Facebook Bank

[BTCLuke]

Apparently Facebook is about to enter the remittance market by opening a financial service out of Ireland:

http://www.pcworld.com/article/2143200/report-facebook-about-to-enter-emoney-market-in-europe.html

Doesn't say in what currency. I'd guess they'll limit to Euros at the start?  Very odd.

[dagelf]

Imagine a "pay" button on Whatsapp or Facebook chat. The problem with cryptos is usability. Whoever spoonfeeds it to the masses will dominate for a long time to come. This is the sole reason I own Facebook stock... if they partner with a payment system, they will dominate.

[bgmc]

They are secretly developing facebookcoin (this is how rumors start, right?)

[g27wr]

They are secretly developing facebookcoin (this is how rumors start, right?)

It's actually called FBCoin (FBC) and will be a POW/POS hybrid with 100,000,000 coins mined in the beginning, then switching to purely POS. The coin logo will have an image of Beast (Zuck's dog) on it with a Facebook Blue background..

[Bit_Happy]

I wish FB would melt down into a pile of overpriced goop.

[BTCLuke]

Coindesk is talking about it now too:

http://www.coindesk.com/facebooks-mobile-money-plans-may-mean-bitcoin/

As far as I can tell no one sees direct competition to bitcoin, but it will be a good long-term test of centralized systems versus decentralized systems for online currencies.

Still not many details yet.

[mintodev]

They are secretly developing facebookcoin (this is how rumors start, right?)

definetly they keep name as fbcoin.

[Asrael999]

Coindesk is talking about it now too:

http://www.coindesk.com/facebooks-mobile-money-plans-may-mean-bitcoin/

As far as I can tell no one sees direct competition to bitcoin, but it will be a good long-term test of centralized systems versus decentralized systems for online currencies.

Still not many details yet.

you don't think they just maybe expand their existing system
https://www.facebook.com/giftcards

facebook credits......

this is bitcoin competition , not adoption , sorry

[counter]

If facebook did something silly like make an altcoin I think that would just give more credibility to BTC and would backfire.  I don't think that would be there plan but maybe I've over looked somthing.

Thanks for the Article OP, always appreciated.

[leopard2]

WOW now that sounds like real privacy paradise BRUHAHAHA  !!!!

Like Painpal on steroids  

Painpal - Ripple - Facebook money

Ugh, I gotta puke 

[Bit_Happy]

If facebook did something silly like make an altcoin I think that would just give more credibility to BTC and would backfire.  I don't think that would be there plan but maybe I've over looked somthing.

Thanks for the Article OP, always appreciated.

Haven't you heard about FaceCoin?
It's official now:  

[ShakyhandsBTCer]

Yea, I would not trust Facebook with my money/bitcoin/alt(shit)coin.

They have terrible privacy policies and have not been good in the past of telling people as to what they plan on doing with the information they collect about their user base, nor what they even collect about their users.

[polynesia]

you don't think they just maybe expand their existing system
https://www.facebook.com/giftcards

facebook credits......

this is bitcoin competition , not adoption , sorry

Of course, bitcoin adoption on a large scale would benefit the Winklewoss twins. 

[Zuminest]

If facebook did something silly like make an altcoin I think that would just give more credibility to BTC and would backfire.  I don't think that would be there plan but maybe I've over looked somthing.

Thanks for the Article OP, always appreciated.

Haven't you heard about FaceCoin?
It's official now:  

Thats a big forehead you got there. Heh. I bet it's worth a fortune!

[Gimmelfarb]

interesting plan. i was sort of wondering what direction they might go in. despite the fact that it's still immensely popular, it seems clear that the current model is dying. i wonder how this will go.

[ShakyhandsBTCer]

interesting plan. i was sort of wondering what direction they might go in. despite the fact that it's still immensely popular, it seems clear that the current model is dying. i wonder how this will go.

I think allowing Facebook to control your bitcoin would be reckless

[Yakamoto]

Coindesk is talking about it now too:

http://www.coindesk.com/facebooks-mobile-money-plans-may-mean-bitcoin/

As far as I can tell no one sees direct competition to bitcoin, but it will be a good long-term test of centralized systems versus decentralized systems for online currencies.

