Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say

[munareal]

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

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[jeremyscott]

for real? i am using whatsapp but i am only limited to messaging.  need to learn more about this.

[darewaller]

I don’t believe this news, it’s likely to be a fake news. Why I’m 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 that’s 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 don’t even display ads on WhatsApp? That’s because they want people to feel comfortable making use of the app.

[o_e_l_e_o]

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.

[sunsilk]

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.

[beami]

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.

[cellard]

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.

[Farahtenan]

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.

[efxtrader]

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

[Sengoko]

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? Don’t 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 that’s what they are trying to do with WhatsApp and not even cryptocurrency.

[magneto]

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.

[audaciousbeing]

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.

[LoyceV]

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.

[naidray]

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.

[cellard]

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.

[medicalmiracle]

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.

[justspare]

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.

[o_e_l_e_o]

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, 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.

[mriansa]

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.

[LoyceV]

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 (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.