this post was submitted on 27 Oct 2023
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Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’ (www.theverge.com)
submitted 1 year ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
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“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Well that sounds terrifying!

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[–] ubermeisters@lemmy.world 8 points 1 year ago (3 children)

which is owned by paypal, which he already got out of..

[–] CosmicTurtle@lemmy.world 24 points 1 year ago (1 children)

And let's remind everyone because people seem to forget.

PayPal is NOT FDIC insured!

[–] popemichael@lemmy.sdf.org 7 points 1 year ago

I pretty much run everything through paypal for the extra layer of security.

It saved my ass when I was doxxed and hacked. I had my logins and financial information stolen.

I can totally see not putting more than a few thousand into the balance if you're going to use it like a secured credit card.

Otherwise, keeping $0 in it and using it as a middle man between your bank and the outside world is a fantastic solution to protecting yourself.

[–] TurnItOff_OnAgain@lemmy.world 13 points 1 year ago

Was forced out of after he almost tanked the company trying to do this exact thing.

What's the definition of insanity again?

[–] jollyrogue@lemmy.ml 1 points 1 year ago

Yeah, it’s not an original idea. He’s recycling his ideas.