Bitcoin Forum

Sorry for any mistake in English, I'm not fluent   :(

Is Facebook's new cryptocurrency safe?

Recently the Facebook company announced its new proposal to create credit cards based on its new company cryptocurrency, I believe that initially this currency generates profit for its early investors, however, I do not see it as a reliable currency from the following points that I will address

I believe that the saying, "If you are not paying for the product, the product that is being sold is you." It fits well when the subject refers to the actions taken by Mark Zuckerberg, here in Brazil (which is where I live), the positions taken by the company Facebook and its subsidiaries are not very well seen in general here, in the elections of 2018 the same tried to censor parties and supporters with a more liberal and conservative vision, but gave full support to marketing advertisements for parties with communist bias / socialist, and to help the same recently run after recovering from the great scanda-what was the sale of data of its users to other companies

The question is: should I entrust my investments to this new cryptocurrency? My conclusion boils down to taking advantage of the launch to invest in other currencies as a small investment and then avoid using this new Facebook project because in my view if the security of our data was not safeguarded by the company imagine our bitcoin?

Good day! Honestly Im more exited that Facebook will have its own cryptocurency since I've been using the platform for over 5 years now. It wil be a huge steps for Facebook to join blockchain and it will help spread the word more to millions subscribers. There's a lot of social platform that are using lockchain and I think this should be the right time that Facebook should do the same. About the safety of our data, its also our responsibility not to post personal details there as to protect ourselves.

I tried to find more info about Facebook's crypto project after reading about it on MarketWatch. Unfortunately there are only some rumors, so you can't say anything about it yet. But I'm sure it won't be a completely decentralized solution. Facebook must continue to maintain control over the network for regulatory and criminal reasons alone. That's why I don't see it as a real crypto currency. However, this project could bring many more people closer to the topic of crypto currencies and convince them that only truly decentralized solutions are the right thing to do.

yes, i heard this rumors a long time ago, but until now this rumors still be a rumors,
so, in my opinion at this moment facebook didn't ready to create their own cryptocurrencies

I think this will be another centralized coin/token and as for security, We really dont know if its just still a rumour and no update on the progress of it.

Well, facebook is a huge company, i'm sure many people and investors will trust this new crypto facebook and crypto investors will invest on this one for sure. What i think is, if this new crypto by facebook is released and success, it will bring a good news to cryptocurrency. I'm sure crypto market will react and become positive.

Did I miss something? I didn't see any Facebook coins or tokens yet? I did hear about but it was just a rumour there was no official announcement? Did they make any announcements?

No, they are just considering to create their own crypto, which in the long run will be worthless if you ask me. In the short run you may get some profits, but basically it will be just like stocks of a company that you invest in. So, no it wont be safe like bitcoin is safe. Because bitcoin is decentralized and its fate isn't determined by any individual or company no matter how strong they may currently look. Facebook coin will be entirely dependent on the fate of the company. Remember MySpace? Today it is strong, tomorrow may disappear.

What I just heard about the Facebook's new cryptocurrency is something like a stable coin which uses the blockchain technology, just like what cryptocurrency now. So, it will like become the whatsapp application of China which on their country, they can pay using their whatsapp application. So, it's more like a stable coin and backed with fiat currency such as USD. Do you mean that you will invest in their coin? Like you will buy and hold it for the long term?

I was not talking about old rumors. Facebook has confirmed that they are working on a crypto currency recently. However, there have not been confirmed/released details about the project yet. All details which are currenlty known are rumors. But that Facebook works on a cryto currency is a save information.

Depends on what you mean by "safe".

Given the centralized nature of FB, there's a high chance that they'll be keeping tabs on all your transactions thanks to this crypto sharing data of all your movements (as well as your personal info) to a central entity, then I wouldn't consider this FB coin "safe" since I don't know what this company can do with all my info. If you think "safe" means a crypto created by one of the biggest companies in the world, therefore, they won't scam you, then yes, it can be considered safe.

We don't even know if it's going to be a regular cryptocurrency or a stable coin pegged to the US dollar, if it's the latter then you won't be able to invest in it.

It is still quite early to talk about the coin that Facebook should create, because there is no information about its technical characteristics and features. But it is known that Facebook has seriously approached the issue of creating its own coin, hired blockchain specialists and bought companies necessary for the operation of services based on new cryptocurrency. When there is more information, then we can speak in more detail.

