Facebook Diem on the run for launch

[Nathrixxx]

On the other side of new development and innovations is "Facebook Diem" which is said to be launch sooner with the ability to standout in leading  other Cryptocurrency, it could be recalled on the recent shut down of the mark zukarbergs network lasting for over ten hours, which was as a result of upgrade and maintenance for a better service experience and some days following it came the news thread on the company's intention to soon launch its own currency, this project was initially on a run before the suspension with the name "Facebook Libra" but now it was rebranded to bear "Facebook  Diem".

Now the believe is said to have the attention of the major subscribers of the network since its the leading social media network, and its launch of this global digital currency could ease the use of the block chain technology by it subscribers, the project will have it stable coin Called "Diem" which will be fully operational on the block chain technology as moves have been put in place towards it launch soon.

the main idea in projection is to run Diem on the block chain technology but will not be decentralized and this will help the global world make ease in their financial service transactions and the Diem project is awaiting approval from the US regulators, this Facebook Diem currency will have not much difference from the usual Bitcoin and other Cryptocurrency other than not been decentralized.

The Facebook Diem is said to have come with this three pillars of success to make it outstanding.

1. A reliable block chain technological foundation
2. Novi digital wallet
3. uniqueness of the coin "Diem

Core values of Facebook Diem
People ought to own the right of control over their legal labor and its outcomes.

More people should have access to financial services.

Global payment networks should be open, cheaper to use, and have better speed. All of these translate to better economic opportunities and more effective global commerce.

Slowly but eventually, people will build their trust in a variety of distributed forms of governance.

In addition to supporting ethical agents and consistently upholding the integrity of payments, people and institutions are responsible for driving the growth of financial inclusion.

An open and much broader payment network, with unmatched levels of interoperability, along with high compliance standards, should follow the governance and design practices.

Relevant points of applications
E-commerce
Remittance
Governance
Cross boarder transactions

anonymous opinions were raised on the possibilities weather to achieve this a reality while contrary objections and motions too were made on impossibility, that Facebook cannot be run on block chain or decentralization, what is our perspective regarding this. One currency to rule them all: Facebook Diem has global ambition.

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[Husires]

I do not think that Facebook in its best condition to start a new war, which is launching a digital currency and urging its huge community to do so. There are many problems they face:

• Cambridge Analytica scandal and privacy protection.
• Data manipulation and extremist content control scandal.
• Problems of monopoly and their possession of evidence bases.
• Privacy issues in WhatsApp.
• The recent problems that led to the freezing of all its applications for more than 4 hours.

the society is now not ready to launch digital currencies or start spending, especially with supply chain problems.

[el kaka22]

I believe that facebook libra or diem or whatever will not happen anytime soon. People assume that it will happen but I believe that it is not going to happen at all. I believe that the bigger chance here we are doing right now is the fact that we are going to probably face people who are not going to be making too much changes and facebook will not be able to do it if people do not care about it. They have such a huge social media presence and they own whatsapp and facebook and instagram which means that if you could send and receive money from these places with the help of them and then cash it out wherever you are living without too much fee as well then it will be great.

However, it is looking something a lot less possible the day moves on because it looks like there is a good chance people may not care, they need hype and go viral to make that happen.

[20kevin20]

My two questions are.. does anyone even use Facebook anymore? I haven't checked it out in years and I feel better than ever before.

And then, how do people still trust them? They've heavily influenced so much stuff around that I would never trust them again. When they've shown multiple times in a row how they don't care at all about your privacy and manipulate your feelings intentionally through various creepy experiments, how the hell do you get to hype up Libra Diem..?

I am not even sure their rebranding has done anything at all, lol. It's a quite cringey attempt at washing away Libra's bad reputation.

[FairUser]

I don't know if people have the same opinion as me, but is it really attractive to use if it's just a product created for payment from a large corporation. I no longer use a lot of FB, more precisely for privacy purposes that are no longer related to FB, and to me FB is a pretty shitcoin-like junk space.

But in a sense, the media will start spreading it everywhere (FB ) and that's all I envisioned it. And one thing's for sure, I'll never use it, I may or may not like it.

[24Kt]

I don't know if people have the same opinion as me, but is it really attractive to use if it's just a product created for payment from a large corporation. I no longer use a lot of FB, more precisely for privacy purposes that are no longer related to FB, and to me FB is a pretty shitcoin-like junk space.

But in a sense, the media will start spreading it everywhere (FB ) and that's all I envisioned it. And one thing's for sure, I'll never use it, I may or may not like it.

We may have the same opinion towards the use of FB but you have to remember, millions of users are still actively using this social media platform. So even if we say, we don't use it anymore but there are millions out there who maybe are are waiting for this service to materialize. So I won't be surprised if this will be a hit once launched. Their FB marketplace is also very useful to a lot of users. But don't forget there are also scammers on that platform.

[Mahanton]

I don't know if people have the same opinion as me, but is it really attractive to use if it's just a product created for payment from a large corporation. I no longer use a lot of FB, more precisely for privacy purposes that are no longer related to FB, and to me FB is a pretty shitcoin-like junk space.

