Topic: Elon Musk predicts X will replace banks in 2024 - The Verge (Read 745 times)

It still possible tho since like you have said before Elon is super optimistic he build tesla where everyone still busy with their gasoline car he build spaceX when he try commercial the space and he build Starlink internet for everyone.

He cannot replace bank but the possibility to create some sort of wallet or payment is possible tho its need time and bunch of regulation to comply and crypto might be one of their payment system

I am not doubting what Elon Musk can accomplish in the financial sector because he created paypal but i am rather curious with the way how he is going to implement them in X and how he is going to overcome the legal obstacles he might be facing to obtain the licenses on a global scale if its another altcoin.

i never think that he gonna implement anything related to meme coin to his future project, its basically like trying to destroy your own project, imagine a meme coin thats highly volatile would be implemented into a super platform, that might not gonna end well but I guess at least if elon truly committed in supporting doge he would just use it as a feature just for fun I guess.

but honestly this is kinda super optimistic vision from elon musk beating the banks, i doubt that could even be realized, after all these banks are already domination financials sector so much that the new financial technology innovation always revolve arounds these banks at the end of the day, im talking about tech outside the blockchain and cryptocurrencies, so I personally doubt that elon could even relpace banks, there's also trust thats involved in here, some people might find it hard to trust elon.

In that regard, we do not know what Elon Musk's thoughts are for the future; we mostly know that he has visions that, in the eyes of the majority of people around the world, he does not believe, but despite all that, it does not become an obstacle for him to stop the impossible things that will happen in the eyes of others.

If that's what he's planning and thinking, let it be, and besides, he's the only one who will actually benefit from those plans. As far as I know, crypto was also loud here before, but now it's suddenly quiet, but it's still in the market somehow.

Since when do you need to have a license to accept cryptocurrency payments? This would only apply to centralized Fiat currencies. Dogecoin is (and will always be) a decentralized cryptocurrency. Even if many people are investing into it blindly because of Elon Musk. I'm sure no one will take "X" seriously if a "meme" coin becomes the cornerstone of digital payments. Using an alternative like XRP would do the trick. It even matches with the name of the social network.

I can't imagine banks disappearing by 2024, especially when they're a "force to reckon with". It will be a huge battle between X Corp and the regulators. What "X" could do is replace PayPal as the world's leading payments processor. Anything else would be only a dream. Maybe Elon Musk will create his own coin (X Coin) for the "X" platform?

Even tho he gonna move with doge as one of the payment systems. they gonna sued by the SEC like the other companies  But I wish all good luck to X since this is best social media for the Crypto Ecosystem.

think again!

https://luxurylaunches.com/other_stuff/nasa-choses-blue-origin-for-mars-mission.php
Jeff Bezos beats Elon Musk in a race to Mars – NASA has chosen Blue Origin over the Tesla founder’s SpaceX as the first private company to carry out a mission to the red planet.

Jeff Bezos just gets it done while Musk is too busy talking to interviewers...

Indeed musk is really am abititioius human being. Checking from his history he has done so many things to gain attention and to maintain his dignity as the richest man, failed to understand that trying to own everything can bring about his downfall. I think he is doing this to revive space x

its probably just gonna be another form of paypal, basically a more supercharged paypal I presume where it linked social media accounts with the financial service. I could see why elon think its gonna be revolutionary, but we don't know until he truly implements the product then we will see the general people opinion in regard of the service and whether they gonna be using it.
after all it also might implicates money theft even more if social media and bank account is integrated like you see even now there are many twitter accounts being hacked, I don't think it will be good idea but I think elon himself will put some measurement into this and are already concerned in regard of this I can guess, after all, he must know the weakness of twitter.

For Elon, it could be sky is the limit for all his goals and life's aspirations. But there's actually no wrong with that, but if its more than a reality already and the rate of chance to make it happen seems impossible already, then I guess that at that point it's no longer making sense anymore.

Replacing the position of banks is still impossible these days, Elon's prediction might probably happen but the time remains to be uncertain.

He could have that imagination but never I think it comes to reality unless he is the government. Indeed, the government doesn't support it nor do people have confidence that  Elon Musk could change the currency system, it was just a proposal and the chance is very small in winning the support of the community. What EM did was just get the attention that he is a genius. Even if he has the money but without support from the government, that is still impossible to happen. Many businessmen are certainly against that idea and we know how politics works.

