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As Hike Zuckerberg outlines his vision for Facebook as a trusted digital brand for secure and private messages and payments between buyers, Billy Bambrough writes at Forbes:
“Blow To Bitcoin As Mark Zuckerberg Warns Facebook Payments Are Coming – Bitcoin, which has recently charmed the attention of some of the world’s biggest technology entrepreneurs, is likely to soon get a major competitor: Mark Zuckerberg’s popular networking giant Facebook.”
Last week Nathaniel Popper and Mike Isaac at the New York Times revealed trickles from multiple sources that Facebook is secretly working on a cryptocurrency to rival bitcoin for digital peer to examine payments, hoping to accomplish with scale, trust, and clout what Bitcoin has forged out of a trustless, distributed, show to peer network architecture:
“Facebook and Telegram Are Hoping to Succeed Where Bitcoin Failed
“The most anticipated but furtively project is underway at Facebook. The company is working on a coin that users of WhatsApp, which Facebook owns, could send to alternative others and family instantly, said five people briefed on the effort who spoke on the condition of anonymity because of confidentiality pacts.”
Facebook’s Cryptocurrency Sounds Like It Will Be JPM Coin All Over Again
J.P. Morgan’s “cryptocurrency” a new accounting system and database software for its determination services that the bank hilariously called JPM Coin was an enormously underwhelming project. | Source: Shutterstock
Facebook payments is not a gale to bitcoin.
First of all news of FB Coin hasn’t scared the price of BTC down, so the money doesn’t think news of Facebook’s cryptocurrency for its report app is a blow to bitcoin.
This is probably going to be the same thing as J.P. Morgan’s JPM Coin, a stablecoin used as an accounting scheme to move dollars around. Nothing interesting to see here. And nothing that comes close to dealing a blow to bitcoin. It doesn’t unbroken compete with bitcoin.
And it isn’t “hoping to succeed where bitcoin failed.” Bitcoin didn’t fail. It succeeded. It’s the largest escalade deployment of public key cryptography in history.
By civilians. To secure banking and financial transactions on an open, transparent, trustless, decentralized, nobleman to peer network governed by checks and balances that encode an economic philosophy into a network architecture.
Facebook isn’t still trying to compete with that. It’s building something else that’s the opposite of that, something that has already existed in divers forms.
Facebook Payments is A Blow to Bitcoin Like Google Plus Was a Blow to Facebook
Facebook rephrases just trust us to be responsible for not only your privacy, but now your financial privacy and the security of your money? Individual would have to go crazy to buy into that!
Letting Facebook do your banking. Does Zuckerberg think we’ve all late our minds?
Get your popcorn ready and enjoy the show. Facebook’s attempt to create a cryptocurrency might fall lately as flat as Google’s attempt to create a social media platform with Google Plus.
Sometimes all the brute register in the world isn’t enough to successfully copy something truly special and completely different someone else has made.
Do you judge devise people will honestly use the most popular messaging app to send Facebook’s coin that isn’t good for anything else except sending to someone else over Facebook?
Or the scad popular cash app that they are already using for payments to keep sending dollars and to send bitcoin, the sphere’s most highly sought after digital currency?