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this post was submitted on 27 Oct 2023
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Just wait till Musk learns about banking regulations.
He's already complaining about the EU regulations on social media, but they nothing compared to what banks have to deal with.
He’s recreating Venmo. 😂
ExTwitter
That is too simplistic of a name and un-original.
If this product moves forward, it's likely to be on a small scale. For example, like when a person needs to send a friend reimbursement for a coffee. So, initially, if it needs a simple name for paying back friends, or other pals, why not just call it Pay-A-Pal, or PayPal for short.
No bank account, no actual cash and everything happens in the system. It's revolutionary! It's like digital transactions that happen through pure accounting for a small fee. Like credit cards, but those are old.
FWIW his white whale or inspiration is more like the Chinese “we do everything” apps / platforms https://wise.com/us/blog/chinese-payment-app
Without getting official government institutions on board or making the app mandatory in some way, I don't see how this would work outside of authoritarian countries
They're bleeding users and advertisers as it is