Bitcoin Forum

As reported yesterday by Bloomberg, the world's largest social network is developing its own crypto-currency. To be more specific, a stablecoin, which is a type of digital currency tied to a fiduciary currency, such as the dollar or the real. The company is far from launching the currency in the market, since it is still working on its strategy. By the way, Facebook's intention to work in the payments arena comes from hiring the former CEO of PayPal, David Marcus, in 2014. In all probability, cryptomoeda will allow users to make WhatsApp downloads. Convenient, is not it? Let's see how Mark does in this new venture ...

Where is the source of this news? post the link to the source of this news. I think they are wasting time giving attention to this news, in the past we heard many things related to facebook vs cryptos. facebook is an international company and it conforms to the laws of many countries internationally, they also seek to have a good image next to the governments of the whole world so that I doubt that facebook will create own crypto-currency. they do not will deal with crypto-currency unless one day governments around the world legalize cryptos

The main source is probably Bloomberg. I've found this: https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers

Rumors will stay rumors, not unless it came from the mouth of Zuckerberg or from any elite-staff of the company. This talks came from last year until they ban crypto ads, then reverse it back, then now what, another rumor from the media.

Yes, Facebook is currently one of the world's largest social networking sites. There are many business activities, entertainment, services .... operating mainly on this website. However, I found that the payment methods there were still very difficult and unknown. If developing a converted currency to use purposes, this social networking site will grow stronger for users. In parallel with that, there are many problems related to fraud ..... Finally, I still hope it will become a reality to promote exchange through currencies.

Was supposed to say the same thing.If these words havent been said by the owner itself but once a rumor would pop-up there would still be a possibility to happen but the
question is on when it would happen? Im aint expecting too much since we have known on how Facebook reacts or have done towards crypto ads ban.

Let's all wait until facebook itself is the one that will announce this launching. But these rumors probably has an insider but until verified it will remain as a rumor.

As for the news, it's Bloomberg and it's a well known media but still let's all wait for Mark's announcement.

The fact that facebook dwells on your private data which also happens to be their main source of business should tell you enough about their coin. It doesn't take a genius to understand how centralized that coin would be and what kinda of regulations it will bring to the market. Not touching that coin with a 10 feet pole.

Lots of scammers flocked on their platform to promote their crypto scams so that move was understandable, imo. And they did change their policies about this shortly after, tho getting and ad space there still wouldn't be easy.

I don't think they are hostile when it comes to cryptocurrencies. The fact that they have their blockchain team which is still growing hints their interest.

I don't know where Bloomsburg is getting their information, but it wouldn't be the first time that they are completely off. If Facebook makes a stable coin then cool, I won't be using it.

Bloomberg very recently came out with a report (obviously hidden source) that Tether is backed sufficiently, so in that regard, it's probably a good idea to take anything from Bloomberg with a truckload of salt.

In the end, whether that coin or token or stable coin will actually make it doesn't even matter, because it in no shape or form is a competitor to any of our existing currencies. This space differentiates itself from everything else because of its decentralized nature. That's what makes crypto valuable to begin with. On top of that, people love the volatility and potential money making opportunities.  :P

The stable coin could be decentralized and just guaranteed to be backed by $1. In that case, it would be good to transact with and would be a good form of online value. Bitcoin is different though and I agree on that because Bitcoin shouldn't be pegged to the USD even though a lot of merchants peg it.

Guaranteed? So where's your or their proof? AFAIK still not even a single authority confirmed or official statement that any stable coin such usdt is backed by usd or any fiat, can't find any source on the internet.

They could guarantee it by making a legal contract to accept the stable coin for a value of $1 always. I am not saying they will, I am saying they COULD. Like they can create 100,000 stable coins. And then accept them for services and price them at $1. Anyone who has stable coins that wants to sell them, can receive $1 guaranteed via a legal document. Or Facebook could just say its $1 of value and not redeemable via cash.



When people use the stable coin for services, facebook can then sell those coins to others who want to purchase for a standard $1.

They could make it decentralised if they wanted, but who knows what will happen until it does.

If that's the case that they're going to guarantee it's backing via legal contracts, then how is it in any way "decentralized"? That's the exact opposite of "decentralized".

Imagine a bitcoin, but a company says "we will give $X always for the coin". You could send the stable coin freely to anyone, but Facebook will accept it for $1 always. So there shouldn't be price movement in it. If people are free to move it without any censorship then it's decentralized. Not saying they would do this.

