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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

#81

Post by bsaul »

jamespo wrote: post #80
patrickaljord wrote: post #78

Earlier quoted context omitted.

> If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. Not it can't. There's a world outside of the US where whole businesses run on WhatsApp. There is no solution, simply none today that exists to allow anyone from any country to register and start making and receiving payments. Not Stripe, not Paypal, none. If Facebook can deliver something that can the…

I presume the point was why do FB / WA need to use the blockchain?

because you still want the currency to have value if facebook closes one day, or stop supporting the idea. Facebook would endorse the currency, but the currency ecosystem would have a life of its own.

At least that’s my guess..

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

#82

Post by amelius »

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.

> Call it a “cryptocurrency” if that makes it sound sexy

Tbh, to me it sounds scary instead

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

#83

Post by viach »

thecatspaw wrote: post #75
viach wrote: post #63

Earlier quoted context omitted.

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?

Admittedly, nowhere, after all this whole article is based on speculation. But I really doubt that facebook is going to release a coin which they cannot control. What is their case for creating a coin if they have no control over it?

They could have a roadmap to slowly distribute initial stake over the time, for example (if used PoS, which I think the most probable plan).

And the case would be not to own the biggest stake and control everything, but instead having a popular cryptocurrency with APIs natively integrated with Facebook's services. It'll bring new users and developers to their platform, which has the real value.

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

#84

Post by rococode »

hnauz wrote: post #53
assblaster wrote: post #52

Earlier quoted context omitted.

https://dilbert.com/strip/1994-02-22

Wow, 1994. These things are timeless.

Makes me think it'd be really interesting to see a list of buzzwords (and how they've changed) over the past couple decades.

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

#86

Post by giancarlostoro »

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…

You could at least do Buzzword Bingo since it's Facebook:

https://bullshitbingo.net/cards/buzzword/

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

#87

Post by solarkraft »

bsaul wrote: post #81
jamespo wrote: post #80

Earlier quoted context omitted.

I presume the point was why do FB / WA need to use the blockchain?

because you still want the currency to have value if facebook closes one day, or stop supporting the idea. Facebook would endorse the currency, but the currency ecosystem would have a life of its own. At least that’s my guess..

Why would Facebook have any interest in this? Public trust? Is the public that smart?

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

#88

Post by chiefalchemist »

ddtaylor wrote: post #6
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.

Exactly. There is virtually a zero-chance that Facebook (or any other company) will develop and release something they have no control over.

True. They might not. But maybe they only want to threaten (e.g., Google Fiber) that X, Y or Z might be possible?

The other reason for such things is talent. If you want to attract top talent you have to (R&B) toys for them to play with. On the other hand, to say, "We'll never release this so let's not put any effort into it" is the road to irrelevance.

The budget for this effort vs the cost of irrelevance make such project a solid investment. Pointless in terms of product but essential to the brand.

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

#89

Post by zhte415 »

Erlich_Bachman wrote: post #62
blahblahblogger wrote: post #60

Earlier quoted context omitted.

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 al…

I'm not sure that something like Vision Plus is very similar to a Blockchain.

Aside from both using cryptography, in the sense, of encryption.

So... if such buzz words are used, it seems like a huge lie.

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

#90

Post by trading_wheels »

rococode wrote: post #84
hnauz wrote: post #53

Earlier quoted context omitted.

Wow, 1994. These things are timeless.

Makes me think it'd be really interesting to see a list of buzzwords (and how they've changed) over the past couple decades.

"synergy" is pretty timeless...
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