Bitcoin Forum

Economy => Economics => Topic started by: Hydrogen on December 22, 2018, 09:40:37 AM



Title: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Hydrogen on December 22, 2018, 09:40:37 AM
Quote
Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter.

The company is developing a stablecoin
-- a type of digital currency pegged to the U.S. dollar -- to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook is far from releasing the coin, because itís still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, the people said.

Facebook has long been expected to make a move in financial services, after hiring former PayPal president David Marcus to run its Messenger app in 2014. In May, Marcus became the head of the companyís blockchain initiatives, which havenít been discussed publicly in detail. Facebook has been on a hiring spree, and now has about 40 people in its blockchain group, according to employee titles on LinkedIn.

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," a company spokesman said in a statement. "This new small team is exploring many different applications. We donít have anything further to share."

WhatsApp, the companyís encrypted mobile-messaging app, is popular in India, with more than 200 million users. The country also leads the world in remittances -- people sent $69 billion home to India in 2017, the World Bank said this year.


The past year has seen a boom in crypto projects related to stablecoins. At one point, there were more than 120 ventures related to this theme, according to Stable.Report, a website that tracks stable tokens. The concept was created to create a digital coin that would be far easier to use on daily purchases because it would be more stable than currencies like Bitcoin.

The idea has proven tough to carry out in real life, with at least one high-profile project shuttered in recent weeks. A stablecoin known as Basis recently closed after eight months. The Hoboken, New Jersey-based company said there was no apparent way around being classified as a security as opposed to a currency, which could significantly reduce the number of potential buyers. The swift collapse came after Basis drew well-known backers like Andreessen Horowitz and Kevin Warsh, a former governor of the U.S. Federal Reserve.

Perhaps the most high-profile stablecoin to date, Tether, has also been surrounded by controversy. While Tetherís creators say each of its tokens is backed by one U.S. dollar, the companyís refusal to be audited has raised questions about whether thatís the case.

Facebook, which has 2.5 billion global users, more than $40 billion in annual revenue and greater experience navigating regulatory issues, may have a better chance of making a stablecoin that sticks. It would be the first large technology company to launch such a project. The companyís relationship with India has been fraught, mainly because some instances of fake news spread through WhatsApp have led to violence there. Still, Facebook sees tremendous growth opportunity in the country. India has 480 million internet users, second only to China. That number is projected to grow to 737 million by 2022, according to Forrester Research Inc.

....

More news from anonymous sources, which may or may not pan out.   :)

Facebook may be using this announcement as a publicity stunt in an effort to artificially inflate the value of its stock which has dwindled in recent times. Mark Zuckenberg came under fire earlier this year for facebook sharing end user data against ethical guidelines. Facebook's declining value could be a result of trust issues. Its an open question as to whether people retain trust in facebook sufficient for them to rollout a stablecoin or blockchain based solution for payment processors.

That said could this be an indication of how far blockchain and crypto currencies have progressed being that large tech giants now view them as being a viable prospect and platform for future growth.

edit link:

https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: hatshepsut93 on December 22, 2018, 10:23:03 AM
More news from anonymous sources, which may or may not pan out.   :)

Facebook may be using this announcement as a publicity stunt in an effort to artificially inflate the value of its stock which has dwindled in recent times. Mark Zuckenberg came under fire earlier this year for facebook sharing end user data against ethical guidelines. Facebook's declining value could be a result of trust issues. Its an open question as to whether people retain trust in facebook sufficient for them to rollout a stablecoin or blockchain based solution for payment processors.

That said could this be an indication of how far blockchain and crypto currencies have progressed being that large tech giants now view them as being a viable prospect and platform for future growth.



Crypto has fallen from grace in the eyes of the public, I doubt that the words "blockchain technology" and "cryptocurrency" can make investors blindly throw money like they did in last year. Maybe it will become like that again during the next bull run though.

Facebook might be also declining because the whole stock market is crashing and not because of the privacy scandals. Not enough people left Facebook to hurt their profitability.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on December 22, 2018, 02:28:17 PM
I for one will continue to refuse to use anything that Facebook gets their grimy, privacy-invading hands on. Sure, this might be another example of blockchain technology going more mainstream, but you can absolutely guarantee that if you use this, your addresses and transactions will be added to Facebook's ever growing profile of information on you, and then sold to highest bidder with absolutely no regard for your privacy, anonymity or security.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: davis196 on December 22, 2018, 02:35:16 PM
I think that the facebook stocks are going down,because funds related to Soros are selling their FB stocks and causing market panic.This is just rumors,but I think it's this has some influence over the facebook stocks.
This idea about a fbcoin or a whatsappcoin is complete garbage and probably fake news.No need to comment such fake news.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: jimbo2000 on December 22, 2018, 02:58:39 PM
I for one will continue to refuse to use anything that Facebook gets their grimy, privacy-invading hands on. Sure, this might be another example of blockchain technology going more mainstream, but you can absolutely guarantee that if you use this, your addresses and transactions will be added to Facebook's ever growing profile of information on you, and then sold to highest bidder with absolutely no regard for your privacy, anonymity or security.

