How It Started on 2023-10-20

At the end of October 2023, Elon Musk said that it would blow his mind if they don’t have X’s payment system rolled out by the end of 2024. Not just a payment system, but your entire financial life. The nugget: he wants it to be a “high-yield money market account.” (which means the potential to be a high-loss account, you cannot have high-yield without high-risk) Source: Ars Technica

How I See It Going

Why would a smart person give his money to a company that doesn’t pay its bills? Because there are a lot of people who are not smart. And Musk wants it to be a high-yield account, which basically means that you will gamble on some shady market with all your money. Sure, go ahead, make my day. I think even if Musk manages to get something going, he will face hurdles from regulators, and I hope so before he loses all the money of a few not smart people. So my bet is he will fail to deliver and blame his failure on regulators, but in reality it will be because his system is a shoddy piece of shit.

How It Actually Went on 2025-01-28

No, Shitter is not a super bank. It is not a bank either. But I stand corrected: he did not build a shoddy piece of shit, and he did not face scrutiny from the regulators, because he built absolutely nothing.

However, Musk announced a partnership with Visa, the bank card company. If you needed one reason to boycott Visa, this is it.