Facebook is discontinuing P2P payments in Messenger. Is working on a cryptocurre

[vit05]

Techcrunch

“On 15 June 2019, we will discontinue P2P services on Messenger  or through Facebook messages for all residents in the UK and France,” the company noted in a short statement on its main help page for the payments service. “While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations.”

...

Perhaps more interestingly, the company is reportedly working on a cryptocurrency that would allow for people on its messaging networks to send money to each other. If such a product really does get rolled out, it may be that Facebook would use that to become its primary P2P payment mechanism.


At some point these companies will realize that it is economically much more viable to support an open source technology for money transfer than to create something centralized.

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[AmoreJaz]

i think it is not a secret anymore that they are cooking their own altcoin.

https://www.newsbtc.com/2019/04/15/htc-exec-facebook-coin-is-like-the-intranet-bitcoin-is-like-the-internet/

https://www.ccn.com/facebook-coin-biggest-boon-crypto-1-billion-investment

i think this one will be a hit! interesting to see how this development unfolds...

[Aero Blue]

i think it is not a secret anymore that they are cooking their own altcoin.

https://www.newsbtc.com/2019/04/15/htc-exec-facebook-coin-is-like-the-intranet-bitcoin-is-like-the-internet/

https://www.ccn.com/facebook-coin-biggest-boon-crypto-1-billion-investment

i think this one will be a hit! interesting to see how this development unfolds...

haha you know it's gonna be a shit show as always lmao

[Ailmand]

Techcrunch

“On 15 June 2019, we will discontinue P2P services on Messenger  or through Facebook messages for all residents in the UK and France,” the company noted in a short statement on its main help page for the payments service. “While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations.”

...

Perhaps more interestingly, the company is reportedly working on a cryptocurrency that would allow for people on its messaging networks to send money to each other. If such a product really does get rolled out, it may be that Facebook would use that to become its primary P2P payment mechanism.


At some point these companies will realize that it is economically much more viable to support an open source technology for money transfer than to create something centralized.

It has been clear, a year ago this had been going out a lot that Mark Zuckerburg is starting to study about cryptocurrecny and it can be applied to it's social media platform.

Can't wait whether this will create a new hype in the market or will it be another shitcoin.

[Beau blue]

Techcrunch

“On 15 June 2019, we will discontinue P2P services on Messenger  or through Facebook messages for all residents in the UK and France,” the company noted in a short statement on its main help page for the payments service. “While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations.”

...

Perhaps more interestingly, the company is reportedly working on a cryptocurrency that would allow for people on its messaging networks to send money to each other. If such a product really does get rolled out, it may be that Facebook would use that to become its primary P2P payment mechanism.


At some point these companies will realize that it is economically much more viable to support an open source technology for money transfer than to create something centralized.

It has been clear, a year ago this had been going out a lot that Mark Zuckerburg is starting to study about cryptocurrecny and it can be applied to it's social media platform.

Can't wait whether this will create a new hype in the market or will it be another shitcoin.

I suspect there will be a lot of hype around it, but like everything the big companies release now, it will fade away in a year or 2.

[leonair]

Actually Facebook is getting almost everything in the Internet for as long as it's trending to the masses, most of us known about the acquisitions of Instagram, Whatsapp, etc. and after buying they merging the functionality of it to each everyone, cryptocurrency is not an exemption so the chance of them making their own one is really happening soon.

For me, It would give a positive effect to to Cryptocurrency world itself as one of the most biggest social media platform is using the idea of Bitcoin.

[pushups44]

From what I understand, the Facebook coin will be a stablecoin pegged to the dollar, so it won't be much of a competitor to bitcoin and other decentralized cryptocurrencies. It will also allow Facebook to get a foothold into the remittance market, which could bring problems for Western Union. It will also warm people to bitcoin. It could thus be positive for the space.

[avikz]

Techcrunch

“On 15 June 2019, we will discontinue P2P services on Messenger  or through Facebook messages for all residents in the UK and France,” the company noted in a short statement on its main help page for the payments service. “While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations.”

...