Still not many details yet.

you don't think they just maybe expand their existing system
https://www.facebook.com/giftcards

facebook credits......

this is bitcoin competition , not adoption , sorry

Competition? Fah. People will be like "What?"

Honestly, Facebook creating a crypto will be a great way to introduce the masses to Crypto's, BUT someone has to hack it. Have the masses use BTC and not FBCoin. Hack the system and wreck it's value, and all non-FBCoin users go away happy.

The first PoP or PoL currency? (Proof of post/Proof of Like?)

Wait that's just benefiting attention seekers. And celebrities...

[Gimmelfarb]

interesting plan. i was sort of wondering what direction they might go in. despite the fact that it's still immensely popular, it seems clear that the current model is dying. i wonder how this will go.

I think allowing Facebook to control your bitcoin would be reckless

my understanding was that this was not about bitcoins at all, but rather about Facebook attempting to break into the remittance market. i doubt they would involve bitcoin, to be honest.

[Yakamoto]

interesting plan. i was sort of wondering what direction they might go in. despite the fact that it's still immensely popular, it seems clear that the current model is dying. i wonder how this will go.

I think allowing Facebook to control your bitcoin would be reckless

my understanding was that this was not about bitcoins at all, but rather about Facebook attempting to break into the remittance market. i doubt they would involve bitcoin, to be honest.

The worst part about this is that Facebook could make the largest crypto due to the user base behind them. It's quite sad, actually.

Now, on the positive side, as stated, it would help introduce cryptos.

Negatively, however, they'd turn it into a fiat. I can say that right now. It'll MAYBE be backed by FarmVille or whatever else.

Or they'll force people to buy the Oculus Rift with FBCoin.

[Gimmelfarb]

i still don't see a connection between this and crypto. i think they are just trying to take advantage of their large network by entering the remittance market, which is not, to date, especially internet friendly.

[Gianluca95]

Facebook bank? lol !

I want to say to Facebook that he must to rise safe parameter and then, he'll can do everything.

[ShakyhandsBTCer]

interesting plan. i was sort of wondering what direction they might go in. despite the fact that it's still immensely popular, it seems clear that the current model is dying. i wonder how this will go.

I think allowing Facebook to control your bitcoin would be reckless

my understanding was that this was not about bitcoins at all, but rather about Facebook attempting to break into the remittance market. i doubt they would involve bitcoin, to be honest.

Either way it would be too easy for accounts to be hacked (they are already hacked all the time for advertising purposes, can you imagine if there was actual money associated with them)

[logger]

Does this mean I'll finally be able to help a little girl get her operation with likes?

[Essex343]

Smart on their part. Social networking angle alone won't sustain them. People are getting bored with FB...

[DannyElfman]

I don't think this has a thing to do with bitcoin. Just Facebook news.

[ArbatDeli]

i still don't see a connection between this and crypto. i think they are just trying to take advantage of their large network by entering the remittance market, which is not, to date, especially internet friendly.

There is nothing about crypto here. People are making a connection because crypto could, in theory, be used for remittances.

[JerryCurlzzz]

Apparently Facebook is about to enter the remittance market by opening a financial service out of Ireland:

http://www.pcworld.com/article/2143200/report-facebook-about-to-enter-emoney-market-in-europe.html

Doesn't say in what currency. I'd guess they'll limit to Euros at the start?  Very odd.

I imagine this will be for fiat currency. Facebook has a huge network already for this; I don't see a reason why they would include bitcoin.

[cbeast]

This might be the mistake that kills facebook. Even Google is playing it careful with money.

[ShakyhandsBTCer]

Apparently Facebook is about to enter the remittance market by opening a financial service out of Ireland:

http://www.pcworld.com/article/2143200/report-facebook-about-to-enter-emoney-market-in-europe.html

Doesn't say in what currency. I'd guess they'll limit to Euros at the start?  Very odd.

I imagine this will be for fiat currency. Facebook has a huge network already for this; I don't see a reason why they would include bitcoin.

