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As far as I can tell, FB wants to be a bank to print money. Their own money. For every country. All full nodes on that blockchain are going to be owned by Face
by m1el 7y ago
As far as I can tell, FB wants to be a bank to print money. Their own money. For every country.
All full nodes on that blockchain are going to be owned by FaceBook. FB will be able to see all transactions and take money from people they don't like.
- thefounder 7y agoIt's no different than paypal. I was hoping the public will at least have read access to the database/blockchain and API to create wallets. The fact that they print the money can only be good because that's how a stable coin is supposed to work, right?
- 2T1Qka0rEiPr 7y agoYes - I was just reading the other article on the front page of HN which gives a summary. Pegged to fiats and traded in for fiats, so... Facebook is creating its own fiat which it wants to profit off, use its existing user network as a leap pad to do so, and to be considered the global fiat? Is that fair?