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 Is Going
How It Actually Went
Not there yet.