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Facebook's cryptocurrency-based payments system could be huge

By Shawn Knight · 7 replies
May 3, 2019
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  1. Facebook has been working on its own cryptocurrency for more than a year. Preliminary rumors suggested the initiative would initially focus on the remittance market in India but according to a recent report from The Wall Street Journal, Facebook is preparing to cast a much wider net.

    The Journal said Facebook is recruiting dozens of merchants and financial firms to help launch the platform. The social network is also said to be interested in linking the stablecoin to its core ad engine, using it as a loyalty program that rewards users for their active use of the service.

    It’s a bold undertaking that comes at a tumultuous time for Facebook but if successful, it could be a huge boon for the social network and put pressure on other payment products like PayPal and Apple Pay.

    Despite its privacy issues, the one thing Facebook has going for it is its size. With 2.38 billion monthly active users (nearly a third of the world’s population) as of March 31, Facebook has a tremendously large user base and lots of them are buying things online.

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  2. ShagnWagn

    ShagnWagn TS Guru Posts: 833   +636

    So, they forced us to not trust them with just our data. They think we will trust them with our wallet? Look for the next scam/scandal in the news. They are about due for another.

    Yet another form of Monopoly money? Count me out. Perhaps this is the nail in the coffin for me to get off the platform. That is unfortunate as it helps me keep in touch with people I otherwise wouldn't have time or be able to.
     
    Dimitrios and wiyosaya like this.
  3. Uncle Al

    Uncle Al TS Evangelist Posts: 5,666   +4,020

    And now you know why they aren't worried about a $3 billion dollar fine from the FCC ..... just chump change to them ......
     
  4. wiyosaya

    wiyosaya TS Evangelist Posts: 4,189   +2,475

    Hmm. Cryptocurrency crash and fakebook constantly in the news for user privacy violations, and fakebook thinks users are going to trust them with this? :laughing:
     
    Dimitrios likes this.
  5. Michael7

    Michael7 TS Rookie

    Haha this is a good one. They have shown on a number of occasions that they cannot be trusted with users' data but now people are going to trust them with their money? Stable coin from facebook? Yeah right. You don't need to look further than tether and the company behind it to see how this is going to end.
     
  6. Dimitrios

    Dimitrios TS Guru Posts: 524   +393

    Oh god please don't let FAKEBOOK hold this power.
     
  7. QuantumPhysics

    QuantumPhysics TS Evangelist Posts: 1,567   +1,173

    I will never give a DIME of my money to Smuckerberg.

    He'll get nothing from me but reposted memes and scorn.
     
  8. captaincranky

    captaincranky TechSpot Addict Posts: 15,153   +4,110

    I find it ironic that in some way, Hitler's defeat accounted for, and helped facilitate, Zuckerberg's rise to power. :facepalm:

    Take a moment to reflect on that, all you would be time travelers out there...:laughing:
     

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