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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

#111

Post by scottlocklin »

patrickaljord wrote: post #78
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…

> 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…

This is probably the use-case. There's other obvious usecases as well; advertising, p2p loans, annoying the Winkelvoss entity, etc.

Since I said no even to an interview, it's hard to say what the parameters are for their thing, but I hope they fail.

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

#112

Post by koonsolo »

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 wonder if they missed the shift this year where cryptocoins stopped being the coolest kid in the town anymore.

From an investors standpoint, yes.

From a technological and application standpoint, there is some cool new stuff happening.

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

#113

Post by fooker »

thecatspaw wrote: post #58
fooker wrote: post #47

Earlier quoted context omitted.

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

Bitcoin isnt used for everyday transactions not because of its reputaiton. Its because its inconvenient, and people like a stable currency. The reputation followed what people buy with bitcoins When I pay someone 1000$, I expect that to arrive as 1000$ (excluding fees here). With stable currencies that is a pretty safe bet, unless the transaction takes days.

Sure, but if you made it extremely convenient, the usage would increase by a few orders of magnitude and the price could stabilize.

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

#114

Post by baby »

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…

How do you want to mention cryptocurrencies without mentioning blockchain?

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

#115

Post by geofft »

CoolGuySteve wrote: post #107
pavel_lishin wrote: post #102

Earlier quoted context omitted.

> If Facebook can deliver something that can then be exchanged for real dollars, that could be huge. There's absolutely zero reason for that something to be blockchain-based. They can just release Facebucks, a private fiat currency that's just backed by ... drumroll please... a relational database.

You mean like WeChat’s Yuan balances? The app where it’s extremely difficult for Americans to buy currency but that is ubiquitous throughout China? It’s almost like none of these middle-brow dismissals have ever actually experienced a payment problem in another country.

Perhaps your better-positioned brow could clarify exactly how the involvement of a blockchain would solve WeChat's problem and make it easy for Americans to buy in?

In particular, if it could be done, why isn't WeChat doing it? And if WeChat can't do it, why can WhatsApp do it?

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

#116

Post by geofft »

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..

Is anyone actually more skeptical in the long-term future of Facebook than of any altcoin?

(Remember that in order to prevent double-spend attacks, you need to ensure that nobody—and no potential mining pool—is sitting on more computing power than your network has. That's feasible for a single proof-of-work currency; it's technically impossble with even two unless one outcompetes and kills the other, and certainly practically impossible for a new one at this point. And if you're not using proof-of-work, what stability does the coin have once the corporate backer is gone?)

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

#117

Post by yason »

baby wrote: post #114
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…

How do you want to mention cryptocurrencies without mentioning blockchain?

There are algorithms and research of cryptographic cash that predate blockchains by decades.

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

#118

Post by geofft »

the_clarence wrote: post #104
gregschlom wrote: post #99

Earlier quoted context omitted.

And how does that person in that small village in Peru converts their WhatsApp coins, or whatever they are called, into actual money? And if the answer is: they do a transaction with someone else who wants to trade their money for WhatsApp coins then again, why do you need the blockchain versus a centralized WhatsApp currency. Blockchain is a solution when there cannot be trust. If I trust WhatsApp, and you trust Wha…

It could be about the legality of aetting a bank in every country and figuring out rate exchange

Why would it be more legal / legally easier to set up a service in Peru that turns WhatsDubloons into soles and vice versa, affiliated with a multinational company that converts WhatsDubloons into USD, than an entity that directly transfers soles and USD?

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

#119

Post by KenanSulayman »

rchaud wrote: post #100

I'd be extremely wary of FB's ambitions in this area. FB the social network will not last forever, and it seems obvious that companies like Google, Amazon etc will shift their business model towards secretive "enterprise" services, like AWS for the Pentagon, Dragonfly for China etc. Facebook tried to create it's own walled-garden Internet in India under the extremely deceptive "Facebook.org" initiative. Awareness of…

Re “walled-garden”: there's also Workplace by Facebook (http://work.facebook.com) tailored for enterprise.

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

#120

Post by rakoo »

votepaunchy wrote: post #74
rakoo wrote: post #39

Earlier quoted context omitted.

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

You should learn the meaning of cryptography! https://en.m.wikipedia.org/wiki/Cryptography

I don't see how the Wikipedia page contradicts what I said
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