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Hey, FB employee here (views my own). I don't think Diem is necessarily in search of a problem: - Other payment systems like PayPal/Venmo/Zelle are for P2P dom

Hey, FB employee here (views my own). I don't think Diem is necessarily in search of a problem: - Other payment systems like PayPal/Venmo/Zelle are for P2P domestic use only - you can't send money cross-borders. - Paypal/Venmo requires you to have a bank account. Diem doesn't, and so part of Diem's mission is to serve the un-banked. - This is a little pedantic, but PayPal/Venmo/Zelle/Square Cash are closed ecosystems. You can't send money from one to the other, for example. Diem is a protocol that you can interact with using any wallet, not just Novi. Not being paid to post this or anything. I just think Diem is not well advertised haha

phasnox 5y ago
Nope, the problem with Diem is it's creators do not seem to understand Bitcoins appeal: permissionless transfer of value.
deevolution 5y ago
The solution already exists... there's thousands of crypto coins already. If fb hasn't released a coin yet at this point they never will. They're frozen in ice by the threat of regulatory crackdown.
craftinator 5y ago
> I don't think Diem is necessarily in search of a problem. I think the problem with Diem is not that it doesn't fill a market role, it's that the target market, in general, knows how evil Facebook is, and would prefer a "cleaner" alternative. The problem with doing dodgey stuff with user data for years and years is that you gain a reputation, and then even if a small subset of your massive super organization makes a really good pure product, that product still inherits the stench from the parent. We don't trust the Zuck, and until fairly recently the target market for Diem were almost entirely people tech savvy enough to understand the depths to which Facebook operates in. Imagine if Google came out with a new crypto-coin, and with all the soul and creativity a bloated bureaucracy can muster, called it "GCoin", a "New way to shop and get tracked!". Now, many normal people would stay away from GCoin purely because they know it would be in the GGraveyard in two years, but the rest of the target market would think," Ya know, Google has been absolutely evil this last decade or so, building their business model around surveiling us and toying with our emotions to get us to buy useless shit, while slowly trading away any uniqueness they ever had for fun primary marketing colors in a thousand different patterns. I think I'll pass on this GCoin bullshit...". That's how we feel about Diem. Except possibly not quite as angry, because at least Facebook has given us a figurehead to hate, instead of the faceless, souless, primary colored evil that is Google.
herbst 5y ago
It's easier to open a bank account than to make a Facebook account. Which I just assume is or will be necessary for Diem

phasnox 5y ago

Nope, the problem with Diem is it's creators do not seem to understand Bitcoins appeal: permissionless transfer of value.

deevolution 5y ago

The solution already exists... there's thousands of crypto coins already. If fb hasn't released a coin yet at this point they never will. They're frozen in ice by the threat of regulatory crackdown.

craftinator 5y ago

> I don't think Diem is necessarily in search of a problem. I think the problem with Diem is not that it doesn't fill a market role, it's that the target market, in general, knows how evil Facebook is, and would prefer a "cleaner" alternative. The problem with doing dodgey stuff with user data for years and years is that you gain a reputation, and then even if a small subset of your massive super organization makes a really good pure product, that product still inherits the stench from the parent. We don't trust the Zuck, and until fairly recently the target market for Diem were almost entirely people tech savvy enough to understand the depths to which Facebook operates in. Imagine if Google came out with a new crypto-coin, and with all the soul and creativity a bloated bureaucracy can muster, called it "GCoin", a "New way to shop and get tracked!". Now, many normal people would stay away from GCoin purely because they know it would be in the GGraveyard in two years, but the rest of the target market would think," Ya know, Google has been absolutely evil this last decade or so, building their business model around surveiling us and toying with our emotions to get us to buy useless shit, while slowly trading away any uniqueness they ever had for fun primary marketing colors in a thousand different patterns. I think I'll pass on this GCoin bullshit...". That's how we feel about Diem. Except possibly not quite as angry, because at least Facebook has given us a figurehead to hate, instead of the faceless, souless, primary colored evil that is Google.

herbst 5y ago

It's easier to open a bank account than to make a Facebook account. Which I just assume is or will be necessary for Diem