Perhaps more interestingly, the company is reportedly working on a cryptocurrency that would allow for people on its messaging networks to send money to each other. If such a product really does get rolled out, it may be that Facebook would use that to become its primary P2P payment mechanism.


At some point these companies will realize that it is economically much more viable to support an open source technology for money transfer than to create something centralized.

I wonder about the utility of such tailor made coins that some conglomerates are trying to build to be used within their closed network. Lets assume you can send money to your family through facebook coin but if there is no exchange service available, what's the use of it?? And to have an exchange service, facebook will have to be licensed separately basis the local market regulation. It makes very little sense to me!

Instead of investing billions in creating a new altcoin with limited usability, it makes more sense to adopt a popular altcoin on a tailor made blockchain!

[ranman09]

From what I understand, the Facebook coin will be a stablecoin pegged to the dollar, so it won't be much of a competitor to bitcoin and other decentralized cryptocurrencies. It will also allow Facebook to get a foothold into the remittance market, which could bring problems for Western Union. It will also warm people to bitcoin. It could thus be positive for the space.

Bitcoin will still be like the gold of the cryptospace. It's really nice to know that remittances is what they are up to.

[okala]

Facebook move to created the Facebook token have been on the news for quite some time now, and we are all expecting other media institutions to follow soon. I don't know why instead of this institutions to support the young growing blockchain technology and take they business to the next level they choose to attack it at first but discovered they is nothing they can do,.

[Herbert2020]

At some point these companies will realize that it is economically much more viable to support an open source technology for money transfer than to create something centralized.

why?!
when they make their own centralized token, they have 100% control over it and THEY will get any kind of fee there is to take from people who use their centralized token.
in comparison if they adopt bitcoin there is no fees/benefits in it for them. they can't take fees from people who send each other bitcoin for example!

[kaya11]

Will this give a positive impact on Bitcoin trend or to the crypto currencies market? Or will it be just another shitcoin and to be dumped in the dark abyss of shitcoins. Either way it will be helpful I think if they will be accepting Bitcoin to buy their facebook coin. What if it will only accept USD or other known fiat money? These social media companies are very powerful tools in market trends of Crypto, I hope it doesn't give a headache and drag Bitcoin down too if it comes to that.

[Noa_Amable]

Techcrunch

“On 15 June 2019, we will discontinue P2P services on Messenger  or through Facebook messages for all residents in the UK and France,” the company noted in a short statement on its main help page for the payments service. “While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations.”

...

Perhaps more interestingly, the company is reportedly working on a cryptocurrency that would allow for people on its messaging networks to send money to each other. If such a product really does get rolled out, it may be that Facebook would use that to become its primary P2P payment mechanism.


At some point these companies will realize that it is economically much more viable to support an open source technology for money transfer than to create something centralized.

It has been clear, a year ago this had been going out a lot that Mark Zuckerburg is starting to study about cryptocurrecny and it can be applied to it's social media platform.

Can't wait whether this will create a new hype in the market or will it be another shitcoin.

well, banning crypto on the one hand and running a new one by themselves on the other hand..
really looks like something two-tounged

[Haunebu]

well, banning crypto on the one hand and running a new one by themselves on the other hand..
really looks like something two-tounged

Facebook just like many world governments have openly declared their admiration towards the blockchain and their hate towards the cryptocurrency market which is why they have been playing this 2 faced game for a long time.

The crypto that they are rumored to launch has been in the news for a while now, but I think it might positively help the market grow.

[talkbitcoin]

it is always hard to tell with these big corporations about their real motivations behind actions they take specially those that are located in the US but this seems like  one of the initial steps they are taking towards pushing their cryptocurrency eventually. we still don't know whether they will ever release it though.
what i am interested in the most is to see how long it takes for their token to fail. initially it will become big as it is a big company with a big name but in the end it is centralized and will have lots of limitations without that many benefits so it is doomed.

[Crypto Girl]

well, banning crypto on the one hand and running a new one by themselves on the other hand..
really looks like something two-tounged

AFAIK, facebook had removed the banned for cryptos after they realized they will taste their own shit.

