Facebook Coin?

[scanderpot]

As reported yesterday by Bloomberg, the world's largest social network is developing its own crypto-currency. To be more specific, a stablecoin, which is a type of digital currency tied to a fiduciary currency, such as the dollar or the real. The company is far from launching the currency in the market, since it is still working on its strategy. By the way, Facebook's intention to work in the payments arena comes from hiring the former CEO of PayPal, David Marcus, in 2014. In all probability, cryptomoeda will allow users to make WhatsApp downloads. Convenient, is not it? Let's see how Mark does in this new venture ...

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[Slow death]

Where is the source of this news? post the link to the source of this news. I think they are wasting time giving attention to this news, in the past we heard many things related to facebook vs cryptos. facebook is an international company and it conforms to the laws of many countries internationally, they also seek to have a good image next to the governments of the whole world so that I doubt that facebook will create own crypto-currency. they do not will deal with crypto-currency unless one day governments around the world legalize cryptos

[TryNinja]

Where is the source of this news? post the link to the source of this news.

The main source is probably Bloomberg. I've found this: https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers

[bL4nkcode]

Rumors will stay rumors, not unless it came from the mouth of Zuckerberg or from any elite-staff of the company. This talks came from last year until they ban crypto ads, then reverse it back, then now what, another rumor from the media.

[zissmieus]

Yes, Facebook is currently one of the world's largest social networking sites. There are many business activities, entertainment, services .... operating mainly on this website. However, I found that the payment methods there were still very difficult and unknown. If developing a converted currency to use purposes, this social networking site will grow stronger for users. In parallel with that, there are many problems related to fraud ..... Finally, I still hope it will become a reality to promote exchange through currencies.

[milewilda]

Rumors will stay rumors, not unless it came from the mouth of Zuckerberg or from any elite-staff of the company. This talks came from last year until they ban crypto ads, then reverse it back, then now what, another rumor from the media.

Was supposed to say the same thing.If these words havent been said by the owner itself but once a rumor would pop-up there would still be a possibility to happen but the
question is on when it would happen? Im aint expecting too much since we have known on how Facebook reacts or have done towards crypto ads ban.

[sunsilk]

Let's all wait until facebook itself is the one that will announce this launching. But these rumors probably has an insider but until verified it will remain as a rumor.

As for the news, it's Bloomberg and it's a well known media but still let's all wait for Mark's announcement.

[Patatas]

The fact that facebook dwells on your private data which also happens to be their main source of business should tell you enough about their coin. It doesn't take a genius to understand how centralized that coin would be and what kinda of regulations it will bring to the market. Not touching that coin with a 10 feet pole.

[Potato Chips]

Im aint expecting too much since we have known on how Facebook reacts or have done towards crypto ads ban.

Lots of scammers flocked on their platform to promote their crypto scams so that move was understandable, imo. And they did change their policies about this shortly after, tho getting and ad space there still wouldn't be easy.

I don't think they are hostile when it comes to cryptocurrencies. The fact that they have their blockchain team which is still growing hints their interest.

[TimtheYoutuber]

I don't know where Bloomsburg is getting their information, but it wouldn't be the first time that they are completely off. If Facebook makes a stable coin then cool, I won't be using it.

[1Referee]

I don't know where Bloomsburg is getting their information, but it wouldn't be the first time that they are completely off. If Facebook makes a stable coin then cool, I won't be using it.

Bloomberg very recently came out with a report (obviously hidden source) that Tether is backed sufficiently, so in that regard, it's probably a good idea to take anything from Bloomberg with a truckload of salt.

In the end, whether that coin or token or stable coin will actually make it doesn't even matter, because it in no shape or form is a competitor to any of our existing currencies. This space differentiates itself from everything else because of its decentralized nature. That's what makes crypto valuable to begin with. On top of that, people love the volatility and potential money making opportunities. 

[TimtheYoutuber]

I don't know where Bloomsburg is getting their information, but it wouldn't be the first time that they are completely off. If Facebook makes a stable coin then cool, I won't be using it.

Bloomberg very recently came out with a report (obviously hidden source) that Tether is backed sufficiently, so in that regard, it's probably a good idea to take anything from Bloomberg with a truckload of salt.

In the end, whether that coin or token or stable coin will actually make it doesn't even matter, because it in no shape or form is a competitor to any of our existing currencies. This space differentiates itself from everything else because of its decentralized nature. That's what makes crypto valuable to begin with. On top of that, people love the volatility and potential money making opportunities. 

The stable coin could be decentralized and just guaranteed to be backed by $1. In that case, it would be good to transact with and would be a good form of online value. Bitcoin is different though and I agree on that because Bitcoin shouldn't be pegged to the USD even though a lot of merchants peg it.

[bL4nkcode]

The stable coin could be decentralized and just guaranteed to be backed by $1.

Guaranteed? So where's your or their proof? AFAIK still not even a single authority confirmed or official statement that any stable coin such usdt is backed by usd or any fiat, can't find any source on the internet.

