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

[GiddyUp]

12 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".

Seriously, who in their right mind would send money through a platform that has so much of your personal information? I'm in complete agreement that this is preposterous.

Also, they are by their own admission just beginning to "explore" blockchain, could they be any further behind?

[Deeznutz]

56 minutes ago, Valhalla_Guy said:

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.

 

Don’t worry- I do my research. I don’t watch TV for my news at all and always read from a variety of sources. Don’t condescend. Expand your Google searches to include more background info about C.A. instead of distilling issues down to black and white. There’s the little issue about foreign nationals employed by C.A. and federal election law. Or their use of non-US employees advising Republican candidates during campaigns. Of the founder of Wikileaks saying that he was approached by C.A. about collaborating on the release of Clinton’s emails. Or their CEO bragging about using prostitutes and bribery. They have had the same accusations made about them by various other countries such as India, Mexico, and the U.K. Either this is one of the creepiest behind-the-scenes companies ever or they are one of the most persecuted ever. If Obama did the same exact thing, I would’ve called bullshite on that too. As far as FB goes, their entire business model is based on monetizing user data. Which is fine- this is America. Except,  they put forth an image of a company that frowns upon that very thing. This is legal but it is shady. Apologies to the community. I did not intend for this to turn political. Will not respond to any further responses.

“Ignore” button pressed.

 

 

 

 

 

Edited May 13, 2018 by Deeznutz
Apology to the community.

[Talinos]

Tbh. it makes sense to me . Get into the messenger and pay something in there - globally . Nice idea ... but I don’t get the idea how they could think they could pull a protocol just right of there hat ??

[GiddyUp]

Okay, lets imagine that an exchange asked for a Facebook link for their KYC, would you do it? Of course not...

Nobody would want any of their finances to be associated with their Facebook page, really.... all props to Facebook for what they have created, but IMO this is a non-starter...

[orcablue]

I read the article. Quotes from FB mention them being interested in blockchain and virtual currency. The only mention of cross-border payment is by ethereumworlnews themselves who plucks it out of nowhere. Saying FB will compete with cryptocurrency in general would be more accurate.

 

The article gets its source from here, which only mentions electronic payments...how different is that from every other altcoin?

https://cheddar.com/videos/facebook-plans-to-create-its-own-cryptocurrency

 

If ethereumworldnews can read that as cross border payments, then every crypto out there can be lumped as such.

Edited May 13, 2018 by orcablue

[NightJanitor]

3 hours ago, orcablue said:

I read the article. Quotes from FB mention them being interested in blockchain and virtual currency. The only mention of cross-border payment is by ethereumworlnews themselves who plucks it out of nowhere. Saying FB will compete with cryptocurrency in general would be more accurate.

Ah... I wasn't alone in noticing that the article was "spun"/"targeted" way beyond the actual (well, unattributed and anonymous) "source" quotes, for some reason... 

[Raz]

15 hours 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.

My opinion is that FB will struggle garnering huge support from international banks because of third party risk because who is going to insure transactions on the centralized Facebook ledger? Facebook- that equals risk.  Unless FB creates a decentralized ledger and a currency which is accepted then they are going to be much like SWIFT.

Here’s the other issue. FACEBOOK’s token will more than likely be scrutinized as a security if they premine them or do an ICO.  Not to mention if it only works with their system it’s pretty much a slam dunk security. I’m pretty sure there’s a strong head wind for Facebook. I would be interested to know how they are going to get around regulation when they are already on the .gov radar on so many levels.

Edited May 14, 2018 by Raz