Facebook Diem on the run for launch

[dothebeats]

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.

You'd be surprised with how many people are still using Facebook and even using it as their primary platform for their own communities and whatnot, especially in third-world countries. I'd be honest, I'm still on Facebook, but only for the memes and nothing else.

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..?

That's the problem with those who continuously use Facebook as their primary social media platform and number one source of information: Facebook changed a lot, hence why they still trust it as they believe that it became so big of an entity that it can do no wrong. Wrong thinking, I know, but that's what most people using Facebook believes in, and it sucks.

Rebranding Libra into, uh, Diem, doesn't do anything really. Those who already knew what Facebook is about on its cryptocurrency will simply avoid touching it. I don't think there's a chance that Facebook's crypto will perform that well given that all eyes are focused on it, and a lot of people are waiting for Facebook to fall.

[darewaller]

There are too many people who are expecting this to happen, I do not understand why they have postponed it too much, but facebook has been going great, the "company" of course, not the social media alone. I believe that if they do this then they would make a huge return when they actually do this.

Think about facebook becoming like a bank thanks to this. I think the reason why they haven't done this so far should be something like a legal reason, if they are not doing it then there must be some legal reasons and that seems to be the main reason why they are not doing it. If they could, they would do it already because there is so much money to be made from it.

[milewilda]

There are too many people who are expecting this to happen, I do not understand why they have postponed it too much, but facebook has been going great, the "company" of course, not the social media alone. I believe that if they do this then they would make a huge return when they actually do this.

Think about facebook becoming like a bank thanks to this. I think the reason why they haven't done this so far should be something like a legal reason, if they are not doing it then there must be some legal reasons and that seems to be the main reason why they are not doing it. If they could, they would do it already because there is so much money to be made from it.

Libra was rebranded to Diem which we are currently seeing as of this moment.We dont know on how it do end up on this name but for sure it would really connect out with some legal issues.

Did make out some search about their definition of Diem.
Diem (formerly known as Libra) is a permissioned blockchain-based payment system proposed by the American social media company Facebook, Inc. The plan also includes a private currency implemented as a cryptocurrency.
Source: https://en.wikipedia.org/wiki/Diem_(digital_currency)

Implemented as a cryptocurrency? I dont think so.

[Argoo]

We've been hearing that Zuckerberg is gearing up to launch the Libra / Diem stablecoin for several years now. It would be much better if he actually did something already. We also remember what difficulties were previously with the launch of this stablecoin. Regulators have strongly opposed the Facebook and stablecoin merger due to the private concentration of significant confidential information on 5-6 billion people. The finance ministers of the European Union countries stated that they would not allow such a stablecoin to circulate on their territory. At a meeting of the US Congress, Zuckerberg promised that this stablecoin would have nothing to do with Facebook. What has changed now? In my opinion, nothing.

[SyndicateLabs]

The launch of DIEM in the near future I think will not have too much impact on the cryptocurrency market.
The appeal that this news creates is not great, and the fact is that not many people care about this news. Personally, I also don't see the attraction of DIEM if it is simply a trading application with a large corporation behind it, and that is not what I need in the market.

[pinggoki]

i see this as being the primary currency used within Facebook's site along with Instagram for activities that can be monetized like live donations and promotions. Pretty simple use-case but for a site as big as Facebook this will definitely come in handy for them. What I am against about this however is the fact that it is centralized and is probably governed by Zuck himself. I don't think it really follows the freedom approach that Facebook has been advertising since its conception but then again I understand why they are to centralize this technology and not open source it for everyone.

We've been hearing that Zuckerberg is gearing up to launch the Libra / Diem stablecoin for several years now. It would be much better if he actually did something already. We also remember what difficulties were previously with the launch of this stablecoin. Regulators have strongly opposed the Facebook and stablecoin merger due to the private concentration of significant confidential information on 5-6 billion people. The finance ministers of the European Union countries stated that they would not allow such a stablecoin to circulate on their territory. At a meeting of the US Congress, Zuckerberg promised that this stablecoin would have nothing to do with Facebook. What has changed now? In my opinion, nothing.

I don't even know if this is something that will come out sooner because it's not advertised or even discussed within the platform where it is supposed to be catered towards. I'm not saying he's making us wait for nothing because I am not waiting in any way for this coin to arrive lmao. Just that there has been no direct statement from anyone within that site stating that Zuck or at least Facebook is creating a cryptocurrency that is meant for use within that site itself, with some outer activity use-cases.

[lovesmayfamilis]

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.

You'd be surprised with how many people are still using Facebook and even using it as their primary platform for their own communities and whatnot, especially in third-world countries. I'd be honest, I'm still on Facebook, but only for the memes and nothing else.

