Topic: Facebook Diem on the run for launch (Read 668 times)

We know that FB is really that focus on that MEtaverse
https://observer.com/2022/04/facebook-to-metaverse-creators-half-of-that-coin-is-ours/

We dont know about Diem or coin attached to it since its really still not be seen in terms of circulation or something.
We dont see for Twitter to be that interested on making their own but instead might have possibilities on integrating existing coins in the market.

for Twitter, I'm not sure they will issue their own token...

since the founder of Twitter (jack) focused on developing the lighting network, I suspect he will never make a new token that will be the opposite of bitcoin but Facebook has long announced they will issue their token (which is still not circulating). offend google. It seems that there will never be tokens issued by Google, because for what else are they issuing own token, they have become a big platform.

with the reputation and the largest number of social media users today, of course Facebook has many advantages if you immediately make your own coins, I'm sure it won't take long for Facebook coins to be ranked in the top 10, unfortunately until now I haven't received official confirmation from Facebook to make coins immediately.

Seeing the development of cryptocurrency so far which is growing rapidly I think it's just a matter of time for the big companies Google or the ones you mentioned above to make coins,
Moreover, cryptocurrencies will not stop here in their development because every year crypto continues to be big,
The important thing is to keep up with the progress

I think creating the token itself is necessary for such a big company. but until now it has not been done, in my opinion there must be something that makes the situation and conditions not possible. on the other hand, they already have a clear product, it is already running, so it is not difficult for them to develop their own token. while there are many new projects where the product is questioned to analyze whether the project is good or not

We always wait for big global companies like Facebook, Google, or twitter to release new crypto soon, I'm sure they have a team of analysts who will determine the long-term policy of accepting crypto or not, but I'm optimistic that with the crypto community that continues to grow rapidly it will make them immediately make coins to facilitate transaction systems such as ad payments.

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If facebook wasnt able to launch it successfully because of the government, what makes Silvergate think they can that they bought the Diem project?  Are they backed by the government itself?

With Meta, I think facebook is ready to forget just about anything behind and just develop what they have right now for Metaverse. They are more than thankful for the government to have blocked Libra otherwise facebook is developing a worthless project.

It is no more a new that Facebook Diem project already have been acquired by Silvergate Capital Corporation. Thks ks as a result of several attempt to launch the stablecoin but in which all efforts seem futile after it initial failed Libra project, Diem was unsuccessful due to regulators challenges.

The project now has been acquired by Silvergate Capital Corporation and the state of agreement deal read as follows:


Diem is the second of Mark Zuckerberg's attempted failed project after Libra the first attempt, now all efforts and much concentration is on the metaverse in which seems to give a positive signal to derived a successful launch.

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Facebook couldn't stand the pressure from regulators, so it didn't have any other choice but to give up on Diem/Libra. I think it's for the best, since Facebook is well-known to violate user's privacy. Imagine how disastrous Diem would've been if it became a reality. Facebook would've had complete control over people's finances. If the company really wanted to launch its own stablecoin without hurdles, then it would've used an existing blockchain like XRP or Stellar. The former is centralized and has the backing of regulators so it would've been the ideal platform for Diem.

Now that Facebook is out of the game for good, we're going to have to see how successful the launch of CBDCs (Central Bank Digital Currencies) will be. After all, not many people are used to making digital payments on a daily basis. Not to mention, some people are quite skeptical about government-backed digital currencies because of their lack of privacy. Facebook may be out, but perhaps another company will fulfill its vision (Ripple, maybe?). As long as decentralized cryptocurrencies exist, nothing else matters. Just my thoughts

It is on you now what information you will share with these social media sites. But I believe Zuckerberg will not stop exploring the possibility of having their own coin in his social media platforms. A lot of people are still using like for example FB, younger generation that like to disclose all their activities to the public. He will always get good number of supporters because the platform itself has large audience.

well because IG and FB can be connected because of one production maybe, so what we are looking for between one of them will definitely appear in one of them,
sometimes I can't understand why Mark has the ambition to have tokens for his platform, it's not efficient to pay through fiat only, and this will allow the legacy of his lovers

