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Exactly. What this does is create a wide open space for a "anti-establishment" crypto payments system. But one that people actually understand and trust. Fiat w

Exactly. What this does is create a wide open space for a "anti-establishment" crypto payments system. But one that people actually understand and trust. Fiat will likely be UOA for stage one of the transition to crypto. But as more people get educated we'll move to fully Open payments. Many will use Libra. But many will use other services. It's not binary. Multiple winners will emerge. Brand identity will be huge here. Think Patagonia v. Walmart v. Nike. How you pay for things will become part of how you present yourself to the world. It's about to get very interesting.

Shivetya 7y ago
if governments weren't already on Facebook's back this will certainly get them there. Governments, read : politicians, already are incensed at Facebook and similar because they cannot control the message. Now Facebook wants to give people security in their funds?
almost_usual 7y ago
This is dumb branding that masquerades control with false decentralization. The biggest opportunity it has is to become a fad amongst teens for a month, or a leech on the poor who don’t have banks. It’s going to fall on its face.
rootsudo 7y ago
I'm confused at the part of how is Facebook "Anti-establishment?"
- nofunphil 7y ago
  No. FB is the establishment. Now that they've "opened" the crypto door a little wider, it creates the opportunity to build crypto payments that revolt against FB. Solution will likely involve privacy, responsibility, inclusiveness and charity.
  - chillacy 7y ago
    After talking to “normal people” I don’t think they care about any of those things as much as rewards points and fraud prevention/remediation.
    - nofunphil 7y ago
      Yup, agree. A low-fee payments app with crypto rewards would be interesting. But just like how Patagonia serves certain consumers I think different payments apps will appeal to different people who have different priorities and goals when it comes to their money. It opens up the landscape to massive competition in designer currencies and payments apps. I think it will come down to trust, security and brand identity

Shivetya 7y ago

if governments weren't already on Facebook's back this will certainly get them there. Governments, read : politicians, already are incensed at Facebook and similar because they cannot control the message. Now Facebook wants to give people security in their funds?

almost_usual 7y ago

This is dumb branding that masquerades control with false decentralization. The biggest opportunity it has is to become a fad amongst teens for a month, or a leech on the poor who don’t have banks. It’s going to fall on its face.

rootsudo 7y ago

I'm confused at the part of how is Facebook "Anti-establishment?"

nofunphil 7y ago
No. FB is the establishment. Now that they've "opened" the crypto door a little wider, it creates the opportunity to build crypto payments that revolt against FB. Solution will likely involve privacy, responsibility, inclusiveness and charity.
- chillacy 7y ago
  After talking to “normal people” I don’t think they care about any of those things as much as rewards points and fraud prevention/remediation.
  - nofunphil 7y ago
    Yup, agree. A low-fee payments app with crypto rewards would be interesting. But just like how Patagonia serves certain consumers I think different payments apps will appeal to different people who have different priorities and goals when it comes to their money. It opens up the landscape to massive competition in designer currencies and payments apps. I think it will come down to trust, security and brand identity