Bitcoin Forum

It has not been up to an hour since the news came out about Facebook’s yet to be launched virtual currency. Its name is FaceCoin.

As at the closing quarter of 2018, Facebook had started recruiting Blockchain linked employees for a discrete project. Since then, there have been so many ongoing rumors.

Recently, an investigative journalist from the prominent New York Times reported the news that Facebook; the social media giant is creating a stable coin.

This is a virtual currency that has a fixed value to counter any existing fiat currency such as dollars, euros, etc. So, it is evident that FaceCoin will be created to fight against the merged worth of fiat currencies.

Read more  : https://paperblockchain.com/is-facecoin-the-future-of-payments-or-is-it-just-another-exaggerated-cryptocurrency-project/ (https://paperblockchain.com/is-facecoin-the-future-of-payments-or-is-it-just-another-exaggerated-cryptocurrency-project/)

It's a money making scheme for Facebook, nothing more.

It won't be private or anonymous. All your conversions, trades, purchases and sales will be linked to your Facebook account. You will be letting them build up even more of a profile on you than they already do.

It won't be decentralized. There is zero change Facebook and Zuckerberg will allow anyone but themselves to have control over it. I doubt it would even be based on blockchain technology at all, and even if it was, all the nodes will be controlled and ran by Facebook.

It won't be immutable. You can better your bottom bitcoin that Facebook will retain the right to reverse or freeze transactions, freeze or close entire accounts and even seize coins. There is no way they will allow people to do anything shady or illegal on their platform, so the will hold on to the ability (because the coin won't be centralized) to completely micro manage it.

This isn't crypto. This is Facebook's next money maker. Stay well away.

I can't call it crypto currency tbh, it's just another virtual currency tied to fiats, like stable coin but it's much more centralized.

It's certainly not the future of payment, you can't count on them if you eant to have sound money system.

So far I have not seen Facebook confirm that they are actually creating their own crypto. And if they really are creating their own crypto, then they're going to have to face the regulatory aspects and I do not believe they want to get this headache so early since they already face issues with people's data privacy. creating a crypto would create a big problem for them.

They're not denying it but rumours are going very strong. I expect them to deny it, and they might create their own digital money and not cryptocurrency. That's safer and it has been on practice across several business. After that, they'll use this digital money as the only payment medium for WhatsApp, etc for extra features like free ads, for example.

Just another business day for Facebook.

It is not possible that this is going to promote decentralization or the blockchain industry. It is just another way of spreading FOMO in our community.
This coin that Facebook is going to create is going to be totally centralized, as there is no benefit for it to be built in a distributed ledger environment and it will not add any value to the cryptocurrency industry.

And there is also rumors that it's going to be pegged to USD or going to be like a stable coin so it will just be another payment to compete with other online payment scheme. And it means that Facebook wanted a good slice of the billion dollar remittance industry, so it will be a competition. And we all know that when there's competition, usually the public will opt to which is cheaper and faster, so it's a win-win situation.

There won't really be any FOMO because, as mentioned above, it will almost certainly be a stable coin and will be pegged to the value of USD. If it wasn't, I would definitely be considering buying some on release just to sell it later when the price inevitably doubles or triples because of uninformed newbies jumping on it. Although knowing Facebook, you will have to go through extensive KYC procedures to even be allowed to use it, and I'm certainly never going to trust them with my data.

This will essentially be Facebook's version of PayPal. It has very little to do with crypto.

Each and everywhere the cryptocurrency usage is getting more importance. Facebook too isn't a exception and there is nothing an exaggeration. Facebook have come up with the plans of having their own cryptocurrency. This facecoin is planned to be a stable coin with the USD backing. Soon we can see this to be the officially used currency within Facebook.

It is inevitable that this would happen, he was waiting to see if bitcoin would die, but as it has come back to life again a bull run seems like a certainty. Good times ahead for FB

Why would they wait for Bitcoin to die? They aim to serve a whole different market with their stable token. I would even like to say that the longer you wait, the more of competitors there is in this industry, but considering that there isn't a legitimate backer of stable tokens yet, Facebook could be up for some success as first mover.

If they end up gaining a crazy amount of momentum, it's going to be interesting to see how the government will react. I'm certain that the counter reaction won't be pretty at all.