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Thread: Facebook to launch GlobalCoin cryptocurrency in 2020

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    Facebook to launch GlobalCoin cryptocurrency in 2020

    Company has already spoken to BoE's Mark Carney and US Treasury officials about its plans.
    Read more.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    I'm quite happy sticking with tried and testing British Sterling, I personal don't feel the need for a block chain leveraged currency from a
    n American online social media giant

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    So, another words, sort of like monopoly money becoming real, just its fb and not actually the monopoly brand. lol

    the rulers know most are suckers. if this takes off in a big way, the economy will collapse.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Money transfer is one of the best uses for internet funbucks, makes sense that a big company trying to dethrone paypal would use that technology

    In contrast to some existing popular online currencies, Facebook's GlobalCoin will seek to avoid large swings in value by being pegged to a basket of established currencies, including the US dollar, euro and Japanese yen.
    Surely only one? If it's pegged to more than one you'll just empty FBs coffers trying to prop up a national economy if one of those currencies takes a dive

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Interesting twist now (edited!)
    Last edited by Millennium; 25-05-2019 at 03:23 PM.
    : n(baby):n(lover):n(sky)|>P(Name)>>nopes

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    A country's currency is backed by it's sovereignty. It's not perfect but it's a big thing. If a crypto currency ever collapses - for whatever reason: ...

    may be a flaw in it's algorithm is discovered in the future,
    or the verification system ..
    or by the law of supply/demand ...
    or by rulers of the world specifically going out against its use (say because it helps terrorists ... illegal gun sales .. drugs etc) ...

    then that's it .. you lose all of it.

    That's basically my fear of it..

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by Xlucine View Post
    Money transfer is one of the best uses for internet funbucks, makes sense that a big company trying to dethrone paypal would use that technology



    Surely only one? If it's pegged to more than one you'll just empty FBs coffers trying to prop up a national economy if one of those currencies takes a dive

    There are other ways of transferring money without using cryptocurrency - TransferWise and WeSwap are two examples - and MUCH cheaper than PayPal!
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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by peterb View Post
    There are other ways of transferring money without using cryptocurrency - TransferWise and WeSwap are two examples - and MUCH cheaper than PayPal!
    There are indeed, including just telling your bank "tranfer £x to bank code/account in US$" or whatever.

    But a cryptocurrency transfer has some advantages, including anonymity (up to a point), probably lower charges, and sheer convenience.

    But the risk is that cyryptocurrencies are still something of a Wild West. Having someone like Facebook behind it would substantially reduce that risk.

    This is an interesting idea. I'm cautious about it, but it deserves watching to see how it develops.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by Saracen999 View Post
    There are indeed, including just telling your bank "tranfer £x to bank code/account in US$" or whatever.

    But a cryptocurrency transfer has some advantages, including anonymity (up to a point), probably lower charges, and sheer convenience.

    But the risk is that cyryptocurrencies are still something of a Wild West. Having someone like Facebook behind it would substantially reduce that risk.

    This is an interesting idea. I'm cautious about it, but it deserves watching to see how it develops.
    Firstly, somehow reading that you were even speculatively optimistic about something new was disturbing, (although rationally it should happen sometimes), but..

    Facebook reducing risk? God forbid. I wouldn't touch a sandwich they made, much less a system of currency.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by Saracen999 View Post
    There are indeed, including just telling your bank "tranfer £x to bank code/account in US$" or whatever.
    You can, but in most cases the commission charges and conversion rates will be even worse than PayPal’s!
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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    So facebook can track your purchases and where your money has been and gone and apply that extra data to your profile. So no more of this "I looked at a telly and bought one so I get adverts for tellies" once you've handed over the money and they know about it. Thus they can target adverts way more effectively and charge more. Thus they will be able to afford to ensure people get a nice discount when using their currency.

    I take great pleasure in feeding Farcebook disinformation. They're probably still trying to figure out where the transvestite Nazi training camp is in North Yorkshire (I was watching 'allo 'allo). I will definitely not be handing them my transactrion details. I use cash when I can.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    In terms of adoption - this will help it big time. Just needs Amazon do come up with their own.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by Ozaron View Post
    Firstly, somehow reading that you were even speculatively optimistic about something new was disturbing, (although rationally it should happen sometimes), but..

    Facebook reducing risk? God forbid. I wouldn't touch a sandwich they made, much less a system of currency.
    I'm not against the new for the sake if it being new .... perhaps contrary to common perceptions.

    Indeed, I spend about 20 years (or more) making my living from exactly that.

    I am, however, against new things that, for example, invade privacy, for me personally. That's not to say I don't think such things should exist. It's just why I don't like them.

    Most of my adult life, I've actively embraced new technology. For instance, buying my first real computer (Apple II) in the late 70's, and my first PC (by which I mean IBM-compatible) in the mid 80's. I bought my first cellphone back in the early part of the analog cellular systems, had an online subscription to a discussion system (CIX) before most people had heard of "the internet". My first modems were a grand each, and I had two of them initially, because, still when few had heard of the internet, I was running a multiline BBS on dial-up (mainly, WildCat software).

