Facebook Diem on the run for launch

[electronicash]

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.

if facebook starts spreading the use of their own coin, users will also be introduced to BTC including the non belevers who constantly says BTC is a scam.  i still think facebook can help the crypto market in general.

i have no idea what DIEM can do. they should have named the facebook token close to its name so so its easy to recognize. like Facepalm.

[Abiky]

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

Exactly. Facebook's coin is nothing more than a centralized ledger controlled by a single entity. It's like a glorified banking system (Banking 2.0) if you ask me. People are foolish enough to believe that any digital currency is decentralized, when that's not really the case. Consider how XRP is a centralized ledger controlled by a big conglomerate (Ripple, Inc.). The company can manipulate the so-called cryptocurrency's supply, and even freeze accounts at will. I have a feeling Facebook will do the same with "Diem" in order to please governments worldwide.

Last time I've heard, regulators weren't that happy with Facebook's decision to launch a digital currency of its own. What makes you think they'll change their mind anytime soon? Anything which poses as a threat to Fiat, will be rejected in the first place. Facebook's rebranding from Libra to Diem is only a scheme to gain the attention in the mainstream world. It's yet to be determined if Facebook's move will become a success or a failure in the long run. I wouldn't worry much about that as long as decentralized cryptocurrencies exist. Just my opinion

[Bitstar_coin]

How does this benefit users of Facebook directly! Am still a little lost as the to importance of the Facebook diem and how it will be a positive thing for users, why is it so important for Facebook to have it's own coin, why can't mark just adopt one of the very many we have in the market, well I guess it is a good news for Facebook lovers (I.e if they understand the whole concept).

[Blue0x.com]

It's a centralized network that can blacklist users.  Obviously, this is not the original vison of cryptocurrency.  However, they have a huge global user base that includes alot of people that do not have access to the current financial systems.  I am still convinced that Facebook was created for a more devious purpose in the first place as well.  A CBDC finding its way to Facebook would be my guess for the future...be it Libre, Diem or whatever they settle on.

[FanEagle]

If Facebook should launch this cryptocurrency successfully, I think it’s going to be a really big challenge for the banks. Why I think this Facebook currency is going to be a serious challenge for the banks is because they have a really huge platforms with billions of users, and that means that most of the people are going to start making use of this Facebook digital currency to start sending money to their friends and family around the world.

So, it’s going to be a bit of a problem for banks because of those people who are going to abandon making use of banks to send money to their loved ones and start making use of Facebook digital currency. Till then let’s wait and see how it is going to turn out. But, I fully believe that as long as they’re able to maintain it , itis going to be a really huge success.

[Dave1]

If Facebook should launch this cryptocurrency successfully, I think it’s going to be a really big challenge for the banks. Why I think this Facebook currency is going to be a serious challenge for the banks is because they have a really huge platforms with billions of users, and that means that most of the people are going to start making use of this Facebook digital currency to start sending money to their friends and family around the world.

So, it’s going to be a bit of a problem for banks because of those people who are going to abandon making use of banks to send money to their loved ones and start making use of Facebook digital currency. Till then let’s wait and see how it is going to turn out. But, I fully believe that as long as they’re able to maintain it , itis going to be a really huge success.

And they are not going to allow it as Facebook is facing another potential heavy regulations again.

https://www.theguardian.com/technology/2021/oct/25/facebook-whistleblower-frances-haugen-calls-for-urgent-external-regulation

Mark Zuckerberg “has unilateral control over 3 billion people” due to his unassailable position at the top of Facebook, the whistleblower Frances Haugen told MPs as she called for urgent external regulation to rein in the tech company’s management and reduce the harm being done to society.

So I doubt that they can launch whatever plans they have as far as crypto goes.

For sure many in the EU countries are going to make it hard again for Facebook and they won't allow Mark and his company to have control in the next decade.

[Darker45]

Facebook would have been more successful in the past had they successfully launched Libra than today's Diem. The Libra association which was supposed to be the body overseeing the implementation was an amazing group of huge and very influential companies whose presence covers many parts of the world. But it is already gone.

