Why crypto? WhatsApp users are not particular tech-savvy, why not just use Fiat? The use of crypto in here just makes it more difficult to understand for the end user, or am I missing something?
why not both? nothing wrong with having both at all.
WhatsApp Launches Instant Cryptocurrency Payments in the US
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Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#12Why crypto? WhatsApp users are not particular tech-savvy, why not just use Fiat? The use of crypto in here just makes it more difficult to understand for the end user, or am I missing something?
> Why crypto?
Plausible claims to being exempted from the rules for a while?
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#13> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
The timing of this is not accidental and Facebook is not acting on its own accord here. This is a move by the Russian mafia/state to make it easier to evade the imminent cut-off from SWIFT and global financial networks.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#14If you think a bit bigger and imagine a worldwide audience (basically the defining feature of whatsapp), the initial killer apps here are remittances and the ability to build out marketplaces and stores.
Assume the goal is global wechat-like commerce. IMHO this is huge.
The regulatory interactions will be formidable because every country will want to get its fingers into this, money and who gets it is ultimately politics.
The crypto bit lets you work around locally broken financial systems, but a lot of negotiating with governments will still be required.
Privacy will necessarily be nonexistent, to get to global reach all transactions will have to be at least as legible as current bank transfers to involved governments. This is not "WhatsApp's fault" per se, it's just the world we live in.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#15Is this jumping on the bandwagon or genuinely beneficial? I'm willing to give FB the benefit of the doubt here. However, I'm a total rookie when it comes to crypto, blockchain etc. and giving a company that permabans via ai with no human fallback control of payments seems like a bad idea to me.
Why would you give FB of all companies the benefit of the doubt?
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#16Is this jumping on the bandwagon or genuinely beneficial? I'm willing to give FB the benefit of the doubt here. However, I'm a total rookie when it comes to crypto, blockchain etc. and giving a company that permabans via ai with no human fallback control of payments seems like a bad idea to me.
Why would you give FB of all companies the benefit of the doubt?
I'm trying to be a bit more positive these days given all the negativity surrounding us but I'm under no illusion that FB's raison d'etre is data-gathering and advertising at all costs, even to the detriment human life. I get it. I also don't use social media at all so I'm not their customer.
It's a long-shot, I know but I thought I'd chuck it out there. I wanted to find out if there is a potential genuine benefit to this system without all the anti-FB stuff getting in the way.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#17Why crypto? WhatsApp users are not particular tech-savvy, why not just use Fiat? The use of crypto in here just makes it more difficult to understand for the end user, or am I missing something?
Sort of frees up Facebook from additional government oversight. Let the crypto people handle that fight.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#18> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
The timing of this is not accidental and Facebook is not acting on its own accord here. This is a move by the Russian mafia/state to make it easier to evade the imminent cut-off from SWIFT and global financial networks.
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Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#19Can someone explain what’s the difference between this and when Telegram tried to introduce their coin?
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#20> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
The timing of this is not accidental and Facebook is not acting on its own accord here. This is a move by the Russian mafia/state to make it easier to evade the imminent cut-off from SWIFT and global financial networks.
Why imminent cut-off? I mean, maybe Putin decides to invade Ukraine and maybe Biden decides to push for the promised cut-off, but why would Meta help them, and how would Meta be exempted from said cut-off?