Bitcoin Forum

We've seen news recently about the Facebook Pay launch and even though they keep insisting that it has no link to the ongoing Libra case, we all have to admit that Facebook pay is very similar to what Libra aims to do but instead of using Cryptocurrencies as originally planned, the Facebook pay uses fiat instead. Most likely, you've heard about Facebook Pay. In the recent blog post, we're trying to understand how its release affects the crypto world and why Mark Zuckerberg  switched to it from Libra.

I recently read an article that served as an eye opener about the ulterior motive of the Facebook CEO and I would like to get your opinion on it to see if yo also agree with the reasons as well.

Source: Superorder
https://medium.com/superorder/facebook-vs-regulators-why-mark-zuckerberg-isnt-a-new-crypto-messiah-fa8156f498b4

It might go there and it's just the start of it. Once Libra is launched, they will replace Facebook Pay or they will make up something or reason out that there should be a 'rebranding' for the payment and it shall be Libra.

And this is possible to happen if the gov't will stop their hearings in the senate. But as long as there's still an issue for the US gov't about their project, the launching might be delayed.

Just like in the article said, being unable to launch the project Libra without the US Congress approving it may have lead to Facebook Pay. But it's oddly similar but what I don't get is that more and more information would be gathered about the person, it's already on their hands, why would they want more? Why easily say that Facebook's growth would be dangerous? It seems that they want to help people do certain things that when ordinary banking doesn't work, it leads to another, and they want to be that another. Being the large company that Facebook has become, how could it be even more dangerous? I doubt it could do anything else.

His approach with Libra project which is cryptocurrency compliant although centralized wasn't met well by the governments the reason for the fiat launch of Facebook pay. I don't believe Libra is dead its a matter of time before we hear the update of project. Facebook pay project is different from Libra project.

Time is money and that words must be a correct statement why mark was moving from libra to the facebook payment.

We know that from some news already stated if that payment system is a new solution for libra's case

https://currency.com/news/2019/11/13/facebook-fiat-payment-system-instagram-whatsapp-facebook-libra-delay-compensation-integration
https://cointelegraph.com/news/as-regulators-stonewall-libra-facebook-rolls-out-new-payment-system


As that fully used fiat as its payment system and i must agree with all that already stated. Facebook is also hunting down the chance. If that payment will succeed and imagine it can get multi-billion dollars. Mark was thinking about there is no ETA how facebook will meet approval for libra. This is the only way. This payment system will not give a lot of impact on crypto. It's definitely not.

I'm yet to draw any conclusion as to the motive of the FB CEO concerning Libra project. Event though it seems like awkward as most people said it is, I am trying to see the good in it. If it supersedes the other side, then i think it is worth doing.

The goals of Facebook Pay and Libra are the same, Facebook wants to closely link platforms they own such as WhatsApp, Messenger and Instagram together. While Libra is under great government pressure, introducing Facebook pay could be a wiser move.

Zuckerberg's initiation of Libra is not enough to be the Messiah, he has to be Satoshi.

I do not know whether I am actually going to use his system, it is not very attractive to me. He has taken a break from Libra for now, so he fills this gap with FacebookPay. Let's just let him work for the best. I am also interested in the outcome.

Maybe this is just a series of marketing methods for Facebook. Because the case of libra has not found a bright spot, they better issue a Facebook pay first to hook as many users as possible. If the libra problem is over, facebook pay may be replaced with libra. So Facebook does not pay double the promotional costs. Or it could be that the two are running side by side.

Because he will bow to the will of the governments, going hand in hand: thus betraying one of the cardinal principles of "the" blockchain.

Why do stuff like these even make the news? What's the difference if Facebook pay doesn't use crypto and uses fiat anyway? You do realize their old Libra was anyway a stablecoin. That is basically tying your "Crypto" to fiat in any case.

It's like Venezuela and petro. Just because it has a blockchain doesn't really make it anything close to Bitcoin. Can we stop giving free publicity to FB?

Could it be possible that Facebook Pay is a probably a prototype that ended up becoming the Libra project. Right now I feel that Mark Zuckerberg and those Gemini twins are at the forefront of merging crypto related business and regulatory compliance. These seem like beacons of hope that prove Blockchain technology doesn't have to fit a completely decentralized model, it is capable of integrating into existing structures, making them more transparent and efficient.

Well said.
How could anybody even put together "Mark Zuckerberg" with "Crypto Messiah" at all?
Crypto is about privacy and about an alternative to banks.
Mark is about making money by selling his users' data to the highest bidder anybody interested.
Ah, he does something on blockchain to get more money? Fine. Any smart businessman does that. Anything else?

When did Mark got into crypto that someone will even address him as such! well i for once can never consider him to anything similar to Crypto Messiah, ::)
Lately am having less and less interest on facebook, just few days ago, someone i know got his facebook account hacked and the hacker is now in control of the account using it to promote shady platforms to all followers of the original owner,
I don't know why he keeps insisting, if the government are not in support of Libra, then move on already, what is even the point of facebook pay ???

Facebook might have people's personal info but they do not have credit card information, they do not have information about the kinds of products that each customer likes, they do not have a lot of information that would enable them to give more focused ads but your shopping preferences would enable them have this information just like the article pointed out, more power in the hands of a money hungry person.

I agree to the article's statement saying that Facebook actually wants your personal data. Your likes and interests, you financial decisions, the things you buy, and everything you do in their platform, feeds their system and makes a profile out of you that may even know you more than you do. Which is why there are a lot of privacy concerns with Facebook, but despite all of these, people are still stuck in using their platform mainly because, it's popular, and/or people does not care about their data privacy.

Facebook pay and Libra are controlled by Facebook so they can track our transactions. They may be successful since it is a profitable company but these forms of pay don’t give the privacy of a decentralized currency.

Actually I haven't since I don't use facebook, but I've been following the libra case and I'm very interested in seeing how it progresses.  From what you described, facebook pay sounds like it would be better than some centralized cryptocurrency, a stable coin no less, that's controlled by facebook.  And if they have what sounds like a paypal function in the form of facebook pay, they probably don't need libra at all.  Which is good, because they probably won't be able to launch it anyway.

You're probably right about that, and one of the reasons I don't use facebook is because of their complete disregard of people's privacy.  They're much much worse than google in that respect and I don't trust them or any payment system that they can come up with.

I'm also not ware of the facebook pay. For those who are in facebook using their throwaway email address may not really seen the information about this facebook pay like me but I seem just like paypal as well.


There is much to lose for him since he already invested to the project which had partnership had grown also. There may be few who left from the scene but its still quite big. Libra for him is a big opportunity which he offered to his partner in the mass adoption, his partners are expecting profit from it.

I thought nobody believes that Zuckerberg really wants to revolutionise crypto world. Pavel Durov, creator of Telegram fits much better in this role, because he was always for decentralisation beginning with his messenger.

why? because his plan to release libra has little to do with the philosophy of the crypto that in my opinion is decentralization, anonymity, privacy and independence from the banks, instead libra will be a centralized stable coin, to be able to use it almost certainly facebook will require kyc...