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Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Report Says (bloomberg.com)
Facebook is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, Bloomberg reports. From the report: The company is developing a stablecoin -- a type of digital currency pegged to the U.S. dollar -- to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook is far from releasing the coin, because it's still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, the people said.
Yeah, this will last until the first news story hits about Facebook being used to launder money to Iran and North Korea. It doesn't matter if Facebook is legally responsible, the PR implications will cause their collective heads to spin.
They should tie it to the Venezuela Petro.
The point of crypto currency is to act as a distributed ledger without the need for a central authority. If you are using what's app to transmit a message then it is being 2-way authenticated by facebook and passing through facebook and even logged by facebook. Adding a transaction record would be nothing. SO facebook could just make it a check on the bank of facebook and be done with it. Or if being a bank is a problem then just call it "flooz" or "beans" or send a share of a T-bill mutual fund.
Some drink at the fountain of knowledge. Others just gargle.
No way am I buying into BitBook or FaceChain or whatever they call it.
It also brings to mind a very serious question - do they intend to mine their currency using the browsers and apps of people on Facebook?
"There is more worth loving than we have strength to love." - Brian Jay Stanley
All of these centralized messaging systems are "encrypted", but the central system has the key so they can decrypt it. There is no reason to have centralized messaging systems in 2018, but people never understood the need for decentralized XMPP style systems. So now we have all these messaging systems that are owned by corporations. This includes Apple and Google too. Don't think they don't have your messages too.
I thought MBS was seeing it live via Skype, not whatsapp, and isn't MS record audio and a screenshot of Skype every few seconds?!?
"Science will win because it works." - Stephen Hawking
Because Zuckerber'g's currency is information. He has it. Facebook is an elaborate identity theft scheme.
Corporatism != Free Market
and what is stable and liquid if not the US dollar?
Some drink at the fountain of knowledge. Others just gargle.
Are they serious? After everything they've done?
Below is a list of things I would trust sooner than I would trust Facebook to be anywhere near anything as sensitive as a financial transaction:
-Tap water from Flint
-A rattlesnake with a "pet me" sign
-free drinks from Bill Cosby
-gas station sushi
-emails from Nigerian Princes
-A bigfoot sighting
I donated $30 this year - as a % of my overall income I expect I am several dozens of times more awesome than Facebook - plz snd me all yr personal info k'thks
imagine a soft, buttery paw gently pressing down onto a sleeping soldier's face. forever.
Why would any sane person tie it to USD? That is faaaar from stable!
All a ‘stablecoin’ is, is digital scrip. Pegging it to the dollar gives it the ability to be used in blochian transfers while not being treated as a digital investment. Unlike the restricted-supply coins, it should be usable as currency.
which reputable source gave the whatsapp connection? some call it cctv video.