Zuckerberg's ambitious Libra/Diem stablecoin project appears to be finally failing after three years of unsuccessful attempts to launch it. It can be argued that the regulators have achieved their goal. They did not allow the creation of an information and financial monster, which this project could become if the Facebook social network and the Libra stablecoin were connected. Without Facebook, the Libra/Diem stablecoin would be one of the many regular dollar-backed stablecoins that are already in abundance.
Now Zuckerberg is already thinking about how to sell his and unfinished creation at a higher price. You can read about it here:
https://cointelegraph.com/news/zuckerberg-s-diem-reportedly-weighing-sale-after-stablecoin-plans-falter

To destroy and to replace crypto? Oh my God, Mark why? Mark z has always been my idol because of what he went thru but I think not anymore after I know his real intentions for creating diem.

I idolize satoshi nakamoto more than him and I do not want btc to be destroyed just like that because of some greedy people. They already built a social media platform that is huge, why cant they be contented with that. For the case of paypal, it is okay if they will join the crypto game because paypal is already related to finances. There are crypto users who also uses paypal and vice versa. It will now be easier for them transact between platforms.

I believe Facebook Diem is dead, just like it turned out to be the case with Libra. They couldn't stand the pressure from regulators and central banks, so the company decided to focus on other important things. If someday Facebook becomes successful in launching its own digital currency, then it's likely the new coin will be used for actions related to the "metaverse". People will get to buy, spend, and even send money to friends with ease all within a single, unified platform. The new digital currency backed by Facebook will be utterly-centralized, but the public won't care as long as there's money to be made. There won't be any difference between Diem/Libra and today's banks, though.

Ultimately, it's all about decentralization for crypto/Blockchain tech to bring "banking to the unbanked". As long as decentralization prevails, nothing else matters. Just my thoughts

The approach taken by PayPal is entirely different from the one taken by Facebook. PayPal integrated the existing cryptocurrencies to it's platform in a mutually beneficial manner. However the idea from Facebook was to destroy and replace the original cryptocurrency by plagiarizing the idea from Satoshi Nakamoto. They wanted to come up with their own version of cryptocurrency. And quite predictably, PayPal benefitted from their attempt, while Facebook's idea failed even before it took off.

Of course it was the government--obviously if FB had its way, Libra would be a thing right now instead of something that just kind of quietly died.

Why in hell was this thread bumped, anyway?  The bumper didn't really add much to this generally awful discussion except for a generic but lengthy shitpost.  Anything that's going to happen with Facebook and crypto and/or the metaverse has yet to be seen, and speculating about a potential stablecoin with Facebook's brand stamped on it is even more pointless than speculating on the price of bitcoin.

Oh, they're called Meta now, I forgot.  They should have just changed their name to Uni so that when they take over the metaverse space, they can just claim they own the Universe.  Bunch of fucking sociopathic autists in motion.

It may not be too different, but it will be "by meta" written there, and that has a lot of value for many people. I know it doesn't make sense and I know it shouldn't matter but some people prefer it when it is from a gigantic corporation instead of some some regular company. I know that fundamentally nothing will change, and I know that the blockchain behind all of this will not be some huge new thing with bunch of new features but at the very least we will know that it is from facebook and mark and it would not be some scam that they will take our money and leave. That is basically the only thing that is guaranteed with something like this, rest are all the same.

No one is talking about the Facebook Diem any longer, and I have even forgotten about it until I came across this topic again. Is the project still going to work out at all?

Now, Facebook seems to have moved on to some other projects, it’s quite possible that they are going to overlook the Libra/Diem project and focus mainly on metaverse which seems like it is going to be the next biggest thing that we will see. Unless maybe they will decide to launch this cryptocurrency later on, on their metaverse platform. We don’t know this yet and as time goes on we will all get know.

Facebook has lost its chance with Libra for now. I think Libra will only play a role in the metaverse, and that can still take a few years to develop to this extend that Libra will play a major role. I rather believe that Paypal will launch the first fiat money backed "cryptocurrency" and become successful with it. Paypal has already announced this indirectly and I think they have learned from Facebook's mistakes.

If anyway somehow facebook manages to launch the Diem I dont think that its anyways different concept than what we have today?