Also, Facebook's reputation will definitely play a vital role in Diem's success. I think Facebook is not anymore the well-loved Facebook before. Facebook has in fact somehow become a platform for scams and an institution promoting censorship.

It would be a different case, however, had Facebook adopted Bitcoin rather than create its own currency.

[Reatim]

if facebook starts spreading the use of their own coin, users will also be introduced to BTC including the non belevers who constantly says BTC is a scam.  i still think facebook can help the crypto market in general.

i have no idea what DIEM can do. they should have named the facebook token close to its name so so its easy to recognize. like Facepalm.

Believe this enough , Naming their coin close to Facebook will help us recognize the currency and also the whole world will.
and Facebook will Help promoting Bitcoin as well because they will represent cryptocurrency and who stands all crypto? it is BTC so in all it is Bitcoin will benefits from this release so Let it be.
Mark Zuckerberg might don't wanna late in profiting in the increasing crypto community but at least do this for all our benefits .

[Abiky]

If Facebook should launch this cryptocurrency successfully, I think it’s going to be a really big challenge for the banks. Why I think this Facebook currency is going to be a serious challenge for the banks is because they have a really huge platforms with billions of users, and that means that most of the people are going to start making use of this Facebook digital currency to start sending money to their friends and family around the world.

So, it’s going to be a bit of a problem for banks because of those people who are going to abandon making use of banks to send money to their loved ones and start making use of Facebook digital currency. Till then let’s wait and see how it is going to turn out. But, I fully believe that as long as they’re able to maintain it , itis going to be a really huge success.

Banks won't allow that to happen. After all, banks consider Facebook's digital currency as a threat to their very existence. They will pressure regulators to go against Facebook, in order to prevent the launch of a new digital cash system. Imagine how many people will "ditch" banks once Facebook's Diem becomes a reality.

The only way this will work is if Facebook does some sort of partnership with banks. Only then, the launch of the new coin will go full speed ahead. I wouldn't worry much about Facebook Diem, since it'll be something more of the same. Who'd want to use a centralized coin that's similar to traditional banks? Bitcoin and other decentralized cryptocurrencies are far superior to Facebook's little coin. But people are blind enough to believe that every digital currency is decentralized. At least, crypto will survive thanks to its decentralized and censorship-resistant design. Just my opinion

[Fatunad]

if facebook starts spreading the use of their own coin, users will also be introduced to BTC including the non belevers who constantly says BTC is a scam.  i still think facebook can help the crypto market in general.

i have no idea what DIEM can do. they should have named the facebook token close to its name so so its easy to recognize. like Facepalm.

Believe this enough , Naming their coin close to Facebook will help us recognize the currency and also the whole world will.
and Facebook will Help promoting Bitcoin as well because they will represent cryptocurrency and who stands all crypto? it is BTC so in all it is Bitcoin will benefits from this release so Let it be.
Mark Zuckerberg might don't wanna late in profiting in the increasing crypto community but at least do this for all our benefits .

Facebook's new name is called META?

https://www.cnbc.com/2021/10/28/facebook-changes-company-name-to-meta.html
https://www.theverge.com/2021/10/28/22745234/facebook-new-name-meta-metaverse-zuckerberg-rebrand

Adding Diem as currency can be used inside platform.. So its Meta Diem, LOL!

[tyz]

Banks won't allow that to happen. After all, banks consider Facebook's digital currency as a threat to their very existence.

That was my first thought, too. But then I remembered that exactly the same discussion took place a few years ago when it came to the integration of Apple Pay and Google Pay. Why should banks do that, it would jeopardize their own business model and cost returns? That was the statement of many at the time. Today, almost every bank has integrated Apple and Google payment options because they had to bow to pressure from customers and the market. It could be the same with Diem, if there is enough acceptance and demand among people.

[Gyfts]

...