Agreed, but the majority won't. Even in the wake of all of Facebook's scandals they still see near record levels of traffic. I for one deleted facebook following all such events as I don't like the idea of someone manipulating my decisions in some way. I do still use whatsapp but it's almost a necessity and I feel that there's more safety in that.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on December 22, 2018, 03:32:33 PM
I do still use whatsapp but it's almost a necessity and I feel that there's more safety in that.

There are many other open source and end-to-end encrypted instant messengers you can use, but I appreciate the problem is getting all your friends/colleagues/whoever to use them too.

Signal (https://signal.org/) is the one I use. It is free, open source, and available for in android, iOS and desktop versions. It also supports voice, image, video and file sharing. There is also Wire (https://wire.com/en/download/) which pretty much does the same things.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: BitHodler on December 22, 2018, 07:21:57 PM
This idea about a fbcoin or a whatsappcoin is complete garbage and probably fake news.No need to comment such fake news.
It's not fake news. It's also not complete garbage because they can utilize it in so many ways, that it might even attract a whole new group of users they otherwise wouldn't be able to attract.

There is more to it than just the very obvious. Everything social media giants do is focused at increasing their user base, and I actually believe that they might succeed in doing so, especially if the marketing is done well.

I have seen that even a few local banks here are looking to launch tokens people can exchange for discounts on online purchases. Within 5 to 10 years probably every reputable site or service will have its own tokens.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: tomahawk9 on December 22, 2018, 08:37:31 PM
This idea about a fbcoin or a whatsappcoin is complete garbage and probably fake news.No need to comment such fake news.
It's not fake news, there are several reliable news outlets that are reporting the same news, like Bloomberg, for instance: https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers

Since there's no doubt that this cryptocurrency will become the most used cryptocurrency in the world, I wonder if there's a chance that some people will get curious about other cryptos, I mean, I think in the long run people will want to find alternatives to this centralized cryptocurrency owned by a company that is known for invading its user's privacy, so perhaps this could help other cryptos like BTC reach a mainstream status (?).


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: exstasie on December 22, 2018, 09:26:48 PM
I do still use whatsapp but it's almost a necessity and I feel that there's more safety in that.

There are many other open source and end-to-end encrypted instant messengers you can use, but I appreciate the problem is getting all your friends/colleagues/whoever to use them too.

Signal (https://signal.org/) is the one I use. It is free, open source, and available for in android, iOS and desktop versions. It also supports voice, image, video and file sharing. There is also Wire (https://wire.com/en/download/) which pretty much does the same things.

I use Signal but unfortunately the only people I know who use it are people in the cannabis industry (or otherwise involved in black or grey market activity). It's incredible how egregious the privacy violations are with major social networking apps, but nobody seems to care. Most people I talk to have no interest in using Signal. Messenger still seems really popular.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on December 23, 2018, 03:20:27 PM
It's incredible how egregious the privacy violations are with major social networking apps, but nobody seems to care. Most people I talk to have no interest in using Signal. Messenger still seems really popular.

I mean, not only to people not care their data is being leaked, hacked and sold, but they are quite happy to give increasing amount of personal data away for free. It's not just Facebook/Google/Apple knowing your name, email, phone number, address, job, location (in real time), friends, schedule, etc. Although this is bad enough, and more than enough data to steal someone's identity or figure the optimum time to rob their house, people are now actively bringing surveillance devices in to their houses, and paying for the privilege, in the form of Amazon Alexa or Google Home or similar devices.

These devices record everything that is said (and in some cases record video 24/7 as well) and send it to some unknown database for storage. We have no idea what that data is being used for, but I would bet every satoshi I own that it is being analysed and sold to third parties. Talking a lot about feeling ill or unwell? I'm sure your health insurance company would be interested to know that. Talking about money worries? I'm sure anyone you are contacting about a loan would pay for that kind of information.

It absolutely boggles my mind that people are so willing to give away every intimate detail of their lives. The same could be said for half the users on this forum who send their KYC documents to some anonymous bounty campaign in exchanges for a few cents worth of the newest trash token.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: The Pharmacist on December 23, 2018, 03:44:01 PM
Hydrogen, am I missing the source of that quote or what?  Where did it come from?

Anyway, I just learned more about stablecoins than I knew before, so this was an interesting article.  Since I'm not that familiar with them (but I understand the concept), I'm wondering why sending a Facebook coin would be more convenient than just using something like PayPal or a similar service.  I think even Indians working overseas can send funds back to India via PP friends & family for no charge.  The article doesn't exactly say that there's a problem that crypto in general is needed to solve, much less that an unproven, untested, not-yet-developed stablecoin is going to solve.  Are Indians finding it difficult to send money back home? 

I also understand the need for a currency to be stable in order for it to be viable, but I'm not seeing the general public crying out for an alternative to fiat--except in places like Venezuela, but the best solution there would be to use the Peso or USD as currency until the hyperinflation situation resolves.  There are still transaction fees with crypto, plus you have to go out of your way to acquire it...with cash, which, if you have it, means there isn't a problem in the first place.