Same over and over again, the payment system, self control, this governance that governance, I am really disappointed as to what is new in that one? I am simply happy with the way bitcoin is or any shit coin that offers me lightening transaction over blockchain.

If they gonna convince me that I will be able to use the Diem over real world applications or using the fb services then no thanks, it all got covered with the current projects (N-number of them).

In the case of Libra, I think the challenge they had was with the government, and not truly because of them not being able to meet up with what is expected of them. So, I’m not really going to blame them in this, because everything that happened was because of the challenges they had. Although I know that it’s true Facebook usually have problems with handling of user’s data, let’s hope that they have learnt their lessons and would do better this time around in making sure that their users data is secured.

Metaverse is a huge trend this year, but I can’t really tell you that it is going to be the same in the future, maybe if they can continue to make updates that would interest users and keep them attached to the platform, it will continue to be a success.

I don't really see how the Facebook crypto coin is going to fake over the crypto world. Facebook or better Meta controls the majority of social media, with Instagram, WhatsApp and Facebook. There is already so much information bundled into one company. Why would people now also rely on that for their financial informations? For me crypto currencies means independence and having more control. Going with Facebook doesn't really over that for me. And everybody who thinks that Zuckerberg is trying to make the world a better place should watch the Facebook movie. It's all about making money.

I am expecting the same fate as Libra simply because of how they dealt with the user data earlier and with Metaverse you cannot trust them that they will be taking care of the data they are collecting including facial recognition which is a real concern and i am sure there will be opposition regarding this and how they are going to implement the metaverse is a big question.

Regulators want Libra/Diem stablecoin to have nothing to do with Facebook in the first place. Zuckerberg has already given up on backing his stablecoin with a basket of government currencies and securities, as originally planned. At this stage, Libra/Diem will only be backed by the dollar. If it is not already linked to Facebook, then this stablecoin will no longer be of interest to users. After all, it will be no different from many other stablecoins backed by the dollar. That's why it hasn't been on the market for so long. Zuckerberg had too ambitious plans, so the states single-handedly stood in the way of their implementation.

Its already Metaverse.

But could we really assure that it wont end on the same fate.
https://coinyuppie.com/will-facebooks-metaverse-end-up-the-same-as-libra/

I dont really expect that much about development on this.

imagine that we can say that the whole situation involving Facebook’s crypto currency is an endless moving, for the fast few years it has been known and until now it has not been launched.  Occasionally this changes, ending in a delay in their crypto currency development.

If Zuckerberg really wants to launch Diem, all it has to do is meet with regulator's demands in order to reduce or minimize opposition as much as possible. I'm sure banks would love a piece of the pie if all goes accordingly as planned. I think what's stopping Diem from becoming a reality is the fierce competition in the crypto/Blockchain space. There are so many established projects which serve exactly the same purpose as Diem. With a plethora of stablecoins, and crypto payment processors, it'll be hard to imagine Diem staying afloat for a long time. Not to mention, Ripple's XRP Ledger is aiming to replace SWIFT with its high-performance "blockchain" network. Many banks have done partnerships with Ripple, so there's that.

The probability of Diem's launch is very low, so I'd focus more on decentralized cryptocurrencies since that's where the money is. We'll never know what Zuckerberg's plans are (especially with the announcement of Meta), so anything can happen in the future. Just my opinion

Zuckerberg has long squandered time to launch his stablecoin. A few years ago maybe Libra / Diem would have been a big project. Now, the dollar-backed stablecoin should come as no surprise. There are already a lot of such coins. As conceived by Zuckerberg, the enormity of the project was given by the linking of this coin to Facebook. But the regulators have not given him the opportunity to carry out his plans for a long time. They will continue to block the appearance and circulation of this coin, if it is somehow connected with Facebook.

A sad manifest full of common places that only points to a coin controlled by what is probably, as of today, one of the most "evil" large corporations. All full of common places that are perfectly know to all that have been in crypto for a while.

The fact is that a coin created by Facebook ("Meta") is just not a true decentralised crypto and most likely will be used to create more big data on how user spend their money, to support political outcomes for a price, to invade privacy, to have teenagers working for mafias... I can only imagine what it can get to if they can convert a simple pic sharing platform in a political weapon for diffamation.

For more income/profits? What you think?

