Bitcoin Forum

By now I suppose most of you have read the news.

http://techcrunch.com/2015/03/17/facebook-pay/

What does it mean for the BTC price in the long and in the short run? Post here your thoughts.

------- Brain dump follows, beware likely incoherent blurbs ahead

Personally I'm worried for btc price. Why? Because it cuts directly into one major use case for bitcoin, for me.
One can organize a Facebook event, and get payment in advance for restaurant, hotel room or trip expenses. Everyone and their mom is on Facebook! They will go through the effort of connecting their bank accounts to Facebook because network effect. I know I would do that myself. It's so much better than organizing paid for events using meetup.com + bank transfers. Or bitcoin.

When everyone will have happily surrendered their identity and control of their money in exchange for ease of use and safety net of big brother Facebook, who will eventually care of using bitcoin instead, other than a bunch of freak techies like me?

Of all the times I've seen this downtrend and thought we will eventually go up, this is the first time I genuinely feel fear for the long term. My head is making up analogies with MySpace social network or OggVorbis audio format. Like bitcoin not becoming the digital currency of choice to price anything as in my dreams, but instead just going in history as an attempt to a digital gold substitute, which eventually failed to succeed after a relatively promising start. Just like when I bought OS/2 Warp and convinced my father to use it.

Call me a troll, whatever, I don't care. This is an emotional post. In Reddit it would just be downvoted to oblivion.

Bitcoin - the Myspace of cryptocurrencies... As long as dark markets continue to use BTC, there is still hope.
If / when they'll stop (moving to something better), millions of BTC will be dumped on exchanges.

It's debit card based, and as such, will be mass database hacked in short order regardless of how many levels of security people put on their accounts individually. Let insane motherfuckers expecting a different result go through millions more stolen debit card disputes... eventually they will get a fucking clue that fiat payment methods are all ripe for theft.

I don't hold out much hope for them hearing us when we say never to keep BTC on private keys out of your exclusive control (worse than credit/debit databases, as there are no chargebacks in BTC), though.

It's slightly worrying but they aren't creating a new currency right? Only another payment method.

Eventually the fiat currency will fail and we will need something new. And at this point of time, bitcoin is ahead in that field.

On a funnier note, it's Winklevii vs Zuckerberg again.

The irony.

and so we see some big, slow companies trying to force the old, slow fiat into a fast modern payment method. and thats why there will be enough room for improvement, and sooner or later someone will have the bright idea and say: "hey, lets use a payment system designed for online transactions instead"

I don't see this happening anytime soon...they used it since the start afaik. There would have to be some big security flaw found.

And we know who won in that case. Will history repeat again?

Well, can they sue Zuckerberg over this? I doubt that...
It's more likely Zuckerberg already has a patent on his tech and he may send the Bitcoin developers a "cease and desist" letter.

I don't think it will ;) winkle is just investor but we are 100s of developers.

BTC is just another thing, really. It may be interesting as one form of online payment, but it already sort of failed for transactions in brick and mortar stores. It's a new kind of asset, a backbone technology, and stuff like that.

Won't it cost FB to process the transfer from your debit/credit card? Eventually they will accept bitcoin as they will not have to pay any transaction fee.

Its crap, couple day delay before you receive the money, centralised and say buy to your privacy. They are tricking people into believing its p2p but its not.