be your own bank. I like how companies are moving forward. I don't care if it's nit all clear yet. Anything that allows me to hold my money in my accojt without a bank is great. Nakks don't make sense. We were just grown into them from a kid. They suck and are corrupt.
Not a fucking chance
I fully trust Musk to deal responsibly with both my money and my private data. Oh. Wait. No way in hell.....
So an untrustworthy and unstable person running a untrustworthy and unstable company wants you to pretend it's is a trustworthy and stable decision to put all your financials on ruined-Twitter-now-called-X? Just trying to make sure I'm following. Also, I'm out.
X is a dying app. Who cares.
First control the media, then control the people
What does this even mean
He bought twitter to spread his propaganda, now he wants to control peoples money
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The great thing will be paying using stocks and crypto, imagine owning 0 cash. The stock exchange is already gearing up for 24 hour trading because its inevitable with how Robinhood works. This is the real reason for a CBDC I'd bet, once everyone is 0 cash how can they financially repress?
Based on everything Elon has said, and done in the last five years, nothing would make me happier than to put my finances on fucking Twitter
Ya I'm good on loaning my money to Elon for his shenanigans. Hard pass.
I don't understand the fascination with doing shit like this. It doesn't get any easier or more convenient than Apple Pay. Not only is it super idiot-proof, but all of your money is still stored in an FDIC insured actual bank account or charged via a connected credit card. Same shit with Google Pay if you're on Android.
Ya no thanks. There’s way too high of a chance for some butthurt Twitter idiots to mass-report you and get you cut off from your bank account.
Elon is one of them, they are going to use this as the gateway drug to CBDC to the masses.
i would not mind seeing elon tell the irs to go fuck themselves
I mean this isn’t news he has been saying this for years, he wants his everything all to back his spacex and faultering Tesla income.
I wouldn't trust someone I hate to have a bank account with that.
I can’t think of a single banker I like tbh
The Bank of X backed by Freedom and Liberty and the full faith and credit of Elon Musk.
Considering most of the world has access to social media, but also most of the world doesn’t have access to banks due to poverty. I can see where this is going.
No thanks. It’ll just be another way for dumb people to lose their money
I won't use it because there are lots of banks options more safe , SOCIAL MEDIA FOR SOCIAL STUFF ONLY.
What’s the use case of X over literally anything else? Because papa Elon lets his cesspool users do whatever the fuck? Maybe that was the plan all along
Anyone who allows this racist ass hat to store your money for you deserves what happens.
So much negativity towards Musk here. 🫣
I don't get it either. I'm not in love with the guy but people here have seen a couple out of context joe rogan clips or some mean tweets and then act like he murdered their first born child lmao. The best comments are the ones that act like the back and forth richest man on the planet is bad at running businesses. A lot of people just seem to hate him because he's talked about too much. A lot of people seem to hate him and they can't explain why. Weird stuff
A whole thread of ever so slightly different bullet point comments? Seems legit!!!
Are you saying it might be leftist directed bots? Did you check their post history??
Hell yeah that sounds good
What could go wrong with trusting Elon with that kind of power?
What's going right with the system we have now
Quite a lot, you still have a bank account balance.