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The Facebook block chain thing is actually to enable international small amount money transfers via WhatsApp. The block chain will be a internal thing for Facebook to facilitate international transfers while sidestepping local banking regulations which can be quite cumbersome in many developing countries (I have personal experience in this). The end users will be sending US Dollars to local currency to each other via WhatsApp and it will be instantaneous and cheaper than Western Union. Keep in mind in a lot of these countries very few people have credit cards or bank accounts and PayPal is not an option (they don't have a presence in a lot of places). But everyone has a cell phone and everyone uses Whatsapp, so this Facebook block chain money transfer thing could actually positively impact a lot of lives around the world... if they don't hilariously gently caress it up somehow. Which they probably will.
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May 3, 2019 07:28
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source your quotes
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May 3, 2019 07:33
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Yeah, I'm sure a huge corporation like Facebook using one weird trick to sidestep banking regulations would go well for them.
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May 3, 2019 08:41
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lynch_69 posted:The Facebook block chain thing is actually to enable international small amount money transfers via WhatsApp. The block chain will be a internal thing for Facebook to facilitate international transfers while sidestepping local banking regulations which can be quite cumbersome in many developing countries (I have personal experience in this). The end users will be sending US Dollars to local currency to each other via WhatsApp and it will be instantaneous and cheaper than Western Union. Keep in mind in a lot of these countries very few people have credit cards or bank accounts and PayPal is not an option (they don't have a presence in a lot of places). But everyone has a cell phone and everyone uses Whatsapp, so this Facebook block chain money transfer thing could actually positively impact a lot of lives around the world... if they don't hilariously gently caress it up somehow. Which they probably will. So Facebook will be a bank now
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May 3, 2019 09:08
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Facebank
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May 3, 2019 09:27
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I think they saw the huge rise of local money transfers via chat apps in places like China and want to replicate that on a global scale using Whatsapp. Kinda like Venmo but for the whole world.
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May 3, 2019 11:12
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lynch_69 posted:I think they saw the huge rise of local money transfers via chat apps in places like China and want to replicate that on a global scale using Whatsapp. Kinda like Venmo but for the whole world. It is totally a good thing that Facebook, a company notorious for its security issues and lack of accountability, has decided to do this.
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May 3, 2019 11:56
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Maybe they'll finally self-destruct. one can only hope.
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May 3, 2019 12:02
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they're a company with a lot of money, so actually they will suffer no consequences whatsoever as long as they don't try it in europe
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May 3, 2019 12:04
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There Bias Two posted:It is totally a good thing that Facebook, a company notorious for its security issues and lack of accountability, has decided to do this. It's been a while since someone has disrupted the 'scamming boomers' industry, and I have high hopes. Jabor posted:they're a company with a lot of money, so actually they will suffer no consequences whatsoever as long as they don't try it in europe also this
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May 3, 2019 13:06
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https://www.bbc.com/news/world-europe-48147185quote:Police in western Germany have arrested three men suspected of running the world's second-largest dark net marketplace for illegal drugs, stolen data and malicious software. quote:According to a police spokesman, investigators found more than 63,000 sale offers on the platform, more than 1.1 million customer accounts and more than 5,400 sellers. dun dun dun dun another one bites the dust
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May 3, 2019 14:02
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Powershift posted:https://www.bbc.com/news/world-europe-48147185 link on that page jesus h christ https://www.bbc.com/news/world-europe-45096183
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May 3, 2019 14:21
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Powershift posted:https://www.bbc.com/news/world-europe-48147185 cut off 1 head, 2 more take its place the main market went down a couple of weeks ago. based on the timing it looks like they might have run the same playbook as the last round of busts in 2017, which is to say that they had probably already compromised and weakened these markets in order to snoop on the huge influx of refugees
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May 3, 2019 15:00
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zaurg posted:link on that page
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May 3, 2019 15:36
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Most African countries with poor banking already have mobile based banking that work even without a smartphone.
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May 4, 2019 07:58
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oohhboy posted:Most African countries with poor banking already have mobile based banking that work even without a smartphone. This is true, but those systems are limited for local transactions. If you're one of those people and want to receive money from abroad you'll have to go to your nearest bank branch and jump through a few hoops.
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May 4, 2019 08:05
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Remittance services suck, sending money overseas suck in general (I have to pay that to use SWIFT on top of conversion???) but I am not sure how Facebook would be any better at it especially with junk like blockchain.
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May 4, 2019 08:11
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Fortnite should get into the remittance game; make V-Bucks the new world currency.