Facebook already has a platform to launch this crypto venture so I don't have any doubts that it'll be successful. The marketing of crypto to a bunch of clueless Facebook users could not be easier, they're naive, don't understand internet mechanism, and they'll want to invest in something modern, so they dump whatever funds into worthless NFTs or alts. While I agree Zuckerberg stole facebook from its original inventors, he's incredibly smart and this could be fairly successful if they can link it with the facebook userbase. The silver lining, hopefully it causes Jack Dorsey's "Square" to lose market share. Jack Dorsey is a moron.

[beerlover]

Banks won't allow that to happen. After all, banks consider Facebook's digital currency as a threat to their very existence.

That was my first thought, too. But then I remembered that exactly the same discussion took place a few years ago when it came to the integration of Apple Pay and Google Pay. Why should banks do that, it would jeopardize their own business model and cost returns? That was the statement of many at the time. Today, almost every bank has integrated Apple and Google payment options because they had to bow to pressure from customers and the market. It could be the same with Diem, if there is enough acceptance and demand among people.

It is not up to banks to allow or not allow something like that. Crypto is a threat to their very existence as well but they couldn't stop it. If there is a money to be made they will jump in willingly, and if there isn't a money to be made then we are going to be fine anyway, it is going to be something of a challenge for a while but if we got crypto accepted then we are going to get facebook accepted as well.

All we need to do is pressure them by using it anyway, do it p2p if you want to first but as long as it grows big then we are going to be fine. All in all I have to say there is a good case for facebook diem or libra or whatever they name it could be seen as something that banks will eventually accept. On top of this, as long as facebook bribes the right people, then banks will not have any say in it, banks became this powerful by bribing anyway, so facebook could beat them in their own game.

[Abiky]

That was my first thought, too. But then I remembered that exactly the same discussion took place a few years ago when it came to the integration of Apple Pay and Google Pay. Why should banks do that, it would jeopardize their own business model and cost returns? That was the statement of many at the time. Today, almost every bank has integrated Apple and Google payment options because they had to bow to pressure from customers and the market. It could be the same with Diem, if there is enough acceptance and demand among people.

I'm pretty sure banks will support Diem if there was some sort of profit sharing. After all, they want a piece of the pie. Facebook will have no other option but to meet with governments' and banks' demands in order to launch its own digital currency. Believe me, Facebook's coin wouldn't make much of a difference since it's a centralized financial system. Most people will be foolish enough to believe Diem is decentralized, when that's not the case. Crypto/Blockchain tech is all about removing the middleman in order to bring financial freedom to the masses. You strip decentralization away from crypto and you'd get nothing more than a "glorified" banking system. I'd focus more on decentralized cryptocurrencies like Bitcoin and Ethereum since they're the ones that will change our world for the better. Just my thoughts

[Quidat]

That was my first thought, too. But then I remembered that exactly the same discussion took place a few years ago when it came to the integration of Apple Pay and Google Pay. Why should banks do that, it would jeopardize their own business model and cost returns? That was the statement of many at the time. Today, almost every bank has integrated Apple and Google payment options because they had to bow to pressure from customers and the market. It could be the same with Diem, if there is enough acceptance and demand among people.

I'm pretty sure banks will support Diem if there was some sort of profit sharing. After all, they want a piece of the pie. Facebook will have no other option but to meet with governments' and banks' demands in order to launch its own digital currency. Believe me, Facebook's coin wouldn't make much of a difference since it's a centralized financial system. Most people will be foolish enough to believe Diem is decentralized, when that's not the case. Crypto/Blockchain tech is all about removing the middleman in order to bring financial freedom to the masses. You strip decentralization away from crypto and you'd get nothing more than a "glorified" banking system. I'd focus more on decentralized cryptocurrencies like Bitcoin and Ethereum since they're the ones that will change our world for the better. Just my thoughts

For sure it would really that way and Facebook would totally be considering out on arranging everything just for everything to went smooth
and operational as a breeze.Government wont be seeing this a big threat though considering on how centralized Facebook is or whatever names they would be imposing on but still the very essence is really just the same.So i dont see this to be an issue for now.

