[2019-05-12] ‘Facebook Coin’ Will Be More Like Bitcoin Than Starbucks Rewards, S

[Jgilpulg]

Under the code name “Project Libra,” tech journalists say, Facebook, Telegram, and Signal are devising their own digital token, which would allow their billions of users to exchange money across the Internet, through their payment systems.

https://bitcoinist.com/facebook-coin-will-be-more-like-bitcoin-than-starbucks-rewards-says-analyst/

[CryptoBry]

Under the code name “Project Libra,” tech journalists say, Facebook, Telegram, and Signal are devising their own digital token, which would allow their billions of users to exchange money across the Internet, through their payment systems.

Right now, the whole Facebook conglomerate is quite excited for their grand entrance to the world of cryptocurrency which many are expecting can be competing well with many well-established coins in the marketplace. But will the so-called FacebookCoin or whatever name it can be called be able to dethrone the King of Cryptos? That remains to be seen because I am sure that this future coin can also have its own flaws and it all depends on how the marketplace can react into it. I am guessing that in the next few months of its existence, it can be liken to the BNB experiment since the coin can be well-used on the social media platforms controlled by Facebook.

Now, can we see that Mark Zuckerberg become the new King of Cryptocurrency? Or will the weight of Facebook make it sluggish and not adopt well with the expectations by the people?

[veleten]

"project Libra" is just a fantasy IMHO , Facebook does create their own token , so does Telegram
I highly doubt they would want to share the profits and allow competitors to , potentially , take a share of the audience or have control over this token or coin
but if they manage to produce something decent ,not another centralized shitcoin to buy smileys and unlock options or buy ads , this could challenge any  of the top 20 coins easily  

[Kakmakr]

Under the code name “Project Libra,” tech journalists say, Facebook, Telegram, and Signal are devising their own digital token, which would allow their billions of users to exchange money across the Internet, through their payment systems.

... That remains to be seen because I am sure that this future coin can also have its own flaws and it all depends on how the marketplace can react into it.
 

It's biggest flaw is the centralized authority that are behind it. Facebook are one of the largest centralized information gathering service for governments and now they want to add people's financial data and spending habits to that.

Would people care about financial privacy? I doubt it, if you look at all the crap that are shared on social media and how people whore their personal <private> life on Youtube for likes and views.  

[gentlemand]

All of these things are dollar tokens with more problems added just for you. I doubt they're going to have any recognisable 'blockchain' in them either. There's no reason to have it. 'Blockchain' can't support the transaction volume they'll have.

I've little idea why these things are being mentioned by anywhere crypto related.

The real test of whether they're interested in stepping towards something beyond normal finance is whether any Facebook user anywhere in the world can start accepting and using their Facedollar. Am sceptical.

[1BTC EQUALS 1CAR]

Under the code name “Project Libra,” tech journalists say, Facebook, Telegram, and Signal are devising their own digital token, which would allow their billions of users to exchange money across the Internet, through their payment systems.

... That remains to be seen because I am sure that this future coin can also have its own flaws and it all depends on how the marketplace can react into it.
 

It's biggest flaw is the centralized authority that are behind it. Facebook are one of the largest centralized information gathering service for governments and now they want to add people's financial data and spending habits to that.

Would people care about financial privacy? I doubt it, if you look at all the crap that are shared on social media and how people whore their personal <private> life on Youtube for likes and views.  

People are enslaved by the social media so anything that you will try to feed them, they will swallow it without even tasting it.  But I know that there will be a turning point where people will start to care about privacy but I think that is still very far. They will patronize that fb coin for a while in the future until major issue will rise that cannot be tolerated anymore.

[Theb]

But regardless of the type and number of predictions put forward, one thing is sure. Facebook’s digital coin won’t be anything like Bitcoin.

It will be issued, developed and controlled by a centralized authority. Its ledger will not be immutable, and access will likely require your Facebook account.

Well this is new, the website created a misleading headline for the news and instantly told the truth in one of the parts of their article. Nevertheless its still a misleading headline I'm just glad that they contradicted what the analyst have told in the interview. I'm a regular Facebook user and I have seen it change a lot, they recently added a "marketplace" section for people who buys and sells and have heard news of implementing a payment scheme within their messenger app which is a vital tool for people transacting in Facebook. FB won't be doing this for free since they implemented this to monetize it soon enough and this new crypto might be their way to earn from its users again.

[davis196]

Under the code name “Project Libra,” tech journalists say, Facebook, Telegram, and Signal are devising their own digital token, which would allow their billions of users to exchange money across the Internet, through their payment systems.

https://bitcoinist.com/facebook-coin-will-be-more-like-bitcoin-than-starbucks-rewards-says-analyst/

Oh,my god.Stop with this nonsense and lies.Facebook and Telegram aren't working in a partnership.Facebook owns Whatsapp and has it's own Messenger app.They don't care about Telegram or Signal.If they ever create a "facebook coin" it won't be a cryptocurrency.It will be a digital token...

[bbc.reporter]

Agreed. This is another clickbait title. Also, that statement is from an analyst who might not understand what bitcoin is, I reckon. Jgilplulg might also not have read the article because he did not include the most important item.

My speculation is it might be issued in one of the platforms we already know. The thread should be discussing what plaform would be the chosen one and have the merits of processing Facecoins hehehe?



EXCEPT THAT IT WON’T…

But regardless of the type and number of predictions put forward, one thing is sure. Facebook’s digital coin won’t be anything like Bitcoin.

It will be issued, developed and controlled by a centralized authority. Its ledger will not be immutable, and access will likely require your Facebook account.

Read in full https://bitcoinist.com/facebook-coin-will-be-more-like-bitcoin-than-starbucks-rewards-says-analyst/