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.

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[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.