21–30 of 108 posts
Facebook has been trying to get payments into WhatsApp for a long time. This is just the latest experiment to try to find something that would be acceptable to local regulators while simultaneously extracting some value from the smoking ruins of the Libra/Diem/Calibra/Novi fiasco.
If 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 poli…
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?
Interesting how this is being promoted.
> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars.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…
Pick your middleman. Using a crypto layer internally means you can circumvent traditional payment rails which means if you're in American growth-tech where revenue isn't a thing you can just remove all fee's for a while. Paypal could do the same for sure but chose not to. Disagree with the notion they won't be shutting people out of the network when needed, that's not grounded in reality.
This isn't a grammar-nazi criticism because I frequently make similar mistakes with pluralization.
It strikes me that there must be some cognitive explanation for why some plurals seem to need an apostrophe when other plurals don't.
Can someone explain what’s the difference between this and when Telegram tried to introduce their coin?
20x larger scale means 20x more clout to bribe/lobby lawmakers and to get around the KYC/AML rules that are the main obstacle in these sorts of things.
If 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 poli…
What makes it so huge in your opinion? PayPal and Venmo and the like already make this very easy, internationally there are some challenges, but it’s not technical limitations so much as legal/compliance which doesn’t go away with blockchain.
Whatsapp has 2 billion users, PayPal and Venmo probably only small fraction of that.
On Whatsapp you already have your friends in the list, on PayPal I personally have nobody. It's an additional hurdle, I've never actually sent money to friend/family through PayPal.
> 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.
To make this sound a bit less like mad conspiratorial ravings, could you flesh out how Whatsapp would allow Russian banks, government agencies, companies and oligarchs to move large quantities of money if they're disconnected from SWIFT?
For example, how would Russia get around the fact that Whatsapp is only offering this in the United States? How would Russians get fiat currency in and out? How would Russians circumvent the very low transaction limits?
> 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.
> 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…