Facebook's Secret Cryptocurrency

Facebook's Secret Cryptocurrency

hi welcome to another ColdFusion video Facebook has a secret project called Libra the company acquired the Libra trade market back in June of 2018 however only recently have details about the secretive projects come out what it is is Facebook's own cryptocurrency Facebook is reportedly building a cryptocurrency based payment system the social media giant is recruiting financial firms and e-commerce companies to help launch the payment platform users would be able to send a digital coin to each other and use that currency to make purchases on Facebook and online Facebook's plans may also include ways to financially reward users who watch with ads reports have even surfaced that the company has recruited the help of MIT crypto professor Christian Catalina so what is Facebook up to in the secret project let's take a look you are walking and confusion TV cryptocurrencies have seen a very public boom-and-bust but that doesn't mean they're going away the underlying technology behind them is solid facebook's interest in developing a crypto coin of their own is shrouded in mystery what will the coin be used for and how will it impact our daily lives according to The Wall Street Journal Facebook is currently looking for partners to invest over a billion dollars into a fund which will provide the financial backing for Facebook's table coin this is an attempt to dampen the erratic nature of most cryptocurrencies as dictated by surges in supply and demand the plan seems to be a currency that Facebook uses within its own marketplace in order to get merchants on board Facebook appears to be willing to offer lower fees than credit cards this means that Facebook will be sacrificing their short-term return in order to get people spending more time on the platform and that's really the aim of the game for facebook at the moment they don't want your money they want your time because that's worth a lot more at Facebook's recent f8 developer conference Zuckerberg & Co made some announcements in particular about how commerce should interact with the platform what's that a product of Facebook will soon allow users to send and receive money this is after some promising tests in India other executives also touted improved checkout and Instagram shopping feature and donation stickers allowing nonprofits to receive money from donors Facebook's marketplace is probably where most of the action of the new Libre projects will occur it makes perfect sense why Facebook will try and incorporate their own digital currency in order to make the interaction between currency and their services more streamlined but should we be excited I don't think so at the same conference Zuckerberg presented the future of Facebook as a privacy focused social platform something he immediately admitted was not one of Facebook's strong points due to the recent scandals involving the company if your memory is rusty this includes the Cambridge analytical scandal as well as other numerous projects that Facebook helped governmental organisations with one particular program was the NSA's prism program which was publicly revealed by Edward Snowden and caused Snowden to flee the u.s. now sure other companies such as Google Microsoft and YouTube also participated in the program but this is simply highlighting that while Facebook may say that they want to ensure privacy historically this has not been the case even though Zuckerberg is admitting this this still bears the obvious question why should we trust Facebook with our money and our transactions is the company liable to release our spending habits or personal transactions two governing bodies or firms like Cambridge analytic are the main contention is simply that Facebook's coin will make it easier for governments to access this information if spaced books coin becomes a major form of payment it may force people to abide by Facebook's guidelines simply to buy and sell things this is unlikely but it's not a good sign that this is even a possibility a much more likely scenario is simply that Facebook's coin will be a parallel payment method to the fiat currencies we all use today because of this businesses are unlikely to make their payment method exclusively this type of currency but inside Facebook's online marketplace it's up to Facebook to make the rules and in this market if you don't agree with Facebook's values you may be excluded from it all together this kind of thing reminds me of an actual technocracy where tech companies begin to govern society although they already do in a way adding a payment system into the mix makes things a little more serious the simple solution is just not to use Facebook's currency on Facebook Instagram or any of their other platforms and that's the big question will people use it maybe not in Western markets but I could definitely imagine such a system being huge in developing markets it's a pivotal time for Facebook with growing public distrust will the company be able to convince people to use their currency and more importantly how will the coin be used and on another note or if another company like Amazon released their own currency what would you say to that let me know your thoughts in the comment section I think it's an interesting discussion but personally I'm not really a fan of it if you like me and not really a fan of this idea there might be a silver lining perhaps if the Facebook coin works out is going to further legitimize crypto currencies for more organic and private uses that's what we can hope for anyway if that wraps it up for this video thanks for watching if you enjoyed it don't forget to subscribe this is to gogo and you've been watching cold fusion and I'll see you again soon for the next video cheers guys have a good one I'm thinking


44 thoughts on “Facebook's Secret Cryptocurrency”

  • Yi Chiao Cheng says:

    i think Brave and BAT would make more sense and Facebook should play nice to adopt a standard instead of developing their own

  • Zuckerburg is such an ugly person, I don't generally judge people on what they look like but am a good judge of character…so maybe it's just that he has an ugly soul…if I met him on the street, I would not believe a word he said and would be convinced he is trying to scam me of something or steal my wallet. He hasn't exactly proven that he is a trustworthy guy with all his blatant lies so far…

  • The only reason I still have a Facebook account is because of Messenger and nothing else. I only go on facebook.com once or twice every two weeks, but I always have a messenger.com tab open because it's too difficult to get people to use alternatives.