I'm also somewhat surprised at the number of people who trust Facebook with their information. I have many acquaintances who are already zombified by this company. It is absolutely impossible to convince them of any things, since these people blindly trust everything that is provided by Facebook, slipping everything that they agree to believe in.
But if you look at the entire history of scandals behind this company, expect something global, trustworthy, I simply do not have the strength.

https://guild.co/blog/complete-list-timeline-of-facebook-scandals/

[passwordnow]

Related to Facebook, they've just launched their digital wallet, Novi. There's not yet Diem on it but only Paxos. They're partnered with Coinbase and the test will happen only for two countries, Guatemala and US. No fees upon usage of the app when you're sending from point a to point b. Just like the off chain transactions which are for free.
Source: Facebook’s digital wallet finally launches... without Diem cryptocurrency

[kryptqnick]

It seems that Facebook's answer to problems is renaming and rebranding. Libra failed? Let's call it Diem and try again! Scandals over mental health issues and concerns over teen safety on Facebook? Let's make a Facebook metaverse and find a new name for it!
I hope this project will get killed by the US Congress, just like the previous one did. It's not like Facebook fixed their reputation issues over this time, and there have actually been more scandals since the Libra speculation times, so there's no reason for them to trust Facebook more now and let them proceed with this. I don't think I'll use Diem even if it launches. Facebook already knows too much and has too much power.

[Ozero]

Related to Facebook, they've just launched their digital wallet, Novi. There's not yet Diem on it but only Paxos. They're partnered with Coinbase and the test will happen only for two countries, Guatemala and US. No fees upon usage of the app when you're sending from point a to point b. Just like the off chain transactions which are for free.
Source: Facebook’s digital wallet finally launches... without Diem cryptocurrency

The launch of Novi wallet already means something. However, this is only the possibility and likelihood of a Diem stablecoin being issued. As stated in the article linked to, regulators are still deciding whether Diem should be allowed or not. Therefore, there is no timeframe for its release. If this stablecoin is somehow linked to Facebook, it is unlikely that the regulators will approve of it. And without Facebook, it would be one of the many stablecoins.

[amishmanish]

Facebook backed Novi Wallet has launched with the exclusive use-case of transferring USDP, which seems to be the US-backed stablecoin they are starting with.

Everybody knows that Zuckerberg hijacked a previous interest and idea of Winklevoss brothers. He seems to have put the same touch of "waitlisting" in case of this wallet too. Making it available only in the USA and Guatemala is a clever way of marketing it as a "remittance-assitance" like what President Nayib has done for El Salvador but straight up with Bitcoin.

This just goes to show the marketing acumen of all the people dedicated to making money at corporations like Facebook. First it'll be the wallet and once they get going, it'll be everything else from ERC-20 cryptos to NFTs to DeFi. This is a clear indication that Facebook is on its way to become the first major competition for all the relative novices, (except Square), trying to gain foothold in the crypto-economy.

We may dislike facebook but people don't give a damn about centralization for before spending on NFTs. They won't give a damn if its facebook. All that matters is a great UI/UX and little bit of utility/ fun. Both things that companies like facebook excel at while the incumbents clearly suck at. It would be foolish to bet against them or "Diem" unless some government entity again decides to shut them down (for which i am pretty sure they have lawyered up this time).

[jrrsparkles]

Facebook can make their project more popular in no time because they have the data and also the popularity which helps them to reach everywhere bit who is the actual competitor for Diem? If I am not wrong its a stable coin project so tether and CBDC will be affected by this not the actual bitcoin and other decentralized cryptos.

[The Sceptical Chymist]

its launch of this global digital currency could ease the use of the block chain technology by it subscribers

Sure, if they're required to use it I suppose--but I doubt any cryptocurrency FB creates is going to induce anyone who's at present not interested in crypto to suddenly develop an interest in it.  Nor do I think Diem/Libra is going to give bitcoin a run for its money.  I had the same feeling when FB was trying to get Libra out to market and still do.

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

Man, society is spending like crazy right now, which is one of the reasons why inflation is increasing.  Supply chain backups might be a huge problem in the making, but that isn't keeping people from buying all sorts of things and investing in many different asset classes, too. 

Whether people are ready for and are going to use Diem remains to be seen, and I guess we'll find out.  Personally, I hope it falls flat on its face (like Google+, which obviously isn't a cryptocurrency but it made me smile when it failed), but I will be following its progress just to see how it fares.

[jrrsparkles]

but why did they exactly rebrand or changed the name Libra to Diem?

Simply because the name Libra was damaged when governments rejected their approval due to the monetary policies so it will be a huge task for them to regain the positive for the same name so they simply moved to a new name because they know its easier for them to market any name as they want to be.

[passwordnow]

Related to Facebook, they've just launched their digital wallet, Novi. There's not yet Diem on it but only Paxos. They're partnered with Coinbase and the test will happen only for two countries, Guatemala and US. No fees upon usage of the app when you're sending from point a to point b. Just like the off chain transactions which are for free.
Source: Facebook’s digital wallet finally launches... without Diem cryptocurrency

The launch of Novi wallet already means something. However, this is only the possibility and likelihood of a Diem stablecoin being issued. As stated in the article linked to, regulators are still deciding whether Diem should be allowed or not. Therefore, there is no timeframe for its release. If this stablecoin is somehow linked to Facebook, it is unlikely that the regulators will approve of it. And without Facebook, it would be one of the many stablecoins.

