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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 AnActOfCreation@programming.dev to c/technology@lemmy.world

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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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[–] Max_P@lemmy.max-p.me 40 points 1 year ago (2 children)

Lets put all our money on a platform rushed in under a year made from an exhausted and abused team of engineers. That sounds like a great idea. Definitely will be well thought out and reliable.

[–] hh93@lemm.ee 15 points 1 year ago* (last edited 1 year ago)

Not to mention identity fraud already being commons there

For sure fraud won't be totally rampant...

Also I think the hardest part of being a bank is the shitton of regulations (especially in Europe) and not the software.

Twitter might need to hire a lot of experts and lawyers in that field to make it work.

Also banks are all about trust - and that's precisely what Elon lost for most people in the last year

[–] birthday_attack@lemm.ee 4 points 1 year ago

Not to mention that the existing Twitter infrastructure was already incredibly insecure before Musk even took over.

Twitter does little to monitor for so-called insider threats, employees or contractors who use their positions in the company to steal information, and instead leaves them “virtually unmonitored."

Twitter suffered security incidents significant enough to warrant a report to a government agency about once a week, with 20 breaches in 2020 alone.

Twitter devs can already take over user accounts since they all have prod admin access (which they need because Twitter still has no QA or staging environments). I can only imagine the potential for abuse once people's finances get tied together with their account.