But in a sense, the media will start spreading it everywhere (FB ) and that's all I envisioned it. And one thing's for sure, I'll never use it, I may or may not like it.

You know that medial does really love on dealing with things which are popular and we know that Facebook is a centralized platform and they do know on where they should deal with.
Libra had failed in the past and i wont be surprised if this one would failed out too.Just like on what others been saying that it isnt something revolutionary and this is an another
set of shitcoins that could a platform that will integrate if they wanted to.They are lying if they would show and make people believe that this is a cryptocurrency.

[Wexnident]

I'm just surprised they're still trying to try and launch their new "Libra" amidst all the issues they face. It's like putting the cart before the horse kind of thing. I don't think this one would actually succeed, though I guess they don't have much to lose since they already failed once.

My two questions are.. does anyone even use Facebook anymore? I haven't checked it out in years and I feel better than ever before.

And then, how do people still trust them? They've heavily influenced so much stuff around that I would never trust them again. When they've shown multiple times in a row how they don't care at all about your privacy and manipulate your feelings intentionally through various creepy experiments, how the hell do you get to hype up Libra Diem..?

Well as much as some people realize how bloody hateful to use Facebook is and it would've probably been a lot better if they don't use it, there are still people who like to use it... unfortunately. Sides, most people probably don't even give a damn about how Facebook does their thing since their mindset is as long as they can use it and the effects aren't visibly obvious to them, they'd probably continue to be oblivious to them.

[michellee]

I am not surprised to see Facebook wants to continue their project related to crypto as they see a good chance to make big money from crypto. I do not have a big expectation about their project because if they do not offer or give a new thing than what they did in the past, it is hard to see they can work for that project. People who are already involved in crypto will not pay much attention to their project because they already failed in the past and now want to rebuild their project again. But let them finish their work on their project and see what will happen later.

[Jawhead999]

My two questions are.. does anyone even use Facebook anymore? I haven't checked it out in years and I feel better than ever before.

And then, how do people still trust them?

Most people were still using Facebook are matured or old, it's cringey to see the timeline are full load of birthday messages. However the rest shift to use Instagram as the UI is more modern.

Facebook, Instagram, Chrome, and Whatsapp doesn't care about privacy and they store any data your submitted to them. Using all of them are worse, they will know anything from you. Let's say you search "Cheese" on Facebook, don't surprised if you see Cheese ads on Instagram.

[Ucy]

It shouldn't be in thesame category as Bitcoin and other true cryptocurrency if it's not going to be decentralized. Cryptocurrencies without decentralization should be classified as false cryptocurrencies. Their lack of decentralization cancels all the other benefits of true crypto such as transparency, censorship resistant, immutablity, privacy, full public consensus etc
A truely decentralized cryptocurrency shouldn't be offline or shutdown for even a few minutes, not to talk of shutting down for over 10 hours for maintainance and upgrade
Think about this.

By the way, the true reason for the "maintainance and upgrade" determines how safe the Facebook coin will be in centralized hands

[tyz]

I don't know if people have the same opinion as me, but is it really attractive to use if it's just a product created for payment from a large corporation. I no longer use a lot of FB, more precisely for privacy purposes that are no longer related to FB, and to me FB is a pretty shitcoin-like junk space.

But in a sense, the media will start spreading it everywhere (FB ) and that's all I envisioned it. And one thing's for sure, I'll never use it, I may or may not like it.

Same here. Facebook is on the decline. The latest quarterly reports confirm that. Many young people (14-34) use Facebook very little. Especially in developed countries. But this is the core target group that brings in the most money. There remain the older ones from developed countries and younger ones from not very developed countries. Both groups have one thing in common: they are still hardly active in the crypto sector. Accordingly, FB Diem could be an option for them. For someone who already owns other cryptocurrencies and knows how to handle them, the FB Coin is irrelevant and uninteresting.

[batang_bitcoin]

I don't know if people have the same opinion as me, but is it really attractive to use if it's just a product created for payment from a large corporation. I no longer use a lot of FB, more precisely for privacy purposes that are no longer related to FB, and to me FB is a pretty shitcoin-like junk space.

But in a sense, the media will start spreading it everywhere (FB ) and that's all I envisioned it. And one thing's for sure, I'll never use it, I may or may not like it.

It will be spread for sure since it's Facebook and there's a relation to cryptocurrencies. That's all they need for the caption, "Facebook, made their own cryptocurrency called Diem".
That's it, the news will blow up many FB users and those that don't like cryptocurrency as FB is starting to put their feet with their own product which is categorized as crypto too.

[Hydrogen]

I get the impression, pressure was put on Mark Zuckenberg and facebook over the last 2 years to abandon the libra coin (diem -- carpe diem?) project. Have to give them credit for not folding under pressure.

There was a news story circulating a few years back about facebook data mining user meta data for profit. Normally I might expect that to reduce consumer confidence in facebook as a platform provider of financial payment options. Considering the recent popularity (?) of china's social credit surveillance system, perhaps such is no longer the case?

