Facebook’s New Cryptocurrency Gets Big Backers

Post by ChainOfFools » Fri, Jun 14, 2019, 4:32 AM UTC

daveevad wrote: post #36

camjohnson26 wrote: post #14

If Facebook can pull this off they will have brought about the first universal internet currency, which would be a stunning achievement and could revolutionalize the web as we know it. Failed projects give us some idea of what their challenges will be. Cryptocurrencies right now have a trade off between scalability and decentralization. Bitcoin is theoretically decentralized even though the reality is more complex. B…

Would you rather: Full Faith and Credit shall be given in each State to the public Acts, Records, and judicial Proceedings of every other State. And the Congress may by general Laws prescribe the Manner in which such Acts, Records and Proceedings shall be proved, and the Effect thereof. or Mark

Post by [deleted] » Fri, Jun 14, 2019, 4:34 AM UTC

c0wb0yc0d3r wrote: post #42

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.

I can't read the article in it's entirety but decentralisation is not what makes a crypto currency a crypto currency. Visa, Master card, Joe shmoe, anyone can start a centralized ledger that uses crypto.

Post by [deleted] » Fri, Jun 14, 2019, 4:35 AM UTC

Mengkudulangsat wrote: post #34

I'll be honest, I'm excited. The biggest hurdle to Bitcoin adoption are on-ramps / off-ramps. Businesses and individuals dealing with Bitcoin frequently get de-risked by banks and suppressed by regulators (e.g: China & India). Libra if (a) can be interacted with via API, (b) can itself be acquired via bank transfers / credit cards & (c) not geo-fenced, will eventually be adapted into one of the many exchanges and wil…

Post by [deleted] » Fri, Jun 14, 2019, 4:40 AM UTC

sidcool wrote: post #30

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.

Post by SomeOldThrow » Fri, Jun 14, 2019, 4:42 AM UTC

snitko wrote: post #31

Ugh. This will pass too. The value of Bitcoin is in the fact that nobody can control and censor it. It's black market money. If it didn't have this quality, it'd be useless. Nobody (meaning customers) cares about Facebook launching a coin. Facebook will not be the champion of freedom. How do I know? Ask yourself, if Facebook Coin is going to be available in Crimea (currently under sanctions) or Iran (currently under…