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Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

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Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#31

Post by zelly »

r32a_ wrote: post #4

It's a centralized stable coin built by Facebook, so it's basically PayPal?

There’s more potential than just payment transfer. It could be used as a currency outside the context of WhatsApp money transfers. Facebook could become the central bank of the internet.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#33

Post by acd10j »

Payment sector specially in India is highly regulated, with even WhatsApp current application for UPI payment licence in Legal limbo because Facebook specially having bad name/luck with Regulators. Highly Doubtfull that current regulation will allow Cryptocurrency in any form as payment mechanism. Most that could be allowed would be glorified anti fraud Secure logger.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#34

Post by [deleted] »

viach wrote: post #26
pqs wrote: post #19

Why can't they just use a good old database, to record transactions? It is a centralized system! I guess Facebook trusts itself!

But do you trust Facebook? Also, regarding the "trust itself" part, it's not necessarily the case. How can one make sure database admin haven't changed some records?

[deleted]

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#35

Post by pqs »

viach wrote: post #26
pqs wrote: post #19

Why can't they just use a good old database, to record transactions? It is a centralized system! I guess Facebook trusts itself!

But do you trust Facebook? Also, regarding the "trust itself" part, it's not necessarily the case. How can one make sure database admin haven't changed some records?

I do not trust Facebook, but I trust my bank, which doesn't use cryptocurrency. I guess they use databases, with lots of controls, but a regular database nonetheless.

edit: I also trust PayPal, as I use it regularly, and it doesn't use a cryptocurrency. My point is that I don't understand why Facebook would need a Cryptocurrency to allow payments. As far as I know, WeChat doesn't use cryptocurrency and is probably the main payment system of China.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#36

Post by Vinnl »

zelly wrote: post #27

Knew this would happen one day. Big tech has 0 reason to use third party coins when they do literally everything in house. FacebookCoin, AmazonCoin, etc., will work 100x better too—not just technologically but also in interopability with current banking infrastructure and government regulators. Decentralization is objectively worse for user experience all around. If a centralized trusted authority like the FED or a F…

Doesn't your argument apply to regular money as well, i.e.

"Zero reason for anyone to use Bitcoin/Ethereum/Monero when regular money exists. (Unless they want to commit crimes—and yes, that’s how it would be perceived.)"

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#37

Post by sanedigital »

pqs wrote: post #19

Why can't they just use a good old database, to record transactions? It is a centralized system! I guess Facebook trusts itself!

Because then they don't get to put out press releases with "cryptocurrency" in the title, thus missing out on the opportunity to raise their stock price via the game of Buzzword Bingo.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#38

Post by superkuh »

tzfld wrote: post #17
bhalperin wrote: post #3

Call it a “cryptocurrency” if that makes it sound sexy, but this is still centralized — it’s effectively the same as the (already existing) Messenger Payments.

TBH at this point I have more trust in a centralized cryptocurrency backed by a large corporation than in a decentralized one.

If it's centralized there's no point in having it be a distributed consensus blockchain. The only reason to do so would be to play on people's ignorance for marketing reasons. That or maybe they really are ignorant themselves, but I doubt it.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#39

Post by rakoo »

tzfld wrote: post #17
bhalperin wrote: post #3

Call it a “cryptocurrency” if that makes it sound sexy, but this is still centralized — it’s effectively the same as the (already existing) Messenger Payments.

TBH at this point I have more trust in a centralized cryptocurrency backed by a large corporation than in a decentralized one.

"cryptocurrency" refers to a very specific type of currency that happens to rely on cryptography, but the defining aspect is its decentralization.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#40

Post by qwerty456127 »

zelly wrote: post #27

Knew this would happen one day. Big tech has 0 reason to use third party coins when they do literally everything in house. FacebookCoin, AmazonCoin, etc., will work 100x better too—not just technologically but also in interopability with current banking infrastructure and government regulators. Decentralization is objectively worse for user experience all around. If a centralized trusted authority like the FED or a F…

"Crime" is subjective. Many things that are perfectly reasonable, harm nobody and are legal in EU and US are outlawed in countries governed by less democratic regimes. I would non equate a crime to evading a law (which may be introduced and enforced by a criminal government).
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