  • Technocracies and corporatocracies, this will be our undoing.

    I'm obviously not in favor of a Facebook cryptocurrency… but further, I'm not at all convinced about cryptocurrencies in general. Blockchain technology has potential for lots of stuff, but I don't think societies in general are ready for descentralized payment systems.
    A whole ton of crime fighting and upholding laws are centered on centralized payment systems, for the good and bad.
    If we were living in societies that were more equal, had more stable grounds, in cultures that were more organized and thinking about the common good, perhaps some of these new ideas would work.
    But societies these days are so out of wack, so individualistic, so self centered and egotistical that I don't think there more libertarian ideas could be implemented without extremely ill side effects that could potentially bring entire countries down with them.
    But back on topic, yeah, like Facebook deserves any trust or respect these days.
    They just keep talking the talk, not walking the walk. All the company has done over it's entire lifetime is promise to get better, say they recognize the problems, give vague PR sided discourses, and NOT act on anything.
    Judging by what the company did instead of what they say, there hasn't been a single true development towards privacy or security in almost the entire history of the company.
    It is by no coincidence that all the CEOs that had some privacy in mind regarding Facebook bought companies all went out.

    I have to always remind people that both founders of WhatsApp, the ones who were really focused on privacy, left the company because of Facebook's constant threats of violating WhatsApp privacy policies. One of them left WhatsApp to start the Signal foundation, a privacy focused non-profit around the encryption algorithm that WhatsApp adopted when it was still fairly independent. This speaks volumes for me personally. People working with Facebook that had privacy in mind all jumped ship over the years.

    The entire totality of tests we happen to hear about that has been running behind the scenes for Facebook new features are all extremely invasive. Ads inside messaging apps, the platform asking for e-mail and password for some new users, limp threats against 3rd parties who violated Facebook's terms… it's all a bunch of bullshit from a company that obviously don't know how to handle privacy in any way, shape or form.
    The guidelines for this recent "shift" to privacy that Facebook has declared is nothing more than things that organizations for privacy have been shouting full lungs at Facebook and other companies for decades now. It's nothing new, it's vague, it's privacy 101 without any plan for real implementation. Too little, too fucking late.

    We should not miss this rare oportunity to migrate to something else. And I'd like to thank all the privacy concious developers and people who are trying to come up with alternatives to the current corporations that are running on a parallel economy of mass private data collection and mass private data sales. It's an uphill battle, but one definitely worth fighting for.

  • Jacqueline Keriakes says:

    Fb & all social media are owned by the ELLITES…mark Z is working having a job with them …So as Amazon owner …bill gates …etc ..All are working for the big Bosses!! Great video indeed.i subscribe!! Thank you .

  • Can you do one on Wechat pay? It is quite similar in concept and currently being implemented in a huge market.

  • Nehemiah Jacob says:

    This is what I expected and this will be for the good. In my opinion in currency can never be decentralized. There must be always a governing body, for example if you live in Australia the local govt has the right to make it illegal for all forms of currency. The very reason we call money as money is due to the very existence of a coercive force behind it.

    Gold is exception, cue to cultural & historic significance, currencies come and go. It's because currencies by them self are not powerful the people/reason to use it is what makes them powerful. That's the reason petrodollar is still relevant.

    Having such a technology power, definitely Facebook, Google, Apple would come up with their own value system. However other than the crypto part, they are no different from an Audible credit, or a gaming credit or a PayPal balance.

  • MKAY Thanks for Subscribing Have a nice day! says:

    Hmmm… Winklevoss twins are owners of Gemini exchange and Zucc is starting Project Libra… I guess some things never change… Come on at least don't use a horoscope name

  • amirbahalegharn365 says:

    how I wait for Google to would've done that…..that would've been massive and really a step forward to legitimize crpto-currencies more….but we need non-centered currency be the main transaction's one asap.and in politics the same,a job as "politician" become obsolete and sth of past and everyone get one senator,administrative,managing,….. posts once in their lifetime.
    things need to change for a better world.

  • MKAY Thanks for Subscribing Have a nice day! says:

    Then (Social Media)
    Winklevoss Brothers : ConnectU
    Zucc: Facebook

    Now (Crypto & Horoscope/Star)
    Winklevoss Brothers : Gemini Exchange
    Zucc: Project Libra

  • cyanogenmoded says:

    Not happening.
    Could have been a thing when 10 years ago fb was really strong and maknstream , but not anymore

  • Florestan Trément says:

    At first shallow glance, it looks like a tax evasion scheme. What's the point of a money that is based on another money anyway?

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