[2019-03-02] No, Facebook’s ‘FaceCoin’ Will Be Nothing Like Bitcoin (Or Even a C

[Jgilpulg]

Social media giants are now jumping on the cryptocurrency bandwagon with plans to introduce a cryptocurrency to their billions of users.

https://bitcoinist.com/facecoin-facebook-telegram-bitcoin/

[1715139208]

1715139208

[veleten]

Social media giants are now jumping on the cryptocurrency bandwagon with plans to introduce a cryptocurrency to their billions of users.

https://bitcoinist.com/facecoin-facebook-telegram-bitcoin/

I can tell you more: no coin will be same as bitcoin
since bitcoin was the first one and stays the most popular cryptocurrency with 52+% dominance of the market
and Facebook will surely try to bank on the digital currency hype , same as telegram , by the way
it is too early to say , have to see their white paper, but Facebook is late to the party and I doubt they would be in the top 20 if they launch

[gentlemand]

It won't stop all the pinheads here writing 'I be buy facebookcoin. Goodest investment it'.

Some people are simply beyond making the most basic mental leap.

We've already gotten a small hint with existing stablecoins. Do anything faintly questionable or anything that makes them look uncool on CMC like cashing out too much and you suddenly discover you never had any actual money to begin with.

[ABCbits]

I'd wager it's centralized, closed-source or based on public permissioned/private permissioned blockchain.

It won't stop all the pinheads here writing 'I be buy facebookcoin. Goodest investment it'.

It's not exactly wrong thought process (at least for short-term investment) since people know anything made by big company always bring momentum and it could be used to gain short-term profit.

[gentlemand]

It's not exactly wrong thought process (at least for short-term investment) since people know anything made by big company always bring momentum and it could be used to gain short-term profit.

How will a token that can't be traded with a fixed value to the dollar make anyone any money?

Even if an exchange started to use it as a stablecoin you can bet your bippy Facebook would shut their account down in a fraction of a second.

[1Referee]

I'd wager people who have such thought won't think that far, but OTC or P2P is possible if the token is tradeable.

I can see 'black market' emerge where these coins have a slight premium over their face value, and as long as you can make a few percent, there will be people looking to jump into it.

I'm certain that it's a very easy thing to set up an automated site where people can use Bitcoin to pay for these coins and from there make it look like the FB coins are a donation or legit transaction. I'm buying PayPal USD at a premium too (3% premium to be precise) when I want to fund my account, just so that I don't have my personal information linked to that account.

[Vialaia]

Social media giants are now jumping on the cryptocurrency bandwagon with plans to introduce a cryptocurrency to their billions of users.

https://bitcoinist.com/facecoin-facebook-telegram-bitcoin/

I can tell you more: no coin will be same as bitcoin
since bitcoin was the first one and stays the most popular cryptocurrency with 52+% dominance of the market
and Facebook will surely try to bank on the digital currency hype , same as telegram , by the way
it is too early to say , have to see their white paper, but Facebook is late to the party and I doubt they would be in the top 20 if they launch

I'm entirely agree with you. Every second project wants to surpass Bitcoin, but to date there is still impossible. Facebook is the just one shot at this.

[o_e_l_e_o]

I'd wager it's centralized, closed-source or based on public permissioned/private permissioned blockchain.

Sounds just like 99% of other shitcoins. Hell, you could be describing XRP, but that doesn't stop people buying it. If this wasn't going to be a stablecoin, I'd probably buy a bunch just to flip - with 2 billion monthly users who are happy to part with all their private data for nothing, you can guarantee there's enough even bigger idiots in there who will part with their money for this trash.

Facebook already tried a digital currency a few years ago called Facebook Credits. It barely lasted a year between official launch and the announcement it was being discontinued.

[figmentofmyass]

If this wasn't going to be a stablecoin, I'd probably buy a bunch just to flip - with 2 billion monthly users who are happy to part with all their private data for nothing, you can guarantee there's enough even bigger idiots in there who will part with their money for this trash.

Facebook already tried a digital currency a few years ago called Facebook Credits. It barely lasted a year between official launch and the announcement it was being discontinued.

yeah, i'm surprised they keep pushing this direction given that experience. there's not much to be gained by transitioning from a database to a permissioned blockchain. i suspected they were up to something after they took on david marcus as head of the messenger unit (big bitcoin bull, formerly from coinbase). but i still don't see how it fits into their business model.

[CryptoBry]

I would never be surprised if at the end of the day many will realized that the cryptocurrency introduced and utilized by Facebook can be vastly different than those we already have in the market. Mark and his team are of course not on the same level as that the whole cryptocurrency market and they are doing this to make their business get catapulted into the next century using digital currency as the most convenient way to transact business with their platform. Facebook is just taking advantage of the technology already proven to deliver...speculators can be disappointed with this introduction as I am sure this cryptocurrency is not meant to be dealt that way.

[davis196]

First there were news that Facebook is about to use blockchain to resolve login issues and now we have news about "facecoin"...The fake news machine keeps creating fake news for clickbait and lousy Ad revenue.
There will never be a 'facecoin'.FB might create a simple centraliized token that can be converted into fiat only,but I wouldn't call that a cryptocurrency.

