Topic: Facebook Diem on the run for launch - page 3. (Read 646 times)

Banks won't allow that to happen. After all, banks consider Facebook's digital currency as a threat to their very existence. They will pressure regulators to go against Facebook, in order to prevent the launch of a new digital cash system. Imagine how many people will "ditch" banks once Facebook's Diem becomes a reality.

The only way this will work is if Facebook does some sort of partnership with banks. Only then, the launch of the new coin will go full speed ahead. I wouldn't worry much about Facebook Diem, since it'll be something more of the same. Who'd want to use a centralized coin that's similar to traditional banks? Bitcoin and other decentralized cryptocurrencies are far superior to Facebook's little coin. But people are blind enough to believe that every digital currency is decentralized. At least, crypto will survive thanks to its decentralized and censorship-resistant design. Just my opinion

Believe this enough , Naming their coin close to Facebook will help us recognize the currency and also the whole world will.
and Facebook will Help promoting Bitcoin as well because they will represent cryptocurrency and who stands all crypto? it is BTC so in all it is Bitcoin will benefits from this release so Let it be.
Mark Zuckerberg might don't wanna late in profiting in the increasing crypto community but at least do this for all our benefits .

Facebook would have been more successful in the past had they successfully launched Libra than today's Diem. The Libra association which was supposed to be the body overseeing the implementation was an amazing group of huge and very influential companies whose presence covers many parts of the world. But it is already gone.

Also, Facebook's reputation will definitely play a vital role in Diem's success. I think Facebook is not anymore the well-loved Facebook before. Facebook has in fact somehow become a platform for scams and an institution promoting censorship.

It would be a different case, however, had Facebook adopted Bitcoin rather than create its own currency.

And they are not going to allow it as Facebook is facing another potential heavy regulations again.

https://www.theguardian.com/technology/2021/oct/25/facebook-whistleblower-frances-haugen-calls-for-urgent-external-regulation


So I doubt that they can launch whatever plans they have as far as crypto goes.

For sure many in the EU countries are going to make it hard again for Facebook and they won't allow Mark and his company to have control in the next decade.

If Facebook should launch this cryptocurrency successfully, I think it’s going to be a really big challenge for the banks. Why I think this Facebook currency is going to be a serious challenge for the banks is because they have a really huge platforms with billions of users, and that means that most of the people are going to start making use of this Facebook digital currency to start sending money to their friends and family around the world.

So, it’s going to be a bit of a problem for banks because of those people who are going to abandon making use of banks to send money to their loved ones and start making use of Facebook digital currency. Till then let’s wait and see how it is going to turn out. But, I fully believe that as long as they’re able to maintain it , itis going to be a really huge success.

It's a centralized network that can blacklist users.  Obviously, this is not the original vison of cryptocurrency.  However, they have a huge global user base that includes alot of people that do not have access to the current financial systems.  I am still convinced that Facebook was created for a more devious purpose in the first place as well.  A CBDC finding its way to Facebook would be my guess for the future...be it Libre, Diem or whatever they settle on.

How does this benefit users of Facebook directly! Am still a little lost as the to importance of the Facebook diem and how it will be a positive thing for users, why is it so important for Facebook to have it's own coin, why can't mark just adopt one of the very many we have in the market, well I guess it is a good news for Facebook lovers (I.e if they understand the whole concept).

Exactly. Facebook's coin is nothing more than a centralized ledger controlled by a single entity. It's like a glorified banking system (Banking 2.0) if you ask me. People are foolish enough to believe that any digital currency is decentralized, when that's not really the case. Consider how XRP is a centralized ledger controlled by a big conglomerate (Ripple, Inc.). The company can manipulate the so-called cryptocurrency's supply, and even freeze accounts at will. I have a feeling Facebook will do the same with "Diem" in order to please governments worldwide.

Last time I've heard, regulators weren't that happy with Facebook's decision to launch a digital currency of its own. What makes you think they'll change their mind anytime soon? Anything which poses as a threat to Fiat, will be rejected in the first place. Facebook's rebranding from Libra to Diem is only a scheme to gain the attention in the mainstream world. It's yet to be determined if Facebook's move will become a success or a failure in the long run. I wouldn't worry much about that as long as decentralized cryptocurrencies exist. Just my opinion

if facebook starts spreading the use of their own coin, users will also be introduced to BTC including the non belevers who constantly says BTC is a scam.  i still think facebook can help the crypto market in general.

i have no idea what DIEM can do. they should have named the facebook token close to its name so so its easy to recognize. like Facepalm.

While I want a similar result but like you said, people are spending money on almost anything. I think Facebook putting itself behind a crypto wallet and then starting up all kind of platforms on their own blockchain has the potential to find a lot of takers.

People have gone ahead and chosen plenty of corporate chains in the last year from Solana, Avax etc. If FB starts investing seriously and is able to lure away enough developers, they can easily trick millions of users to invest into their platforms. I doubt that most people are sensitive enough to the difference between a corporation like Facebook and the kind of DAO structures that these additional platforms have launched. As far as Bitcoin is concerned, Diem stands no chance of course.