I for one will continue to refuse to use anything that Facebook gets their grimy, privacy-invading hands on. <snip>
Same here.  I don't use FB, WhatsApp, Twitter, Instagram, or any other social media service, specifically because of the privacy concerns.  And I agree that FB will find a way to exploit the users of its stablecoin if it ever gets off the ground.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on December 23, 2018, 05:08:49 PM
And I agree that FB will find a way to exploit the users of its stablecoin if it ever gets off the ground.

You bet. Same with any other of these big companies looking at getting involved in crypto - Microsoft, Amazon, Facebook, Apple, etc. You can absolutely bet that all your transactions and purchases will be used to build a profile of your spending habits and purchases which will be used to target you with ads and other products, as well as sold off to 3rd parties and potentially even governments to use for tax reasons.

I also have concerns with these big companies even when their intentions seem good. For example, the new HTC phone which will have a built in wallet and potentially also be able to run a node. I would be very surprised if their code for this is open source, and you can almost guarantee they will be tracking your transactions.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Semosuchi Tesongrato on December 23, 2018, 06:52:19 PM
It is very likely, and it will be the end of the crypto as we know it: it will create Facebookcoin, Amazoncoin, Googlecoin, and will be advertised as "real" and "safe" crypto coins, and people will not understand that they are not decentralized. What a pity...


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Bitcoinnation on December 23, 2018, 07:00:20 PM
Whether he introduces it or not... we don't really care anymore. These social media platforms really acted like bitches last time out when they decided to ban cryptocurrency ads on their platforms.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: exstasie on December 23, 2018, 10:51:29 PM
Hydrogen, am I missing the source of that quote or what?  Where did it come from?

I think this is the original article, from Bloomberg: https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers

Anyway, I just learned more about stablecoins than I knew before, so this was an interesting article.  Since I'm not that familiar with them (but I understand the concept), I'm wondering why sending a Facebook coin would be more convenient than just using something like PayPal or a similar service.  I think even Indians working overseas can send funds back to India via PP friends & family for no charge.  The article doesn't exactly say that there's a problem that crypto in general is needed to solve, much less that an unproven, untested, not-yet-developed stablecoin is going to solve.  Are Indians finding it difficult to send money back home? 

I checked Paypal's site (https://www.paypal.com/us/webapps/mpp/send-money-abroad) and it depends how much you're sending. If you send $500 via bank transfer, it costs a $5 fee + ~ 1% currency conversion fee. If you send $2,000 via bank transfer, it's free to send and the currency conversion costs closer to 0.5%.

The less you send, the more expensive. For people remitting $100, they're paying a 6% fee and that's before currency conversion. I'm sure the costs are different for different countries.

One thing to consider is what happens when Paypal bans your account. That's where decentralized platforms shine. I don't know if Facebook's stablecoin will be built on a something like Bitcoin/Ethereum or if it's something more centralized.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: d1ceplayer on December 24, 2018, 02:13:04 PM
I doubt this is true. Facebook wouldnít do such a thing, they donít need cryptocurrency cause they wouldnít consider it safe for their platforms users.

People can already send and receive money with Facebook, there is a feature to send and receive money in the Messenger app. If they want they will do the same for WhatsApp, but it wonít be anything to do with cryptocurrencies, these medias are fond of carrying fake news.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: aoluain on December 24, 2018, 06:37:37 PM
I do still use whatsapp but it's almost a necessity and I feel that there's more safety in that.

There are many other open source and end-to-end encrypted instant messengers you can use, but I appreciate the problem is getting all your friends/colleagues/whoever to use them too.

Signal (https://signal.org/) is the one I use. It is free, open source, and available for in android, iOS and desktop versions. It also supports voice, image, video and file sharing. There is also Wire (https://wire.com/en/download/) which pretty much does the same things.

I use Signal but unfortunately the only people I know who use it are people in the cannabis industry (or otherwise involved in black or grey market activity). It's incredible how egregious the privacy violations are with major social networking apps, but nobody seems to care. Most people I talk to have no interest in using Signal. Messenger still seems really popular.

I also use signal to message privately with other crypto users i know.
I use whatsapp only for work related stuff as its the most popular
messenger so when someone wants to send info to me its
"Are you in whatsapp" facebook knew what they were doing when
they bought it!

I doubt this is true. Facebook wouldnít do such a thing, they donít need cryptocurrency cause they wouldnít consider it safe for their platforms users.

People can already send and receive money with Facebook, there is a feature to send and receive money in the Messenger app. If they want they will do the same for WhatsApp, but it wonít be anything to do with cryptocurrencies, these medias are fond of carrying fake news.

I doubt facebook would do much in relation to their users safety,
This move would be for facebooks benefit.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: cabron on December 24, 2018, 06:45:31 PM


Is this information  now confirm that facebook is indeed reating thier own cryptoccoin?

Some articles  I've read was that it says they are only ccreating stablecoin. Either of it,  its  still a good  indicator for invvestorss who  are looking a far of what wil  happen in the future. Blockchain is going ot be adopted no matter what.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: gentlemand on December 24, 2018, 08:04:10 PM
It is very likely, and it will be the end of the crypto as we know it: it will create Facebookcoin, Amazoncoin, Googlecoin, and will be advertised as "real" and "safe" crypto coins, and people will not understand that they are not decentralized. What a pity...