[TimtheYoutuber]

The stable coin could be decentralized and just guaranteed to be backed by $1.

Guaranteed? So where's your or their proof? AFAIK still not even a single authority confirmed or official statement that any stable coin such usdt is backed by usd or any fiat, can't find any source on the internet.

They could guarantee it by making a legal contract to accept the stable coin for a value of $1 always. I am not saying they will, I am saying they COULD. Like they can create 100,000 stable coins. And then accept them for services and price them at $1. Anyone who has stable coins that wants to sell them, can receive $1 guaranteed via a legal document. Or Facebook could just say its $1 of value and not redeemable via cash.



When people use the stable coin for services, facebook can then sell those coins to others who want to purchase for a standard $1.

They could make it decentralised if they wanted, but who knows what will happen until it does.

[mk4]

The stable coin could be decentralized and just guaranteed to be backed by $1.

Guaranteed? So where's your or their proof? AFAIK still not even a single authority confirmed or official statement that any stable coin such usdt is backed by usd or any fiat, can't find any source on the internet.

They could guarantee it by making a legal contract to accept the stable coin for a value of $1 always. I am not saying they will, I am saying they COULD. Like they can create 100,000 stable coins. And then accept them for services and price them at $1. Anyone who has stable coins that wants to sell them, can receive $1 guaranteed via a legal document. Or Facebook could just say its $1 of value and not redeemable via cash.



When people use the stable coin for services, facebook can then sell those coins to others who want to purchase for a standard $1.

They could make it decentralised if they wanted, but who knows what will happen until it does.

If that's the case that they're going to guarantee it's backing via legal contracts, then how is it in any way "decentralized"? That's the exact opposite of "decentralized".

[TimtheYoutuber]

The stable coin could be decentralized and just guaranteed to be backed by $1.

Guaranteed? So where's your or their proof? AFAIK still not even a single authority confirmed or official statement that any stable coin such usdt is backed by usd or any fiat, can't find any source on the internet.

They could guarantee it by making a legal contract to accept the stable coin for a value of $1 always. I am not saying they will, I am saying they COULD. Like they can create 100,000 stable coins. And then accept them for services and price them at $1. Anyone who has stable coins that wants to sell them, can receive $1 guaranteed via a legal document. Or Facebook could just say its $1 of value and not redeemable via cash.



When people use the stable coin for services, facebook can then sell those coins to others who want to purchase for a standard $1.

They could make it decentralised if they wanted, but who knows what will happen until it does.

If that's the case that they're going to guarantee it's backing via legal contracts, then how is it in any way "decentralized"? That's the exact opposite of "decentralized".

Imagine a bitcoin, but a company says "we will give $X always for the coin". You could send the stable coin freely to anyone, but Facebook will accept it for $1 always. So there shouldn't be price movement in it. If people are free to move it without any censorship then it's decentralized. Not saying they would do this.

[mk4]

Imagine a bitcoin, but a company says "we will give $X always for the coin". You could send the stable coin freely to anyone, but Facebook will accept it for $1 always. So there shouldn't be price movement in it. If people are free to move it without any censorship then it's decentralized. Not saying they would do this.

Being able to freely move the stablecoin freely is definitely a very good thing, for sure. But completely relying on having a company to promise you a 1:1 backing is a big downside. That's having a single point of failure. Sure, they back it, until they don't. Exactly like what happened to Tether(USDT) whereas you could exchange your USDT to USD through them in the past, but now they don't allow that (though I'm not saying that USDT is not 1:1 backed, as I have no proof for that).

[TimtheYoutuber]

Imagine a bitcoin, but a company says "we will give $X always for the coin". You could send the stable coin freely to anyone, but Facebook will accept it for $1 always. So there shouldn't be price movement in it. If people are free to move it without any censorship then it's decentralized. Not saying they would do this.

Being able to freely move the stablecoin freely is definitely a very good thing, for sure. But completely relying on having a company to promise you a 1:1 backing is a big downside. That's having a single point of failure. Sure, they back it, until they don't. Exactly like what happened to Tether(USDT) whereas you could exchange your USDT to USD through them in the past, but now they don't allow that (though I'm not saying that USDT is not 1:1 backed, as I have no proof for that).

Correct and I am not saying that it is a good move or that they would do it. Were on a crypto forum for a reason ;p

[ice18]

Im sure this is not a humor Facebook is a billion dollar company that relies directly on its online users therefore a crypto currency to be used in their own Facebook platform would perfect instead of using paypal or debit/credit cards for the payment options for their customers all over the world it will be a one perfect example of utility coin I hope not stable coin with real use case on its platform.

[crairezx20]

I just noticed this coin from my own facebook account I thought that the coin is for gaming purposes.

I tried to click but facebook as me for giving my Paymaya card details to buy the coin.

If ever they implement this coin with a stable price we can easily transfer money in other country but the problem here it is not private because its connected to your personal Facebook account.