Anybody in this community know about the future impact of FaceCoin?
Very little to absolutely none would be my guess
I had never heard of this
Thank you for sharing. I am still not sure if Facebook actually knows what it is they want form this ? At least they have a branding for that crypto… Still I am very sceptical how manipulative these things can be…
It’s covered on the Blockchain Insider podcast last week which is well worth a listen whether you’re into blockchain or not. Their take was that they don’t think there’s a use-case yet. However, given they own Whatsapp and Instagram it is easy to imagine it being a usable and popular cryptocurrency if use-cases are found on social platforms.
The only use case I can think of is credit for the Facebook games (if anyone still plays them)
How about payments between Facebook users, or between FB users and suppliers who advertise and sell things on their platform. The usecases are quite significant. Still, I wouldn’t touch FB with a barge pole, let alone their coin.
They had games ?
Facebook have a huge platform worldwide and their potential crypto could be a game changer given the number of users. This could well take off!!!
A Facebook Marketplace play…
Here’s the link -
the TL;DR is it’s very unclear what Facebook’s intentions are here & apparently, they might not even know themselves.
I can never miss a chance to share this -
Some more details about Facebook’s plans -
The firm is also in talks with money transfer firms including Western Union as it looks for cheaper and faster ways for people without a bank account to send and receive money.
This doesn’t sound very blockchain like I like the idea though, despite it not being a technical breakthrough.
Innovation and disruption doesn’t always come from bleeding-edge technology. TransferWise, for example, is largely built on traditional payment rails.
My best guess is something like a pegged coin (1:1 with USD) which would fit in perfectly for just about everything and 0 volatility (ad payments, money tranfers, app payments and more), it’s rumoured the Winklevoss brothers had talks with FB recently and they already have their own Gemini $.
Think of it as Facebook Pay.
They announced to integrate their messaging platforms a couple of months ago as well, so this would e.g. allow to send in-app payments of that stablecoin between facebook messenger, instagram and whatsapp.
Already having billions of users sure helps to get a payments service off the ground
Does this mean it will be an actual “cryptocurrency” like the others we know, very likely not
People have different views obviously, but given all their data scandals recently I don’t trust them with my social data, and certainly wouldn’t trust them with insight into my finances.
They stated that they’d “pivot to privacy”, which is just a facade. Their business model only works if they derive as much data out of their users, as that’s what they monetise. Their product is not their platform, it’s you the user.
Obviously, plenty of sheep will jump on the bandwagon, but there is a point when you hand over way too much of your personal data to a single company.