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May 4, 2019 08:19
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I'm guessing it'll be something like the money that goes into the system will be converted to Facebook Funbucks and stored in their internal blockchain and that's how they will easily transfer it around the globe bypassing Swift or whatever. The receiver will then go to their local 7 eleven or mobile phone recharge shop and scan a QR code from their phones or something and get their money in real currency. The hard part will be setting up the local networks where users can convert their Zuck Dollars into local currency, but I think a company with the size and reach of Facebook could easily bully their way into that.
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May 4, 2019 08:49
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lynch_69 posted:Zuck Dollars ZuckBucks
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May 4, 2019 09:47
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junan_paalla posted:ZuckBucks https://www.youtube.com/watch?v=kz_lzEhyryY
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May 4, 2019 10:09
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oohhboy posted:Remittance services suck, sending money overseas suck in general (I have to pay that to use SWIFT on top of conversion???) but I am not sure how Facebook would be any better at it especially with junk like blockchain. Facebook could conceivable be better because they are global. When you transfer over the SWIFT system, at least two banks are involved: your own and that of the recipient. Especially that of the recipient will also want to get paid because they are providing you a service despite you not being a customer. In the end, physical money will have to be exchanged, though in most cases that is optimized by instead making electronic IOUs and balancing them out. If they cannot be balanced out, actual money has to be transferred, and that money put into the national bank to be exchanged for national currency. A lot of these physical transactions can be balanced out somewhat and done electronically, but at the end of the day, they include a plot of organizations cooperating. Facebook (any multinational) can do better because they will be both the sending and receiving bank so they can eliminate the receiving bank’s fee. They can likely also avoid exchange at the national bank because the transfers will be more balanced and they could introduce their own funbux. What will be worse is that it is Facebook who cannot even keep your data from thieves, so why would yo trust them with money? Also, they’re late to the game and other multinationals already do better - even PayPal. Google, Amazon and Apple all have multinational stores that could easily allow peer-to-peer transactions. Using blockchain is just for the buzz value and unlikely to be even close to the truth except they will have a ledger (it’s just a database) and likely password protect it (which, if you squint enough, is at least adjacent to encryption). So in conclusion, Facebook wants in on this because every other techbro is, just like voice assistants and self-driving cars a couple of years ago, and the “use” blockchain because of buzz.
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May 4, 2019 11:05
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Actual honest to god company scrip in TYOOL 2019 wow yikes
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May 4, 2019 12:30
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klafbang posted:Facebook (any multinational) can do better because they will be both the sending and receiving bank so they can eliminate the receiving bank’s fee. They can likely also avoid exchange at the national bank because the transfers will be more balanced and they could introduce their own funbux. For Facebook to #disrupt Western Union remittances to Algeria they would need to find local partners who are willing to give people cash in exchange for ZuckBucks and who can somehow assure Facebook they are not giving money to terrorists. Western Union isn't the 800 pound gorilla of finance, they are the 80-ton dinosaur that was here before you were born and will be here long after the worms have consumed your flesh. Amazon is the most likely candidate for doing it because they are the everything store. You can buy anything off Amazon, even a house.
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May 4, 2019 14:42
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While we're also dunking on The Zuck and Facebook ITT, here's a relevant link: https://www.revealnews.org/article/facebook-knowingly-duped-game-playing-kids-and-their-parents-out-of-money/amp/quote:The revenue Facebook earned off children had such large chargeback rates – a process in which the credit card company is forced to step in and claw back money on behalf of parents – that it far exceeded what the Federal Trade Commission has said is a red flag for deceptive business practices. Sounds extremely bitcoin anyway
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May 4, 2019 15:07
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the remittance market is well established at this point, there a many services in existence with lots of users. They work similar to the services that used to offer cheap international calls. You call a local number and the recipient in another country receives a local call and the service connects the two together for a lower fee than the phone company. Sender sends payment to the service in their country and the service pays the recipient and charges a lower fee than making the same payment by swift. that's why these blockchain remittance ideas always go on about the unbanked, otherwise there is no need for it, just continue to use the existing services. the whole thing is pretty stupid because the majority of the payments go in one direction. you have money going in at one end and coming out at the other. from a big economy to a small one. having to exchange a load of the source currency to the destination currency puts downwards pressure on the value of the source currency. not such a big problem if the source currency is usd but if it's some lovely token then how is it supposed to even work in the first place? using currency works because currency has value beside remittance. stinch fucked around with this message at 16:50 on May 4, 2019 |
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May 4, 2019 16:46
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Gobbeldygook posted:Amazon is the most likely candidate for doing it because they are the everything store. You can buy anything off Amazon, even a house.