These social media companies are very powerful tools in market trends of Crypto, I hope it doesn't give a headache and drag Bitcoin down too if it comes to that.

Seriously? That won't happen even Facebook have Mark Zuckerberg and an already established platform. That will be just another altcoin that couldn't afford to survive in a free market. Let's just hope that their step will bring more optimism for cryptos in real world.

[yazher]

Techcrunch

“On 15 June 2019, we will discontinue P2P services on Messenger  or through Facebook messages for all residents in the UK and France,” the company noted in a short statement on its main help page for the payments service. “While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations.”

...

Perhaps more interestingly, the company is reportedly working on a cryptocurrency that would allow for people on its messaging networks to send money to each other. If such a product really does get rolled out, it may be that Facebook would use that to become its primary P2P payment mechanism.


At some point these companies will realize that it is economically much more viable to support an open source technology for money transfer than to create something centralized.

Now we know that they're making a move, so that they can create one of the best Altcoin out there, we can see that they're not rushing each step are carefully calculated. this is how Facebook CEO manage to make a Big profit in the future, If they launched their First Altcoin no doubt about it there will be a horde of investors will invest on them.

[Erickan]

This is news that is not new to me, the fact that Facebook will release a kind of crypto of its own will seem to happen. But I do not think that only Facebook will enter this market, there will be a lot of big guys preparing to enter the crypto market, what they consider is a specific regulation of the government.

[amishmanish]

I wonder about the utility of such tailor made coins that some conglomerates are trying to build to be used within their closed network. Lets assume you can send money to your family through facebook coin but if there is no exchange service available, what's the use of it?? And to have an exchange service, facebook will have to be licensed separately basis the local market regulation. It makes very little sense to me!

Instead of investing billions in creating a new altcoin with limited usability, it makes more sense to adopt a popular altcoin on a tailor made blockchain!

Whats really mad about this is that Facebook has planned to "raise" a billion dollars towards developing something that already exists in a much better format. What are they going to use that billion dollars for? Buy mining hardware, marketing, influence exchange prices..??

As leonair pointed out, Facebook has been gobbling everything in order to keep the social media space monopolized. Do they have the capacity and the gall to try that with bitcoin?? Definitely no. So what are they going to do raising this cryptocurrency thing.

To me it seems like another one of Zuckerberg's semi-philanthrophic ventures. Remember the time when they proposed free internet to poor indians but surprise, it'll only run facebook and certain other limited apps free. More than free internet, it was free advertising for them. It didn't work out that well. I think an "airdrop" of a few cents worth of centralized tokens to world's poor is his idea of "acquisition costs" now.

Nobody to stop him in the name of net neutralityn once they use those "billion dollars for development" to prop up their shitcoin on a few exchanges.

[Beerwizzard]

Whats really mad about this is that Facebook has planned to "raise" a billion dollars towards developing something that already exists in a much better format. What are they going to use that billion dollars for? Buy mining hardware, marketing, influence exchange prices..??

As leonair pointed out, Facebook has been gobbling everything in order to keep the social media space monopolized. Do they have the capacity and the gall to try that with bitcoin?? Definitely no. So what are they going to do raising this cryptocurrency thing.

To me it seems like another one of Zuckerberg's semi-philanthrophic ventures. Remember the time when they proposed free internet to poor indians but surprise, it'll only run facebook and certain other limited apps free. More than free internet, it was free advertising for them. It didn't work out that well. I think an "airdrop" of a few cents worth of centralized tokens to world's poor is his idea of "acquisition costs" now.

Nobody to stop him in the name of net neutralityn once they use those "billion dollars for development" to prop up their shitcoin on a few exchanges.

I believe that they gona issue some stablecoin like USDT that will work for payments inside their messanger (like it works with WeChat Pay in China) but in this case it is unclear how they gonna raise funds. It definetely won't be an ICO because the price would be stable and there would be no point in investing into it. Maybe they have some private or institutional investor among their shareholders but generally, all this mess around FB coin won't have any impact on other cryptocurrencies.