- cross-posted to:
- technology@beehaw.org
- enoughmuskspam@lemmy.world
- cross-posted to:
- technology@beehaw.org
- enoughmuskspam@lemmy.world
“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!
Somehow services like PayPal manage to avoid being regulated like a bank. I’m sure they’ll
clobbercobble together some potentially unlawful solution and not face any repercussions for it.Paypal is a bank here in europe. Hope musXk leaves Europe.
iirc the money storage aspect of PayPal has to be regulated as a bank.
Cobble?
The Things been put in charge of their legal team.
It’s cobblin’ time
makes shoes
Yes, jesus thank you. It was right on the tip of my tongue.
“Clobber” implies violence, which is somehow even less elegant than the standard phrase that the haphazard “cobble” implies. Given the shitshow of X so far, clobber probably works better even if it’s not the usual way to phrase this at all.
And despite cobble and clobber implying violence and inelegance, cobblers are either some of the best versions of pies or the people that maintain your fanciest of shoes.
I think because they’re a payment processor. Banks store large amounts of money, make loans, etc.
It’s going to be like a crypto or PayPal wallet where you can store a balance, it’s just not insured or regulated like a bank.
I saw an article a while ago where a concerning amount of people were doing that instead of a bank account.
They issue credit and lenders finance this. There’s always a bank.