These dollar tokens would - be centralised, tied to the dollar, reversible, blockable, seizable, and probably require a bank to actually spend outside their services.

I can't believe anyone registered here believes projects like this are in any way comparable. Just like centralbankcoin, they'll make the case for real crypto even more compelling.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Barbut on December 24, 2018, 08:44:44 PM
It is very likely, and it will be the end of the crypto as we know it: it will create Facebookcoin, Amazoncoin, Googlecoin, and will be advertised as "real" and "safe" crypto coins, and people will not understand that they are not decentralized. What a pity...

These dollar tokens would - be centralised, tied to the dollar, reversible, blockable, seizable, and probably require a bank to actually spend outside their services.

I can't believe anyone registered here believes projects like this are in any way comparable. Just like centralbankcoin, they'll make the case for real crypto even more compelling.
Apparently many people believe in projects like this one. I cant find thread I saw couple days ago, there is even a picture, about investing in tether, like it has chance to grow. How crazy people are can be seen on this forum very often.
I dont even wish to comment topics about facebook and cryptocurrencies, who cares about them anymore? Like you say even if they make one it will be facebook token, and some people know what facebook stands for. Now we have some nice decentralized social platforms, why not to try them and in same time earn something from that.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: wuvdoll on December 26, 2018, 03:02:56 AM
I doubt this is true. Facebook wouldnít do such a thing, they donít need cryptocurrency cause they wouldnít consider it safe for their platforms users.

People can already send and receive money with Facebook, there is a feature to send and receive money in the Messenger app. If they want they will do the same for WhatsApp, but it wonít be anything to do with cryptocurrencies, these medias are fond of carrying fake news.
I may need to agree with you as OP is not providing any link for source/reference. But, why not a new thing for whatsapp users beyond the features of facebook.

Mark Zuckerberg  must have been well aware of cryptos as his 'old friends' Winklevoss twins are icons in crypto world. It is time for facebook corp to react as googlepay and applepay are emerging, hence to stay competitive,  they may go for this kind of things.

But, what are impacts it is going to create in crypto space or in bitcoin ecosystem. Nothing negatively, I am sure. Why ? It will be another altcoins but it may get quickly adopted by common people due to the popularity of facebook/whatsapp. But, it may not have value outside whatsapp or at least out side facebook's products. People still need bitcoins.

Moreover I believe, a new crypto from any market giant will help bitcoin to be promoted indirectly as bitcoin is not a purpose specific money whereas all altcoins are.  


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: BrewMaster on December 26, 2018, 03:13:44 AM
just another case of the widespread hype of cryptocurrencies that is infecting everyone from small time newbie investors to big corporations worth billions of dollars. everyone looks at the numbers that showed up in 2017 and look at market cap,... and they all want a piece of the action.
being open source and under MIT license has made it easy for these big corporations to take advantage of other people's work for their own purposes.
for at least another 10 years we will continue seeing a lot of crap coins be created every day until eventually the market purges itself and we are left with only a handful of useful cryptocurrencies.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: bayu7adi on December 26, 2018, 03:25:54 AM
if cryptocurrency can make Facebook better, I think it will restore the condition of this broken Facebook stock
with the implementation of cryptocurrency and blockchain, it can make the WhatsApp, Facebook and Messenger systems even more powerful and of course there will be more and more enthusiasts from the Crypto community to promote Facebook as we all promote cryptocurrency


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: badungs on December 26, 2018, 03:36:56 AM
In my opinion. perhaps this policy is to boost the value of Facebook shares which continue to decline in the trading market due to data leaks that have occurred. so that Facebook starts a new innovation in the crypto world so that the value of shares will increase again and gain the value of trust from the public. in my opinion, this is a good innovation so that it will further develop the crypto world.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on December 26, 2018, 10:58:46 AM
there will be more and more enthusiasts from the Crypto community to promote Facebook as we all promote cryptocurrency

Enthusiasts from the crypto community, as you put it, should be all about privacy, security and anonymity, which are pretty much the antithesis of everything Facebook stands for. Facebook collects all kind of information about you, including leaving tracking cookies which let them know which websites you visit and what you do online outside of Facebook. They even collect data about people that aren't signed in or even signed up to Facebook. This data is obviously sold to advertisers and whatnot, but is also sold to much more shady companies like Cambridge Analytica. No one who is an enthusiast of crypto should be an enthusiast of Facebook.


I can't believe anyone registered here believes projects like this are in any way comparable. Just like centralbankcoin, they'll make the case for real crypto even more compelling.

Exactly. These coins would be crypto only in name. Unfortunately, I have no doubt idiots will flock to these centralized scams in hope of making a quick buck as and when they are launched, as has happened many times before.



Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: shinharu10282016 on December 26, 2018, 12:21:30 PM
Is it me or is anyone interested why it only stated India? We all know many people use WhatsApp, but why only focus on one country? Not jealous but curious enough to ask this question. How is this going to change how we view Facebook and Messaging apps?


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: jjjfff on December 26, 2018, 12:23:46 PM
This kind of application doesn't even require a blockchain.

