Facebook confirms it will launch a cryptocurrency called Libra in 2020

[GaryQ]

Facebook confirms it will launch a cryptocurrency called Libra in 2020


Good luck to anyone jumping on (or should I say jumping in front of) the facebook bus :lol:

I have troble trusting the governments and the banks with my now invisible money. ZuckBucks, no thanks :rofl:
​

 

[gooblax]

Can't wait to see it turn into the Black Mirror episode where the number of friends and likes determines what services you're eligible for and how much currency you have, so people become even more fake to qualify for things and one small social mistake can snowball into ruining a person's life.

 

[Daniel E.]

The silver lining is that your money won't be held up like it can be with the current Facebook payments. You can send someone $100 on Facebook using a debit/credit card and, at least in the past, it could be on a fraud/security hold for up to 24 hours or so.

In other words, with the current system, you don't know for sure the recipient will receive the money in the next few hours, though usually it occurs within seconds or minutes. If there is a fraud hold for up to 24 hours or so, you can't cancel the transaction -- even though your debit/credit card has effectively already been charged.

 

[GaryQ]

That kind of thinking Daniel is what got people to buy swamp land in Florida :rofl:

One day you wake up and your imaginary Facebook money went to the same place your personal data went. Poof.

 

[GaryQ]

And why would anyone use Facebook to transfer money?
There is no safety catch like Paypal. You can also use interac E-Transfer directly. Costs me 50 cents to do that.
I'd rather have my bank Visa, M/C and Interac have my transaction

info and history ​

(and all the neighbors while at it) than Facebook mg:

 

[Daniel E.]

And why would anyone use Facebook to transfer money?

It would have to be convenience -- e.g. the convenience of having the recipients literally a click away -- no e-mails to put in, no one has to register a new account, etc.

Facebook payments are free, but there is no guarantee about delivery time.

For relatively small transactions, security may not be a big issue. In fact, it can get in the way.

You can also use interac E-Transfer directly. Costs me 50 cents to do that.

In the US, we have something similar that is free, Zelle. But with Zelle, a security/fraud hold can be placed for days, even for small transactions (usually when sending to someone who is new).

And if you accidentally type in the wrong e-mail address, you can still lose all your money.

 

[GaryQ]

Interac uses an email and password you supply the recipient. without the password they can't deposit it. pretty quick and cheap. I Only used it a few times and once to take a deposit to hold my big red monster toolbox till they could drive out to get it. Before I got .01% cash back on my CC's I paid everything except bills and rent cash. No transaction fees

 

[Daniel E.]

I never understood why Zelle doesn't even provide that option.

With the cryptocurrencies in general, I think the big advantage is if you live in a developing country, e.g. Venezuela. And some Americans have lost a lot recently in Mexican banks since they are not backed by anything really either. They would have been better off with pretty much anything else:

Americans’ Life Savings Disappear From Mexican Bank Accounts

“Mexican authorities try to prosecute these cases but often aren’t successful.” In 2018 there were 7.3 million complaints of fraud involving 18.9 billion pesos, about $1 billion, according to Condusef, Mexico’s consumer protection agency. That’s more than double the number of claims in 2014.

 

[Daniel E.]

That kind of thinking Daniel is what got people to buy swamp land in Florida :rofl:

Well, you usually have proximity to Walmart

 

[GaryQ]

I would never trust a foreign country with my few dollars. And with "The Donald" running your Country that makes it even scarier.

Wouldn't surprise me if he gets another term and then decides make America Rich again seizing all foreing assets. Bit extreme maybe, but he has proven one thing... Don't underestimate the stuff that guy can do!

Wait till his supporters realize the financial cost of the trade war with China when it hits them where it hurts... in the wallet... start paying twice as much for their dollar store made in china stuff and other retail and online shops!

I mean how financially wise to make your people pay more for stuff. It's not like at even 5 times the chinese upped price that any canadian or American company could produce all that stull. Heck you can't print the pakaging for the price the chinese stuff sells retail.

Like the Canadian lumber tarifs they keep imposing in spite of all the trade tribunal rulings in favor of Canada... who ends up paying for that when they need to rebuild after a hurricane or all the Tornados down South? You guys. You guys produce 1/10 or less of what you consume as far as construction lumber goes. We still ship and you guys pay more. That's really sound economics

Ok enough Trump/US protectionist bashing for today.

 

[Daniel E.]

Visa, Mastercard, and PayPal Are Winning Digital Payments Where Apple Couldn't - Barrons
May 24, 2019

...Cryptocurrencies have also not gained traction in consumer payments because of relatively slow transaction times and the lack of recourse for fraud or stolen funds. MoffettNathanson estimates that a payments system based on Bitcoin can handle only about seven transactions per second versus Visa’s more than 65,000 transactions. And then there’s the extreme price volatility of digital currencies...

Earlier this month, The Wall Street Journal reported that Facebook is planning to launch a new payments system based on cryptocurrency, potentially giving merchants a fee reduction on card-processing fees.

The stock market shrugged. Mastercard, Visa, and PayPal shares all rose the following day.