Well nothing is impossible if the mind is there and the most important thing that make things easy to come to pass is the finance. If the finance is there then Elon Musk will convert the X to a financial institution to help humanity in the world like Bitcoin. If Elon Musk wants to convert the twitter to a digital currency to liberate people from poverty and removing the fiat banking system and replace it the X project and it works well then it is a good one.

But I don't think can be possible because for America to leave their dollar to use another currency will be hard.

Doge holders should be on the look out about his future announcements as he can really integrate doge in their payment system.
If he said something on this tone, I believe he will truly keep up with this route, as he is already into crypto.
Maybe he is still ironing out the legal side of it, now that crypto market is hot in the eyes of the regulatory bodies.
But I really think that he can realize such payment within his companies. Not the first attempt anyway on his end.

I don't think he (Elon musk) have plan about the integration of fiat currency.
I once read days ago which I never confirm if the rumor is true that X is now fully licensed to operate with the use of crypto currencies and if the rumor is true I am sure Elon will prioritize Dogecoin as payment.



His payment plan may get huge usage but it replacing the banks is just one of Elon Musk marketing hype.

He know the government will never allow that to happen base on how they also like to print more fiat currency.

I doubt "X" will gain the confidence from everyday people as a financial app. Especially if it uses a centralized currency like Fiat. Banks are better trusted for safekeeping Fiat than anyone else. Maybe Elon Musk will finally integrate DOGE into "X"? Or maybe he will launch his own coin/token to use it on the "X" platform?

There are so many questions as to how Elon Musk will be able to achieve his dreams of replacing banks by 2024. With revenue/profit declining each day, the chances of success are pretty slim. Governments will never allow this to happen anyways. Otherwise, it would mean the end of central banking for good. The future is unpredictable, so we can only hope for the best. Just my opinion

absolutely. acquiring twitter was a big detour and shows how he's not really committed to going to mars. by wasting all that money on a silly social media acquisition that will probably be unprofitable. i think he explained why he bought twitter and it was some strange reason that doesn't really make sense. it wasn't for financial reasons apparently. doesn't make sense. he's a weird dude...

he's shooting himself in the foot and ruining what once was twitter:
https://www.thedailybeast.com/elon-musk-tells-advertisers-who-quit-x-twitter-to-go-fck-yourself

like i think i already said, he's a liability to X not an asset. if he just kept his mouth shut and stayed an anonymous owner it might would have been better for twitter's chances for continued success. oh and the name change.

His idea of developing X into a full financial hub looks to be more of a pipe dream than a realistic goal. Skepticism is raised by the promise of transforming global transactions and leaving existing banks obsolete by the end of 2024. Musk's expansion into numerous projects, ranging from space exploration to electric automobiles, has some questioning his initial objective of colonizing Mars.
While Musk's previous accomplishments with X.com and PayPal give credibility, the current financial ecosystem presents complicated regulatory and public trust difficulties. The requirement of presenting an alternative to established services such as Western Union raises further concerns. Despite Musk's track record of beating odds, the timescale for X's financial transformation is unduly optimistic, making it a dubious addition to his ambitious portfolio.

I think now banking system is fundamentally very strong in the world wide, So by using a social media he will never overtake it, it’s absolutely difficult, because it will be very difficult to convince people that he will implement something better than the bank where the bank will no longer be needed, people’s now very use to in bank. But we know that he is a dreamer and knows how to take challenges, so he will definitely try to implement what he plans, but what extent he will be successful, time will tell.

Since he took over the twitter there is bunch of drama 

Money has the power and Mr. Elon had plenty of it just like what you said in signature campaign in any occasion elon might "I could either watch it happen or be a part of it"

I just hope Elon Musk don't kill X with stupidity as we have seen so much of drama with X, let it be firing the previous CEO and other controversies and now his involvement in the war zone which was unnecessary.

TBH Elon Musk should understand that he should be more focused on how to make his organisation more profitable as it's been a rough year for him as whatever he has touched this year has backfired.

Soon he would be approaching the banks to bail him out if he doesn't fix the issues within his org.