Facebook's "currency" could be stored in a centralized database, since FB itself is centralized.

You can only use FB and Whatsapp from within their proprietary apps (no API like Telegram), so their currency can simply be another feature added to the app, without blockchain at all.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on December 26, 2018, 12:47:26 PM
This kind of application doesn't even require a blockchain.

You are right, of course, but if they don't use the words "blockchain" or "cryptocurrency" in their new product somewhere, how else will they convince idiots to throw their money at it? All you have to do is add blockchain (https://www.bloomberg.com/news/articles/2017-10-27/what-s-in-a-name-u-k-stock-surges-394-on-blockchain-rebrand) in your product name somewhere (https://www.bloomberg.com/news/articles/2017-10-27/what-s-in-a-name-u-k-stock-surges-394-on-blockchain-rebrand), and your product will surge in value (https://qz.com/1175701/putting-bitcoin-or-blockchain-in-a-company-name-is-sometimes-enough-for-a-pop-on-the-stock-market/), even if it actually has nothing to do with blockchain.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: cizatext on December 26, 2018, 12:50:14 PM
Well the news may be a fake news because Facebook has come out earlier this to Launce an attack on the entire cryptocurrency network by way of banning all cryptocurrency related advertisements on the platform and what makes me not to believe this news is also the fact that it does not have a link to the original news or website.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Escf4 on December 26, 2018, 02:03:19 PM
We can not say that it is a fake news or it is true , that facebook is developing a cryptocurrency for WhatsApp Transfer, if this news is true then it will be a great news , because the crypto currency is expanding their crypto works through this facebook giant.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: jhongzjhong on December 26, 2018, 03:31:16 PM
We can not say that it is a fake news or it is true , that facebook is developing a cryptocurrency for WhatsApp Transfer, if this news is true then it will be a great news , because the crypto currency is expanding their crypto works through this facebook giant.
Yes, maybe this is true or not but there's a big chance of percent it is not true.
This kind of application doesn't even require a blockchain.

Facebook's "currency" could be stored in a centralized database, since FB itself is centralized.
If you have read this comment above he was right I guess, Facebook is just only an application and it is impossible to be used if somebody knows they are not using blockchain technology for their transactions across borders by sending money then, their product become useless.

But since they are banning crypto using by their ads, impossible that Facebook will be using blockchain at all.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: bitgolden on December 26, 2018, 05:25:55 PM
"Sources say" is the most key point on this discussion. Who is the source, where did they found out about this. I am sure facebook would do blockchain eventually but a cryptocurrency for whatsapp transfers? I doubt that would happen anytime soon, it is a possibility in 10 years if crypto becomes quite common but until than it looks impossible for now.

The fact that facebook even banned crypto ads for a while shows clearly how they are not a pro-crypto company, maybe they thought about how they could make money exchange easier and crypto came up in the discussion but thats about the extend they would go with it. They already have like facebook points or whatever its called where you put your money on facebook and than spend it on advertisements or game products and so forth which is not crypto but still works for them.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Capt00 on December 26, 2018, 05:46:22 PM
I don't believe if there is no source at all, waiting to announce the former CEO of the Facebook company. If Mark's have officially announced on that then, there is no reason that I don't believe at all. For now, let's wait and observe our Facebook account having a piece of news regarding crypto but totally I still have doubt that it will never happen.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: AjithBtc on December 26, 2018, 07:35:23 PM
This news rolled out few days back, and this wasn't confirmed. As whatsapp is much used, Facebook coming up with such a plan isn't a big thing. Providing transaction access along with the communications app makes it more convenient for every users. Already few other apps were performing similar tasks, whatsapp adding its own currency adds value to the entire network.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: wahyu wida on December 27, 2018, 02:37:58 AM
I don't believe if there is no source at all, waiting to announce the former CEO of the Facebook company. If Mark's have officially announced on that then, there is no reason that I don't believe at all. For now, let's wait and observe our Facebook account having a piece of news regarding crypto but totally I still have doubt that it will never happen.
I hope that this will happen, and at least this is good news, so that it can increase our confidence in cryptocurrency. therefore news like this is what we need to build psychological


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: suzanne5223 on December 27, 2018, 03:12:42 AM
The news was ramper online and it will be good if facebook does do their own crypto currency but unfortunately the news seems to be false because there's no genuine link to interview where the facebook CEO does make the statement. Therefore, I believe the news was just one of the news spread in other to make more investors step in.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: sunsilk on December 27, 2018, 04:42:00 AM
The news was ramper online and it will be good if facebook does do their own crypto currency but unfortunately the news seems to be false because there's no genuine link to interview where the facebook CEO does make the statement. Therefore, I believe the news was just one of the news spread in other to make more investors step in.
They made such currency before with their apps before or games but it didn't clicked and those type of credits didn't last long. There were news about the hiring of blockchain professionals that facebook did.

With the related ban of ICO ads before on the platform, I think its part of the plan but we don't know what's the really the plan of Mark Zuckerberg and his company alone. It can also be a hype naming like what others said, so investors would buy themselves in.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: yusupjatigumilar on December 27, 2018, 06:52:23 AM
I hope that it will have a positive impact on the crypto currency, and it will not even destroy the crypto currency already, hopefully if the plan is reached, public trust can increase against the crypto currency, another question that is my question is whether the government will support this if later the plan has been realized?


