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Facebook Building Cryptocurrency-Based Payments System

Comments

  • This looks logical if Facebook wants to compete with WeChat sort of platform where everything is integrated. So what better than developing own cryptocurrency with chance for quick immediate adoption due to existing base

  • What I like most about this project is the fact that it involves Facebook actually compensating users for their data by paying them fractions of coins for watching and engaging with ads. With a Facebook coin, users would get to share in the profits that Facebook generates on their engagement. Doesn’t that seem more fair?

    Behind the sexiness of Bitcoin, the promise of blockchain based payments has always been the redistribution and decentralization of power, the alignment of incentives of all stakeholders and not just shareholders.

    I have to admit I’ve been rooting against Facebook lately, but if they can bring a blockchain based payment system into the mainstream, I believe that would be a win for everyone.

  • Achille heel of cryptocurrencies: they are not attractive to women. All the hype is mostly male. The commentators pool on all these headlines is most telling...

  • I’m sceptical of this approach by tech companies to try and control every aspect of consumers lives.

    In the age of privacy do we really want omniscient tech companies controlling huge swathes of user information, and inevitably profiting from further knowledge of our spending habits?

    I just don’t see the benefit of a Facebook issued cryptocurrency. Except the inevitable boost to their share price for mentioning the word ‘cryptocurrency’.

  • Strategically brilliant, but although Facebook obviously has massive scale and all of those economies, as well as the entrenched user base and technology platforms, going into cryptocurrency and e-commerce it's not as simple. Although blockchain and cryptocurrencies are not regulated today, they ultimately will be and the payments market will also tighten. While they have an incredible opportunity against many of the traditional incumbent financial institutions, they are now coming into a world that faces multi-jurisdictional regulatory regimes. Ultimately they will be accountable as almost any other financial institution is for regulatory compliance for such things as KYC, AML, CTF, BSA, etc. which, while today do not present themselves as barriers to entry for them, are longer-term barriers to success.

  • Love it. Payments and an alt coin (“stablecoin”). And on the same day that FB announces it’s kicking out users who are deemed inflammatory. Finally some positive headlines and more momentum after the strong earnings report. Payments is the next frontier for FB and adding an alt coin will only make the network stronger. Smart move all around, especially when you have 1.5 B users on your platform. V and MA will have to play ball. A risk will be the stability of this currency and users’ comfort with making purchases via this method. This will come in due time. FB just needs to focus on execution and safety and privacy. The Zuck has got this.

  • There are some interesting applications of a Facebook crypto 1) to pass back benefits to customers who choose to provide their data on the platform every time that data is used 2) coupled in with WhatsApp to create a next gen mobile micro payments solution especially in developing countries where many do not have access to banks or the internet/4g networks. There is potential here for positive use!

  • This is a huge step for Facebook to make all their platforms an insular network with their own currency. But is it too much, too late? In my opinion, Facebook is at an inflection point where I keep asking: Are people tired of Facebook or will it stay as sort of a global utility? Even if the platform sticks around, how many people want to "adopt" a new currency?

  • This decision makes so much sense. A digital platform should use a digital currency for all its interactions. And using a purely digital currency opens up new possibilities for how people can be compensated. The idea is as big as the internet itself. It will be interesting to see how Facebook pulls this off.

  • Facebook has recently found with its payments in messenger feature (which was pulled from the U.K. market after not taking off) that building a successful payments system is not easy, but the concept of this does sound interesting and worth pursuing; if anything Facebook’s challenge will be to ensure people keep coming back to the platform - I hardly use it these days - and is there the trust in the platform for people to want to perform financial interactions through its solutions?

  • Think about this: One-third of the world’s population logs on monthly to Facebook, and they all need to buy things.

  • Look... we all get this move as upwards to a 1/3 of the world logs into FB but how do you they get you someone to trust them as this moves to commerce & personal finance?

  • Trust Facebook (yet again) with my credit or mortgage information so they can manage it just like they did with my personal data? Sure! I’ll be happy to give even my secret numbers! 😒😒😒

  • Am I the only one thats a little scared by this?

  • I'm surprised it has taken them this long. In the short run it's going to be a net positive, the long run I think is much more dubious in regards to an entity like Facebook controlling what could be a major economy in of itself. Have no doubt FB's cryptocurrency will be centralized contrary to the decentralized ideals that are behind Bitcoin and others (even in its current state).

  • Should be called Facebucks! 😂

  • This is a natural step for Facebook, one they're late at. That said, it will most probably create another dimension to their already frail privacy efforts. Adding money to the mix is like pouring gasoline on a roaring fire. Chances are they'll have to fight gambling and illegal trading, all while adding an additional layer of indirection through cryptocurrencies which separates users from the notion that they're spending money. If Facebook wasn't so big this would be a minor problem but their size means they'll expose plenty of vulnerable people to virtual money trading. On top, they're driven by the need of an alternative business model which can push them into indirectly forcing it on users.

  • Don't know if this is a solution looking for an answer. It is totally dependent on companies and service providers acceptance of this currency. Don't see the need given the various payment methods available which are secured and can be anonymous. Buying a prepaid credit card for cash is just one answer. FB will also face pushback from countries that don't allow any anonymous transactions.

  • Very much looking forward to not using this.

  • This sounds like green stamps. I am pro bitcoin, but this is not that.

  • Pivot?

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