Facebook’s New Cryptocurrency Gets Big Backers • Hacker News Board

Re: Facebook’s New Cryptocurrency Gets Big Backers

#21

Post by giancarlostoro » Fri, Jun 14, 2019, 3:56 AM UTC

gear54rus wrote: post #20

I mean... Are they kidding me with that name?

Means pound in Spanish. As if it holds any weight in the real world. Alt Timeline: Zuckerberg becomes POTUS in 2018. By 2020 he becomes POTKW and conquers all countries with just the information he knows about people on Facebook.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#22

Post by AlexCoventry » Fri, Jun 14, 2019, 4:01 AM UTC

superkuh wrote: post #17

Is it really a cryptocurrency when it's completely centralized? No. This is just Facebook-bucks. Store dollars. It's has absolutely none of the benefits of a real cryptocurrency.

Is the ledger public and irrepudiable, at least? That'd be something,I guess.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#23

Post by root_axis » Fri, Jun 14, 2019, 4:02 AM UTC

superkuh wrote: post #17

Is it really a cryptocurrency when it's completely centralized? No. This is just Facebook-bucks. Store dollars. It's has absolutely none of the benefits of a real cryptocurrency.

It's as good as any ICO; exercising control isn't good for businesses, but Buterin has shown he can make it happen if the stakes are big enough, just like Zuck will also be able to do.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#24

Post by inflatableDodo » Fri, Jun 14, 2019, 4:03 AM UTC

plotteddancer16 wrote: post #2

Any suspicions on how this will differ from the last decade of crypto coins?

It will be marketed a lot better, it will be slightly more efficient and function more easily as money and it will also much more evil and bring a curse across the land, making horses lame and suchlike.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#25

Post by RexetBlell » Fri, Jun 14, 2019, 4:03 AM UTC

root_axis wrote: post #23

superkuh wrote: post #17

Is it really a cryptocurrency when it's completely centralized? No. This is just Facebook-bucks. Store dollars. It's has absolutely none of the benefits of a real cryptocurrency.

It's as good as any ICO; exercising control isn't good for businesses, but Buterin has shown he can make it happen if the stakes are big enough, just like Zuck will also be able to do.

The fact that Ethereum Classic exists proves that Buterin has no control.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#26

Post by tmp2846 » Fri, Jun 14, 2019, 4:04 AM UTC

Whether this succeeds or fails it is very good for crypto.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#27

Post by nsx147 » Fri, Jun 14, 2019, 4:05 AM UTC

The real question here is if there will be a way to exchange this coin with Bitcoin or other crypto

Re: Facebook’s New Cryptocurrency Gets Big Backers

#28

Post by ChainOfFools » Fri, Jun 14, 2019, 4:06 AM UTC

superkuh wrote: post #17

Is it really a cryptocurrency when it's completely centralized? No. This is just Facebook-bucks. Store dollars. It's has absolutely none of the benefits of a real cryptocurrency.

there seems to be a desire, arising from confusion and encouraged by opportunism, to conflate the term cryptocurrency with conventional notions of electronic cash.

I've listened to people from the world bank, the IDB and at least one representative of a central bank explain to me with enthusiasm how their pet crypto and blockchain projects were creating new opportunities for their organizations. There's always some crypto consultant lurking in the background of these conversations.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#29

Post by egypturnash » Fri, Jun 14, 2019, 4:08 AM UTC

clarkmoody wrote: post #11

Facebook Inc. has signed up more than a dozen companies including Visa Inc., Mastercard Inc., PayPal Holdings Inc. and Uber Technologies Inc. to back a new cryptocurrency it plans to unveil next week and launch next year. This means each of these companies will pay $$$ to run a "node" for this currency and have full visibility into the transactional behavior of the users of the coin. The term "cryptocurrency" is appl…

I would only put money on Facebook standing up for individual liberties if they were going to make money off of it.

Re: Facebook’s New Cryptocurrency Gets Big Backers

#30

Post by sidcool » Fri, Jun 14, 2019, 4:08 AM UTC

Facebook has done horrible things, but bad business is not one of them. They already have 2 billion+ people on their platform(s) and if Facebook enables a virtual currency to exchange goods (real or virtual) it may be a hit. Just like mobile wallets have taken off pretty well, this could too. Again, I am not a facebook fan, but they know how to make money. This could be the next billion dollar idea.