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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

#61

Post by gammateam »

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…

The topic is stablecoins, with sources to websites that track that specific thing

Why would it be buzzword bingo if its an informative article that stays in context 100% of the time, include for what you consider buzzwords.

The actual criticism is that Stablecoins are just secured bearer bonds that anybody can issue inexpensively so you could see this happening for a long time.

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

#62

Post by Erlich_Bachman »

blahblahblogger wrote: post #60
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.

Honest question, but does a cryptocurrency have to be decentralized for it to be determined a cryptocurrency? I didn't think that was the case. It may be more in the spirit of crypto but I don't think it's a hard requirement?

Because if it is not - it is simply a centralized database of payments. Like an SQL table of transactions. This has been a solved problem for decades. Visa and MC processing servers all use cryptography in many parts of the stack, and yet no one calls Visa a cryptocurrency because of that. This is why if you see anyone use the word "cryptocurrency" when in reality they talk about a legacy centralized (thus lacking all decentralizations perks) database - you know they are assuming you have no actual knowledge about the area and are trying to buzzword you.

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

#63

Post by viach »

thecatspaw wrote: post #56
viach wrote: post #55

Earlier quoted context omitted.

"My point is that I don't understand why Facebook would need a Cryptocurrency to allow payments" Let me try to explain. You trust your bank and PayPal and it's perfectly fine. But only to the point things are going ok in general. In some, say, areas, the situation is possible when you see a message on the doors and ATMs of your previously trusted for decades banks: "Sorry, no check out today". And it can long for day…

And how is that different when facebook controls all the mining nodes?

Where can I see the source of your information where it is said they will control all the mining nodes and there will be mining?

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

#65

Post by Geee »

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…

Heard of the hype cycle? https://en.wikipedia.org/wiki/Hype_cycle

They're not as clueless as you are about cryptocurrencies.

It's not going to be centralized.

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

#66

Post by Erlich_Bachman »

hndamien wrote: post #57
ramontayag wrote: post #22

Earlier quoted context omitted.

Trust in it to do/be what?

Trust in it to maintain its value if it is a stable coin. Alternatively, trust it not to be hacked or inflated if it isn’t. (As well as trust it to maintain whatever monetary properties they advertise to give it value as money.

Just to be clear, do you expect for example Bitcoin to be hacked? In what way do you envision this? Breaking SHA256?

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

#67

Post by Erlich_Bachman »

kgdinesh wrote: post #64

I think battling Fake News on WhatsApp should come first before launching a Cryptocurrency. I believe Blockchain can help in the former too.

You mean, in essence, more censorship? That is the last thing that WhatsApp needs.

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

#68

Post by t0astbread »

Geee wrote: post #65
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…

Heard of the hype cycle? https://en.wikipedia.org/wiki/Hype_cycle They're not as clueless as you are about cryptocurrencies. It's not going to be centralized.

If WhatsApp is the only client, FB can still control it since WhatsApp is proprietary

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

#70

Post by lawlessone »

thaumasiotes wrote: post #42
m-i-l wrote: post #28

Earlier quoted context omitted.

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

if only facebook can mine, then they choose do whatever they want, the blockchain just becomes a weird centralized database
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