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Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

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Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#91

Post by [deleted] »

patrickaljord wrote: post #78
yason wrote: post #43

Cryptocurrency mentioned. Blockchain mentioned. I really should've bought a card for this buzzword bingo. Is this just PR or are they genuinely so clueless? If the former I wonder if they missed the shift this year where cryptocoins stopped being the coolest kid in the town anymore. If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. They don't need bloc…

> If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. Not it can't. There's a world outside of the US where whole businesses run on WhatsApp. There is no solution, simply none today that exists to allow anyone from any country to register and start making and receiving payments. Not Stripe, not Paypal, none. If Facebook can deliver something that can the…

[deleted]

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#93

Post by Hackbraten »

ddtaylor wrote: post #6
bhalperin wrote: post #3

Call it a “cryptocurrency” if that makes it sound sexy, but this is still centralized — it’s effectively the same as the (already existing) Messenger Payments.

Exactly. There is virtually a zero-chance that Facebook (or any other company) will develop and release something they have no control over.

https://github.com/facebook/buck

You’re welcome.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#94

Post by wavefunction »

pqs wrote: post #35
viach wrote: post #26

Earlier quoted context omitted.

But do you trust Facebook? Also, regarding the "trust itself" part, it's not necessarily the case. How can one make sure database admin haven't changed some records?

I do not trust Facebook, but I trust my bank, which doesn't use cryptocurrency. I guess they use databases, with lots of controls, but a regular database nonetheless. edit: I also trust PayPal, as I use it regularly, and it doesn't use a cryptocurrency. My point is that I don't understand why Facebook would need a Cryptocurrency to allow payments. As far as I know, WeChat doesn't use cryptocurrency and is probably th…

I don't know who your back is but they may be using Ripple for intra-bank settlement.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#95

Post by HALtheWise »

pqs wrote: post #19

Why can't they just use a good old database, to record transactions? It is a centralized system! I guess Facebook trusts itself!

1. Facebook definitely doesn't have full and complete trust in their own systems, they are vulnerable to hacking, downtime, and mistakes just like any other service, and they know it. This is the same reason companies release messaging products with end to end encryption.

2. A traditional centralized database doesn't allow offline transactions with any degree of trust. I don't know if this is a problem they are solving, but in principle, something with a blockchain-like architecture makes it possible to provide cryptographic proof that you have the money and intend to transfer it without any server round trip and still be secure against many kinds of attacks.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#96

Post by smileysteve »

bsaul wrote: post #81
jamespo wrote: post #80

Earlier quoted context omitted.

I presume the point was why do FB / WA need to use the blockchain?

because you still want the currency to have value if facebook closes one day, or stop supporting the idea. Facebook would endorse the currency, but the currency ecosystem would have a life of its own. At least that’s my guess..

If bitcoin and eth don't have a stable value in 2018, how does WhatsAppCoin sans Facebook guarantee have to stay stable?

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#97

Post by zuron7 »

patrickaljord wrote: post #78
yason wrote: post #43

Cryptocurrency mentioned. Blockchain mentioned. I really should've bought a card for this buzzword bingo. Is this just PR or are they genuinely so clueless? If the former I wonder if they missed the shift this year where cryptocoins stopped being the coolest kid in the town anymore. If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. They don't need bloc…

> If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. Not it can't. There's a world outside of the US where whole businesses run on WhatsApp. There is no solution, simply none today that exists to allow anyone from any country to register and start making and receiving payments. Not Stripe, not Paypal, none. If Facebook can deliver something that can the…

India came up with UPI for this exact reason. Google Pay, Samsung Pay, Whatsapp Payments, etc. are all built on UPI in India. UPI is interoperable with all apps. So you can use whatever app you prefer. ie Whatsapp Payements can send money to someone using Google Pay directly.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#98

Post by ralusek »

smileysteve wrote: post #96
bsaul wrote: post #81

Earlier quoted context omitted.

because you still want the currency to have value if facebook closes one day, or stop supporting the idea. Facebook would endorse the currency, but the currency ecosystem would have a life of its own. At least that’s my guess..

If bitcoin and eth don't have a stable value in 2018, how does WhatsAppCoin sans Facebook guarantee have to stay stable?

I would imagine because actual commerce is built around it, rather than its valuation being mostly derived from speculative investment as a value hold.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#99

Post by gregschlom »

patrickaljord wrote: post #78
yason wrote: post #43

Cryptocurrency mentioned. Blockchain mentioned. I really should've bought a card for this buzzword bingo. Is this just PR or are they genuinely so clueless? If the former I wonder if they missed the shift this year where cryptocoins stopped being the coolest kid in the town anymore. If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. They don't need bloc…

> If a centralized company wants to roll out electronic payments through its services it can just, you know, do that. Not it can't. There's a world outside of the US where whole businesses run on WhatsApp. There is no solution, simply none today that exists to allow anyone from any country to register and start making and receiving payments. Not Stripe, not Paypal, none. If Facebook can deliver something that can the…

And how does that person in that small village in Peru converts their WhatsApp coins, or whatever they are called, into actual money?

And if the answer is: they do a transaction with someone else who wants to trade their money for WhatsApp coins then again, why do you need the blockchain versus a centralized WhatsApp currency.

Blockchain is a solution when there cannot be trust. If I trust WhatsApp, and you trust WhatsApp, and WhatsApp has a money exchange feature, we don't need the blockchain.

Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

#100

Post by rchaud »

I'd be extremely wary of FB's ambitions in this area. FB the social network will not last forever, and it seems obvious that companies like Google, Amazon etc will shift their business model towards secretive "enterprise" services, like AWS for the Pentagon, Dragonfly for China etc. Facebook tried to create it's own walled-garden Internet in India under the extremely deceptive "Facebook.org" initiative.

Awareness of stuff like Google+ breaches or FB's data sharing will soon become a thing of the past once these companies start dealing directly with governments and move away from public-facing products entirely. If FB starts to implement an India-specific version of China's "social credit" policy towards blacklisting suspected defaulters, with no recourse, the people likely won't even know who's supplying that technology.

Phone-based currency transfers like M-Pesa have been successful in Tanzania, Kenya and is available in India and Afghanistan. Unlike whatever FB will offer, it doesn't require you to use Whatsapp. I can't wait to see the permissions required on the new version of WA once that service is live.

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