[Argoo]

Banks won't allow that to happen. After all, banks consider Facebook's digital currency as a threat to their very existence.

That was my first thought, too. But then I remembered that exactly the same discussion took place a few years ago when it came to the integration of Apple Pay and Google Pay. Why should banks do that, it would jeopardize their own business model and cost returns? That was the statement of many at the time. Today, almost every bank has integrated Apple and Google payment options because they had to bow to pressure from customers and the market. It could be the same with Diem, if there is enough acceptance and demand among people.

Zuckerberg is not primarily concerned with banks. Banks are most worried about their profits. Zuckerberg should be wary of states and their regulators. Yes, he himself already knows this, but he constantly repeats the same mistakes. Governments fear the concentration of significant confidential information about the several billion Facebook members in private hands, and even more so if such information is combined with information about their financial transactions. Therefore, I do not think that Zuckerberg will succeed this time either.
Certain senators of the US Congress have already written to Zuckerberg to curtail the circulation of the Novi wallet, and in fact it does not even have his stablecoin Diem in it yet.

[Abiky]

Zuckerberg is not primarily concerned with banks. Banks are most worried about their profits. Zuckerberg should be wary of states and their regulators. Yes, he himself already knows this, but he constantly repeats the same mistakes. Governments fear the concentration of significant confidential information about the several billion Facebook members in private hands, and even more so if such information is combined with information about their financial transactions. Therefore, I do not think that Zuckerberg will succeed this time either.
Certain senators of the US Congress have already written to Zuckerberg to curtail the circulation of the Novi wallet, and in fact it does not even have his stablecoin Diem in it yet.

As long as there's money to be made, nothing else matters. All it takes is for Facebook to share profits with banks, and Diem's launch will become a big success. The hard part would be convincing regulators in order to keep the new digital currency afloat. Maybe Facebook will obtain a banking license to make Diem a reality? I wouldn't worry that much about Diem since it's a centralized coin after all. Using Diem would be no different than using an ordinary bank. Decentralized cryptocurrencies like Bitcoin and Ethereum are a much better option as they enable true financial freedom. People don't understand the true meaning of crypto because they're only focused on making as much money as possible. The moment they see a new coin being launched, they'll quickly pour their money into it without doing prior research. Facebook already has millions of users on its platform, so the new digital currency would probably gain all of the attention in the mainstream world. The future is widely unpredictable, so it's hard to tell whenever Diem will be a complete failure or a widespread success. Just my opinion

[dunfida]

How does this benefit users of Facebook directly! Am still a little lost as the to importance of the Facebook diem and how it will be a positive thing for users, why is it so important for Facebook to have it's own coin, why can't mark just adopt one of the very many we have in the market, well I guess it is a good news for Facebook lovers (I.e if they understand the whole concept).

For more income/profits? What you think?

Generally speaking if they arent minding for more profits then they would just let those traditional currency which had been used internally on making transactions in facebook neither on some services or on between users.

They had made out a specific currency? Even if you dont need to mind off critically then you do already know on where it would be heading.,
Its no brainer that you wouldnt able to get on what they are aiming on.

[paxmao]

A sad manifest full of common places that only points to a coin controlled by what is probably, as of today, one of the most "evil" large corporations. All full of common places that are perfectly know to all that have been in crypto for a while.

The fact is that a coin created by Facebook ("Meta") is just not a true decentralised crypto and most likely will be used to create more big data on how user spend their money, to support political outcomes for a price, to invade privacy, to have teenagers working for mafias... I can only imagine what it can get to if they can convert a simple pic sharing platform in a political weapon for diffamation.

[Ozero]

Zuckerberg has long squandered time to launch his stablecoin. A few years ago maybe Libra / Diem would have been a big project. Now, the dollar-backed stablecoin should come as no surprise. There are already a lot of such coins. As conceived by Zuckerberg, the enormity of the project was given by the linking of this coin to Facebook. But the regulators have not given him the opportunity to carry out his plans for a long time. They will continue to block the appearance and circulation of this coin, if it is somehow connected with Facebook.