Facebook plans cryptocurrency debut
techcrunch.com
Facebook plans cryptocurrency debut
1–10 of 345 posts
Re: Facebook plans cryptocurrency debut
#2Okay, so like, I'll defend them on this in principle. That said, can you address, like, you know, the myriad scandals you have BEFORE doing something ELSE? It's a bad look.
Re: Facebook plans cryptocurrency debut
#3No doubt to try and boost their share price.
Re: Facebook plans cryptocurrency debut
#4I suspect its a private, permissioned blockchain, in which case its neither a decentralized cryptocurrency, nor interesting.
Re: Facebook plans cryptocurrency debut
#5Let's call it "FaceCoin".
Re: Facebook plans cryptocurrency debut
#6Can anyone explain what the point of a pegged cryptocurrency is? Since you are dependent on the issuing entity to honour the stated peg, why not just have your balance be an entry in a regular database maintained by that entity? What exactly does the blockchain gain you here?
One thing it does _not_ get you is censorship resistance. If the central authority wants to take away coins from a wallet, all it needs to do is to simply state that it will not honour the peg for coins originating from that wallet. This can be tracked by FIFO, dilution or any other stated accounting principle, and renders the balance in that wallet worthless.
Re: Facebook plans cryptocurrency debut
#7No doubt to try and boost their share price.
Public company, that is their job and legal fiduciary duty.
Re: Facebook plans cryptocurrency debut
#8> with zero fees via Facebook products including Messenger and WhatsApp
reminds me of the classic "If You're Not Paying For It, You Become The Product"
edit: the prototypical crypto (bitcoin) has fees as the final (after there's no more new btc) incentive for miners to process transactions. but this doesn't?
probably we'll have to look at their white paper but if Facebook is the only actor running this network why make it a cryptocurrency at all?
Re: Facebook plans cryptocurrency debut
#9If you're interested in conspiracy theories, this may be a way for Facebook to circumvent GDPR, since financial data needs to be kept for at least 10 years. Once you make any trade using this currency, you won't be able to request deletion of personal data, since it's required to be kept as financial information.