In fact of the matter. Regulators could still allow cryptocurrency to circulate, but not the stablecoin, which will be backed by their state currency, and also not the stablecoin, which will possibly be associated with one of the largest social networks. Governments and their regulators understand that Libra / Diem can become a big monster if it is connected with Facebook, since for the first time such extensive information about the billions of the world's inhabitants will be concentrated outside the government's hands. Therefore, it is interesting what Zuckerberg hopes for and what decision this time will be made by the US regulators.

Thing here is that Facebook diem is a cryptocurrency? No it is not and much sure that they would really succeed this time which is unlikely that this Diem would turn out to be similar when it was still Libra.

Its just really been rebranded and i dont know on whats the reason behind such change but just like on others  views too that this would be still heavily centralized.

It is a currency which would only circulate inside facebook but i wont be surprised if it would be traded externally.

At this rate I am pretty sure that people are realizing that they getting their information at the hands of facebook and they are sharing that with other people and everyone is okay with it.

The reality is that with the cambridgeanalytica we should have seen some sort of situation where it is looking like people are actually doing something about it and we shouldn't be saying stuff like this but the reality is that people are actually still fine with it. It is proven that facebook could be used to win even elections let alone something else, and we are still doing fine about it for some reason. I do not get why people are free and fine about it, it should be something that we all get mad about but we do not and accept the situation for some reason.

Let’s wait and see what happens next, I won’t be surprised if some countries also bans this one too, because all their government is good at is banning anything that is cryptocurrency. It was difficult for Facebook to launch this project for years now, and now that they are finally launching it I hope that it is going to be turning out pretty fine and not the type that they would be having problems with government all the time because they are centralized.

Another reason why I am feeling this wouldn’t be a good idea is because of its centralization, a lot of people wouldn’t have access to it because of one reason or the other that would restrict them. And Facebook being a regulated company would always be subdued to whatever the government wishes. It wouldn’t be like bitcoin that is fully decentralized and transactions are peer to peer, without having any central control unit.

They can apply it to other countries then where the regulations isn't going to stop them. I think this is linked to the reported news about them changing their name within next week.
I don't know if there's any connection with that but it seems that Facebook is trying to put its name on the trend so that they can easily get an exposure of what they're cooking about.

Simply because the name Libra was damaged when governments rejected their approval due to the monetary policies so it will be a huge task for them to regain the positive for the same name so they simply moved to a new name because they know its easier for them to market any name as they want to be.

Sure, if they're required to use it I suppose--but I doubt any cryptocurrency FB creates is going to induce anyone who's at present not interested in crypto to suddenly develop an interest in it.  Nor do I think Diem/Libra is going to give bitcoin a run for its money.  I had the same feeling when FB was trying to get Libra out to market and still do.

Man, society is spending like crazy right now, which is one of the reasons why inflation is increasing.  Supply chain backups might be a huge problem in the making, but that isn't keeping people from buying all sorts of things and investing in many different asset classes, too. 

Whether people are ready for and are going to use Diem remains to be seen, and I guess we'll find out.  Personally, I hope it falls flat on its face (like Google+, which obviously isn't a cryptocurrency but it made me smile when it failed), but I will be following its progress just to see how it fares.

Facebook can make their project more popular in no time because they have the data and also the popularity which helps them to reach everywhere bit who is the actual competitor for Diem? If I am not wrong its a stable coin project so tether and CBDC will be affected by this not the actual bitcoin and other decentralized cryptos.

Facebook backed Novi Wallet has launched with the exclusive use-case of transferring USDP, which seems to be the US-backed stablecoin they are starting with.

Everybody knows that Zuckerberg hijacked a previous interest and idea of Winklevoss brothers. He seems to have put the same touch of "waitlisting" in case of this wallet too. Making it available only in the USA and Guatemala is a clever way of marketing it as a "remittance-assitance" like what President Nayib has done for El Salvador but straight up with Bitcoin.

This just goes to show the marketing acumen of all the people dedicated to making money at corporations like Facebook. First it'll be the wallet and once they get going, it'll be everything else from ERC-20 cryptos to NFTs to DeFi. This is a clear indication that Facebook is on its way to become the first major competition for all the relative novices, (except Square), trying to gain foothold in the crypto-economy.

We may dislike facebook but people don't give a damn about centralization for before spending on NFTs. They won't give a damn if its facebook. All that matters is a great UI/UX and little bit of utility/ fun. Both things that companies like facebook excel at while the incumbents clearly suck at. It would be foolish to bet against them or "Diem" unless some government entity again decides to shut them down (for which i am pretty sure they have lawyered up this time).

The launch of Novi wallet already means something. However, this is only the possibility and likelihood of a Diem stablecoin being issued. As stated in the article linked to, regulators are still deciding whether Diem should be allowed or not. Therefore, there is no timeframe for its release. If this stablecoin is somehow linked to Facebook, it is unlikely that the regulators will approve of it. And without Facebook, it would be one of the many stablecoins.