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Facebook and Telegram Are Hoping to Succeed Where Bitcoin Failed

25 points by tim_sw 8y ago

sigmar 8y ago
>The coins from the other messaging companies are likely to look more like traditional cryptocurrencies, with fluctuating values and a decentralized design that would give users more control. This doesn't seem right. MobileCoin from Signal is going to be a centralized Stellar network, no? I'd imagine FaceCoin will look similarly centralized.
Qworg 8y ago
https://outline.com/CFmKXB https://outline.com/CFmKXB
panarky 8y ago
If FB only wants to enable cross-border commerce, they could use an existing open, distributed, independent cryptocurrency. Instead they're creating their own token. That tells us all we need to know about whether it will be open, distributed or independent.
poolsuite 8y ago
"Thumbing it's nose to governments" Telegrams encryption is homebaked and not audited.
sadris 8y ago
How did Bitcoin fail? If you're referring to transaction times, IOTA solved that problem.
- rayvy 8y ago
  I mean seriously though. I love how various media platforms ALWAYS talk about Bitcoin as a failure. What? But then again, they only think of “success” as some idea cut from the same cloth as current capitalist alternatives - the very alternatives bitcoin was meant to disrupt. Bitcoin is an incredible success IMO
  - imtringued 8y ago
    So you're saying I can't buy my steam games with it and that it is not supposed to be used for paying for things?
zelly 8y ago
It will be 10x better in software quality than Bitcoin or Ethereum with 10x better adoption by regulators. Problem is, it can’t induce a speculative bubble (being a stablecoin), so 99% of the reason to be excited over a cryptocurrency no longer exists with this.
sfusato 8y ago
A Facebook coin and "Bitcoin Failed" in the same sentence?! This must be #8918293948192849th "death of Bitcoin" proclamation. The price/value is the least significant feature/advance of what Bitcoin enabled. Seriously, a Facebook coin now??? After all the recent Facebook's privacy failures and whatnot. I understand they're trying to build a similar ecosystem to what WeChat has in China, but really.
kerng 8y ago
The media is funny, first they hype something, then they trash it - were in reality Bitcoin is just what it is. Some appear at times frustrated or desperate that they can't put a label on it. It's been there for quite a long time now too.

25 points by tim_sw 8y ago

>The coins from the other messaging companies are likely to look more like traditional cryptocurrencies, with fluctuating values and a decentralized design that would give users more control. This doesn't seem right. MobileCoin from Signal is going to be a centralized Stellar network, no? I'd imagine FaceCoin will look similarly centralized.

Qworg 8y ago

https://outline.com/CFmKXB https://outline.com/CFmKXB

panarky 8y ago

If FB only wants to enable cross-border commerce, they could use an existing open, distributed, independent cryptocurrency. Instead they're creating their own token. That tells us all we need to know about whether it will be open, distributed or independent.

poolsuite 8y ago

"Thumbing it's nose to governments" Telegrams encryption is homebaked and not audited.

sadris 8y ago

How did Bitcoin fail? If you're referring to transaction times, IOTA solved that problem.

rayvy 8y ago
I mean seriously though. I love how various media platforms ALWAYS talk about Bitcoin as a failure. What? But then again, they only think of “success” as some idea cut from the same cloth as current capitalist alternatives - the very alternatives bitcoin was meant to disrupt. Bitcoin is an incredible success IMO
- imtringued 8y ago
  So you're saying I can't buy my steam games with it and that it is not supposed to be used for paying for things?

zelly 8y ago

It will be 10x better in software quality than Bitcoin or Ethereum with 10x better adoption by regulators. Problem is, it can’t induce a speculative bubble (being a stablecoin), so 99% of the reason to be excited over a cryptocurrency no longer exists with this.

sfusato 8y ago

A Facebook coin and "Bitcoin Failed" in the same sentence?! This must be #8918293948192849th "death of Bitcoin" proclamation. The price/value is the least significant feature/advance of what Bitcoin enabled. Seriously, a Facebook coin now??? After all the recent Facebook's privacy failures and whatnot. I understand they're trying to build a similar ecosystem to what WeChat has in China, but really.

kerng 8y ago

The media is funny, first they hype something, then they trash it - were in reality Bitcoin is just what it is. Some appear at times frustrated or desperate that they can't put a label on it. It's been there for quite a long time now too.