They would include bitcoin because of less regulation associated with bitcoin then with being a bank and/or paypal like service

[Yakamoto]

This might be the mistake that kills facebook. Even Google is playing it careful with money.

This probably will be the mistake.

Facebook is going "Gung Ho!" And thinking they can make a ton of money off of this system, since they thing they can do whatever now.

If FB even looked at other technology giants, they may change their ways...

[scarsbergholden]

This might be the mistake that kills facebook. Even Google is playing it careful with money.

Hmm, that certainly wasn't my first thought. I'm curious, what makes you say that? And I thought Google was planning to go places with its wallet app (though I haven't kept up...maybe it died off).

[cbeast]

This might be the mistake that kills facebook. Even Google is playing it careful with money.

Hmm, that certainly wasn't my first thought. I'm curious, what makes you say that? And I thought Google was planning to go places with its wallet app (though I haven't kept up...maybe it died off).

Because Facebook is so commonly used for social media, they will have to be careful not to *force* people to use *their* wallet and give users the option of choosing alternative payment systems within the portal. Monetization of social networking is a slippery slope. Ad based revenue is generally accepted in most portals, but integrating a payment system with a shopping cart, subscriptions, trade markets, etc. will expose FB to new regulatory experiences. Perhaps that's why they are starting with the more cautious Europe as a test bed.

Google Wallet, PayPal, and nearly every big bank has a legacy fiat payment system. It's not a threat to Google, because it's not integrated into their apps.

[BTCLuke]

NECRO AWARD WINNER!!!

Just researching Facebook's Libra coin and ran across this 2014 thread.  Ahh, memories.

Who thinks it'll work this time and Bitcoin could have some actual competition that trades on exchanges?

[Kakmakr]

NECRO AWARD WINNER!!!

Just researching Facebook's Libra coin and ran across this 2014 thread.  Ahh, memories.

Who thinks it'll work this time and Bitcoin could have some actual competition that trades on exchanges?

Exactly, this thread was started in April 14, 2014 and it took them 5 years to catch up to Bitcoin. Now, they woke up the beast <US Government> and they will use all their power to stop Crypto currencies from disrupting the US Dollar and it's supremacy over the global economy. 

Libra will see the full force of the US Congress mechanisms being used to stomp out the competition for the US Dollar now and it will also have an influence on all Crypto currencies. <We are back where we were in 2014> 

[slaman29]

Incredible find, well done Scrooge McDuck!

It will be so strange to see Libra traded on exchanges however don't you think? I mean, wouldn't people just be buying the coin off from Facebook? But look at one of the commenters saying how FB accounts keep getting hacked and he's right. Imagine if Libra became a thing and got listed on exchanges. And people losing their FB accounts to their friends pranking them. FB accounts are so weak in passwords.

[fiulpro]

I think they will start with their own cryptocurrency that they are starting soon , in 2021 they are launching it , the bank will mainly be for buying and selling of that is what am guessing and if they are planning to open the first branch in Europe then it is offcourse going to be both Euros and dollars as the primary exchange currencies.
Also Trump highlighted in his recent comment how they should actually employ some bank charter and do all the documentation because its Facebook , it is going to be big .

[1207Lmcin]

I think they will start with their own cryptocurrency that they are starting soon , in 2021 they are launching it , the bank will mainly be for buying and selling of that is what am guessing and if they are planning to open the first branch in Europe then it is offcourse going to be both Euros and dollars as the primary exchange currencies.
Also Trump highlighted in his recent comment how they should actually employ some bank charter and do all the documentation because its Facebook , it is going to be big .

According to what you're talking about, I have a different mindset, with what Trump mentioned in the past days, I think he is interested in cryptocurrency. And that will be a prerequisite for the development of electronic money.

As for the development of Fb, there are still many different opinions. But for myself, I always support Fb's participation in this area, maybe they will be accepted soon before 2021.

[BitHodler]

As for the development of Fb, there are still many different opinions. But for myself, I always support Fb's participation in this area, maybe they will be accepted soon before 2021.

