Facebook Bank

[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.