Hahahah lol but it is what it is. Even X can manage a ton of people to atleast deposit their money into the platform the company would simply need a bank to keep the cash save or at least move it to investment bank like jp morgan but bank still bank.

But I just hope the X becomes the crypto-friendly social media and maybe implement crypto technology as well. Wish all the best to X.

btw i like the old name "Twitter" 

Hype power, a free marketing strategy and a cheap way to bring more ad sales on X.
I read this news last week "X May Lose Up to $75 Million in Revenue as More Advertisers Pull Out"
source: https://www.nytimes.com/2023/11/24/business/x-elon-musk-advertisers.html

I guess soon he will need banks to save X. The company (since twitter) already locked in a chaotic doom loop.
He better focus on Tesla and spaceX, the world still need it than build a new social media business model to replace the bank all over the world.

IMHO, that's better be left there as fantasy. But we also knew that Elon is such a crazy guy and will try to do shits that he can for something that he wants to take.
I've heard of that plan before that he wants to do some super app and that's through Twitter and the changes are happening so, coming from that name and rebranding it into X.
Now, it's still far from replacing the banks but I know that with a short span of time if something have been changed for the better then it only means that he might do that but I am not optimistic on it.

This was literally his test at paypal as well, he wanted a website like that but he wasn't rich and he couldn't hold the company, he always hated that he had to sell but he had to because he had no money and everyone around him didn't had money so they had to accept. Now that he has the money, he bought back the domain again, dude is so obese with it that some other person was holding the X account ,and he banned that person and took his twitter, he is ambitious I can give you that but he is not fearing illegality when doing this.

The problem is that X got financing from around the world, from Saudis, from Russia, from china, and turning that into a financial company would mean that other nations have a stake at something that controls American peoples money, government will absolutely not allow that.

i am not surprised to see elon musk creating innovative ideas outside the box, after all he is know to be a game changer. over the years only his influence in some certain area have struck growth and popularity, when he bought twitter and changed the name to x, there was this argument that it will bring about the end of the social media, but yet X is still doing fine. no one can measure his impact on a product especially when he is determined to make a great development, i think he can actually make this dream possible. but with the idea of replacing fiat banks and its currency, i am not sure that would be possible within a short period of time provided that it is another form of digital currency.

Well, of course, this is part of advertising, I’m more than sure that next year we will be able to see something similar to the chamber system; besides, he already has experience. The monetization of content that exists now is clearly the first step from the intended plan.

If anything like this was to happen it won’t be as early as 2024. I’m not doubting Musk, he’s a genius, look what he has achieved in his life. I think 2024 is overly ambitious though. I wouldn’t be surprised if X as a payment processor could replace some sections of banking by 2030 but it is too much to expect by 2024. Maybe he should set more realistic targets.

He's just promoting his product. I don't think that he even truly believes in those words. Changes like this aren't happening that fast.

If Elon Musk tries to do this, the various regulatory authorities of most countries will immediately attack him and it will be something like what happened with Zuckerberg’s similar plans with his stable coin Libra/Diem on Facebook. However, Elon Musk may take this unpleasant history into account and do something different. Well, let him try. However, it is unlikely that financial services on a social network can replace banks. The banking system has been and will continue to exist, although it will adapt to changing conditions.

Exactly. I simply don't see "X" replacing banks anytime soon. These financial institutions are too big to fail. They have the full backing and trust of the government. I doubt people will trust a private company on top of banks. To create a "financial super app", Elon Musk is going to need to approval of all of the world's governments. And that's very unlikely to happen because the world can't reach a common agreement.

If Bitcoin didn't beat banks, what makes you think a centralized financial app will? Elon Musk completely lost his marbles. I will see him "rekt" by the end of 2024, as "X" loses traction big time. The future is unpredictable, so lets hope for the best. Just my thoughts

everything said in this thread is speculative because the only person who knows the truth is Elon himself. We all know that he is the richest man at the moment and likes to surprise people, just like when he bought Twitter at a high price just for freedom of speech. but whatever the policy it is worth waiting for, especially if the policy has a good impact on all of humanity.

