Facebook is Allegedly Developing a Stablecoin

[AlphaAtlas]

Citing anonymous sources, Bloomberg claims that Facebook is developing its own cryptocurrency for WhatsApp transfers. More specifically, they're said to be developing a "stablecoin." Unlike high profile cryptocurrencies like Bitcoin or Ethereum, which make up the bulk of the cryptocurrency market, Facebook's cryptocurrency would be more akin to Tether, as it would be "pegged" to the U.S. dollar to minimize wild fluctuations. While the project is reportedly in the early stages of development, Bloomberg points out that the Facebook cryptocurrency could be a particularly useful platform for remittances. WhatsApp is apparently quite popular in India, for example, and the World Banks claims that "people sent $69 billion home to India in 2017." Facebook gave a vague response to report, simply stating that they are "exploring ways to leverage the power of blockchain technology."

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. Facebook has long been expected to make a move in financial services, after hiring former PayPal president David Marcus to run its Messenger app in 2014. In May, Marcus became the head of the company’s blockchain initiatives, which haven’t been discussed publicly in detail. Facebook has been on a hiring spree, and now has about 40 people in its blockchain group, according to employee titles on LinkedIn.

 

[bobdabilder]

No way.

 

[hlfbkd420]

FUCK THESE FUCKS. Facebook needs to become the next myspace.

People who can't secure their own fucking website are going to make a cryptocoin? Probably links directly to your (I don't have one) facebook account.

 

[Nunu]

Want in on the finance biz, regulate them like the rest . AML , KYC, etc. (see them try and run services then...)

 

[dr.stevil]

lol Facebook can eat a d:ck

 

[thenapalm]

"exploring ways to leverage the power of blockchain technology."

 

[Spaceninja]

Giving FB your bank information sounds like the best thing to do! Might as well, they know everything else about you.

 

[Jeremy C]

Want in on the finance biz, regulate them like the rest . AML , KYC, etc. (see them try and run services then...)

They don't understand KYC right now. That would be an epic dumpster fire.

 

[SamuelL421]

"exploring ways to leverage the power of blockchain technology.".

Facebook doesn't care about blockchain, they just want access to purchase data and spending habits. Tether already exists and does what FB is describing - acting as a stable store of value, pegged (roughly) to USD.

 

[seanreisk]

So Facebook was having an executive meeting to prioritize the ways they might prevent government oversight, reestablish community trust and promote goodwill among its users, and they came up with this.

 

[Lakados]

Instead of just hashing for the sake of hashing they will offload their server work and AI processes to the end user and coin payments will be based on how much work your computer does. The value of the coin will be a fraction of the offloaded work so in the end they actually save money on this and as they are the processor of the transactions they take a cut back. Really it saves them money to do this.

 

[pcgeekesq]

Facebook just wants an anonymous currency for people to use to buy child porn on WhatsApp, that's all.

And some people will be dumb enough to use it.

 

[Patton187]

I wish I had never heard of cryptocurrency ..... or Failbook.

 

[HockeyJon]

It would be like the opposite of Monero; Facebookcoin spies on literally everything you do!

 

[[Spectre]]

In Suckerburg We Trust

 

[Krenum]

Holy shit, I couldn't imagine anyone dumb enough to give FB their bank information. Although I have been known to miscalculate people's stupidity from time to time.

 

[theBrownLlama]

super duper long round-about way of doing things

if you want India, just fly there and organize a talk with the gov.

next day, you will have the banks themselves saying they will make the platform FOR YOU, then you can start earning in a month than a 'coin' which will eventually devolve to the traditional banking system anyways.

afterall , crypto without 'mining aka pocketing millions for nothing' is just a ledger which already exists since accounting was modernized with IT

and considering how banks treat fraudulent and suspicious transactions under 10k now, i seriously doubt things will change with 'crypto' and soon, ahem, 'quantum' ..