Facebook Diem thoughts

[adamcro]

I was looking at Facebook Diem, I know it's coming from failed project Libra. It's not only about coin, they are building the whole infrastructure: blockchain, wallet...
For starters it was meant to be integrated into Facebook's ecosystem: FB, IG, Whatsapp and be used for money transfer.

What do you think about it? Does it have future? What are potential usages of Facebook's blockchain?

[robattfield]

I have heard many reports that have stated that the Facebook-backed project is planning to launch a pilot stablecoin Diem program in 2021. The project was first introduced by facebook in 2019 as libra, but quickly met with backlash from international regulators. It was renamed Diem in 2020. It has been suggested that central banks' interest in launching digital currencies is partly triggered by their anxiety over the threat for the financial system due to a stablecoin operated by facebook, and honestly I am waiting for their entry into the field.

[Ulvajaya]

Modernization means that Facebook is slowly developing a path of development towards collaboration with blockchain, it is even possible for blockchain to expand even more widely in the crypto world, and as explained by Marcus;
I've formed a small group to start with how to get the most out of Blockchain on Facebook," Marcus said in a post on his Facebook page. This comes months after Facebook CEO Mark Zuckerberg announced that he had begun investigating the potential use of cryptocurrencies on Facebook. Blockchain is the underlying technology behind the cryptocurrency made famous by Bitcoin

[kryptqnick]

Diem doesn't exist yet, and I don't think we'll see a successful launch in the foreseeable future. There are a couple of serious obstacles Facebook is facing. One is that they want to make it 100% legal, complying with all the concerned authorities and making sure they get the green light before they proceed. That's not how big cryptos were created. Another problem is closely related to this one, and it's that Facebook is a tech giant, and it faces antitrust lawsuits now and then. So the US authorities don't want Facebook to have their own currency because Facebook already has so much power over the lives of people in different aspects, and adding valuable data about people's purchasing behavior is a huge privacy issue, even on top of the issues that already exist with Facebook. They don't want to give green light to something that might eventually become like Mr Robot's E Corp.

[cryptomaniac_xxx]

I was looking at Facebook Diem, I know it's coming from failed project Libra. It's not only about coin, they are building the whole infrastructure: blockchain, wallet...
For starters it was meant to be integrated into Facebook's ecosystem: FB, IG, Whatsapp and be used for money transfer.

What do you think about it? Does it have future? What are potential usages of Facebook's blockchain?

Their first project, Libra was halted by regulators, what do you think they will do if Facebook releases another of their token? Right, the same, regulators will not allow because they will be more powerful in their eyes. So I doubt that this will be successful, on the contrary, I haven't heard about this Facebook Diem. Not sure what they need to do to please this regulators though, they are in the lose-lose situation here.

[Ucy]

I don't think it's a good idea if it's centralized, private and opaque. They will need to be regulated by National governments and good laws (assuming it's centralized) else you will be giving a single person or few people too much power over the entire world where Facebook has its presence. You know the world is too dependent on money and he who controls the money will likely control those that are dependent on money.

[coin-investor]

Compared to Libra there are small details about this Facebook Diem, it's off the radar of many regulators the work is still in progress but compared to Libra coin,

the Facebook-backed digital coin is expected to launch later this year, albeit in a much more limited form. When it finally arrives, diem won’t come with the same fanfare and controversy of the original idea envisioned by the social media giant nearly two years ago.

Experts believed it will pass the test this year and will eventually launch but we never know, there are some sectors that take this differently

central bankers and politicians feared the currency could threaten monetary stability and potentially enable money laundering

Let's see what will be the reaction of the whole community if they finally launch, it's a great opportunity for investors nobody want to miss this



Source : Facebook-backed Diem aims to launch digital currency pilot later this year

[adamcro]

Modernization means that Facebook is slowly developing a path of development towards collaboration with blockchain, it is even possible for blockchain to expand even more widely in the crypto world, and as explained by Marcus;
I've formed a small group to start with how to get the most out of Blockchain on Facebook," Marcus said in a post on his Facebook page. This comes months after Facebook CEO Mark Zuckerberg announced that he had begun investigating the potential use of cryptocurrencies on Facebook. Blockchain is the underlying technology behind the cryptocurrency made famous by Bitcoin

Formed online group?

[cryptoaddictchie]

What do you think about it? Does it have future? What are potential usages of Facebook's blockchain?

Obviously it will boost some crypto users to use social media facebook again. Possibly they will add some payment methods or services that will help this expand and grow. I know that they wanted adoption really quick. Knowing the previous Libra, Im sure only few changes has been made in order to launch this one. Only those failed aspect of the regulations concerning the project is being stop but the purpose I have no doubt its same as libra.

[Ozero]

I have heard many reports that have stated that the Facebook-backed project is planning to launch a pilot stablecoin Diem program in 2021. The project was first introduced by facebook in 2019 as libra, but quickly met with backlash from international regulators. It was renamed Diem in 2020. It has been suggested that central banks' interest in launching digital currencies is partly triggered by their anxiety over the threat for the financial system due to a stablecoin operated by facebook, and honestly I am waiting for their entry into the field.

The Libra / Diem stablecoin project faced very strong regulatory resistance precisely because it was wanted to be linked to Facebook, which allowed for a large amount of confidential information about billions of people to be concentrated in private hands. Therefore, at a hearing in the US Senate, Mark Zuckerberg was forced to declare that his stablecoin would have nothing to do with Facebook.
In the future, they tried to get away from the influence of US regulators and tried to release it under the new name Diem in Switzerland this year. However, the problem arose even in the fact that there was already a campaign in England that had its own token called Diem. Now little is heard about Libra / Diem and there is no clear deadline for its introduction either. There is even a doubt that she will ever be able to appear.