Generally speaking if they arent minding for more profits then they would just let those traditional currency which had been used internally on making transactions in facebook neither on some services or on between users.

They had made out a specific currency? Even if you dont need to mind off critically then you do already know on where it would be heading.,
Its no brainer that you wouldnt able to get on what they are aiming on.

As long as there's money to be made, nothing else matters. All it takes is for Facebook to share profits with banks, and Diem's launch will become a big success. The hard part would be convincing regulators in order to keep the new digital currency afloat. Maybe Facebook will obtain a banking license to make Diem a reality? I wouldn't worry that much about Diem since it's a centralized coin after all. Using Diem would be no different than using an ordinary bank. Decentralized cryptocurrencies like Bitcoin and Ethereum are a much better option as they enable true financial freedom. People don't understand the true meaning of crypto because they're only focused on making as much money as possible. The moment they see a new coin being launched, they'll quickly pour their money into it without doing prior research. Facebook already has millions of users on its platform, so the new digital currency would probably gain all of the attention in the mainstream world. The future is widely unpredictable, so it's hard to tell whenever Diem will be a complete failure or a widespread success. Just my opinion

Zuckerberg is not primarily concerned with banks. Banks are most worried about their profits. Zuckerberg should be wary of states and their regulators. Yes, he himself already knows this, but he constantly repeats the same mistakes. Governments fear the concentration of significant confidential information about the several billion Facebook members in private hands, and even more so if such information is combined with information about their financial transactions. Therefore, I do not think that Zuckerberg will succeed this time either.
Certain senators of the US Congress have already written to Zuckerberg to curtail the circulation of the Novi wallet, and in fact it does not even have his stablecoin Diem in it yet.

For sure it would really that way and Facebook would totally be considering out on arranging everything just for everything to went smooth
and operational as a breeze.Government wont be seeing this a big threat though considering on how centralized Facebook is or whatever names they would be imposing on but still the very essence is really just the same.So i dont see this to be an issue for now.

I'm pretty sure banks will support Diem if there was some sort of profit sharing. After all, they want a piece of the pie. Facebook will have no other option but to meet with governments' and banks' demands in order to launch its own digital currency. Believe me, Facebook's coin wouldn't make much of a difference since it's a centralized financial system. Most people will be foolish enough to believe Diem is decentralized, when that's not the case. Crypto/Blockchain tech is all about removing the middleman in order to bring financial freedom to the masses. You strip decentralization away from crypto and you'd get nothing more than a "glorified" banking system. I'd focus more on decentralized cryptocurrencies like Bitcoin and Ethereum since they're the ones that will change our world for the better. Just my thoughts

It is not up to banks to allow or not allow something like that. Crypto is a threat to their very existence as well but they couldn't stop it. If there is a money to be made they will jump in willingly, and if there isn't a money to be made then we are going to be fine anyway, it is going to be something of a challenge for a while but if we got crypto accepted then we are going to get facebook accepted as well.

All we need to do is pressure them by using it anyway, do it p2p if you want to first but as long as it grows big then we are going to be fine. All in all I have to say there is a good case for facebook diem or libra or whatever they name it could be seen as something that banks will eventually accept. On top of this, as long as facebook bribes the right people, then banks will not have any say in it, banks became this powerful by bribing anyway, so facebook could beat them in their own game.

Facebook already has a platform to launch this crypto venture so I don't have any doubts that it'll be successful. The marketing of crypto to a bunch of clueless Facebook users could not be easier, they're naive, don't understand internet mechanism, and they'll want to invest in something modern, so they dump whatever funds into worthless NFTs or alts. While I agree Zuckerberg stole facebook from its original inventors, he's incredibly smart and this could be fairly successful if they can link it with the facebook userbase. The silver lining, hopefully it causes Jack Dorsey's "Square" to lose market share. Jack Dorsey is a moron.

That was my first thought, too. But then I remembered that exactly the same discussion took place a few years ago when it came to the integration of Apple Pay and Google Pay. Why should banks do that, it would jeopardize their own business model and cost returns? That was the statement of many at the time. Today, almost every bank has integrated Apple and Google payment options because they had to bow to pressure from customers and the market. It could be the same with Diem, if there is enough acceptance and demand among people.