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: miningguru on December 27, 2018, 07:02:26 AM
I don't believe if there is no source at all, waiting to announce the former CEO of the Facebook company. If Mark's have officially announced on that then, there is no reason that I don't believe at all. For now, let's wait and observe our Facebook account having a piece of news regarding crypto but totally I still have doubt that it will never happen.

You are right, maybe the news is spreading which we didn't hear any official news from the major sources. It is a very good sign if they start implementing the cryptocurrency for WhatsApp transfers, it is another good step because if Facebook really starts developing blockchain platform.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: crazycatwoman03 on December 27, 2018, 07:11:24 AM
The news was ramper online and it will be good if facebook does do their own crypto currency but unfortunately the news seems to be false because there's no genuine link to interview where the facebook CEO does make the statement. Therefore, I believe the news was just one of the news spread in other to make more investors step in.
They made such currency before with their apps before or games but it didn't clicked and those type of credits didn't last long. There were news about the hiring of blockchain professionals that facebook did.

With the related ban of ICO ads before on the platform, I think its part of the plan but we don't know what's the really the plan of Mark Zuckerberg and his company alone. It can also be a hype naming like what others said, so investors would buy themselves in.
Facebook founders wants the best thing for their company and their users so it is understandable if they would continue developing. With cryptos booming year by year, considering to integrate it would be an advantage for them in the future.

Facebook had ban crypto and ICOs ads so it really is a surprised for them planning in creating a crypto of their own however, I think it would work more if they will also used bitcoin. Creating another crypto exclusively for them is smart but using bitcoin could be more practical.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: munareal on December 27, 2018, 07:47:39 AM
People have lost confidence in Facebook because of the Cambridge Analytica data scandal.  They have trust issues with users. Creating a cryptocurrency does not sound good from Facebook. If they are interested in cryptocurrency why ban crypto ads on facebook


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: jeremyscott on December 27, 2018, 08:23:05 AM
for real? i am using whatsapp but i am only limited to messaging.  need to learn more about this.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: darewaller on December 27, 2018, 01:06:40 PM
I donít believe this news, itís likely to be a fake news. Why Iím saying this is because most of these Bitcoin enthusiasts will say just anything in the name of getting out a good news out there and encouraging others to keep on with their Hodl, but to me thatís making no sense.

Facebook will never create cryptocurrency. And even if they do, why will it be on WhatsApp? WhatsApp is an app made for the sole purpose of chatting with your loved ones. Do you ever wonder why Facebook donít even display ads on WhatsApp? Thatís because they want people to feel comfortable making use of the app.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on December 27, 2018, 02:52:41 PM
Facebook had ban crypto and ICOs ads so it really is a surprised for them planning in creating a crypto of their own however, I think it would work more if they will also used bitcoin. Creating another crypto exclusively for them is smart but using bitcoin could be more practical.

Of course using bitcoin would be better for the users, but Facebook don't care about the users at all. As far as they are concerned, users are a product to be, well, used. All they care about is profit. They banned crypto and ICO advertising under the guide of "protecting their users", when obviously it was actually because they want to launch their own crypto. Facebook don't want their users using real cryptocurrencies - they want users to use their private and centralized crypto so they can make a profit from it and gather your data to sell.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: sunsilk on December 28, 2018, 02:27:19 AM
The news was ramper online and it will be good if facebook does do their own crypto currency but unfortunately the news seems to be false because there's no genuine link to interview where the facebook CEO does make the statement. Therefore, I believe the news was just one of the news spread in other to make more investors step in.
They made such currency before with their apps before or games but it didn't clicked and those type of credits didn't last long. There were news about the hiring of blockchain professionals that facebook did.

With the related ban of ICO ads before on the platform, I think its part of the plan but we don't know what's the really the plan of Mark Zuckerberg and his company alone. It can also be a hype naming like what others said, so investors would buy themselves in.
Facebook founders wants the best thing for their company and their users so it is understandable if they would continue developing. With cryptos booming year by year, considering to integrate it would be an advantage for them in the future.

Facebook had ban crypto and ICOs ads so it really is a surprised for them planning in creating a crypto of their own however, I think it would work more if they will also used bitcoin. Creating another crypto exclusively for them is smart but using bitcoin could be more practical.
They just don't want the best for their platform but they have do something so they won't be outdated. I'm sure that they have learned a lesson from the fall down of Friendster, myspace, multiply and other first born social medias.

The ban for ICO/crypto related ads wasn't a surprise to be honest but its a hint for only two things, it's either they like it or they really don't like it. And to those that guessed correctly that they would adopt it later were correct. Bitcoin should be their main concern but they don't care about the adoption or so, they are business and their sole purpose is to make money for themselves.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: beami on December 28, 2018, 03:17:51 AM
Facebook wants to issue crypto itself, this is only natural that means the Facebook founder has been able to accept crypto and this certainly has a good impact on crypto lovers. But this also benefits Facebook, with the help of Facebook, the project that is being held will pay for the advertisement so that it adds to the revenue coffers of Facebook.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: cellard on December 28, 2018, 04:09:16 AM
It's simple and has nothing to do with cryptocurrencies: They just want to develop their own WeChat thing, and replicate the model in China were there is a point system of "social proof" depending on what you say. So if you say pro-regime stuff, you get more credibility tokens so to speak. An Orwellian nightmare of sorts.