[Hamphser]

I'd wager it's centralized, closed-source or based on public permissioned/private permissioned blockchain.

It won't stop all the pinheads here writing 'I be buy facebookcoin. Goodest investment it'.

It's not exactly wrong thought process (at least for short-term investment) since people know anything made by big company always bring momentum and it could be used to gain short-term profit.

As a smart investor or trader then having these kind of fundamentals would really be the best opportunity to make money. Buying out that FaceCoin not on the meaning to support into it
but rather focusing or just for the sake of profits.
Lots of people will surely buy this coin and most of them doesnt even know on whats crypto yet this facecoin would be an another centralized piece of crap.

[stompix]

I'd wager people who have such thought won't think that far, but OTC or P2P is possible if the token is tradeable.

I can see 'black market' emerge where these coins have a slight premium over their face value, and as long as you can make a few percent, there will be people looking to jump into it.

I'm certain that it's a very easy thing to set up an automated site where people can use Bitcoin to pay for these coins and from there make it look like the FB coins are a donation or legit transaction. I'm buying PayPal USD at a premium too (3% premium to be precise) when I want to fund my account, just so that I don't have my personal information linked to that account.

Those two situations are different

You won't be buying and holding fbcoins just so you can sell them over a black market for a 3-5% premium.
What you're describing happens with everything, amazon cards, paysafe codes etc etc, BUT, nobody is "investing" in those.

Buying out that FaceCoin not on the meaning to support into it but rather focusing or just for the sake of profits.
Lots of people will surely buy this coin and most of them doesnt even know on whats crypto yet this facecoin would be an another centralized piece of crap.

No matter how many people buy it, a 1$ pegged coin will still be worth only 1$ ...or less!  

[Betwrong]

Conducted a small research on who's talking about it. Below are two very first tweets with #facecoin hashtag on Twitter:



Notice that they were created in 2012! Both from this couple have less than 200 followers each and their tweets, in Filipino, obviously have nothing to do with the topic.

But the other guy, Pierre-Olivier Carles, has impressive 17k followers, and look at his tweet made almost 5 years ago:




But seriously though, why there is no word from Mark Zuckerberg or any other more or less official source on the subject?

[stompix]

But seriously though, why there is no word from Mark Zuckerberg or any other more or less official source on the subject?

Because there is nobody who knows for sure anything...

Here is the original article:
https://www.nytimes.com/2019/02/28/technology/cryptocurrency-facebook-telegram.html

Look at the bolded parts:

Facebook has more than 50 engineers working on its project, three people familiar with the effort said.

The team is in an office with separate key-card access so other Facebook employees cannot get in, according to two Facebook employees.

The five people who have been briefed on the Facebook team’s work said the company’s most immediate product was likely to be a coin

Facebook is looking at pegging the value of its coin to a basket of different foreign currencies, rather than just the dollar, three people briefed on the plans said

You see, there is always a person, somebody, some guys said, it's nothing official, and actually, there are not even real proofs FB is indeed at least working on some coin and even that those guys who talked to the journalist really exist.

What is worse is that the article comes from this guy Nathaniel Popper
who has a long track of useless articles

[hatshepsut93]

Facebook is one of the worst entities for creating its own cryptocurrency, considering their track record of spying on their users. Facebook values are the direct opposite of any true crypto, Facebook seeks more control, more user data harvesting, while cryptos are all about privacy and freedom.

[1Referee]

Those two situations are different

You won't be buying and holding fbcoins just so you can sell them over a black market for a 3-5% premium.
What you're describing happens with everything, amazon cards, paysafe codes etc etc, BUT, nobody is "investing" in those.

It's not different.

In all cases, every aspect of a site or service with some form of valuable nature to it that can be transferred from one account to another can and will be used to make money with. That's how the economics work. Call it profiteering, investing, whatever, people are making money with these things. It has been happening for over a decade.

[buwaytress]

Why is this news? When would we ever expect any corporate-branded currency to even be a shade of blockchain, much less Bitcoin? Who on earth would think Facecoin or JPMcoin or Ripple would be? I'm sure even they aren't pretending to be. Why would we pretend for them?

@stompix, I've been seeing Popper's name pop up all over my feed a lot this year, and I'm not even following him. Thumbing down his name on my aggregators don't seem to be working.

[stompix]

It's not different.

In all cases, every aspect of a site or service with some form of valuable nature to it that can be transferred from one account to another can and will be used to make money with. That's how the economics work. Call it profiteering, investing, whatever, people are making money with these things. It has been happening for over a decade.

They are different at how they work and how you earn money with it.

Coins in which you invest are like stocks or property you buy them and hope in x years you will sell at a profit.
The funds on paysafe, pp, amazon or facecoin are like the products a shop stocks up and add a commission.

In the first case, you have to wait for (if) the price increase and sell with minimum fuss.
In the second case, you don't care about the price, the problem is finding a customer, the profit is guaranteed but only if you find any.

The first revenue is generated by markets, the other one is actually work you're putting in. 

@stompix, I've been seeing Popper's name pop up all over my feed a lot this year, and I'm not even following him. Thumbing down his name on my aggregators don't seem to be working.

I've stopped using aggregators a long time, they are pushing every no news and their "related" spectrum is so large in two clicks you're away from Intel news to protests in Uganda.