This might be similar to China's WeChat? but I'm confident that Musk will improve and surpass its features with X. However, I hope there won't be any privacy issues, and data protection security should be stringent. Realistically, it may not immediately outshine traditional banks... its success may take some years, contingent on people's acceptance and willingness to embrace this innovative platform.

His influence is no doubt at top level.

And after launching it whether it is a success or not, just like him. Many are going to try it for their own experience and even I, even if I'm not that curious at all.

I just want to experience on how it goes because it seems so promising but we're all speculating on it and that's why it's something to try if ever it's already there.

But not saying that you should stay on it, we're all grown up and can understand whether we stay there or not.

Elon mentioned he is not interested in creating a crypto project or a project that is related to the monetary system so it is not going to be X vs banks, it will become X and banks if Elon integrates the app into making payments and a one-stop shop for everything but in my previous of on this thread, I mentioned why it is not feasible.

Again another speculating mate, we are in waiting if will happen or not as we also know that
Elon Musk loves shaking the market each time and for how many times now that when he is posting about specific project ,
increase comes (mostly Pumping and Dumping)  so yeah Hopefully there will be a Meaning.

This is just words of politics in my own view, because many people have tried to do the same thing but they failed at the end because they don't have the capacity to  lay the foundation for users to have the financial freedom. I can still remember when Facebook owner came out on television, that this is their new plans to reduce financial transaction bondage from the world and to make Facebook popular in the whole world but they didn't succeed in that process for some of the things that involved. I don't think, musk have anything to do to make this his dream a reality despite he is among the wealthy men on earth because this project will affect some of his company financially.

But I think whether it functions or not will be seen from the level of adoption after Elon launches it. hopefully it has meaning.

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.

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

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.

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

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. 

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.

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.

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.

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.

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

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.

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.

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!"

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.

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.

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.

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

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

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.

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.

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.

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 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

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.

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

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.

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"? 

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.

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!

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.

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.

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.

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.

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.

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. 

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

a man can have a dream but honestly, what makes his platform makes people not using bank while bank in itself gives security and guarantee that money won't just lost and vanishing into thin air.
lets see how elon gonna be taking competition against bank, 2024 is not far away, maybe around the end of this year he will release this feature.
but I don't think people will just outright leave banks, unless elon started out bank himself and integrate it with his platform.
after all, most of us already used with banks, even considering it the most convenient, I don't think elon could just force anyone using his platform to use his finance apps.
even more so with the fact that twitter security isn't really great, so many scams there.

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?

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.

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 do not think that it is that easy to change the mindset of people seeing X platform (previously twitter) a social media platform and nothing else.  Aside from that, I also think that social media platform and financial platform does not blend well.

Having ambitions is better rather than on having none, the thing here is that not all are financially capable for them on making such step and this is why for Elon since he's a billionaire then he does have the capacity on trying out to achieve something yet he does have that kind of funding. He wont really be stopping until those goals and targets that he had in life wont really happen. Doesnt matter if its really get sidetracked gradually but what matter the most is that he do able to do on what he wants to do and its none of our business whether it would succeed or not. Its his money and fame that been at risks. He wont really be called or making
himself a billionaire if he wasnt that a risks taker.

Making X to be an another western unit or whatever payment or money transfer then its his decision but its true that why we would really be needing if we do have those current existing ones?
The thing that do i have in mind is that how it could really be that so possible that X would replace banks? There's no way that the entire world would really be that switching
to X instead on using up banks services which i  could say that it is really that somewhat having those unrealistic goals or targets.

Dude is unhinged.  There is no way X is going to redo the entire financial system all in one year.  We are too reliant on banks for things such as loans and still a way to transfer money.  Obviously crypto has broken through to show you don't NEED banks but just because we don't need them don't think they are going away.  They own the politicians so it's not going away that easy.

This is very optimistic and an over hyped statement of course, we know Elon and chilling a project is a thing for him.
Replacing bank is not easy as they are big companies and have a big influence in the government as well, even Bitcoin can't totally replace banks.
We should see the market more realistically and that X will still need a lot of time before hitting the top spot, X should focus first on beating Meta as a social media platform.

