Facebook To Compete With Ripple (XRP) On Cross Border Payment

[GiddyUp]

...we're at this stage...

 

Edited May 13, 2018 by GiddyUp

[Elyodtrebor]

I believe in XRP and Ripple and I’m really excited at recent developments and for the future of the company and the asset. I would not laugh off the news about Facebook however. It’s a little naive. Also surprised at the uneducated comments re Facebook - for a community that prides itself in uncovering FUD about its own interests, there are some wild (and incorrect) assertions being made about Facebook in this thread. 

Edited May 13, 2018 by Elyodtrebor

[JA8]

I think the support for Ripple and XRP here is quite amazing, but it would be far more interesting to dissect FB’s potential in the space than dismiss it out of hand.

[Esprxp]

FB could repeat the WhatsAap operation but now with Ripple, of course not including XRP in the deal. Perhaps this is the reason for the separation now of XRP.  Or use Interledger to create your own crypto but knowing the trajectory of FC is less likely.

It's just a modest idea .

[Guest]

It would be crazy to underestimate the resources that Facebook have on hand and the competition they would add to the already overcrowded e-wallet/remittance space. 

Luckily for Ripple, it would most likely be the consumer-facing market that Facebook would be going after (hello Stellar), this is the market that would be best leveraged of the existing social network and not at all a unique approach we have seen Alibaba, Apple, Google ect make similar attempts to make inroads into fintech and it honestly has not been that successful in adoption (considering the presence these companies already have in consumer wallets). 

From Facebooks end they will most likely view this as an 'enabler' to the rest of the platform if people can receive funds within FB these funds can be used to purchase products within the network.

[Agrilax]

I have already raised this question, but who exactly was quoted saying that cross-border payments is the use case they are pursuing with their blockchain team? The most striking quote to say that this was just a FUD article is; “This new small team will be exploring many different applications. We don’t have anything further to share.”

They are literally just exploring use cases, nothing at all has been said about cross-border payments and frankly I would find it strange for them to pursue this since it absolutely does not match with their expertise/primary goal as an organisation - to connect people, aid communication. It would make much more sense to create some sort of mechanism that would function like Steem (to reward content creators), have voting mechanisms (difficult as would need to protect against bots who upvote) like in reddit to let users determine most popular content, have some sort of facebook shopping/store function that works on their own coin. These use cases are much more native to their platform and make sense, whereas cross-border payments seems like something the person writing this article just pulled out their arse...

[stickmonster]

Yes. I can see FB concluding that some kind of pay per Like / pay per post / payment for Likes system could massively improve the quality of the Information on their platform. 

It could also prevent what is now rampant pollution of reviews on TripAdvisor, TrustPilot, Amazon etc

 

 

Edited May 13, 2018 by stickmonster

[Mods_are_tyrants]

5 hours ago, bachmama said:

You are a bank, one of your highest priorities is the security of your customers data and now you are thinking about dealing with the largest data sligshot ever existed? rrrriiiiight.

FBs current status is finding out how to use the blockchain and transactions seems the be the biggest billboard standing out there on the crypto parking lot. Let them. Also let them do micropayments. They will, one day, let their customers transfer money around the globe via blockchain. I am totally fine with that.Will help millions for sure so it´s a great move.

But FB will NOT be a payment provider that serves financial institutions and central banks in order to move trillions daily. There is no "compete". 

Neither is xrp are they moving trillions?

Why do banks move trillions? Customers!!

What if customers stopped using their bank and used Facebank linking their bankcard or whatever Facebook comes up with and it costs $1-10$

No one would use anything else unless a huge hack happenned.

[TheHoff]

1 hour ago, Mods_are_tyrants said:

Neither is xrp are they moving trillions?

Why do banks move trillions? Customers!!

What if customers stopped using their bank and used Facebank linking their bankcard or whatever Facebook comes up with and it costs $1-10$

No one would use anything else unless a huge hack happenned.

Not going to argue with you. I made my statement I believe in already. You might wait for fb to takeover the whole global crossborder market including nostro/vostro. Apples and Oranges for me. 

[Deeznutz]

7 hours ago, Benchmark said:

Exactly. And I'm not even sure if people will use FB for micropayments, given their awful track record in terms of privacy. 

They basically sell the privacy of users, and now all of a sudden people will trust them with money? There is no way. FB will probably become a subscription service, or it will die a slow death.

Yes! And the more info a crook has, the easier it is to steal. So now, if FB does this, we have a ton of personal info he can peruse PLUS possibly the FB user's crypto address? Am I understanding that right? No offense but some younger folks share WAY too much info and I can imagine scammers/hackers are drooling on themselves right now.

Plus if FB is caught doing something shady again or suffers a big hack, they're on the hook for any losses users suffer. And FB is not popular with the feds. Any missteps and the appropriate authority will come down on FB like a hammer. This would be a good time for them to buy out a coin (please please buy out KIN) and incorporate it instead of creating their own from scratch. But what do I know. Not much, according to my six year old.

Edited May 13, 2018 by Deeznutz
Added stuff...

[Void-Induction]

"A Facebook official who pleaded anonymity"

[JA8]

56 minutes ago, Deeznutz said:

Yes! And the more info a crook has, the easier it is to steal. So now, if FB does this, we have a ton of personal info he can peruse PLUS possibly the FB user's crypto address? Am I understanding that right? No offense but some younger folks share WAY too much info and I can imagine scammers/hackers are drooling on themselves right now.

Plus if FB is caught doing something shady again or suffers a big hack, they're on the hook for any losses users suffer. And FB is not popular with the feds. Any missteps and the appropriate authority will come down on FB like a hammer. This would be a good time for them to buy out a coin (please please buy out KIN) and incorporate it instead of creating their own from scratch. But what do I know. Not much, according to my six year old.

Facebook didn’t do anything shady, and neither did Cambridge Analyica. That’s just the narrative they’re using to try to undermine the Trump presidency and erroneously frame links to Russia. 

I think the FB stuff has perhaps more in common with projects like Status and Omisego than XRP, but until there are further details it’s hard to say.

[Benchmark]

46 minutes ago, Void-Induction said:

"A Facebook official who pleaded anonymity"

That part says enough, indeed.

[Deeznutz]

2 hours ago, JA8 said:

Facebook didn’t do anything shady, and neither did Cambridge Analyica. That’s just the narrative they’re using to try to undermine the Trump presidency and erroneously frame links to Russia. 

I think the FB stuff has perhaps more in common with projects like Status and Omisego than XRP, but until there are further details it’s hard to say.

I’ll have to respectfully disagree with your first paragraph. But this isn’t the venue to debate politics, so I’ll leave it at that.

[Valhalla_Guy]

13 minutes ago, Deeznutz said:

 I’ll have to respectfully disagree with your first paragraph. But this isn’t the venue to debate politics, so I’ll leave it at that.

No need to debate...DYOR. Google “Obama data mining”

He was praised as a man of the ages for using FB data to chart voters personal habits, and taylor messaging. Considered a real genius. Luckily the internet has all of the old Newyork Times and other articles written back then, so informed folks don’t simply have to believe what their TV tells them today.