[2019-06-05] Facebook to Announce Cryptocurrency Project This Month

[roosbit]

Social media giant Facebook will reportedly announce its cryptocurrency project this month, allowing employees to take part of their salary in the coin, CNBC reports on June 5.

Citing a report by The Information, CNBC states that Facebook furthermore plans to cede control of the cryptocurrency to outside parties in order to ensure that the digital asset will not be completely centralized.

Third-party organizations will purportedly pay as much as $10 million dollars for the opportunity to act as a node — to validate transactions — on the network for Facebook’s native token.

The rumored stablecoin — which will purportedly be integrated as a payment tool on WhatsApp, Messenger and Instagram — will also be accessible through physical ATM-like machines, says The Information.

Facebook’s own cryptocurrency has been the subject of much speculation over the past several months, as the company has revealed little about the project. Earlier this week, the Financial Times reported that the United States Commodity Futures Trading Commission (CFTC) is in talks with Facebook about its upcoming stablecoin.

In May, Facebook reportedly acquired the “Libra” trademark for the secretive project. Sources familiar with the matter claimed that Facebook was recruiting financial firms to develop the coin and that the project codename is Libra.

Later that month, Facebook also registered a new financial tech firm, Libra Networks LLC, with the Geneva Commercial Register in Switzerland.


Source https://cointelegraph.com/news/report-facebook-to-announce-cryptocurrency-project-this-month

[freedomgo]

They need to do that to remain the hype in the space, they will launch this global coin next year, so they have to build it early on.

[Slow death]

I saw words in this article that whenever I see never end up being a good thing, I speak of these words:

- " The rumored stablecoin "

-  " secretive project "

Why facebook would keep it secret if they were involved in a project like this?

[CryptoBry]

I saw words in this article that whenever I see never end up being a good thing, I speak of these words:

- " The rumored stablecoin "

-  " secretive project "

Why facebook would keep it secret if they were involved in a project like this?

Secretive is just another word for gimmick or just another marketing ploy to sustain the suspense and interest of the media (and the public as well, I guess) on the said project. People in charge of the GlobalCoin and Facebook know marketing more than we do. While many might be doubting if this latest project of Facebook can succeed, I would say let's just wait and see.

[squatter]

Third-party organizations will purportedly pay as much as $10 million dollars for the opportunity to act as a node — to validate transactions — on the network for Facebook’s native token.

That gives us some idea of what their plan is. It's going to be a privately validated network with some element of federated consensus, so it's not only Facebook validating the network. It sounds sort of like what Binance is planning with their DEX.

[Herbert2020]

they are just trying so hard to hide the fact that their useless token is 100% centralized and is fully controlled and tracked by their company which will then gather a ton of information about their users just like they do with their social media platform and hand over all that information to their government agencies to use as they wish.
they do all this because they know they are entering a decentralized world and they have no place in it.

[ruthsGHY]

Of course, data confidentiality should come first for any company. But what do we see in reality? Mobile operators sell databases, sometimes it seems that even banks spread information about the contact information of their users. If Facebook adapts cryptocurrency payments, it will only help its rating.

[Twinkledoe]

I saw words in this article that whenever I see never end up being a good thing, I speak of these words:

- " The rumored stablecoin "

-  " secretive project "

Why facebook would keep it secret if they were involved in a project like this?

Secretive is just another word for gimmick or just another marketing ploy to sustain the suspense and interest of the media (and the public as well, I guess) on the said project. People in charge of the GlobalCoin and Facebook know marketing more than we do. While many might be doubting if this latest project of Facebook can succeed, I would say let's just wait and see.

We will know if there's more on it by the end of this month or just marketing ploy as you mentioned. FB has huge number of followers already so I believe only a lil bit of marketing is needed for this kind of project. Though their users might not easily adapt the system, but I think it would be easier if the purpose is to be integrated within their operations.

[Ranly123]

I saw words in this article that whenever I see never end up being a good thing, I speak of these words:

- " The rumored stablecoin "

-  " secretive project "

Why facebook would keep it secret if they were involved in a project like this?

That's right, how could it be secretive if their project was already introduced to the public. Let's just wait for this project to come to reality and how investors react when it goes live.

[joshy23]

Of course, data confidentiality should come first for any company. But what do we see in reality? Mobile operators sell databases, sometimes it seems that even banks spread information about the contact information of their users. If Facebook adapts cryptocurrency payments, it will only help its rating.

Correct, there's no assurance if confidentiality will remain the safe, as more doubts will rise if how FB can handle anonymously while in reality
they have personal info of their members, if investing needs to provide your details then security will be in question.

[redsun114]

I actually see what they are doing here, they really want to create an hype for their project before it gets to the period that it's being launch, because one thing about the crypto space is that people don't really care who you are or if you own a big company, once you can come up with something that would be of benefit to the crypto community, you would be supported and if otherwise you will be ignored so well even with so much money.