[vv181]

What do you think about it? Does it have future? What are potential usages of Facebook's blockchain?

~snip
Possibly they will add some payment methods or services that will help this expand and grow. ~

For sure. A lot of big techs backed Diem projects such as Spotify, Uber, Shopify, etc^[1], which couldn't be more clear for them to form alliances to make a centralized digital currency. I bet the only thing they didn't want to implement Bitcoin in terms of payment gateway is because they all have less control over Bitcoin. Because of that, I'm sure the project will be able to gain and gather more data for mass surveillance.

I know that Diem stated they will split the social data and financial data for their users. But well I doubt that will happen.

[doomloop]

I was looking at Facebook Diem, I know it's coming from failed project Libra. It's not only about coin, they are building the whole infrastructure: blockchain, wallet...
For starters it was meant to be integrated into Facebook's ecosystem: FB, IG, Whatsapp and be used for money transfer.

What do you think about it? Does it have future? What are potential usages of Facebook's blockchain?

It has really been a long time and I have forgotten about this Facebook Diem or whatsoever. There was a time I used to follow it up closely, but after a long time and everything that has happened, I kind of lost interest. At some point I heard that they have been able work it out ,but I don’t know whether that’s true or not, though they later changed their name.

As for what I think about it, right from time I have always believed that it is going to be huge. Why I believe that is because Facebook itself is a huge platform, and there are lots of businesses that operates on their platform, so if they release this cryptocurrency that they are planning to release I believe that it is going to be adopted by a lot of their users who will help in pushing it forward. They already have the platform, so it’s not going to be much of a difficult process.

[Minor Miner]

I heard a rumor that Facebook will soon add NFT feature to its digital wallet Novi. If they can add NFT to the Diem blockchain, definitely that's a good thing.
Last August, on the occasion of the 10th Birthday celebration of the messenger app, they added various new features. I've gotten a $10 worth of birthday cash gift box in the messenger app.
As far as I know, Facebook wants to add Novi Wallet to the Messenger app so that users can easily exchange digital money and gift boxes with each other without any cost.

[mumang siat]

I was looking at Facebook Diem, I know it's coming from failed project Libra. It's not only about coin, they are building the whole infrastructure: blockchain, wallet...
For starters it was meant to be integrated into Facebook's ecosystem: FB, IG, Whatsapp and be used for money transfer.

What do you think about it? Does it have future? What are potential usages of Facebook's blockchain?

All potential will definitely be utilized for now, including Facebook, Istagram, telegram and others, if there is a good and neat opportunity in preparing it, this infrastructure will be developed by them in carrying out new long-term programs or projects, to perfect projects the past is not so optimal, but when it comes to the future, all new projects being prepared will have the same chance, depending on how the team prepares the new program.

[livingfree]

Based on its background and backup, well we can say that it has a future because of its own platforms.

Most tokens do need their own platforms to grow and not just pop out of nowhere having those gazillions of supply. But we'll still see how it goes since their first plan have failed and have to replace it with a new name.

[isaac_clarke22]

~

Well it's not relying at all in mining from what I got from Wikipedia. Now I am confused on these whole Libra thing as I thought the project just died out back in 2019, due to lack of updates in the news.
It's certainly centralized as everyone inside that association (Diem Association) would be able to process transactions through what they called "permissioned blockchain". Not a fan of those. I never even planned to invest Libra back in the days, not even a tiny bit of thought.
Source: Diem(Wikipedia)

[bhooscream]

If it can be released, I am sure it will have a future. It is a coin owned by Facebook, one of the biggest social media companies. As a trusted company, Facebook should be serious to build its crypto coin. There is no way that Facebook to create a crypto coin with has no future. They will ruin their reputation and risks the popularity of Facebook if they brave to release a useless coin.

About how Diem will function, just read carefully its whitepaper: https://www.diem.com/en-us/white-paper/#cover-letter

[Lanatsa]

I was looking at Facebook Diem, I know it's coming from failed project Libra. It's not only about coin, they are building the whole infrastructure: blockchain, wallet...
For starters it was meant to be integrated into Facebook's ecosystem: FB, IG, Whatsapp and be used for money transfer.

What do you think about it? Does it have future? What are potential usages of Facebook's blockchain?

Not expecting that much because it would be still on centralized aspect of things which is really that not surprising.Every company could create their own coin as they can or make out projects

that do in terms of payment system but honestly this isn't something that in too far on those casual payment system which are reversible and can be traced up.

If ever they would integrate bitcoin then that's an another part of the story but creating their own then this isn't something special.

[Johnyz]

Is the development of the diem coin still going on? If yes, it will bring the future of Facebook payment system with blockchain. I hope that there are no obstacles to regulations that hinder the development of this project as happened before.

There’s still no announcement yet and hopefully they can manage to escape those regulations, better if other companies outside US will partner with Facebook to make this possible. Having a such payment options in Facebook can bring a lot of good adoptions on both system, hope to see it as well.

[jakasantosa]

There are probably two opinions that can be predicted, the first is that the team is still in the process of improving Diem Facebook for a better future in the project. And the second project has been abandoned because there is no progress in the process or has been abandoned.