this post was submitted on 27 Oct 2023
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690
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 [email protected] to c/[email protected]
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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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[–] [email protected] 8 points 1 year ago* (last edited 1 year ago) (2 children)

He plans to ignore those regulations, quite obviously. He's been ignoring laws and regulations in every company he touches. There'll be about a month where a whole lot of people get scammed/lose access to their funds due to his mismanagement, then the federal government (as well as some state governments and at least a few other national governments) will threaten to shut him down. Then he'll make some token gesture to obey the law. The government will back off, but the new platform will collapse anyway and he'll quietly pull the plug, hoping it won't show up in a news cycle.

[–] [email protected] 4 points 1 year ago (1 children)

Interesting tension there between "rich white assholes are above the law" and "don't fuck with rich people's money".

SBF found himself on the wrong side of that one...

[–] [email protected] 2 points 1 year ago

He emulated a crypto version of bank and hedge fund, but for some reason failed to see that he had to stay solvent when the FED can't save him.

[–] [email protected] 2 points 1 year ago

Yup, and he will either use all the cash that people throw at him to run a stock scam or crypto scam agaim and hope to keep those profits by the time people come for the money.

It's like he's running a short against all of his own followers. Tactics like a scummy scam artist. A pyramid scheme without the pyramid....
It's insane what influence actually will buy you if you have enough of it.