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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

#42

Post by thaumasiotes »

m-i-l wrote: post #28
thaumasiotes wrote: post #12

Earlier quoted context omitted.

On the contrary. If facebook controls minting the coins but can't control transactions using the coins, it'd be perfect, much better than the decentralized cryptocoins we have today. It would instantly bypass state controls on money transmission. They'd probably run into trouble cashing out their coins in that case, though.

I'd rather have state control over money than for-profit megacorps, especially one with such an appalling reputation as "They 'trust me', dumb f---s" F--ebook. This is one of the issues they're finding with the move to a cashless society in the Nordic countries[0], i.e. the monopoly over money moving from the state to the private sector. [0] https://www.weforum.org/agenda/2018/11/sweden-cashless-socie...

> If facebook controls minting the coins but can't control transactions using the coins

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

#43

Post by yason »

Cryptocurrency mentioned. Blockchain mentioned. I really should've bought a card for this buzzword bingo.

Is this just PR or are they genuinely so clueless? If the former I wonder if they missed the shift this year where cryptocoins stopped being the coolest kid in the town anymore.

If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. They don't need blockchain or cryptocurrency to become, well, Facebank.

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

#44

Post by foepys »

Scoundreller wrote: post #15
wonderwonder wrote: post #10

Pretty interesting, Facebook generally does not have a reputation for 'jumping on the bandwagon' so I assume they have thought this through. Many of their whatsapp users live in very poor areas that are not traditionally served by banks. If they integrate a wallet into the app it may allow for a real use case. They would still need to provide some sort of 'convert to fiat' functionality for those same unbanked users…

> Many of their whatsapp users live in very poor areas that are not traditionally served by banks. Bingo. Remittances are still expensive. Basic bank accounts are still out of reach for many. Any user with cash could become a convert-to-fiat provider. Before Western Union had to signup shops, now you can go through your friend lists to find someone you already know and trust.

There is a saying in German: "Bei Geld hört die Freundschaft auf", roughly translated to "don't mix friends and money". Let me tell you: it's a saying for a reason.

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

#47

Post by fooker »

Vinnl wrote: post #36
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.)"

It does, that's why people do not usually use bitcoin (/other coins) for everyday transactions.

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

#48

Post by fooker »

polyomino wrote: post #24

As they are trying to build an economy, they will have to bring both consumers and merchants to their platform. Exposing a bunch of people to new money is not enough, they need to be able to buy something useful with it. Facebook will have to build something that its users want to buy, and then find something for the users to do to earn fbcoin. Maybe they could allow ads to be purchased in fbcoin, and pay users to tr…

Facebook has a ton of merchants already using pages and groups. Also, their 'marketplace' feature has more or less replaced craigslist and ebay in my city.

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

#49

Post by dana321 »

yason wrote: post #43

Cryptocurrency mentioned. Blockchain mentioned. I really should've bought a card for this buzzword bingo. Is this just PR or are they genuinely so clueless? If the former I wonder if they missed the shift this year where cryptocoins stopped being the coolest kid in the town anymore. If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. They don't need bloc…

I've not heard the term "buzzword bingo" before. Quote of the week.
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