🚀 Facebook is Developing a Cryptocurrency for Transfers in WhatsApp 🚀
Could this be the news which helped the CryptoMarket to gain more than 25% in just a Week?
Facebook is reportedly making a cryptocurrency for users of the messaging service WhatsApp, Bloomberg reports on Dec. 20.
The token will purportedly be used for money transfers made within the app, and will focus on the remittances market in India.
The Indian remittances market is significant. According to data from the World Bank, the country received nearly $69 billion dollars in foreign remittances in 2017, or 2.8 percent of the country’s GDP.
Facebook’s stance on cryptocurrency has changed significantly over the last year.
In January 2018, the social media network introduced a crypto ad ban, which it said was designed to prevent “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”
In May, David Marcus, head of Facebook’s messaging app Messenger, announced the formation of a blockchain exploratory team.
Marcus then wrote
“I'm setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch.” Facebook repealed its blanket ban on crypto ads in late June, while upholding its ban on the promotion of initial coin offerings (ICOs).
What do you think about this news?
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Is there an AOL token yet? 😎
Seriously, a lot of attempted catch up, perhaps, a little too late. Are we talking decentralized chains outside of FB's server farm(s)? Doubt it.
While the usership from the "western world" has been dropping off, articles read indicated that India alone is expected to onboard 800M to the internet. There are other huge asian markets where "internet" and "facebook" are interchangable. My guess is that crypto wallet owners, as a percentage of the population, may be higher than in other "western world" countries. Many are using crypto as it was intended, as opposed to using crypto for speculation or getting the odd pack of good flake sent their way, from the DarkNet, on those special occations.
The Indian Folk keep the family's gold in full sight upon the females of the family. That does not sound like the behavior of someone willing to entrust their keys to someone else. If FB plans a PayPal like commission on transfers it may, well, be laughed out of Asia.
Not meaning to be an expert on Asia. Just my thoughts.
STEEM On! ✌💛
Hello @novacadian !
Thank you for your very nice comment and I also share most of your doubts concerning this « crypto ».
It sure does not sound like a DLT...
Posted using Partiko iOS
Interesting...I just wrote a post about them being in talks in India for starters. They're going to bypass BTC and other assets, creating something they're calling a 'stablecoin'. Either way, it's certainly one to be ready to buy when it goes on sale...
Peace.
Thank you for the comment.
Indeed it could be big BUT if it is a stable coin, it is not supposed to fluctuate and therefore increase in value over time.
Take care my dear.
Posted using Partiko iOS
Looks like they need a new revenue stream to keep their growth targets and shareholders happy won't really be a benefit to anyone other than the company. Yes people might be able to make quick easy payments via whatsapp but its still a centralised service. Facebook is now moving into financial markets, surely it shows that crypto is on to something that mutli billion dollar companies want to get a piece of the action
Unfortunately, It surely won’t have the crypto decentralized spirit...
Thank you for the comment.
Posted using Partiko iOS
Awesome
Not sure if it's good... I just see STEEM standing still while others move ahead
It is not thanks to its Community (@partiko @steemmonsters @busy.org @esteemapp, @steepshot...).
But STEEM Inc is just ****.
They should just focus on the Blockchain and let us do the Marketing/Campaign/Uses cases.
I hear that bro ! Amen !!
Seems like things have been a bit shaky the past day or two with the connection/interface
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