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Facebook to compete with Ripple?


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Diem is to be just another "stable-coin," no ? Just another walled garden to help fill-out Ripple's main use case to serve as a bridge between all other currencies.  What am I missing ?

I don t think it s a treat. New stablecoin = fiat clone backed by nothing. Unlimited supply.. This will be just another tier on the pyramid. Xrp can still be the bridge between differen

Diem "will be based around a number of single currency stablecoins, starting with the USD". As @JASCoder @Wolfaolyth and others have said, it's a digital representation of existing fiat money. What if

Well they certainly didn't come up with the concept to put the time in to build all the rails yet. But I wouldn't put anything beyond the reach of that warchest. Zuckerberg does seem to already have a target on his back from regulators though. 

It still begs the question...why not Ripple's XRPL?

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Mass speculation is what draws liquidity, which allows distributed cross border transfer sans banks. Who the **** wants to speculate in a stable coin? Without speculators you are forced to use banks to return to local fiat. Unless they are assuming it will never leave their (facebook's) ecosystem.

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Facebook's ecosystem is rather large and wide adoption is needed to perpetuate the use of any currency... Diem the future of payments, I doubt it, but value is for all intensive purposes based on belief, so if people start using it on mass and begin to trust it, then why not...

If there is one lesson we should have all learned by now from crypto and fiat, it is this, tokens of value exchange, do not have to be backed by anything other than the MARKETS belief in their value... best e.g. doge.

Edited by HAL1000
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Diem "will be based around a number of single currency stablecoins, starting with the USD". As @JASCoder @Wolfaolyth and others have said, it's a digital representation of existing fiat money. What if those fiat currencies suffer inflation? What if it's decided (think of Tether) Diem no longer needs to be backed 100% by those fiat currencies? What if one of the countries that backs Diem, chooses to devalue its currency in an attempt to win a trade war? All this will negatively impact Diem. Comparing Facebook with Ripple, Diem with XRP, IMO is comparing apples with oranges. 

Edited by Danny
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while i know people who still use facebook, i think everyone i know (except for the few technologically artarded) is in agreement that zucks and co cant be trusted with any information so there is no way in hell people are going to let them control their money. 

well at least i hope people are smart enough not to.

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2 hours ago, arathan said:

while i know people who still use facebook, i think everyone i know (except for the few technologically artarded) is in agreement that zucks and co cant be trusted with any information so there is no way in hell people are going to let them control their money. 

well at least i hope people are smart enough not to.

What better way to understand what people are doing than see what they are spending money on, where, and when and sell all that data?  I saw an article where a few anonymous Chinese were asked about the digital Yuan.  Responses seem to be unfavorable for the reason that people really dont want Big Gov to know everything.  Its probably naive to think Visa doesnt sell my information though ):  I dont know how anyone would want to feed the FB empire.

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