Facebook apps and games haven't been mainstream in quite awhile. (Does anyone remember how popular farmville was back in the day?) One natural progression to expect here, could be a facebook merger between their app and gaming sectors with their planned cryptocurrency unveiling. Whether ones opinion of facebook is good or bad. That could be a benefit to helping bitcoin increase mainstream adoption. And that would be my main reason for supporting it.

[yhiaali3]

So "Diem" will replace "Libra", I think Facebook chose to change the name to get rid of its former partners who had caused so many problems and hampered the Libra project and ultimately caused its death.
I do not know if "Diem" will be able to do what "Libra" did not do. Facebook is a huge and giant company and its name is sufficient for the success of any project, but I expect that the main problem is in the centralization. We saw a few days ago how a failure in the central Facebook servers caused Facebook to stop in the whole world, Everyone has come out to demand the creation of decentralized social media platforms.
Facebook has big dreams and really big projects but I don't know if it will succeed this time.

[CryptopreneurBrainboss]

That could be a benefit to helping bitcoin increase mainstream adoption. And that would be my main reason for supporting it.

Seconded, people don't actually realized how big Facebook is and the impact it'll be bringing into the industry if it does get its way in. It'll be free marketing for Bitcoin and this could be the reason for mainstream adoption. Also other competitors could easily follow their fullstep and before you know it, the industry becomes a multi-trillion dollar industry.

You mightn't be a fan of Mark Zuckerberg and the way he handles things but do know he isn't a quiter, one way or the other he's getting this done. Libra didn't work, Diem mightn't work as well but he'll surely going to get this done. Mark know there's a big potential multi-trillion market in the crypto industry and he wants to lead that. Facebook already has Instagram, whatapp, who knows what they'll be acquiring next. And for those thinking Facebook is dead, take a look at this (don't know how current it is though).


Image credit: https://www.searchenginejournal.com/social-media/biggest-social-media-sites/

[FairUser]

I don't know if people have the same opinion as me, but is it really attractive to use if it's just a product created for payment from a large corporation. I no longer use a lot of FB, more precisely for privacy purposes that are no longer related to FB, and to me FB is a pretty shitcoin-like junk space.

But in a sense, the media will start spreading it everywhere (FB ) and that's all I envisioned it. And one thing's for sure, I'll never use it, I may or may not like it.

Same here. Facebook is on the decline. The latest quarterly reports confirm that. Many young people (14-34) use Facebook very little. Especially in developed countries. But this is the core target group that brings in the most money. There remain the older ones from developed countries and younger ones from not very developed countries. Both groups have one thing in common: they are still hardly active in the crypto sector. Accordingly, FB Diem could be an option for them. For someone who already owns other cryptocurrencies and knows how to handle them, the FB Coin is irrelevant and uninteresting.

Understand positively that you give it. But whether it's as you think, I'm actually having two-way thinking because of this approach.
I live in a developed country, and I am sure what you say is not entirely true. FB is still a top channel used by people (not me ) , we use it for so many things in our lives and also issues bringing products from the market we reach to other parts of the globe also rely on FB. But agree that this target group is quite young and has a certain amount of assets, but it does not mean that they need another tool to access cryptocurrencies, I am quite confident when talking about the country I have a lot of people are interested in crypto.
And the problem as you and I see is that it is only based on the same opinion and cannot be satisfied with all.

[Coyster]

Facebook is a huge and giant company and its name is sufficient for the success of any project, but I expect that the main problem is in the centralization.

This is correct and prolly the reason why Mark Zuckerberg ever thought of launching a digital currency in the first place (libra), and yet after it's failure even when it hadn't kicked-off, he's planning to rebrand and launch it with a different name (Diem), that's bold imo, and the reason is cause they are aware of how big the company (facebook) is, we could prolly say quite a lot of us no longer use Facebook cause we have come to the awareness of the importance of privacy which facebook loves to encroach on; and we can say as well that their customers are declining, but notwithstanding millions of people are still active on facebook and what that means is that this coin can be hyped quite easily. Having said that, the coin is definitely going to be centralized which is obviously going to be an issue, but how many people are aware that centralization isn't actually good, especially when it comes to a digital currency, the thing is, people who are knowledgeable about crypto wouldn't use this coin, but such people are in the minority.

[lenovop-70]

Wow, Facebook has big ambition with this Diem or Libra project, just imagine how many trillion money will flow inside their platform, and how many transaction in it comes from their marketplace, i cant imagine how the will get rich easily.
I hope my government will allow us to do transaction inside their platform, since its forbidden to buy and sell with crypto, we only allow to keep cryptos as assets.
But i hope Facebook will launch it soon, a next step to the future is more closer.

[uneng]

I think we can already say the whole situation involving Facebook's crypto currency is a never ending novel. I'm hearing about it for years and so far it hasn't been launched yet. From times to times they come with something new, which ends delaying their crypto currency development. And there is actually a lot of uncertainties about this project yet, so that a partner project featuring Facebook's digital wallet called Novi, got tired of Libra or Diem, and decided to go ahead with the stablecoin Pax Dollar, initiating a pilot test in USA and Guatemala.

It seems Novi is going to be the focus of Facebook and Diem may stay in second plan.