Facebook's new name is called META?

https://www.cnbc.com/2021/10/28/facebook-changes-company-name-to-meta.html
https://www.theverge.com/2021/10/28/22745234/facebook-new-name-meta-metaverse-zuckerberg-rebrand

Adding Diem as currency can be used inside platform.. So its Meta Diem, LOL!

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.

It seems that Facebook's answer to problems is renaming and rebranding. Libra failed? Let's call it Diem and try again! Scandals over mental health issues and concerns over teen safety on Facebook? Let's make a Facebook metaverse and find a new name for it!
I hope this project will get killed by the US Congress, just like the previous one did. It's not like Facebook fixed their reputation issues over this time, and there have actually been more scandals since the Libra speculation times, so there's no reason for them to trust Facebook more now and let them proceed with this. I don't think I'll use Diem even if it launches. Facebook already knows too much and has too much power.

Related to Facebook, they've just launched their digital wallet, Novi. There's not yet Diem on it but only Paxos. They're partnered with Coinbase and the test will happen only for two countries, Guatemala and US. No fees upon usage of the app when you're sending from point a to point b. Just like the off chain transactions which are for free.
Source: Facebook’s digital wallet finally launches... without Diem cryptocurrency

I'm also somewhat surprised at the number of people who trust Facebook with their information. I have many acquaintances who are already zombified by this company. It is absolutely impossible to convince them of any things, since these people blindly trust everything that is provided by Facebook, slipping everything that they agree to believe in.
But if you look at the entire history of scandals behind this company, expect something global, trustworthy, I simply do not have the strength.

https://guild.co/blog/complete-list-timeline-of-facebook-scandals/

i see this as being the primary currency used within Facebook's site along with Instagram for activities that can be monetized like live donations and promotions. Pretty simple use-case but for a site as big as Facebook this will definitely come in handy for them. What I am against about this however is the fact that it is centralized and is probably governed by Zuck himself. I don't think it really follows the freedom approach that Facebook has been advertising since its conception but then again I understand why they are to centralize this technology and not open source it for everyone. I don't even know if this is something that will come out sooner because it's not advertised or even discussed within the platform where it is supposed to be catered towards. I'm not saying he's making us wait for nothing because I am not waiting in any way for this coin to arrive lmao. Just that there has been no direct statement from anyone within that site stating that Zuck or at least Facebook is creating a cryptocurrency that is meant for use within that site itself, with some outer activity use-cases.

The launch of DIEM in the near future I think will not have too much impact on the cryptocurrency market.
The appeal that this news creates is not great, and the fact is that not many people care about this news. Personally, I also don't see the attraction of DIEM if it is simply a trading application with a large corporation behind it, and that is not what I need in the market.

We've been hearing that Zuckerberg is gearing up to launch the Libra / Diem stablecoin for several years now. It would be much better if he actually did something already. We also remember what difficulties were previously with the launch of this stablecoin. Regulators have strongly opposed the Facebook and stablecoin merger due to the private concentration of significant confidential information on 5-6 billion people. The finance ministers of the European Union countries stated that they would not allow such a stablecoin to circulate on their territory. At a meeting of the US Congress, Zuckerberg promised that this stablecoin would have nothing to do with Facebook. What has changed now? In my opinion, nothing.

Libra was rebranded to Diem which we are currently seeing as of this moment.We dont know on how it do end up on this name but for sure it would really connect out with some legal issues.

Did make out some search about their definition of Diem.
Diem (formerly known as Libra) is a permissioned blockchain-based payment system proposed by the American social media company Facebook, Inc. The plan also includes a private currency implemented as a cryptocurrency.
Source: https://en.wikipedia.org/wiki/Diem_(digital_currency)

Implemented as a cryptocurrency? I dont think so.

There are too many people who are expecting this to happen, I do not understand why they have postponed it too much, but facebook has been going great, the "company" of course, not the social media alone. I believe that if they do this then they would make a huge return when they actually do this.

Think about facebook becoming like a bank thanks to this. I think the reason why they haven't done this so far should be something like a legal reason, if they are not doing it then there must be some legal reasons and that seems to be the main reason why they are not doing it. If they could, they would do it already because there is so much money to be made from it.

