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frankbell 06-18-2019 07:14 PM

Facebook Attempts To Take Over Cryptocurrency
 
The Zuckerborg continues its assimilation. It is now planning to launch its own fiat currency.


https://www.sfgate.com/business/arti...y-14013605.php


What could possibly go wrong?

LMINTUSER 06-18-2019 09:06 PM

I don't use nor trust any form of cryptocurrency.

frankbell 06-18-2019 09:14 PM

Nor do I. They are the ultimate in fiat currencies.

The same almost goes for Facebook. I say "almost" because I do reach out for an organization I believe in and one must reach out where the people are, and the people are on the Zuckerborg.

Contrapak 06-18-2019 09:54 PM

How can anyone trust Facebook to handle a cryptocurrency when it's currently dealing with scandal after scandal with its user data.

On the flip side, Libra is written in Rust and open source. An interesting language choice.

syg00 06-18-2019 10:35 PM

Quote:

... with plans to have the currency available in a digital wallet available in Messenger and WhatsApp, in addition to a stand-alone app
...
The data from Calibra's transactions will be kept separate from the data Facebook collects from users of its other services and won't be used to improve Facebook's ad targeting.
Hmmm ... is it just the cynic in me ?.

greencedar 06-18-2019 11:16 PM

Trust Facebook? Come on now, who are they kidding.

Cybersecurity expert Mike Chapple, in the article, stated:

Quote:

Cybersecurity and privacy expert Mike Chapple, an associate teaching professor of information technology, analytics and operations at the University of Notre Dame's Mendoza College of Business, said Libra's design may preserve the privacy of transactions, preventing outsiders from peering in, but Facebook's role gives the company the ability "to penetrate that veil of privacy."

"While Facebook promises that they won't access information from the currency's digital wallets 'without customer consent,' there are no technical barriers to them doing so," he added. "As with many technological innovations, Libra offers us a trade-off between privacy and convenience."
There are no technical barriers preventing Facebook from using the the user's information. All a user has is their "word."

////// 06-19-2019 12:55 AM

googled this :

Quote:

Facebook insists that Facecoin - sorry, Libra - will have all the benefits of Bitcoin without the downside. It will be "global and instantaneous" like the original cryptocurrency but also secure and stable. And because it does not rely on mining, it will not have a major environmental impact.
i would have start using it if it were mineable.

ondoho 06-19-2019 02:07 AM

Quote:

Originally Posted by syg00 (Post 6006997)
Quote:

The data from Calibra's transactions will be kept separate from the data Facebook collects from users of its other services and won't be used to improve Facebook's ad targeting.

hmmm... where have I heard that one before ... almost verbatim?

cynwulf 06-19-2019 03:09 AM

"Libra" already exists as a real currency:

https://es.wikipedia.org/wiki/Libra_esterlina

Contrapak 06-19-2019 08:41 AM

If you haven't read "The Circle," now's the time to do it.

ugjka 06-19-2019 09:30 AM

Only old people use facebook these days...

RomSh 07-09-2019 03:33 AM

Am I the ONLY person who sees Facebook getting into and monitoring not only our wallets, but our very economic identity, unnerving in the extreme? To some extent, they already do, but it is indirect monitoring. This will mean they will control your economic life from beginning to end. I am still a huge fan of Bitcoin, just keep it, read cryptocurrency news to keep myself informed.

frankbell 07-09-2019 08:30 PM

Quote:

Am I the ONLY person who sees Facebook getting into and monitoring not only our wallets . . . .
No.

Facebook is the Enron of "social" media.

jsbjsb001 07-10-2019 12:36 AM

Quote:

Originally Posted by ugjka (Post 6007149)
Only old people use facebook these days...

There's still plenty of young people using it where I live. Some people are addicted to it, why I don't know.

I'm glad I had my Facebook account closed - I don't miss it one little bit. It really is a complete waste of time and bandwidth. I don't see how Facebook's crypto currency would be useful to anyone outside of Facebook, and even if it is; why would anyone outside of Facebook even want to use it? No thanks.

Contrapak 07-10-2019 10:47 AM

Quote:

Originally Posted by jsbjsb001 (Post 6013651)
There's still plenty of young people using it where I live. Some people are addicted to it, why I don't know.

It might have to do with FB accounts being tied to Instagram, which I know many young people use.

Quote:

I'm glad I had my Facebook account closed - I don't miss it one little bit. It really is a complete waste of time and bandwidth.
Totally. I deleted my account several months ago after being a user for nearly 10 years. I couldn't stand what people were posting and feeling like a product that'll help line Zuckerberg and his cronies' pockets/

Quote:

Originally Posted by ugjka (Post 6007149)
Only old people use facebook these days...

Not entirely accurate. There are still young people, especially college students, who use Facebook. However, Facebook totally broke old people, particulary boomers, who feel the need to post obnoxious means and are gullible enough to believe everything they read on Facebook.

Quote:

Originally Posted by RomSh (Post 6013323)
Am I the ONLY person who sees Facebook getting into and monitoring not only our wallets, but our very economic identity, unnerving in the extreme? To some extent, they already do, but it is indirect monitoring. This will mean they will control your economic life from beginning to end. I am still a huge fan of Bitcoin, just keep it, read cryptocurrency news to keep myself informed.

Quote:

Originally Posted by jsbjsb001
I don't see how Facebook's crypto currency would be useful to anyone outside of Facebook, and even if it is; why would anyone outside of Facebook even want to use it? No thanks.

I don't either. With repeated privacy scandals, I refuse to believe anyone can trust Facebook with their financial information, let alone use a cryptocurrency they created.


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