Facebook to take on PayPal, rule micro-payments?

[Bimmerhead]

Pretty clever plan if you ask me...

http://inventorspot.com/articles/will_social_media_currency_replace_dollar_euro_or_yuan

[Mahkul]

Should we start worrying about Bitcoin's future?

[caveden]

Are these facebook credits really an independent currency or are they pegged to government currencies like paypal is?

[bitdragon]

bitcoin could be a payment system for joindiaspora.com social network?

"
And since Facebook taxes 30 percent of the profits on all FB Credits' payments-"

This means 30% of all transactions? That is absolutely absurd.
After just ~14 transactions, 100 credits would be worth less than 1.

In that respect, it is true that a world bank headed up by facebook is indeed not a far-fetched notion.

[Bimmerhead]

Are these facebook credits really an independent currency or are they pegged to government currencies like paypal is?

Unfortunately 70% of the transactions of 600 million people will always be worth more than 100% of the transactions of zero people.

Facebook has the advantage and they know it.

bitcoin could be a payment system for joindiaspora.com social network?

That is a cool idea...

[caveden]

Are these facebook credits really an independent currency or are they pegged to government currencies like paypal is?

Unfortunately 70% of the transactions of 600 million people will always be worth more than 100% of the transactions of zero people.

Facebook has the advantage and they know it.

That was not my question... 

These facebook credits are only a "decent competitor" to bitcoins if they are an independent currency, what I suppose they are not. If they are just another form of payment like paypal, then they are just a problem to paypal, not bitcoins.

[kiba]

Remember, all walled garden are bounded to die! Facebook currency will be worthless while bitcoin will spans the global economy!

[bitdragon]

FBcredits cannot be a decent competitor to bitcoin as it is centralised, prone to censorship (they censor messages referring to joindiaspora for example, bittorrent etc), exorbitant fees and backed by Goldman Sachs(!) and other well to do organisations.

Money needs to facilitate exchange of goods and services, to make it as easy and efficient as possible. Supply of FB credits decreases the more people use it! they then could give it back to you in the form of loans trapping you inside, it's an unbelievable fraud in my humble opinion to brace this as a possible alternative for currency.

[Mike Hearn]

FB Credits are pegged to the dollar. 10 credits = 1 dollar.

[ribuck]

FB Credits are pegged to the dollar. 10 credits = 1 dollar.

But you can't cash them out, so that's doesn't mean much. It will be interesting to see what the black market rate is, but it will be much less.

[Bimmerhead]

Are these facebook credits really an independent currency or are they pegged to government currencies like paypal is?

Unfortunately 70% of the transactions of 600 million people will always be worth more than 100% of the transactions of zero people.

Facebook has the advantage and they know it.

That was not my question... 

These facebook credits are only a "decent competitor" to bitcoins if they are an independent currency, what I suppose they are not. If they are just another form of payment like paypal, then they are just a problem to paypal, not bitcoins.

Sorry caveden, I quoted the wrong post.  I meant to quote this one:

what % facebook charges for something? 30% ? Good luck with that.

I don't think FB Credits are a competitor to bitcoin outside of Facebook, but as a micropayment solution for virtual goods within Facebook obviously they are king.  And that is no small territory.  Zynga is a $5 billion company largely because of their social games within Facebook.

[em3rgentOrdr]

I do get concerned about Facebook's market share.  I'm liking them less and less.  Even though I'm a voluntaryist/anarcho-capitalist, I don't like how everyone keeps all their stuff in centralized servers and uses Facebook as their internet browser.  There are some voluntary actions that, when taken in the aggregate, are potentially damaging to society.