You'd be surprised with how many people are still using Facebook and even using it as their primary platform for their own communities and whatnot, especially in third-world countries. I'd be honest, I'm still on Facebook, but only for the memes and nothing else.


That's the problem with those who continuously use Facebook as their primary social media platform and number one source of information: Facebook changed a lot, hence why they still trust it as they believe that it became so big of an entity that it can do no wrong. Wrong thinking, I know, but that's what most people using Facebook believes in, and it sucks.

Rebranding Libra into, uh, Diem, doesn't do anything really. Those who already knew what Facebook is about on its cryptocurrency will simply avoid touching it. I don't think there's a chance that Facebook's crypto will perform that well given that all eyes are focused on it, and a lot of people are waiting for Facebook to fall.

I think we can already say the whole situation involving Facebook's crypto currency is a never ending novel. I'm hearing about it for years and so far it hasn't been launched yet. From times to times they come with something new, which ends delaying their crypto currency development. And there is actually a lot of uncertainties about this project yet, so that a partner project featuring Facebook's digital wallet called Novi, got tired of Libra or Diem, and decided to go ahead with the stablecoin Pax Dollar, initiating a pilot test in USA and Guatemala.

It seems Novi is going to be the focus of Facebook and Diem may stay in second plan.

Wow, Facebook has big ambition with this Diem or Libra project, just imagine how many trillion money will flow inside their platform, and how many transaction in it comes from their marketplace, i cant imagine how the will get rich easily.
I hope my government will allow us to do transaction inside their platform, since its forbidden to buy and sell with crypto, we only allow to keep cryptos as assets.
But i hope Facebook will launch it soon, a next step to the future is more closer.

This is correct and prolly the reason why Mark Zuckerberg ever thought of launching a digital currency in the first place (libra), and yet after it's failure even when it hadn't kicked-off, he's planning to rebrand and launch it with a different name (Diem), that's bold imo, and the reason is cause they are aware of how big the company (facebook) is, we could prolly say quite a lot of us no longer use Facebook cause we have come to the awareness of the importance of privacy which facebook loves to encroach on; and we can say as well that their customers are declining, but notwithstanding millions of people are still active on facebook and what that means is that this coin can be hyped quite easily. Having said that, the coin is definitely going to be centralized which is obviously going to be an issue, but how many people are aware that centralization isn't actually good, especially when it comes to a digital currency, the thing is, people who are knowledgeable about crypto wouldn't use this coin, but such people are in the minority.

Understand positively that you give it. But whether it's as you think, I'm actually having two-way thinking because of this approach.
I live in a developed country, and I am sure what you say is not entirely true. FB is still a top channel used by people (not me ) , we use it for so many things in our lives and also issues bringing products from the market we reach to other parts of the globe also rely on FB. But agree that this target group is quite young and has a certain amount of assets, but it does not mean that they need another tool to access cryptocurrencies, I am quite confident when talking about the country I have a lot of people are interested in crypto.
And the problem as you and I see is that it is only based on the same opinion and cannot be satisfied with all.

Seconded, people don't actually realized how big Facebook is and the impact it'll be bringing into the industry if it does get its way in. It'll be free marketing for Bitcoin and this could be the reason for mainstream adoption. Also other competitors could easily follow their fullstep and before you know it, the industry becomes a multi-trillion dollar industry.

You mightn't be a fan of Mark Zuckerberg and the way he handles things but do know he isn't a quiter, one way or the other he's getting this done. Libra didn't work, Diem mightn't work as well but he'll surely going to get this done. Mark know there's a big potential multi-trillion market in the crypto industry and he wants to lead that. Facebook already has Instagram, whatapp, who knows what they'll be acquiring next. And for those thinking Facebook is dead, take a look at this (don't know how current it is though).


Image credit: https://www.searchenginejournal.com/social-media/biggest-social-media-sites/

So "Diem" will replace "Libra", I think Facebook chose to change the name to get rid of its former partners who had caused so many problems and hampered the Libra project and ultimately caused its death.
I do not know if "Diem" will be able to do what "Libra" did not do. Facebook is a huge and giant company and its name is sufficient for the success of any project, but I expect that the main problem is in the centralization. We saw a few days ago how a failure in the central Facebook servers caused Facebook to stop in the whole world, Everyone has come out to demand the creation of decentralized social media platforms.
Facebook has big dreams and really big projects but I don't know if it will succeed this time.