I actually don't mind Libra at all-- my opinion is that it could actually turn out to be a great alternative to rubbish platforms such as PayPal where we're constantly worrying about charge backs. Centralized or not, if it works it works.

Crypto as in the decentralized form are poor forms of payments in day to day situations, which Libra might actually play a very important role in. It could even complement Bitcoin in multiple ways.

Bitcoin isn't a day to day currency, let's just be honest there. It could turn out to be in the far future, but is not right now. Libra could take over that role and stimulate capital to flow into Bitcoin because it's a stablecoin.

[romero121]

With the recent tweet Trump has provided free advertising for bitcoin and cryptocurrencies altogether. Along with this he has also described the opinion about the Facebook's libra coin. If it is to have banking support it is to fulfill all the regulatory requirements of the banking industry to get used within the country and internationally.

In simple terms he has described it a value defined from thin air, he needs to know better about the bitcoin which has its continued process of mining and the limitations on coins whereas the USD which doesn't have any limitations on printing and the same data isn't revealed to the public. This makes usd to be the one from thin air.

[hatshepsut93]

I actually don't mind Libra at all-- my opinion is that it could actually turn out to be a great alternative to rubbish platforms such as PayPal where we're constantly worrying about charge backs. Centralized or not, if it works it works.

Crypto as in the decentralized form are poor forms of payments in day to day situations, which Libra might actually play a very important role in. It could even complement Bitcoin in multiple ways.

Bitcoin isn't a day to day currency, let's just be honest there. It could turn out to be in the far future, but is not right now. Libra could take over that role and stimulate capital to flow into Bitcoin because it's a stablecoin.

The main purpose of Libra is the same as the main purpose of Facebook - harvest user data, then use that data for targeted ads, selling it to other parties, political manipulation and so on. Maybe Libra will have good user experience, but it will be like selling your soul to the devil - a time will come and people will regret using it.

And there likely will be chargebacks in Libra, maybe not to the level of PayPal, but still. Merchants hate them, but it's additional level of security for users.

[jak3]

As I have already said before once, Facebook is going to take a lot of risks but as because Mark Zuckerberg is one of the richest men and their tenet cost not at like Warren Buffett or Bill Gates but he has a lot of money. But still, this step is very big and very risky at because Facebook is a centralized company and they have to follow rules and regulations for each and every country on the Earth if they are going to spread their ambition at Global scale. I know big companies always try to go for the Global skill because there is the real money market there are billions of people are going to watch and interact with your projects even if they do not like it but still you are going to make millions from it. They already have that audience how they need is the right step at the right time but tell others said it is very risky stuff I am soon the government is going to important with discussions on the Facebook company.

[1207Lmcin]

Bitcoin isn't a day to day currency, let's just be honest there. It could turn out to be in the far future, but is not right now. Libra could take over that role and stimulate capital to flow into Bitcoin because it's a stablecoin.

I agree with your opinion. In my opinion, the cryptocurrency market needs big corporations like FB to participate in the future. Attracting more money into the market will become easier, Libra's activities in the future will be a big turning point for the development of cryptocurrency.

[marcbitcoins]

Clearly they are preparing for the Libra coin during that time in which finally it's concluded that Facebook is really joining the crypto currency. For the past years they made some controversies regarding Crypto currency existence but that is their ways of preparing their own Crypto like this Facebook bank which is one of their concept.

[RealMalatesta]

Everyone's eyes are on the mark zuckerberg and trump meeting, I don't know if the united states of america is actually run by the president or if there is any power balance however if SEC decides that according to what Trump says the Facebook coin libra will be allowed to do whatever they want than it would also mean that all these time we have been waiting for the ETF for bitcoin might happen as well, everyone sees Libra as the enemy but I have always supported the idea that Libra might be something not good for you but let it become huge so that we can go with the flow it creates and we can get big thanks to it as well, if Libra getting okay from SEC means that ETF for bitcoin will get green light too than I am all for Libra getting acceptance from SEC in order to further my own agenda.