Once again the complete opposite of what Bitcoin is. A NSA backed corporation like FB will never support freedom tools like Bitcoin.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Farahtenan on December 28, 2018, 04:32:16 AM
Development of Facebook and this won't affect Crypto? and maybe Facebook can open a new forum with its development so that crypto is created only for users and not for the whole. We'll see the developments that occur on Facebook.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: efxtrader on December 28, 2018, 06:13:22 AM
If Facebook creating their own cryptocurrency, its must be have big prospect in the future. Whatsapp have billion member around the world and if 10% using facebook cryptocurrency, it give big impact for the value. But its good because more big company join in crypto industry


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Sengoko on December 28, 2018, 08:12:09 AM
People have lost confidence in Facebook because of the Cambridge Analytica data scandal.  They have trust issues with users. Creating a cryptocurrency does not sound good from Facebook. If they are interested in cryptocurrency why ban crypto ads on facebook
What makes you think they would do that at first? How long have you been making use of Facebook? Donít you know that Facebook can be used for sending and receiving money, just like PayPal, in the Messenger app? Unless that is a feature that is not available in your country. Maybe thatís what they are trying to do with WhatsApp and not even cryptocurrency.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: magneto on December 28, 2018, 09:24:18 AM
Quote
More news from anonymous sources, which may or may not pan out.   Smiley

Facebook may be using this announcement as a publicity stunt in an effort to artificially inflate the value of its stock which has dwindled in recent times. Mark Zuckenberg came under fire earlier this year for facebook sharing end user data against ethical guidelines. Facebook's declining value could be a result of trust issues. Its an open question as to whether people retain trust in facebook sufficient for them to rollout a stablecoin or blockchain based solution for payment processors.

That said could this be an indication of how far blockchain and crypto currencies have progressed being that large tech giants now view them as being a viable prospect and platform for future growth.

It's definitely still something that is only a rumour, and nothing solid.

For me, it's no different than any other stablecoin that is currently being used. The fact that FB is behind it could make it more legit, but there is still the risk that they can freeze funds, suspend accounts etc. which are not supposed to be possible with decentralised cryptos. I honestly don't think that there is much of an advantage for users. To them, it would be the exact same process as sending funds via a centralised payment processor that doesn't necessarily have to use blockchain, like paypal.

It's a purely business based move, if they do choose to go ahead with it. However, if they are indeed targeting the Indian market, there is already strong competition in terms of mobile payments with Paytm being so popular. And we don't know how the Indian government (where whatsapp is popular, apparently) will react in terms of regulation.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: audaciousbeing on December 28, 2018, 11:04:11 AM
When there is any 'anonymous' quote on an information, it shows there is a plan underway and most time, it usually an official authorisation to leak it to the public in other to get a feel of what the public thinks about such move or the opposition against such move by the relevant government authority. Eventually, this might happen because Facebook as we know it meant business about breaking barriers and this is not the first time this news is happening and I believe its getting to a phase that the public needs to be aware of what is to come next.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: LoyceV on December 28, 2018, 01:23:04 PM
These dollar tokens would - be centralised, tied to the dollar, reversible, blockable, seizable, and probably require a bank to actually spend outside their services.
Exactly! Facebook will be competing with Paypal. There's absolutely no reason for them to compete with Bitcoin, and I'm pretty sure governments won't allow a large corporation to issue their own currency to do so.
If they're competing with Paypal, they'll have a centralized database for transactions. That works totally fine for those companies, but has nothing to do with cryptocurrencies.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: naidray on December 28, 2018, 01:55:22 PM
Facebook IS losing a lot of attention however they are lucky that they grabbed whatsapp and instagram at the right prices. As far as I remember they IPO'd facebook at around 100 billion dollars in value, think about it, a social media platform that worth 100 billion dollars makes no sense at all, it is like buying a 100 billion dollar car, it will eventually lose value so why spend so much money on it ?

They bought whatsapp which basically doesn't lose value as long as people keep talking online with each other so I assume whatsapp will be relevant for long long years until a rival could dethrone them. Instagram is still great on social media level but like I said about facebook, that will slowly fadeaway and a new one will come eventually.

Facebooks crypto move would only be interesting so we could see if they could revival facebook by using crypto as a system to attract young people again.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: cellard on December 29, 2018, 04:29:11 AM
Facebook IS losing a lot of attention however they are lucky that they grabbed whatsapp and instagram at the right prices. As far as I remember they IPO'd facebook at around 100 billion dollars in value, think about it, a social media platform that worth 100 billion dollars makes no sense at all, it is like buying a 100 billion dollar car, it will eventually lose value so why spend so much money on it ?