They can apply it to other countries then where the regulations isn't going to stop them. I think this is linked to the reported news about them changing their name within next week.
I don't know if there's any connection with that but it seems that Facebook is trying to put its name on the trend so that they can easily get an exposure of what they're cooking about.

[redsun114]

Let’s wait and see what happens next, I won’t be surprised if some countries also bans this one too, because all their government is good at is banning anything that is cryptocurrency. It was difficult for Facebook to launch this project for years now, and now that they are finally launching it I hope that it is going to be turning out pretty fine and not the type that they would be having problems with government all the time because they are centralized.

Another reason why I am feeling this wouldn’t be a good idea is because of its centralization, a lot of people wouldn’t have access to it because of one reason or the other that would restrict them. And Facebook being a regulated company would always be subdued to whatever the government wishes. It wouldn’t be like bitcoin that is fully decentralized and transactions are peer to peer, without having any central control unit.

[add1ct3dd]

I'm also somewhat surprised at the number of people who trust Facebook with their information. I have many acquaintances who are already zombified by this company. It is absolutely impossible to convince them of any things, since these people blindly trust everything that is provided by Facebook, slipping everything that they agree to believe in.
But if you look at the entire history of scandals behind this company, expect something global, trustworthy, I simply do not have the strength.

https://guild.co/blog/complete-list-timeline-of-facebook-scandals/

At this rate I am pretty sure that people are realizing that they getting their information at the hands of facebook and they are sharing that with other people and everyone is okay with it.

The reality is that with the cambridgeanalytica we should have seen some sort of situation where it is looking like people are actually doing something about it and we shouldn't be saying stuff like this but the reality is that people are actually still fine with it. It is proven that facebook could be used to win even elections let alone something else, and we are still doing fine about it for some reason. I do not get why people are free and fine about it, it should be something that we all get mad about but we do not and accept the situation for some reason.

[Oilacris]

Let’s wait and see what happens next, I won’t be surprised if some countries also bans this one too, because all their government is good at is banning anything that is cryptocurrency. It was difficult for Facebook to launch this project for years now, and now that they are finally launching it I hope that it is going to be turning out pretty fine and not the type that they would be having problems with government all the time because they are centralized.

Another reason why I am feeling this wouldn’t be a good idea is because of its centralization, a lot of people wouldn’t have access to it because of one reason or the other that would restrict them. And Facebook being a regulated company would always be subdued to whatever the government wishes. It wouldn’t be like bitcoin that is fully decentralized and transactions are peer to peer, without having any central control unit.

Thing here is that Facebook diem is a cryptocurrency? No it is not and much sure that they would really succeed this time which is unlikely that this Diem would turn out to be similar when it was still Libra.

Its just really been rebranded and i dont know on whats the reason behind such change but just like on others  views too that this would be still heavily centralized.

It is a currency which would only circulate inside facebook but i wont be surprised if it would be traded externally.

[Ozero]

Let’s wait and see what happens next, I won’t be surprised if some countries also bans this one too, because all their government is good at is banning anything that is cryptocurrency. It was difficult for Facebook to launch this project for years now, and now that they are finally launching it I hope that it is going to be turning out pretty fine and not the type that they would be having problems with government all the time because they are centralized.

Another reason why I am feeling this wouldn’t be a good idea is because of its centralization, a lot of people wouldn’t have access to it because of one reason or the other that would restrict them. And Facebook being a regulated company would always be subdued to whatever the government wishes. It wouldn’t be like bitcoin that is fully decentralized and transactions are peer to peer, without having any central control unit.

Thing here is that Facebook diem is a cryptocurrency? No it is not and much sure that they would really succeed this time which is unlikely that this Diem would turn out to be similar when it was still Libra.

Its just really been rebranded and i dont know on whats the reason behind such change but just like on others  views too that this would be still heavily centralized.

It is a currency which would only circulate inside facebook but i wont be surprised if it would be traded externally.

In fact of the matter. Regulators could still allow cryptocurrency to circulate, but not the stablecoin, which will be backed by their state currency, and also not the stablecoin, which will possibly be associated with one of the largest social networks. Governments and their regulators understand that Libra / Diem can become a big monster if it is connected with Facebook, since for the first time such extensive information about the billions of the world's inhabitants will be concentrated outside the government's hands. Therefore, it is interesting what Zuckerberg hopes for and what decision this time will be made by the US regulators.

[amishmanish]

Whether people are ready for and are going to use Diem remains to be seen, and I guess we'll find out.  Personally, I hope it falls flat on its face (like Google+, which obviously isn't a cryptocurrency but it made me smile when it failed), but I will be following its progress just to see how it fares.

While I want a similar result but like you said, people are spending money on almost anything. I think Facebook putting itself behind a crypto wallet and then starting up all kind of platforms on their own blockchain has the potential to find a lot of takers.

People have gone ahead and chosen plenty of corporate chains in the last year from Solana, Avax etc. If FB starts investing seriously and is able to lure away enough developers, they can easily trick millions of users to invest into their platforms. I doubt that most people are sensitive enough to the difference between a corporation like Facebook and the kind of DAO structures that these additional platforms have launched. As far as Bitcoin is concerned, Diem stands no chance of course.