Don't trust that this may be happen. Only in US he may take small part of the market but not globally

The man has a huge ambition, he knows he can do it because he has all the resources to make it happen, but it will need a lot of partnerships, and massive marketing, he is directly competing against Bitcoin and government backed centralized banking system this is such too huge task, its like changing something that's already in placed.
Since he already announced it we will see many more updates and shills coming from Elon Musk, because the guy is just too powerful that anything he says and shills, mainstream medias will take it seriously.
This is one serious, huge project and a big challenge for Elon and his company, we'll see in the future if this is possible and the steps he will take to make it happen.

Elon is on a pipe dream again. His project will surely have its own fans but it will never be as big as he predicts. Bitcoin is already replacing banks anyway. Elon is too late to the party this time. He was right on time with tesla but not this time. With bitcoin anyone can be his own bank and stay decentralized. Why would anyone trust Elon? I don’t want to trust anybody. X will be just another centralized bank in the space and nobody really needs it since we already have many banks available. Maybe Elon will come up with something new and surprise everybody but somehow I don’t see it happening.

His ambitious idea really gives me goosebumps. Although I don't hate or admire his talent, in fact, I have to admit that Elon Musk is really very talented. Perhaps the hidden meaning is that he makes us feel unreasonable or causes heated debates. But what he's bringing to the fields he's in is an extremely talented person.

For me, since Elon Musk started taking over X - Twitter, I can feel his intention to take advantage of part of the power of social networking platforms in an era where anyone can easily use them to spread the word, accessing a good deal of different knowledge as well as causing a good deal of other chaos. I'm not sure how successful this will be, but let's see what it does in the future.

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.

Elon is ambitious I will give him that, but ambition is nothing without the ability to actually make his goals a reality, and while he has achieved more than most will ever achieve, it seems he is letting this to get to his head since there is no way that X can achieve that objective.

Because even if we were to assume that Elon has an incredible innovation up his sleeve, it is not as if banks will remain idle while he tries to achieve his plans, and if anything they could easily obstruct him as most likely the solution he is thinking about using is centralized, and banks can use all kind of legal tricks to delay or stop its deployment completely.

Combining social media accounts and bank accounts is difficult, as you need to deal with the restrictions of financial systems and identity verification procedures, which vary from one country to another, and some users prefer a little privacy due to the restrictions on freedom of opinion and freedoms that these platforms provide.

Facebook tried to do this and failed. If Twitter succeeds, this will ignite competition between these platforms and banks will be greatly harmed, but I do not think he will succeed. Musk is an ambitious man, so let’s see what he will do.

Could be big for dogecoin. I wonder if he will do that.

Yeah Musk and his talks. I can actually believe that the does indeed want this to happen. I cannot believe it will, though. As long as there are open markets there will be different ways of payment.
It does sound a little bit like that We-Chat-All-In-One solution that exists in China. I am sure, though, a majority of people will not want to leave all their transactions in the hand of big E-Corp (Elon-Corp).

Also something to note, even though the Twitter space is huge, it's kind of a bubble (not one that neccessarily bursts but one that is seperate from other bubbles). If a financial system is integrated here, it will only reach those within the bubble - I doubt it will help draw many of the people that avoid twitter right now in just because of it.

you have to give him credit for doing things that no one dared to do before him. he's kind of like the old inventors, thomas edison, etc. one day he'll be thought of in the same way they were but he's still not going to mars. i don't think. even if he had that chance i'm not 100% sure he would step on that space ship. because there is a high risk of death. and he's a billionaire. got alot to live for. nothing to die for.

The man really got ambitious goals and I admire him for that. Elon Musk would not be the man he is today if he did not imagine things which were them impossible. Now, whether he will really make X not just a social media platform but also a big financial institution, this remains to be seen but we know that there is really a market for things he is planning to happen with it. I remember the day that he took over Twitter so many pundits were then saying it would be the end of it all but look at X right now...slowly but surely things are starting to come rosy with advertisers returning to doing business with the site. Admittedly, I don't like the renaming decision to X but then again I am just a user there and the power belongs to the man. Now, the question is: Will X replace your bank? Maybe yes maybe no but this is a big concern so X will start to be introducing one financial service at a time as this is not going to be a one-time deal. The man is a big marketing man so we can expect some big terms and presumptions to be spewing from his pronouncements, that is kind of expected. One thing for sure, Elon Musk is here to stay on Earth notwithstanding his plan to colonize Mars.

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.