My go to guy for crypto related info.
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Free registration at the forum removes this block.I mentioned that to him and it may be true for small businesses but big brands don't really care that much. Big ad budgets to spendNot really, because the return of that advertising will deminish and people will abandon using Fb for advertising if they didn't see value to their spending
They might have arrived late(r), but they did so in a steamroller. Isn’t it the pioneers that end up with the arrows in their backs?Facebook is very late to the party on cryptos. They've effectively transitioned from agile innovators to monolithic laggards.
Facebook, VISA & Mastercard?
No F*cking way.
So we have the powerhouses of VISA & Mastercard, who essentially controls the entire payment industry in modern countries, thus controlling almost all companies in some way, at least the B2C ones. Now combine this with one of the biggest controllers of private people in the west, Facebook, who can essentially wipe your identity online, should the algorithm feel for it.
What do you get when you combine these?
Having dealt with all three of these merciless companies throughout the past years, I am NOT looking forward to this.
That is exactly what they said they would do. They will give you fractions of coins for clicking ads and stuff while on the platform. So this means they can charge advertisers 50 cents a click, and payout 5 cents a click, and make mad cash the whole time.
Of course we all have a year to see how this will play out, but I think it will be a game changer for sure
isnt it a stable coin like USDT?
Facebook's engagement levels are trending down, and rather than innovate they've decided to jump on the trends bandwagon. That's usually the beginning of the end.
All these new payment systems and currencies are unnecessary in my opinion. A disgusting amount of money, time and effort is being wasted right around the world on duplicate projects all to save consumers a fraction of a second at the checkout, and offer them yet another "stable" store of value based on nothing more than sentiment which changes as quick as the wind.
Let's not forget what Facebook did with their Parse database. Thousands of developers around the world foolishly put their trust and faith in Facebook under the false assumption that their backends were safe with a big vendor. The second it no longer suited FB they killed the product off without a care in the world for anyone who had locked themselves into the ecosystem FB put out.
I don't see why Libra would be any different. What happens when shit hits the fan? Zuck comes out, stands at the podium, stares into the camera , "Facebook are deeply sorry we lost your entire life savings. Thank you"
Well, someone has to buy it with real money, and the method of payment involves a Bank.Libra's purpose is to "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency
I mentioned that to him and it may be true for small businesses but big brands don't really care that much. Big ad budgets to spend
Another incoming peak in Bitcoin prices? Haha.The only thing it's good for is raising awareness for Bitcoin.
That's the killer. The one thing that holds back crypto from becoming a legitimate full-blown currency with all the merits of what money is supposed to be.All these new payment systems and currencies are unnecessary in my opinion. A disgusting amount of money, time and effort is being wasted right around the world on duplicate projects all to save consumers a fraction of a second at the checkout, and offer them yet another "stable" store of value based on nothing more than sentiment which changes as quick as the wind.
So....short the crypto while the price is low now (compared to the others like Bitcoin) and prepare popcorn and fireworks?Interesting collection of companies there...
It is as if Sears, K-Mart and Blockbuster had a powwow about Amazon 10 years ago. They are trying to bend the market to their will instead of bending to market's will. They are ignoring the entire point of crypto.
Count me out. The point of cryptocurrency is decentralization. We already have centralized currencies.
Interesting collection of companies there...
It is as if Sears, K-Mart and Blockbuster had a powwow about Amazon 10 years ago. They are trying to bend the market to their will instead of bending to market's will. They are ignoring the entire point of crypto.
Count me out. The point of cryptocurrency is decentralization. We already have centralized currencies.
Crypto for Dummies. Because 99.99% of people still don’t understand it.What opportunities do you guys see?
Every other “me too” social network has flopped. It has to be something completely unique from others.Maybe someone should "Zuck" Zuckerberg and start a new website similar to Facebook with a cryptocurrency. It might take a long time to get 1.7B subscribers though. Also, the idea is solid, however, Facebook consistently violates permission. The undereducated do not seem to care about their financial privacy though. I will definitely follow this story for the next couple of years.
Some of the biggest most successful companies in the world weren’t first either. Facebook included.Facebook is very late to the party on cryptos. They've effectively transitioned from agile innovators to monolithic laggards.
Basically decentralized currencies will turn every human being and business into their own bank, like contractors are to employees.Yes - I don't know what happens when companies gets to a certain position of power and market size, but they seem to be too fed up with themselves to actually figure out what is needed and what is beneficial to the market.
I also never understood how VISA & Mastercard can go so unnoticed about their monopoly on payments. Yes you can get another processor, acquirer or whatever you want but ultimately they set the rules and they control the whole payment system in first world countries.
When I endured a fraud wave for my online project, I talked with a company called ThreatMetrix. They have a case study on Netflix, whom they have/had as a client. Netflix had so many chargebacks that they risked losing their ability to process payments. LOL. I don't know how a company of Netflix' size negotiate with acquirers, but imagine Netflix not being able to charge their customers for even just a few days? Pff
Not to mention a whole lot of other problems with the payment industry, but that is for another day.
This is a strawman, and a common fallacy.
There's no reason to use crypto over traditional payment processing if you wanted to pay out consumers when they consume ads.
They can literally do this today without any crypto.
This is a huge fallacy in all things crypto. Most people say "oh wow, now they can do XYZ with crypto!" but they could already do XYZ without crypto...but they aren't because of other very valid reasons.
Libra is a disaster waiting to happen. Maybe in 1 year, maybe in 50. The only thing it's good for is raising awareness for Bitcoin.
you bring up a good point. From a balance sheet perspective, it's brilliant. Facebook could use that to claim some serious assets on the balance sheet. I'm not an expert but doesn't that count as an asset if it is worth cash? And is the asset value based on some value in the future? Nice way to do some accounting manipulation.All cryptocurrency forums I checked have discussions on the topic. I should say, most people are not going to use Libra as they are sure it is a bubble. I'm also suspicious about it. But it has to be mentioned that a lot of people are still skeptic about Bitcoin, and another part makes money on it.
Interesting, just had a quick scan of the whitepaper. As usual with these things, there is no talk on how they will distribute the blockchain.
Essentially you have to create block rewards, otherwise why the hell am I going to burn electricity 24/7 just to distribute your blockchain?
Still though, worth keeping an eye on.
I'm looking forward to the death of national currencies to be replaced by a non-Facebook cryptocurrency.
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