I get the impression, pressure was put on Mark Zuckenberg and facebook over the last 2 years to abandon the libra coin (diem -- carpe diem?) project. Have to give them credit for not folding under pressure.

There was a news story circulating a few years back about facebook data mining user meta data for profit. Normally I might expect that to reduce consumer confidence in facebook as a platform provider of financial payment options. Considering the recent popularity (?) of china's social credit surveillance system, perhaps such is no longer the case?

Facebook apps and games haven't been mainstream in quite awhile. (Does anyone remember how popular farmville was back in the day?) One natural progression to expect here, could be a facebook merger between their app and gaming sectors with their planned cryptocurrency unveiling. Whether ones opinion of facebook is good or bad. That could be a benefit to helping bitcoin increase mainstream adoption. And that would be my main reason for supporting it.

It will be spread for sure since it's Facebook and there's a relation to cryptocurrencies. That's all they need for the caption, "Facebook, made their own cryptocurrency called Diem".
That's it, the news will blow up many FB users and those that don't like cryptocurrency as FB is starting to put their feet with their own product which is categorized as crypto too.

Same here. Facebook is on the decline. The latest quarterly reports confirm that. Many young people (14-34) use Facebook very little. Especially in developed countries. But this is the core target group that brings in the most money. There remain the older ones from developed countries and younger ones from not very developed countries. Both groups have one thing in common: they are still hardly active in the crypto sector. Accordingly, FB Diem could be an option for them. For someone who already owns other cryptocurrencies and knows how to handle them, the FB Coin is irrelevant and uninteresting.

It shouldn't be in thesame category as Bitcoin and other true cryptocurrency if it's not going to be decentralized. Cryptocurrencies without decentralization should be classified as false cryptocurrencies. Their lack of decentralization cancels all the other benefits of true crypto such as transparency, censorship resistant, immutablity, privacy, full public consensus etc
A truely decentralized cryptocurrency shouldn't be offline or shutdown for even a few minutes, not to talk of shutting down for over 10 hours for maintainance and upgrade
Think about this.

By the way, the true reason for the "maintainance and upgrade" determines how safe the Facebook coin will be in centralized hands

Most people were still using Facebook are matured or old, it's cringey to see the timeline are full load of birthday messages. However the rest shift to use Instagram as the UI is more modern.

Facebook, Instagram, Chrome, and Whatsapp doesn't care about privacy and they store any data your submitted to them. Using all of them are worse, they will know anything from you. Let's say you search "Cheese" on Facebook, don't surprised if you see Cheese ads on Instagram.

I am not surprised to see Facebook wants to continue their project related to crypto as they see a good chance to make big money from crypto. I do not have a big expectation about their project because if they do not offer or give a new thing than what they did in the past, it is hard to see they can work for that project. People who are already involved in crypto will not pay much attention to their project because they already failed in the past and now want to rebuild their project again. But let them finish their work on their project and see what will happen later.

I'm just surprised they're still trying to try and launch their new "Libra" amidst all the issues they face. It's like putting the cart before the horse kind of thing. I don't think this one would actually succeed, though I guess they don't have much to lose since they already failed once.
Well as much as some people realize how bloody hateful to use Facebook is and it would've probably been a lot better if they don't use it, there are still people who like to use it... unfortunately. Sides, most people probably don't even give a damn about how Facebook does their thing since their mindset is as long as they can use it and the effects aren't visibly obvious to them, they'd probably continue to be oblivious to them.

You know that medial does really love on dealing with things which are popular and we know that Facebook is a centralized platform and they do know on where they should deal with.
Libra had failed in the past and i wont be surprised if this one would failed out too.Just like on what others been saying that it isnt something revolutionary and this is an another
set of shitcoins that could a platform that will integrate if they wanted to.They are lying if they would show and make people believe that this is a cryptocurrency.