[Natalim]

Libra coin developed by Facebook is facing a very strong reaction from the US government because of concerns related to banking and terrorism. I think the widespread use of Libra will greatly influence US control of the world financial market so it will be difficult for the United States to accept Libra.

They are looking at the risk but it's not justifiable if they will just deny it, that would make them look stupid, in every risk they foreseen, there should be a solution to that and they are the regulating bodies which means they are in control, sot hey just have to find a better solution to minimize the risks.

[1Referee]

I think yes and hope the US government will hold back this tremendous development.

That means you are anti freedom? If you find it okay that the US government stops Facebook from executing their Libra project, you will find it similarly okay that they will stop native crypto projects from building products and services. I'm not a fan of Facebook, but Libra is quite an ingenious project with the potential to serve billions of people with little to no effort.

It will complement Bitcoin too, so what's the problem? Don't be a fan of a bunch of people you never met in real life to decide what can and can't be done. Facebook should be allowed to pull it off.

[fullhdpixel]

Everyone's eyes are on the mark zuckerberg and trump meeting, I don't know if the united states of america is actually run by the president or if there is any power balance however if SEC decides that according to what Trump says the Facebook coin libra will be allowed to do whatever they want than it would also mean that all these time we have been waiting for the ETF for bitcoin might happen as well, everyone sees Libra as the enemy but I have always supported the idea that Libra might be something not good for you but let it become huge so that we can go with the flow it creates and we can get big thanks to it as well, if Libra getting okay from SEC means that ETF for bitcoin will get green light too than I am all for Libra getting acceptance from SEC in order to further my own agenda.

Before you get it twisted man, SEC may still not approve the ETF even if they support the Libra coin, do you know why the meeting between MARK and TRUMP will be successful? Because Libra coin must have been developed to work perfectly well for the government of the United State too, the reason why SEC has been tactically delaying the approval of ETF is still the anonymous system of bitcoin.

I am suspecting that the US is playing a game with the Libra coin, if not, look at it, Facebook that has been against cryptocurrency, suddenly came up with their own idea of creating a crypto they claim will be decentralized but without the anonymous feature, trump has never said anything about crypto since its inception, but recently that Libra coin was introduce, he tweeted about bitcoin negatively, don’t you think that they have a hand already in the Libra coin?

[gwdf1]

Bitcoin isn't a day to day currency, let's just be honest there. It could turn out to be in the far future, but is not right now. Libra could take over that role and stimulate capital to flow into Bitcoin because it's a stablecoin.

I agree with your opinion. In my opinion, the cryptocurrency market needs big corporations like FB to participate in the future. Attracting more money into the market will become easier, Libra's activities in the future will be a big turning point for the development of cryptocurrency.

Facebook with its Libra can help people realize that sooner or later, but all of us will start dealing with cryptocurrencies. The earlier we will begin working with digital money, the easier it will be in the future.

[sana54210]

Facebook with its Libra can help people realize that sooner or later, but all of us will start dealing with cryptocurrencies. The earlier we will begin working with digital money, the easier it will be in the future.

If it is all about centralized digital money, well Facebook will not be the first person that will be providing such services, we are familiar with so many digital payment site like PayPal that has been able to serve people well globally, we also have alipay that china has created and they have been very effective and I do not think there is anyone that has complained of shortage of this.

We have so many digital payment method in different countries that is working perfectly well for their citizens, so why should people accept Libra coin if it is just going to be a digital coin, although they claim to run on blockchain, but we all know they will never create a decentralized coin. I still do not see the need for Facebook coin if it will not be decentralized.

[jostorres]

I just watched the social network once again after years and that movie doesn't really get old. I don't know how much of it is actually real and how much of it is just Hollywood stuff but if even the half of what he has been said is true then I am truly sorry that dude is literally a crazy person.

I have watched him against the congress as well while he was trying to defend himself but in the end it looked like dude was just full on weird instead of like a regular person, jokes about him being alien that was collecting data about humanity and that is why he built facebook was made, he looked that much weird. So, if the same dude who built facebook (and bought whatsapp+instagram) will be in charge of the biggest money trading system in the world then we can clearly be afraid about it a bit.