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May 4, 2019 16:54
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Lambert posted:Fortnite should get into the remittance game; make V-Bucks the new world currency. How do you feel about TF2 hats
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May 4, 2019 22:12
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oohhboy posted:Remittance services suck, sending money overseas suck in general (I have to pay that to use SWIFT on top of conversion???) but I am not sure how Facebook would be any better at it especially with junk like blockchain. Use Transfer Wise
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May 4, 2019 23:06
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Powershift posted:https://www.bbc.com/news/world-europe-48147185 do not bite the dust it is "research" chemicals consume at own risk caveat empter
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May 5, 2019 00:59
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Yes, guys. Facebook is totally disruptive to the banking world. I'm sure all the foreign governments in the world, especially developing countries, would welcome money transfer sidestepping all money laundering laws and the use of a foreign digital currency which they do not control to take hold of their economy. This is a likely scenario to any country being run by bitcoiners. I'm sure this is such a revolutionary innovative idea that no banker in history has ever thought of and tried to do. Dunning Kruger is a hell of a thing.
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May 5, 2019 01:30
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This whole thing just reminds me of all the poo poo about Amazon and delivery. The real problem is the last mile, or in this case, getting usable local currency for whatever currency is being sent, whether it's zuccbuccs or dollars or whatever. Western Union has it figured out and lol that Facebook can jump in and use the one weird trick that central bankers hate to make it happen better.
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May 5, 2019 02:33
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Azathoth posted:This whole thing just reminds me of all the poo poo about Amazon and delivery. The real problem is the last mile, or in this case, getting usable local currency for whatever currency is being sent, whether it's zuccbuccs or dollars or whatever. Western Union has it figured out and lol that Facebook can jump in and use the one weird trick that central bankers hate to make it happen better. 1 gig fiber has been one mile from my house for 2 years at least now. Zuck fix that first.
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May 5, 2019 02:46
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Fried Watermelon posted:So Facebook will be a bank now Probably more like Western Union, where they gently caress around with whatever money they hold "in the air" between its transfer points
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May 5, 2019 03:42
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Azathoth posted:Western Union has it figured out and lol that Facebook can jump in and use the one weird trick that central bankers hate to make it happen better. so you've never used western union is what you're saying
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May 5, 2019 03:49
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lynch_69 posted:The Facebook block chain thing is actually to enable international small amount money transfers via WhatsApp. The block chain will be a internal thing for Facebook to facilitate international transfers while sidestepping local banking regulations which can be quite cumbersome in many developing countries (I have personal experience in this). The end users will be sending US Dollars to local currency to each other via WhatsApp and it will be instantaneous and cheaper than Western Union. Keep in mind in a lot of these countries very few people have credit cards or bank accounts and PayPal is not an option (they don't have a presence in a lot of places). But everyone has a cell phone and everyone uses Whatsapp, so this Facebook block chain money transfer thing could actually positively impact a lot of lives around the world... if they don't hilariously gently caress it up somehow. Which they probably will. I don't think you understand what blockchain is. That's ok, no one really does
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May 5, 2019 05:54
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poverty goat posted:so you've never used western union is what you're saying Only once and it was just inside the US. I didn't mean to suggest that it's some amazing experience, just that they've got that last mile part that Facebook doesn't have, that it's the most difficult part, and it's the part that is the part that is the most difficult to technology around.
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May 5, 2019 05:57
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Burt Sexual posted:1 gig fiber has been one mile from my house for 2 years at least now. Zuck fix that first. My brother can't get cable internet because of some BS the telecom did with phone cables on his street in the 90s. He's stuck on slow, unreliable radio. Last year they connected fibre 600 metres away from him. It's so close even the internet providers' salespeople are shocked when they check and find out their company will not offer anything but wireless at his address. There are no plans to expand the fibre network to him because replacing old phone cables nobody uses anymore would be too much effort.
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May 5, 2019 08:44
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Tevery Best posted:My brother can't get cable internet because of some BS the telecom did with phone cables on his street in the 90s. He's stuck on slow, unreliable radio. Welcome to large parts of America.
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May 5, 2019 08:51
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klafbang posted:In the end, physical money will have to be exchanged, Is that really the case? A lot of parts of the world would expect a credit posted electronically to the recipient’s account rather than a bundle of bills handed over a counter. PayPal and Facebook’s existing wet squib of a payments system (David Marcus’ previous opus) work that way, plus SWIFT, plus Venmo, plus Western Union in some countries, etc. Remittances to the unbanked aren’t the only market for a transfer system.
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May 5, 2019 12:51
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