We may have the same opinion towards the use of FB but you have to remember, millions of users are still actively using this social media platform. So even if we say, we don't use it anymore but there are millions out there who maybe are are waiting for this service to materialize. So I won't be surprised if this will be a hit once launched. Their FB marketplace is also very useful to a lot of users. But don't forget there are also scammers on that platform.

I don't know if people have the same opinion as me, but is it really attractive to use if it's just a product created for payment from a large corporation. I no longer use a lot of FB, more precisely for privacy purposes that are no longer related to FB, and to me FB is a pretty shitcoin-like junk space.

But in a sense, the media will start spreading it everywhere (FB ) and that's all I envisioned it. And one thing's for sure, I'll never use it, I may or may not like it.

My two questions are.. does anyone even use Facebook anymore? I haven't checked it out in years and I feel better than ever before.

And then, how do people still trust them? They've heavily influenced so much stuff around that I would never trust them again. When they've shown multiple times in a row how they don't care at all about your privacy and manipulate your feelings intentionally through various creepy experiments, how the hell do you get to hype up Libra Diem..?

I am not even sure their rebranding has done anything at all, lol. It's a quite cringey attempt at washing away Libra's bad reputation.

I believe that facebook libra or diem or whatever will not happen anytime soon. People assume that it will happen but I believe that it is not going to happen at all. I believe that the bigger chance here we are doing right now is the fact that we are going to probably face people who are not going to be making too much changes and facebook will not be able to do it if people do not care about it. They have such a huge social media presence and they own whatsapp and facebook and instagram which means that if you could send and receive money from these places with the help of them and then cash it out wherever you are living without too much fee as well then it will be great.

However, it is looking something a lot less possible the day moves on because it looks like there is a good chance people may not care, they need hype and go viral to make that happen.

I do not think that Facebook in its best condition to start a new war, which is launching a digital currency and urging its huge community to do so. There are many problems they face:

• Cambridge Analytica scandal and privacy protection.
• Data manipulation and extremist content control scandal.
• Problems of monopoly and their possession of evidence bases.
• Privacy issues in WhatsApp.
• The recent problems that led to the freezing of all its applications for more than 4 hours.

the society is now not ready to launch digital currencies or start spending, especially with supply chain problems.

On the other side of new development and innovations is "Facebook Diem" which is said to be launch sooner with the ability to standout in leading  other Cryptocurrency, it could be recalled on the recent shut down of the mark zukarbergs network lasting for over ten hours, which was as a result of upgrade and maintenance for a better service experience and some days following it came the news thread on the company's intention to soon launch its own currency, this project was initially on a run before the suspension with the name "Facebook Libra" but now it was rebranded to bear "Facebook  Diem".

Now the believe is said to have the attention of the major subscribers of the network since its the leading social media network, and its launch of this global digital currency could ease the use of the block chain technology by it subscribers, the project will have it stable coin Called "Diem" which will be fully operational on the block chain technology as moves have been put in place towards it launch soon.

the main idea in projection is to run Diem on the block chain technology but will not be decentralized and this will help the global world make ease in their financial service transactions and the Diem project is awaiting approval from the US regulators, this Facebook Diem currency will have not much difference from the usual Bitcoin and other Cryptocurrency other than not been decentralized.

The Facebook Diem is said to have come with this three pillars of success to make it outstanding.

1. A reliable block chain technological foundation
2. Novi digital wallet
3. uniqueness of the coin "Diem

Core values of Facebook Diem
People ought to own the right of control over their legal labor and its outcomes.

More people should have access to financial services.

Global payment networks should be open, cheaper to use, and have better speed. All of these translate to better economic opportunities and more effective global commerce.

Slowly but eventually, people will build their trust in a variety of distributed forms of governance.

In addition to supporting ethical agents and consistently upholding the integrity of payments, people and institutions are responsible for driving the growth of financial inclusion.

An open and much broader payment network, with unmatched levels of interoperability, along with high compliance standards, should follow the governance and design practices.

Relevant points of applications
E-commerce
Remittance
Governance
Cross boarder transactions

anonymous opinions were raised on the possibilities weather to achieve this a reality while contrary objections and motions too were made on impossibility, that Facebook cannot be run on block chain or decentralization, what is our perspective regarding this. One currency to rule them all: Facebook Diem has global ambition.