We don't know yet since Facebook cryptocurrency is still not in the market, but if the Facebook company invest a lot on this one then I expect that coin to be good and to be more secured. Its been a year since this kind of speculation rolls in this forum and yet Facebook are still not making any move to implement their plans on making their own coin, I hope it happen this year because it can help the market up.

This new facebook coin is perfectly safe but the question is whether or not you want to support it. They are going by the book so to speak so they are going to be fully audited - as a result you will not have any privacy when using it

I also tried to find some information, but it really is just an announcement yet. No details were given of the nature of this cryptocurrency.
The question remains why FB even wants to create a crypto with blockchain. I assume they want to keep 100% control over it, so a centralized system would accomodate their needs much better... We can only wait and see what happens :)

Have you heard about the trial of Mark Zuckerberg? Discussed very interesting topics. I was surprised that FB was collecting data of their users, i also suffered because i have an account on this platform.
 And now the cryptocurrency and FB. Rumors go for a long time about Blockchain and FB. In my opinion, there is something in it. Mark is not a fool boy, he has advisors who have the knowledge and experience. Also he has big money. They are developing something for us. Let's see what it will be.
 In my opinion, we should always see the opportunity to earn money. And if possible to make good money from FBCoin i will use this opportunity. But i do not agitate anyone because i do not know what to expect.

The quesiton is whether FB even use a blockchain. The information available only talks about a crypto currency not a blockchain. There are some information why they want to introduce a crypto currency. They want to establish a new easy way to send money on their platforms (FB, Instagram and Whatsapp) and there are rumors that they are talking with shopping partners where you can spend the coins. Also you should get a cash back in that currency in partner shops.

Can't say anything yet until it has been released but for now it is just a rumor that they will be releasing their own cryptocurrency.
And from what i understand to some news it's just like a payment system for their apps.

Facebook itself has not making official statement for this facebook coin and if it is going to be developed to me it will be safe but a centralized coin.  Many of us are waiting for the developments of this coin as it will draw many investors into cryptocurrencies community.

ya this wont be a cryptocurrency like were used to
it will be a private chain likely, and used for tipping, rewards, etc
VK, the russian facebook, has already had their own implemented for a while, "vkcoin"

I heard rumors that Facebook will launch their own cryptocurrency but I think this can be little to know, maybe this can make transactions or payments on Facebook easier and faster because you might already know that there are many financial transactions on Facebook.

It might be safe but the problem I'm sure they will require our facebook which is made more than months or years and this is one of a big a problem because I don't have my real info and images publicly with crypto.

So, I'm fine using crypto without using facebook maybe I can buy some coins from fb to hold because I know the price will increase fast because there are many users use facebook.

When facebook was doing or adopting a new system and there must be an official announcement about that but when facebook didn't do that and then they will not create even a single announcement about that and remember facebook keeps its transparency for us. When you can't find something that officially announced by facebook and then it can considered as a rumour only and no more. facebook never created any announcement if that was created a new coin or something  like that.

I think any Facebook crypto will be safe, but I totally agree that "If you are not paying for the product, the product that is being sold is you."
I would expect Facebook would track everything you do with their crypto, every purchase you make and everywhere you transfer it... with the aim being to harvest data on what you do, where you go, what you buy - in order to sell this valuable data on, in what some people call the behavioural futures market.

It can be a reliable currency but just for facebook products. This will be look like their first online currency like the 'facebook credits'.

You are already in doubt of investing to their coin because if you are too confident and you are decided that this coin would bring something new to the crypto community, you won't ask. In the first day of its launch probably it will be on hype but after that, expect that it will be the same like any other project.

I am sure that you are one of the advertiser of this Facebook cryptocurrency since you known a lot aboit this even that it wasn't released yet

But personally? After what Facebook done with crypto community in past? I dont think they are reliable about investments

And i would rather stay in my folios thab putting my money to Zuckerberg

A utility coin in short and can’t be used outside their platform. Well, in terms of the safety Facebook coin is new so there will be more questions about it and investors don’t have guarantee on this. A big company doesn’t mean a secured system, let’s not assume for now and just wait for them to introduce their own coin, it is still an interesting coin to watch for.

Facebook have  billion of user around the world so facebook coin will be famous instanly becasue they does not need to promoting its anymore. Its a huge step for crypto community because its will help mass adoption of blockchain technology to the masses