They bought whatsapp which basically doesn't lose value as long as people keep talking online with each other so I assume whatsapp will be relevant for long long years until a rival could dethrone them. Instagram is still great on social media level but like I said about facebook, that will slowly fadeaway and a new one will come eventually.

Facebooks crypto move would only be interesting so we could see if they could revival facebook by using crypto as a system to attract young people again.

I think the young people (the so called zoomers) aren't using Facebook at all anymore, or barely update it. Even millennial aren't using it as much anymore that I know of.

Older people keep in contact with other people through Facebook and share a lot of content there, but I think Twitter and Instagram are the future when it comes to social media.

However the real value in Facebook is all the spying an data mining they do, they can offer all that data to triple letter agencies and other entities which would make good use of that.

Zuckerberg has also expanded into the VR business buying Oculus. I think VR will be big within the next decade with the improved headsets.

Overall I wouldn't be too worried about Facebook for now, they should be doing ok. However this crypto without Bitcoin thing is dumb.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: medicalmiracle on January 02, 2019, 06:11:13 AM
In my opinion. perhaps this policy is to boost the value of Facebook shares which continue to decline in the trading market due to data leaks that have occurred. so that Facebook starts a new innovation in the crypto world so that the value of shares will increase again and gain the value of trust from the public. in my opinion, this is a good innovation so that it will further develop the crypto world.
Well see these are companies and the basic purpose is to make huge money. So this policy of Facebook will be very instrumental in attracting some more users to use it and over mask the fall in the reputation of the Facebook due to the leakage of the data.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: justspare on January 03, 2019, 07:11:06 AM
I doubt they are making all their money from data mining while we keep not giving them data for the past few years. Facebook "had" data on almost everyone but people are starting to move on from that to other stuff.

On the other hand if facebook is really looking into our chats at whatsapp and our pictures at instagram and builds algorithms to find out stuff about us and sell that to anyone other than marketing agencies that is a big big risk for them. Yeah you can like a facebook page about how I met your mother and suddenly there is an amazon how I met your mother dvd set showing as an advertisement, that is fine, that is expected.

However, if it goes into further detail than that I doubt it can continue forever. That is why Zuck has been summoned to court and that is why he will be either getting jailed for a long time if he did that or he will be free if he didn't. However blockchain would help them a whole lot considering all their job is data, not crypto currency by the way, blockchain.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on January 03, 2019, 09:42:16 AM
On the other hand if facebook is really looking into our chats at whatsapp and our pictures at instagram and builds algorithms to find out stuff about us and sell that to anyone other than marketing agencies that is a big big risk for them.

There is no if about it. That is exactly what they are doing. They aren't just tracking your messages and pictures, they track everything from your internet browsing history to your location. Just look at the Cambridge Analytica scandal. Hell, you don't even have to have signed up to Facebook (https://eu.usatoday.com/story/tech/columnist/baig/2018/04/13/how-facebook-can-have-your-data-even-if-youre-not-facebook/512674002/), and they'll still be tracking you.


Yeah you can like a facebook page about how I met your mother and suddenly there is an amazon how I met your mother dvd set showing as an advertisement, that is fine, that is expected.

I mean, I don't use Facebook and I have pretty strict ad-blocking and anti-tracking set-up, but is this really "fine" and "expected"? Do people these days just accept that it is normal for companies to track your movements and share your data like this? I see this as a massive invasion of privacy.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: mriansa on January 03, 2019, 10:42:59 AM
yes I heard this rumor a few months ago that Facebook started working on cryptocurrency for WhatsApp and various other platforms that might be used to secure transactions between Facebook and other platforms by using cryptocurrency. I hope that what is done by Facebook can influence the price movements of Bitcoin.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: LoyceV on January 03, 2019, 12:38:33 PM
That is why Zuck has been summoned to court and that is why he will be either getting jailed for a long time if he did that
Of course he won't ever do jail time! If anything, he has something the government wants access to: data on almost anybody.

I mean, I don't use Facebook and I have pretty strict ad-blocking and anti-tracking set-up, but is this really "fine" and "expected"? Do people these days just accept that it is normal for companies to track your movements and share your data like this? I see this as a massive invasion of privacy.
Have you added this list (https://github.com/StevenBlack/hosts) (scroll down a bit) to your hosts file yet? I'm not sure how effective it is against tracking, but blocking advertising servers is a good start.


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: o_e_l_e_o on January 03, 2019, 10:19:09 PM
Have you added this list (https://github.com/StevenBlack/hosts) (scroll down a bit) to your hosts file yet? I'm not sure how effective it is against tracking, but blocking advertising servers is a good start.

I had not, but I have now.

I had a fairly small hosts file, which I had manually created from a couple of sources, but this is a great resource. As I say, I'm already pretty well protected so I'm fairly sure it will make minimal difference, but you can never be too safe. Thanks for sharing!


Title: Re: Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
Post by: Burogh on January 04, 2019, 06:21:35 AM
Whatsapp user reach billion and if facebook creating their own cryptocurrency for whatsapp user, it will be a big news. This crypto can beat telegram ICO and maybe will be biggest ICO in 2019. More reputable company join in crypto community and i think this will make people know about cryptocurrency and confident make transaction using crypto