    Oh, and I remember taking my first digital cameras to a family wedding in the US where, every time I put them down, evenvin tech-savvy USA most people had never seen a camera where you could take a picture and, as if by magic, see it on a colour LCD screen on the camera. I had to keep tracking them down at the reception when people kept borrrowing them to gawk.

    Oh, and my first CD recorder was a hardware/software combo costing an eye-watering £4000 and blank discs were £15 each.

    I've spend many years at the leading, and sometimes bleeding edge of technology, even to the extent of regularly ending up in development labs all over the world, with ore-release new products, usually under NDA.

    But that's perhaps had a price, which is that I'm somewhat more jaded, and much less easy to impress, than many.

    For years, professionally, I had a duty to stand back and impartially assess pro's and con's from a general perspective, not my personal likes or dislikes. That's actually a lot harder than it sounds. But on here, it's none of that. It's what I think of products or developments personally and for my needs, likes and dislikes.

    I certainly don't jump on an idea just because it's new. If it's new and useful, or a significant improvement on what I'm already doing, great. But not that much is.


    Finally, on Facebook reducing risk, it's all relative. Cryptocurrency exchanges, markets, wallets, etc are inherently very risky because, and it's sort-of inherent in the point of them, they're unregulated. Add to that dubious financial stability of some operators and the outright crooks out there and yeah, I think Facebook reduces risk. For all that they've made some spectacular cockups and some world-class (and world-wide) security blunders, they are (IMHO) less of a risk than some "company" run by somebody you've never heard of, from a jurisdiction you'd never knowingly trust large sums if money to. I saw a couple of cases recently of people losing tens of thousands of pounds by "investing" in cryptocurency outfits that suddenly ...... pooof ... vanished without trace. Facebook won't do that.

    But risk is relative. Personally, I trust neither Facebook nor cryptocurrency. Neither offers me anything I need, or much want, and certainly not at a price/risk I wish to accept. I don't have a Facebook account, never have, and doubt I ever will. Currently, I don't see me needing cryptocurrency either. But both are really based on my needs and circumstances .... which could change. Hell, personally I don't even need or trust NFC and contactless credit/debit cards, let alone cryptocurrency.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by peterb View Post
    You can, but in most cases the commission charges and conversion rates will be even worse than PayPal’s!
    Perhaps, but that's not always the priority. A while back I had occasion to transfer about £100k to a bank account in the US. Cost? About £20. Via my bank. To be honest, if the charges had been either a third, ir triple, I wouldn't have used PayPal.

    On the other hand, buying a small item from a Chinese vendor on eBay, I send the .... wait for it .... £1.80 via PayPal. If either PayPal screwed up, or the Chinese vendor did .... oh well. The vendor did screw up, so negative feedback and forget about it.

    There might come a time when the anonymity aspects of c/currency make it worth the risk for ne to use it. I just can't think of what, right now. But if the risk reduces, the chances of me using it go up. A smidge

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by philehidiot View Post
    So facebook can track your purchases and where your money has been and gone and apply that extra data to your profile. So no more of this "I looked at a telly and bought one so I get adverts for tellies" once you've handed over the money and they know about it. Thus they can target adverts way more effectively and charge more. Thus they will be able to afford to ensure people get a nice discount when using their currency.

    I take great pleasure in feeding Farcebook disinformation. They're probably still trying to figure out where the transvestite Nazi training camp is in North Yorkshire (I was watching 'allo 'allo). I will definitely not be handing them my transactrion details. I use cash when I can.
    That's why I'm cautious, but will see how it develops. If you're just using an FB C/Currency to send money, I'm not sure how FB would know what you bought, or even if you bought anything, any more than my bank know why I sent you £10 by bank transfer, if I did. Unless something extraneous is attached, all they know is sort-code and account number to debit and credit. Currently, as I understand it, even the account name is irrelevant, which is why quite a few scams work. That is, I understand, shortly due to change.

    On the other hand, use a debit/credit card and the seller can use that as a unique key to track every item you bought from them.

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    Re: Facebook to launch GlobalCoin cryptocurrency in 2020

    Quote Originally Posted by Saracen999 View Post
    Perhaps, but that's not always the priority. A while back I had occasion to transfer about £100k to a bank account in the US. Cost? About £20. Via my bank. To be honest, if the charges had been either a third, ir triple, I wouldn't have used PayPal.

    On the other hand, buying a small item from a Chinese vendor on eBay, I send the .... wait for it .... £1.80 via PayPal. If either PayPal screwed up, or the Chinese vendor did .... oh well. The vendor did screw up, so negative feedback and forget about it.

    There might come a time when the anonymity aspects of c/currency make it worth the risk for ne to use it. I just can't think of what, right now. But if the risk reduces, the chances of me using it go up. A smidge
    No, I wouldn’t use PayPal from choice, and I wasn’t defending it, I was pointing out there are other low cost methods of sending (and converting currency) than using banks or a crypto currency. I just gave 2 (I have personal experience of) as examples!
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