Being able to freely move the stablecoin freely is definitely a very good thing, for sure. But completely relying on having a company to promise you a 1:1 backing is a big downside. That's having a single point of failure. Sure, they back it, until they don't. Exactly like what happened to Tether(USDT) whereas you could exchange your USDT to USD through them in the past, but now they don't allow that (though I'm not saying that USDT is not 1:1 backed, as I have no proof for that).

Correct and I am not saying that it is a good move or that they would do it. Were on a crypto forum for a reason ;p

Im sure this is not a humor Facebook is a billion dollar company that relies directly on its online users therefore a crypto currency to be used in their own Facebook platform would perfect instead of using paypal or debit/credit cards for the payment options for their customers all over the world it will be a one perfect example of utility coin I hope not stable coin with real use case on its platform.

I just noticed this coin from my own facebook account I thought that the coin is for gaming purposes.

I tried to click but facebook as me for giving my Paymaya card details to buy the coin.

If ever they implement this coin with a stable price we can easily transfer money in other country but the problem here it is not private because its connected to your personal Facebook account.

So it's existing already? What tab/area did you saw that? I can't see it in my account or I'm just lost.

I don't think it's online yet; and this is the best I can find(though this is definitely not it). This is through the Facebook messenger app(Android).

https://i.imgur.com/R0AxVNb.png

Didn't see that option/page in my messenger app as well  :-\ maybe due to outdated app,  though I  have those 2 wallet linked to my fb messenger.

Damn, are they sane? They have so much problems with privacy, they let spotify and pandora to read and delete our messages with is a shame, they don't give a shit our privacy. So after that they plan to build currency and call it crypto? Cryptocurrency? Personally I wouldn't use it because of those multi negative reasons. Would be better if they integrate bitcoin or just keep current payment methods. Can't see any need of their own coin.

If it was really from bloomberd as the source of the news then they also have the source before them. I was a little bit excited since facebook is an established social media company already and joining the race for creating their own cryptocurrency for its users, but it is already a welcome development if it's true. I hope it's true.

Probably that is impossible to happen since Facebook was following government regulations and before they were banning crypto ads and now what they are using again in crypto by having their own cryptocurrency? But since crypto was decentralized and that is not government friendly it is impossible that Facebook will have their own crypto coin, unless Mark's will announce of it and spread out on the Facebook users account.

This is great and I hope this project intentions is actualized! Cryptocurrencies market need something like this and since mainstreams organizations like facebook is coming into cryptocurrencies and blockchain technology,  I do believe that the future is seriously very bright and we should rest assured that blockchain technology is here to stay with us.  I do believe that we should not get discouraged in promoting cryptocurrencies as this will go in a long of creating adoptions and acceptability.

I have heard the same story about Viber and their own crypto for buying services like emogi, but I do not know what is the point of Facebook? Where do they plan to use their coins and what for?

what is clear for certainty is that we have to wait for an announcement from Facebook. I hope this is not just a rumor so that the crypto world will grow and become more famous because there are already many great people in it.

i believe this in only a rumor and facebook wont ever create their own crypto because facebook has been a hater for cryptos   . they ban crypto advertisement and post or even crypto related accounts  . i also see that facebook has already have thier own electronic payment method or a wallet where you can put funds in it and use it directly under their platform  .  so with that , i dont think they will have a reason to built a crypto based coin  .

They isn't doing that because they hate crypto. It's just that 98% of everything being advertised on their website was either a scam or misleading.

Remember that anyone can create an ICO/token for the sake of getting a few bucks. The whole crypto ecosystem is still shady as f*ck and they don't have the time/desire to check every single ad and ICO before accepting them.

I think this option will appear if you are in the philippines those two are philippines local digital wallet(not crypto wallet) started by 2 leading TELCO. so probably not available to other country.

Back to the topic, I think Facebook coin is just a rumor for now no reliable source for now.

Oof this just proves we can already send monies through a widely use chatting app, i wonder if facebook would be able to offer something new?

But wait, I thought they're developing it for whatsapp users?


Yeahhh but there's still a fair chance of it happening, imo. Inb4 we see this get reported again in various media outlets but with updated details  ;D

I saw some Bloomberg's article in titled related of facebook developing of blockchain/cryptocurrency for whatsapp, though never open and read the article.

If they really want to do it since they have more or less 20 people with their blockchain team, I'm sure it will be a huge project, no ICO (guess so), and a centralized one.